Beneficial Life Insurance Company, a life insurance provider based in Utah, recently announced plans to cease issuing new life insurance policies.  Applications for new policies will not be considered after August, and issuance will not continue past October.

Beneficial will retain and uphold all in-force policies, however.  The company remains well financed, with statutory assets of $3.4 billion reported this March.

Nevertheless, competition with larger, expanding companies who offer a broader range of products has marginalized Beneficial Life’s share in the market, and the company intends to eventually discontinue business entirely.  Moreover, a weakened portfolio, due to the above-average losses in housing market crash of late 2008, hints at further motivation for Beneficial’s desistance.

For more information, view Beneficial Life’s announcements to current policyholders:

Letter to Policyholders

FAQs