North Carolina Mutual Insurance Company

North Carolina Mutual Insurance Company
411 Chapel Hill Street
Durham, North Carolina 27701
(919) 682-9201

North Carolina Mutual Life Insurance Company has grown to become one of the country’s most well-known and thriving insurance providers since its beginning in 1898.

The only insurance company domiciled in North Carolina with a charter dated before 1900, North Carolina Mutual is the oldest and largest African American life insurance company in the United States. The company’s founders were businessmen, educators, and medical practitioners in the Durham community. In 1900, the company was reorganized and two of its original founding members stayed behind: John Merrick and Dr. Aaron Moore. Under the direction of Charles Spaulding, the company grew and achieved national distinction.

North Carolina Mutual has been a channel for social, economic and minority development. The company formulated its concept of the Double-Duty Dollar modeled after popular mutual benefit societies. Having a sense of corporate social consciousness and responsibility, their concept was based on the principle that income from insurance sales could be directed back into the community. The company throughout its history has had programs to put up strong black families and communities through jobs, loans, contributions, investments, and social programs support.

The company has had nine presidents in its history: John Merrick, Aaron Moore, Charles Spaulding, William Kennedy Jr., Asa Spaulding, J.W. Goodloe, William Kennedy III, Bert Collins and James Speed Jr.

North Carolina Mutual offers an array of individual products providing financial security to its clients. Individual products include platinum plus whole life insurance plan, platinum series (term life insurance), fixed annuities, and pre-need life insurance.

The platinum plus whole life insurance plan offers long-term protection against catastrophic events with features including level death benefit to age 100, long-term protection with level premiums, cash surrender value and policy dividends. North Carolina Mutual’s platinum series term insurance products offer short-term protection for families and individuals on a budget, with features such as low monthly premiums, 10-year or 15-year coverage, level premiums, special rates to non-smokers, and renewability to age 95. Fixed annuities, on the other hand, has a tax-deferred retirement option. This has been appropriate for retirement because they offer a safe investment for clients who want to ensure future income. Fixed annuities include no taxes paid while the money is compounding, no medical exams required, attractive interest rates credited to the customer’s plan, and payments made monthly, quarterly, semi-annually, or annually as desired. With pre-need life insurance, clients are assured that their personal preferences are recognized without placing the burden for decision-making on family and loved ones. Features include single premium whole life plans, guaranteed issue, flexible payments, and issue ages 0-95.

North Carolina Mutual also offers group products and services including life insurance, accidental death and dismemberment insurance, disability insurance, small group medical insurance, and group dental insurance. Life insurance is employer-paid upon completion of 30 days of continuous and permanent, full-time employment. Its medical insurance, including prescription drug and vision, is also employer supplemented upon completion of 30 days of continuous and permanent, full-time employment. Dental insurance is available for employee and eligible dependents, while retirement plans are employer paid pension after five years of continuous service.