Life Insurance: Am I Covered By Franklin?

If you're wondering whether you have insurance through Franklin Life Insurance, there are a few things to consider. Firstly, it's important to know that there have been multiple companies with similar names, including Franklin Life Insurance Co., Franklin American Life Insurance Company, and Franklin Madison. Each of these companies has had a different history, and understanding which one you may have had insurance with is crucial.

Franklin Life Insurance Co. was founded in 1884 in Springfield, Illinois, and it remained a significant player in the insurance industry for many years. However, over time, it underwent several mergers and acquisitions, eventually becoming part of insurance giant AIG in 2001. If you think you had insurance with this company, it's worth contacting AIG or checking the policy information provided by commenters on the SangamonLink website, which offers historical insights into Franklin Life Insurance Co.

Franklin American Life Insurance Company, on the other hand, was a Tennessee-based company that was acquired by the Thunor Trust and later ordered liquidated in 1999. Its policies were moved to Investors Heritage Life Insurance Company. If you believe you had insurance with this company, it's best to contact Investors Heritage or your state life and health insurance guaranty association for more information.

Franklin Madison, based in Franklin, Tennessee, offers a range of insurance products and marketing services to financial institutions. They specialize in driving insurance program adoption and have a strong focus on data analytics. If you're unsure whether you have insurance through Franklin Madison, you can try contacting their customer contact center or visiting their service portal with your policy ID.

Finally, there is also a mention of Franklin Insurance Agency in Pennsylvania, which has been serving western Pennsylvania and eastern Ohio for over 100 years. If you think this may be the company you have insurance with, you can reach out to their office in Franklin, PA, or refer to their website for more information.

What types of insurance does Franklin offer?

Franklin Life Insurance offers a range of insurance products to meet the diverse needs of its customers. While the specific types of insurance offered may vary depending on location and partnerships, here is an overview of some of the common types of insurance provided by Franklin:

Life Insurance:

Franklin offers a variety of life insurance options to provide financial security for individuals and their families. This includes individual life insurance, which helps safeguard the financial future of loved ones in the event of an untimely death. Life insurance policies can cover expenses such as childcare, education, outstanding debts, funeral costs, and retirement savings.

Health Insurance:

Franklin is associated with Medicare Advantage Plans, suggesting they offer health insurance options or work with providers who do.

Workers' Compensation:

The company also provides workers' compensation insurance, which covers employees' medical expenses and lost wages if they suffer work-related injuries or illnesses.

Accidental Death and Dismemberment (AD&D) Insurance:

Franklin Madison, a partner or subsidiary of Franklin, offers AD&D insurance. This provides financial protection in the event of accidental death or dismemberment.

Hospital Accident Plan and Recuperative Care:

Franklin Madison also offers additional insurance options, including hospital accident plans and recuperative care coverage, which can help with expenses related to accidents or illnesses requiring hospitalisation.

Pet Insurance:

Recognising the importance of pets as part of the family, Franklin Madison has introduced pet insurance to its portfolio, providing peace of mind for pet owners.

Other Insurance Options:

Franklin Madison also mentions "graded whole life programs" as part of their insurance offerings. While the specifics of these programs are not detailed, "whole life insurance" is a type of life insurance that covers an individual for their entire life, typically building cash value over time.

It is important to note that insurance offerings can vary based on location and partnerships, and it is always advisable to contact Franklin directly or visit their website for the most up-to-date and accurate information regarding their insurance products.

How do I contact Franklin?

Franklin Life Insurance Company offers a variety of ways to get in touch with its customer service department. The company provides customer service from Monday to Friday, 8 am to 5 pm EST.

Phone

You can call Franklin Life Insurance's customer service department at the following numbers:

• 1-800-372-6520 (within the US)
• 1-217-356-7581 (outside the US)

Email

You can send an email to Franklin Life Insurance's customer service department at [email protected].

Mail

You can send a letter to the following address:

> Franklin Life Insurance Company

> P.O. Box 1040 Springfield, IL 62705-1040

Website

You can also visit the Franklin Life Insurance website at franklinlifeinsurance.com and fill out the contact form for any queries. A representative will get back to you shortly.

Social Media and Live Chat

Franklin Life Insurance also offers social media and live chat options on its website during regular business hours.

State Guaranty Associations

If you have questions about your policy, you can also contact your state life and health insurance guaranty association for more information. These associations provide coverage and assistance on a state-by-state basis, and you can usually find answers to frequently asked questions and contact information on their websites.

What is the history of Franklin?

The history of Franklin Life Insurance is a rich and extensive one, dating back to the late 19th century. Here is a detailed overview:

The Early Years

Franklin Life Insurance was founded in 1884 by a group of central Illinois residents. They offered insurance policies with a payout of up to $3,000 to male individuals between the ages of 21 and 55 who could pass a medical examination. Henson Robinson served as the company's first president. The company experienced steady growth over the next five decades, reaching $100 million in insurance in force by 1920 under the leadership of President George B. Stadden.

