Beneficial Life Insurance: A Long-Standing Business

Beneficial Life Insurance has been in business for over a century. The company was founded in 1905 and is based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation (DMC), the for-profit arm of the Church of Jesus Christ of Latter-day Saints (LDS Church). Beneficial Life Insurance is known for its ethical business practices and has been certified by the Insurance Marketplace Standards Association.

Beneficial Life Insurance Company is a subsidiary of Deseret Management Corporation (DMC)

The Beneficial Life Insurance Company has a long history of honouring its commitments. During the stock market crash of 1929 and the resulting Great Depression, the company honoured policy owner requests for policy loans and surrender payments, despite being legally allowed to defer such cash payments. Throughout both World Wars, Beneficial also paid death claims for insured individuals who died while serving in the military, even though policy clauses allowed for the denial of such claims.

In the mid-1980s, the company's headquarters, the Beneficial Life Tower, became known for a rare breeding pair of peregrine falcons that took residence on the building's north side. Around 2006, Beneficial moved to the former Kennecott building on the opposite corner of the same block. The Beneficial Life Tower and the Kennecott building remained standing while the rest of the block was torn down and redeveloped into the City Creek Center.

In June 2009, it was announced that Beneficial would stop writing new policies, citing its inability to compete with larger insurers. However, DMC reiterated its commitment to back existing policies. As of its 2013 fiscal year-end, Beneficial Life Insurance Company held assets of $3.0 billion.

DMC is the for-profit arm of the Church of Jesus Christ of Latter-day Saints (LDS Church)

Beneficial Life Insurance has been in business since 1905. It is the oldest life insurance company based in the Intermountain West.

Deseret Management Corporation (DMC) is a for-profit company affiliated with The Church of Jesus Christ of Latter-day Saints. DMC was established in 1966 by church president David O. McKay to manage select global, for-profit entities associated with the church. DMC companies operate under a unified mission: "to be a trusted source of light and truth influencing hundreds of millions of people worldwide."

DMC's companies provide content, services, and information through a diverse portfolio of companies, with the majority being media and communications brands. These include award-winning news, broadcasting, publishing, digital, financial, marketing strategy, and hospitality organizations.

DMC subsidiaries include:

• Beneficial Financial Group: insurance, investment, and retirement services.
• Bonneville International Corporation: owns radio stations nationwide, Bonneville Interactive, and Bonneville Satellite Company.
• Bonneville Communications (Boncom): An advertising agency.
• Deseret Book: A publisher of church-related materials and bookstore chain.
• Deseret News Publishing Company: Publishes Utah's second-largest daily newspaper, the Deseret News, along with the Church News and El Observador.
• Temple Square Hospitality: Operates church-owned downtown Salt Lake City properties such as the Lion House and the Joseph Smith Memorial Building.
• Deseret Digital Media: Operates select websites of other DMC media companies, including ksl.com.
• The Church of Jesus Christ of Latter-day Saints Foundation: A non-profit foundation that donates the profits of other DMC companies to various charitable causes, both in Utah and internationally.

Beneficial Financial Group was founded in 1905

Beneficial Financial Group, an insurance and financial services company based in Salt Lake City, Utah, was founded in 1905. It is a subsidiary of Deseret Management Corporation (DMC), the for-profit arm of the Church of Jesus Christ of Latter-day Saints (LDS Church).

The company has been in business for over a century and, as of its 2013 fiscal year-end, had assets of $3.0 billion. The insurance side of the company was known for many years as the Beneficial Life Insurance Company.

Beneficial is certified by the Insurance Marketplace Standards Association for ethical business practices and has received high financial strength ratings from Standard & Poor's. In 2009, it was announced that the company would stop writing new policies, with DMC citing Beneficial's inability to compete with larger insurers.

The company stopped writing new policies in 2009

The Beneficial Financial Group, an insurance and financial services company based in Salt Lake City, Utah, has been in business since 1905. The company was founded as the Beneficial Life Insurance Company and has since expanded its services.

In 2009, the company announced that it would stop writing new policies, citing its inability to compete with larger insurers. This decision came as a result of exposure to mortgage-backed security investments in the wake of the 2008 housing bubble, which led to a downgrade in its financial strength rating.

Despite stopping writing new policies, the company reiterated its commitment to honouring existing policies. The decision to halt new policies was made by the company's parent organisation, Deseret Management Corporation (DMC), which is the for-profit arm of the Church of Jesus Christ of Latter-day Saints (LDS Church).

The Beneficial Financial Group has a long history in Salt Lake City, with its headquarters located in the Beneficial Life Tower, which was well known for its large letters on the side of the building. Around 2006, the company moved to the former Kennecott building on the opposite corner of the same block. The company's presence in the city has been notable, with a pair of peregrine falcons even taking residence on the company's letters in the mid-1980s.

Beneficial is based in Salt Lake City, Utah

Beneficial Life Insurance Company is headquartered in Salt Lake City, Utah. The company was founded in 1905 and is a subsidiary of Deseret Management Corporation (DMC), the for-profit arm of the Church of Jesus Christ of Latter-day Saints (LDS Church).

Beneficial Life Insurance Company offers a range of insurance and financial services, including whole life, universal life, term insurance, annuities, long-term care, disability insurance, and group insurance. The company is certified by the Insurance Marketplace Standards Association for ethical business practices and has been recognised for its strong financial strength, with an "A+" rating from Standard & Poor's.

The company's headquarters were previously located in the Beneficial Life Tower, which offered an unimpeded view of the Salt Lake Valley. In the mid-1980s, the tower became known for a rare breeding pair of peregrine falcons that took residence on the company's letters. Around 2006, Beneficial moved to the former Kennecott building on the opposite corner of the same block.

The Beneficial Life Insurance Company's presence in Salt Lake City, Utah, has added to the city's diverse range of insurance providers and contributed to the state's insurance industry. The company's long history and stable financial position have made it a trusted choice for individuals and businesses seeking insurance solutions in the region.

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