Franklin Life Insurance: Still A Viable Business Option?

is franklin life insurance still in business

The Franklin Life Insurance Company was founded in 1884 in Springfield, Illinois. The company was purchased by American Brands in 1979 and has since undergone several mergers and acquisitions. As of 2001, it is a subsidiary of insurance giant AIG, which has spun off its life insurance business into a company called Corebridge.

Characteristics Values
Year founded 1884
Founders A group of six to nine central Illinois residents
Original pledge To offer up to $3,000 in insurance to male persons between the ages of 21 and 55 who could pass a medical examination
Payout method Assessments on members
First president Henson Robinson
Year of first major expansion 1913
Parent company AIG

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Is there a way to contact Franklin Life Insurance?

Yes, there are several ways to contact Franklin Life Insurance.

In 2023, AIG, a successor to The Franklin, listed the following phone number for claims and other information: 1-800-CALL-AIG (800-225-5244).

The following information comes from a commenter, Lonnie Dunn, on the SangamonLink website:

> To those of you who hold Franklin Policies, I have read, and researched that the company which honors them is a spin-off of AIG and they are in Houston.

>

> Mailing Address: P O Box 1591 Houston TX 77251-1591

> Office Number: (713)831-3174

> Toll-Free Number: (800)231-3655

> Fax Number: (713)831-4345

> Physical Address: 2727 Allen Pkwy Ste A Houston TX 77019-2116

Another commenter on the same website suggests that the toll-free number may no longer be in service. They recommend trying 800-340-2765, which they say will connect you with the right area.

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What is the value of a 1958 policy?

The value of a 1958 policy from The Franklin Life Insurance Company depends on several factors, and it's hard to give an exact figure without more information. However, here is some general information that might be useful.

Firstly, it's important to know that The Franklin Life Insurance Company is no longer in business. The company was founded in 1884 and was based in Springfield, Illinois. Over time, it underwent several mergers and acquisitions. In 1995, it was bought by American General for $1.2 billion, and in 2001, it became part of insurance giant AIG. More recently, AIG has spun off its life insurance business into a company named Corebridge. So, any existing policies from The Franklin Life Insurance Company are likely now managed by Corebridge.

Now, regarding the value of your 1958 policy, it's worth noting that life insurance policies can have different types of values, such as cash surrender value, loan value, and death benefit. The cash surrender value is the amount you can get if you decide to cancel the policy and surrender it to the insurance company. The loan value is the amount you can borrow against the policy, and the death benefit is the amount that will be paid out to the beneficiaries upon the insured person's death.

The cash value of a life insurance policy can grow over time, especially if the policy earns dividends or generates interest. However, it's important to check the specific terms and conditions of your policy, as well as any applicable state laws, to understand how the cash value is calculated and whether there are any penalties for early surrender. Additionally, the death benefit may have increased over time due to inflation adjustments or other factors.

In conclusion, to determine the exact value of your 1958 policy, it is recommended that you contact Corebridge, the likely current holder of The Franklin Life Insurance Company's policies, and provide them with the specific details of your policy. They will be able to give you an accurate assessment of its current value and any benefits or payouts you may be entitled to.

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What is the history of Franklin Life Insurance?

Franklin Life Insurance was founded in 1884 by a group of six central Illinois residents. They pledged to offer insurance policies worth up to $3,000 to men between the ages of 21 and 55 who could pass a medical examination. Henson Robinson was the company's first president.

The company experienced steady growth over the next 50 years, reaching $100 million of insurance in force in 1920 under president George B. Stadden. However, it was when Charles E. Becker, a Texas insurance entrepreneur, took ownership in 1939 that Franklin Life Insurance began a period of rapid expansion.

Under Becker, the company completed major office buildings in 1949 and 1964, as well as a Modernist apartment building intended partly for use by its executives. Franklin Life was also one of the first private firms to adopt early computer technology, receiving the 15th Univac computer ever built.

Becker was succeeded as president by Francis Budinger in 1961, followed by George Hatmaker in 1964 and William Alley in 1976. The company lost its independence when it was purchased by American Brands in 1979. Consolidations continued, with American General buying Franklin Life for $1.2 billion in 1995, and the company becoming part of insurance giant AIG in 2001.

Today, Franklin Life Insurance policies are believed to be serviced by a spin-off of AIG based in Houston, Texas.

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What is the current status of Franklin Life Insurance?