Expansion and Innovation

In 1939, Charles E. Becker, a Texas insurance entrepreneur, took ownership of Franklin Life, ushering in a period of rapid expansion. The company constructed impressive new headquarters and additional office buildings, reflecting its growing success. Becker's regime also embraced technological advancements, with Franklin Life being one of the first private firms to adopt early computer technology, acquiring the 15th Univac computer ever built.

Leadership Changes

Charles E. Becker was succeeded by his close associate, Francis Budinger, in 1961, who then passed the baton to George Hatmaker in 1964. William Alley became CEO in 1976, steering the company through a period of leadership and growth.

Consolidation and Acquisition

Franklin Life Insurance lost its independence when it was purchased by American Brands in 1979, marking the beginning of a series of consolidations. American General acquired the company in 1995 for $1.2 billion, and it eventually became part of the insurance giant AIG in 2001. This led to a significant drop in employment, and the company moved out of its signature headquarters in 2008.

Legacy

While the Franklin Life Insurance complex was converted into the headquarters for the Illinois State Police, the company's impact extended beyond its physical presence. Former employees fondly recall the company's culture, which fostered a sense of family and dedication to customer care. The company's policies and practices influenced the insurance industry, and its history is a testament to the evolution of insurance in the United States.

What happens if Franklin is no longer operating?

If Franklin Life Insurance is no longer operating, there are a few things you can do to try and find information about your policy. Firstly, it is important to know that policies of an insolvent company are often transferred to a financially sound insurance company. In the case of Franklin Life Insurance, it appears that their policies may have been moved to different companies depending on the state. For example, in the state of Kentucky, policies were moved to Investors Heritage Life Insurance Company, while in the state of Wisconsin, policies were moved to Madison National Life Insurance Company. Therefore, it is recommended to contact your state life and health insurance guaranty association to find out which company your policy may have been transferred to.

Additionally, if you are unsure whom to contact with your questions, you can email the National Organization of Life & Health Insurance Guaranty Associations, and they will forward your message to the appropriate party. You can also try contacting AIG, as they acquired Franklin Life Insurance in 2001, or Corebridge Financial, as AIG has now spun off their life insurance business into this company.

It may also be helpful to know that as per a comment on a Bogleheads forum post from March 2024, the phone number 1-800-231-3655 can be used to get in touch with AIG for any Franklin Life Insurance-related queries.

How do I choose the right type of life insurance?

Choosing the right type of life insurance depends on your needs and budget. Here are some factors to consider when selecting a life insurance policy:

Term Life Insurance

Consider term life insurance if you:

• Need coverage for a specific period: Term life insurance enables you to match the length of the policy to your needs. For example, you can buy a 20-year term life insurance policy if you have young children and want to ensure funds for their college education.
• Require a large amount of coverage but have a limited budget: Term life insurance generally has lower premiums than permanent life insurance, making it a cost-effective option.
• Anticipate changes in your financial needs: You may want to consider "convertible" term policies, which allow conversion to permanent insurance without a medical examination, albeit at higher premiums.
• Are young and healthy: Premiums are typically lowest when you are young and increase upon renewal as you age.

Permanent Life Insurance

On the other hand, consider permanent life insurance if you:

• Need lifelong coverage: A permanent policy guarantees a death benefit regardless of when you die.
• Want to accumulate tax-deferred savings: Permanent life insurance policies often have a cash value component that grows over time and can be borrowed against or withdrawn. This can be useful for various purposes, including paying premiums to keep the policy active.
• Prefer stable premiums: While permanent life insurance premiums are generally higher than term insurance, they usually remain the same throughout the policy, whereas term insurance premiums can increase substantially at each renewal.

Types of Permanent Life Insurance

There are several types of permanent life insurance policies, each with unique features:

• Whole life insurance offers the most security and predictability, with rigid premium payment requirements and guaranteed annual increases in cash value.
• Universal life insurance provides flexibility in premium payments and transparency around fees and expenses. It also allows you to adjust your premiums within limits and has a cash value component that grows based on market interest rates.
• Variable universal life insurance gives you more control over your policy's investment allocations, allowing you to select from a list of sub-accounts (similar to mutual funds). However, you assume the risk of potential loss in cash value.
• Guaranteed universal life insurance works similarly to term life insurance, offering coverage until a selected age rather than a specific number of years. It has minimal cash value buildup, resulting in lower premiums.

Additional Considerations

When choosing a life insurance policy, it's important to consider your budget, savings habits, expected future income, desired length of protection, and whether you want living benefits such as accumulating cash value. Additionally, you may want to add riders to your policy, such as a disability rider or a long-term care rider, for added protection.

Remember, you can always have a combination of term and permanent life insurance policies to suit your needs and provide flexibility for the future. Review your policy annually and make adjustments as needed while you are young and healthy.

Frequently asked questions