Beneficial Life Insurance
Beneficial Life Insurance
36 S. State St.
Salt Lake City, UT 84136
Looking for a Christian-centered life insurance company? Beneficial Financial Group’s subsidiary firm, Beneficial Life Insurance, is a 100-year-old life insurance company which was owned by Deseret Management Corporation affiliated Mormon Church. Majority of its services, which include various financial products, insurance, were offered to citizens of the Western part of the United States.
Founded in 1905, Beneficial Life Insurance, considered as the oldest life insurance company addressed in the Intermountain West, was originally established by Heber J. Grant to protect the rights of widows and orphans, and from the sufferings that he and his mother had experienced. Since then, Beneficial continued to reach out to people and offer its life insurance services plus brokerage and investment advisory services. The company is composed of more than 200 members, led by its president and chief executive officer Kent Cannon, vice president for Finance Robert Dalley, and vice president and chief information officer Steve Terry, to name a few, who are responsible for making everything smooth sailing.
What also makes Beneficial unique from the other companies is its being a values-driven company, dedicated to provide only quality services. These core values include integrity, principled, security, growth, teamwork, accountability, sustainability, and balance. Its mission includes reaching out to individuals and families to help them realize and fulfill their hopes and dreams by providing additional financial and spiritual support.
For its more than 100 years in business, BLI has already built its reputation as one of the most financially stable insurance firms as manifested by an “A+” rating from Standard and Poor’s. According to the BLI financial report, as of June 30, 2010, the insurance force has reached $26.7 billion, with an additional $502 million in capital and surplus. In addition, the company earned 1,000 separate issues with regard to its diversified bond portfolio.
With whopping billions earned each year by Beneficial, as a responsible Christian company, it still manages to reach out and help those who are in need. American Heart Association, Huntsman Cancer Institute and United Way are just three institutions that the company helps. Recently, Beneficial sponsored the Rose Park Elementary Community Center located at northwest of Salt Lake City to support the educational needs of the children in that area.
However, in a press release letter made on July 16, 2009 by Beneficial’s president and chief executive officer Kent Cannon, the company will permanently discontinue offering new life insurance policies and allowance which took effect on August 31 of the same year. The reason for the discontinuation is that the competition from other firms kept on growing, and it simply cannot cope with the rivalry because of the innovative advancements that its competitors offer. However, Cannon assured Beneficial’s life insurance policyholders that his company would still follow the rules stipulated in the policy with quality and efficiency.
Even though this private firm has stopped from offering life insurance policies, it is still able to provide quality work ethics toward its policyholders. In line with this, Beneficial was able to maintain its high-rank status in terms of insurance companies in general.