Franklin Life Insurance Co. was founded in 1884 in Springfield, Illinois, by around half a dozen local residents. The company pledged to offer up to $3,000 in insurance to men aged 21 to 55 who could pass a medical examination. Over the next 50 years, the company experienced steady growth, reaching $100 million of insurance in force in 1920. In 1939, Texas insurance entrepreneur Charles E. Becker took ownership of the company, leading to a period of rapid expansion. Under Becker and his successors, Franklin Life constructed several major office buildings, as well as a Modernist apartment building intended for use by its executives. The company was also an early adopter of computer technology, receiving the 15th Univac computer ever built.

In 1979, Franklin Life lost its independence when it was purchased by American Brands. Further consolidations followed, with American General buying the company for $1.2 billion in 1995, and insurance giant AIG acquiring it in 2001. As a result of these changes, employment at the Springfield headquarters declined from 1,300 in 1991 to about 400 in 2008, when the company moved out of its signature headquarters. The former Franklin complex was purchased by the state of Illinois and converted into the headquarters for the Illinois State Police.

As of 2023, AIG, as the successor to Franklin Life, provided the following phone number for claims and other information: 1-800-CALL-AIG (800-225-5244). According to a comment on a history website dated October 2024, AIG policies are now serviced by Corebridge Financial, a company spun off from AIG. Several people with Franklin policies have commented that they have struggled to get clear information from AIG about the status of their policies.

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How can I cash in my Franklin Life Insurance policy?

Franklin Life Insurance Co. was founded in 1884 and remained an important force in Springfield, Illinois, into the 21st century. The company was purchased by American Brands in 1979, and consolidations continued until it became part of the insurance giant AIG in 2001.

If you hold a Franklin Life Insurance policy, you can contact AIG for claims and other information. Here is the contact information for AIG:

Phone number: 1-800-CALL-AIG (1-800-225-5244)

If you want to cash out your Franklin Life Insurance policy, below are some general options for how to do so. Please note that the specific terms of your policy may vary, and you should consult with a financial professional for advice regarding your specific situation.

Withdrawing Cash

You can withdraw cash from your life insurance policy, often without income taxes as long as the withdrawal is not more than the amount you have paid into the policy. However, withdrawals will reduce the death benefit. Additionally, withdrawals above the amount you have paid in premiums may be subject to taxation.

Taking Out a Loan

You can borrow money from your life insurance policy, using your cash value as collateral. You are not required to qualify financially for the loan, and there is no loan application or credit check. You can choose whether or not to repay the loan, but any outstanding loan balance will typically be deducted from the death benefit.

Surrendering the Policy

You can surrender your life insurance policy, which will cancel the coverage and allow you to withdraw the remaining cash value, minus any surrender fees. However, surrendering the policy means giving up your life insurance coverage, and you may have to pay taxes on any gains from the policy.

Selling the Policy

You can sell your life insurance policy to a third party through a life settlement. This will provide you with a lump sum that is greater than the cash value but less than the death benefit. The third party will then take over premium payments, and they will receive the death benefit when you pass away. Life settlements are typically only available to individuals over a certain age or with significant health impairments. Additionally, there may be fees and taxes associated with life settlements.

Frequently asked questions

No, Franklin Life Insurance is no longer in business. The company was purchased by American Brands in 1979 and has since undergone several consolidations and acquisitions.

Franklin Life Insurance was purchased by American Brands in 1979. It was then bought by American General for $1.2 billion in 1995 and became part of insurance giant AIG in 2001.

Franklin Life Insurance was founded in 1884 by a group of central Illinois residents. The company pledged to offer up to $3,000 in insurance to male individuals between the ages of 21 and 55 who could pass a medical examination. It experienced steady growth over the years and became an important force in the economy of Springfield, Illinois.

The contact information for Franklin Life Insurance may vary depending on the specific policy and location. However, according to a comment on the SangamonLink website, the following details may be useful:

Mailing Address: P O Box 1591 Houston TX 77251-1591

Office Number: (713) 831-3174

Toll-Free Number: (800) 231-3655

Fax Number: (713) 831-4345

Physical Address: 2727 Allen Pkwy Ste A Houston TX 77019-2116

If you have an old policy with Franklin Life Insurance, you can try contacting AIG or its subsidiaries, as they have acquired Franklin Life Insurance. You may also refer to the Illinois Department of Insurance or your own state's Department of Insurance for guidance on determining the status of an old life insurance policy.

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