When will Beneficial Life Insurance stop selling life insurance policies?
Standard & Poor’s Ratings Services slashed Beneficial Life Insurance Co. to junk territory in the wake of the company sending a letter to policyholders Tuesday saying it won’t accept applications for new life-insurance and annuity products as of Aug. 31. Life insurers have been hammered by tumult in the financial markets, which has led to giant investment losses. Beneficial Life said, “Despite our ability to deliver strong operating results over the past several years, Beneficial’s relatively small size puts the company at a competitive disadvantage compared to these larger insurers with their broader array of products.” Source: The Wall Street Journal Beneficial is part of Deseret Management Corp., owned by The Church of Jesus Christ of Latter-day Saints. Deseret President and Chief Executive Mark Willes told the Deseret’s media business that Deseret had to inject $594 million into Beneficial the past two years to cover investment losses. S&P credit analyst Timothy W. Clark said, “Alt
Standard & Poor’s Ratings Services slashed Beneficial Life Insurance Co. to junk territory in the wake of the company sending a letter to policyholders Tuesday saying it won’t accept applications for new life-insurance and annuity products as of Aug. 31. Life insurers have been hammered by tumult in the financial markets, which has led to giant investment losses. Beneficial Life said, “Despite our ability to deliver strong operating results over the past several years, Beneficial’s relatively small size puts the company at a competitive disadvantage compared to these larger insurers with their broader array of products.” Beneficial is part of Deseret Management Corp., owned by The Church of Jesus Christ of Latter-day Saints. Deseret President and Chief Executive Mark Willes told the Deseret’s media business that Deseret had to inject $594 million into Beneficial the past two years to cover investment losses. S&P credit analyst Timothy W. Clark said, “Although capitalization and liquidi
Standard & Poor’s Ratings Services slashed Beneficial Life Insurance Co. to junk territory in the wake of the company sending a letter to policyholders Tuesday saying it won’t accept applications for new life-insurance and annuity products as of Aug. 31. Life insurers have been hammered by tumult in the financial markets, which has led to giant investment losses. Beneficial Life said, “Despite our ability to deliver strong operating results over the past several years, Beneficial’s relatively small size puts the company at a competitive disadvantage compared to these larger insurers with their broader array of products.” Source: The Wall Street Journal Beneficial is part of Deseret Management Corp., owned by The Church of Jesus Christ of Latter-day Saints. Deseret President and Chief Executive Mark Willes told the Deseret’s media business that Deseret had to inject $594 million into Beneficial the past two years to cover investment losses. S&P credit analyst Timothy W. Clark said, “Alt
Beneficial Life Insurance Company was founded more than a century ago by the Church of Latter-day Saints. The company intends to honor its existing policies until the last beneficiary is gone. The company will be laying off employees over the next few months as a result of its decision to stop selling insurance.
