Companies

Get Free Quotes

/ /

Beneficial Life Insurance Company

The Beneficial Life Insurance Company was established in 1905 with the main mission of protecting orphans and widows. It is one of the first and currently the oldest provider of life insurance policies that is domiciled the U.S. West Intermountain region. It was Herbert J. Grant who campaigned for the establishment of this insurance company in order to protect the lives of children and widows who have been left with no means when the head of the family dies. Grant felt passionately about this goal after having experienced difficulty in his family when his father passed away without life insurance leaving his mother and his siblings in dire financial straits.

The financial stability of Beneficial Life Insurance Company and its care for its customers came to the fore during the 1929 stock market crash that brought on the economic depression, when it honored requests for loans against policies as well as surrender payments. The company did this even when U.S. laws allowed the deferment of cash payments of these types. Beneficial Life Insurance Company also ignored laws allowing the denial of claims for policyholders who served in the military, by releasing the death benefits of the said policyholders.

A strategic decision reached in 2009 has resulted to Beneficial Life Insurance Company's cessation of the expansion of its annuity and insurance policy base. The company continues and will continue to service its existing policyholders in that service-oriented and professional way it has been known for. The company has reiterated its goal of delivering its commitments made to its customers as it has maintained its financial strength even through tough economic times.

As of 2009, Beneficial Life Insurance Company's financial statements showed an operating income of $45 million. Statutory assets were at $3.45 billion with backing policyholder liabilities amounting to $2.97 billion. The company recorded a total of $478 million in capital and surplus. To date, the company's ratio of capital and surplus stands as one of the strongest in the industry. A.M. Best Company, an independent business performance ratings company gave Beneficial Life Insurance Company a rating of A- which translates to Excellent as of June 2010.

While Beneficial Life Insurance Company is confident in its strong financial footing, it pays heed to the concerns and questions that its policyholders might have about their annuity or insurance policy, especially those that relate to the prevailing socio-economic conditions. The company has a roster of very capable financial professionals who are always prepared to provide helpful information, resources, and advice. The benefits representatives can be reached by phone or you can sit down with them for a more lengthy discussion of your coverage and what you need changed or updated. Policyholders can also visit the company's website at www.BeneficialFinancialGroup.com for information and assistance. Many policyholders are able to effect changes to their coverage through the site, which is a practice that Beneficial Life encourages because it suggests that customers are intimately involved in managing their own insurance coverage. The company also understands that many customers still need help and assistance, thus the benefits representatives are available to guide them through.

Financial strength is the hallmark of Beneficial Life Insurance Company. It has established a reputation of honoring its promise to its policyholder even if circumstances or the law has given the insurance industry the right to withhold the fulfillment of these commitments due to economic reasons. Beneficial Life has proven this over and over, first during the economic recession during the 1930s and then through the Second World War.

The company is also committed to providing excellent service to its policyholders at all times. It prides itself in being able to cheerfully handle customer queries and complaints and in being able to forge real relationships with policyholders. Its group of in-house benefits specialists, insurance brokers and agents offering its policies, and other partners, are all well versed on the terms and features of all of Beneficial Life's products and services. Customers can rest assured that the information they obtain will be reliable, innovative, and highly informative and educational. The customer service representatives manning Beneficial Life's hotlines are highly trained and qualified to answer every customer query. They have the skills to deliver a friendly and relevant service to everyone requiring assistance.