Garden State Life Insurance Company
Garden State Life Insurance Company
P.O. Box 9100
2450 South Shore Blvd Suite 401
League City TX 77573 -2997
A wholly owned subsidiary of American National Insurance Company (ANICO), Garden State Life Insurance Company is a direct life insurance company licensed to write accident, health and life insurance. It was founded 1956, it was a former subsidiary of Government Employees Insurance Company (GEICO) until ANICO bought the company in the early 1990s The company was originally based in Maryland until it moved to League City, Texas where ANICO is based.
Garden State is a member of the Insurance Market Standards Association (IMSA), a voluntary market conduct compliance organization aimed to guard public interest and to improve the insurance buyer’s perception of life insurance instrument. As a member company of IMSA, Garden State places emphasis on self-regulation. It adheres to several principles of ethical market conduct, i.e. compliance supervision, fair competition, complaint procedures, procedure for replacement, agent selection and training, types of sales materials, and suitability.
The company’s life annuity business include selling Return of Premium and 5-Year Level Rate Term Life, including Permanent Whole Life insurance to individuals throughout the United States. It offers two different term life insurance products which are QuickGard and CashGard. QuickGard plan includes level premiums for five years. It may be renewed to age 80, with new rates based on age. Furthermore, its maximum amount is $75,000 if the insured’s age is 56-64, with a minimum coverage of $10,000. The maximum coverage is $150,000 if the insured’s age is 18-55, with a minimum coverage of $25,000. QuickGard is also convertible to permanent insurance up to age 65 and has guaranteed face value benefits. In addition, it provides lower rates for non-smokers. CashGard Plan, on the other hand, has level premium coverage for 15, 20, or 30 years and return of premium benefits, minus accumulated fees. The maximum face value is $150,000 and the policy may be kept in force to age 80 by paying an annually increasing rate after the initial term is over. Both QuickGard and CashGard require no medical exams.
The company has worked to make purchasing life insurance policies more efficient by allowing the insurance buying process to be accomplished over the Internet. It makes use of direct online marketing as its principal method, since the company does not use career agents. ANICO Direct is the online source for the life insurance offering of the company. You can apply, get approval, and pay for a policy online. The company’s website provides the insurance buyer control regarding the process. Such process is fast and convenient, not to mention safe. Its insurance professionals can be reached through phone (toll-free) or can be contacted online through chat.
Best Insurance Reports rated the company an A, Fitch a Bq, Standard and Poor’s an A, while A.M. Best also rated an A (excellent), representing the financial strength of the company and potential for prolonged survival.
Garden State has total assets of $100 million, with net life insurance of $6.1 billion. As of December 31, 2009, its total assets were $93,242,764, with a capital of $2,500,000, net surplus of $16,189,570 and net life insurance of $5,322,105,000.
The 50-strong company is headed by the its president, chairman of the board and co-director Ronald Jay Welch; chief financial officer Stephen Edward Pavlicek; chief operating officer David Alan Behrens; and controller William Franklin Carlton. The secretary and treasurer is John Mark Flippin, while the directors are Scott Keris Luchesi, Edward Joseph Walsh Jr., William Lewis Moody, Lea Mcleod Matthews, Irwin Max Herz Jr. and George Richard Ferdinandtsen.
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