Settlers Life Insurance: Is Bristol, Va Branch Closing?

Settlers Life Insurance, now known as Everly Life Insurance Company, is a provider of life insurance products, offering a range of policies that can be customized to meet the unique needs of its policyholders. In 2019, the company announced that it would be closing its Bristol, Virginia office and moving its operations to Madison, Wisconsin, resulting in the loss of 57 jobs. Despite the closure of the Bristol office, the company assured policyholders that there would be no disruption in service and that all contracts would be honoured. The company has a team of over 3,000 licensed agents and is rated A- (Excellent) by AM Best Company.

Settlers Life Insurance is now Everly Life Insurance

Settlers Life Insurance Company has been providing life insurance for over 40 years. The company was an industry leader, offering a range of policies that could be customized to meet the unique needs and budgets of its policyholders.

In 2022, Settlers Life Insurance was acquired by Everly Holdings, LLC, and the company name changed to Everly Life Insurance Company. Despite the acquisition, there are no changes to policy numbers or the terms of policies. The company is transitioning all correspondence, forms, and notices to reflect the new company name, but customers may continue to see the Settlers Life name until the transition is complete.

The Bristol, Virginia, office of Settlers Life Insurance closed in mid-2019, with the legal entity of the company moving to Madison, Wisconsin, where the parent company, National Guardian Life Insurance Co., is headquartered. This resulted in the loss of 57 jobs, including those in policyholder services, claims, commission accounting, information technology, and human resources.

The decision to close the Bristol office was a business decision related to where the company wanted to invest its assets, according to Settlers President Michael Lowe. He assured policyholders that the office was moving but not closing, and that all agents and policyholders would continue to receive the same service without disruption.

The Bristol office closed in 2019

The Bristol Herald Courier reported in 2018 that Settlers Life Insurance would be closing its Bristol, Virginia, office in mid-2019. The company would no longer accept new business and would move to Madison, Wisconsin, resulting in the loss of 57 jobs.

The decision to close the office was not due to financial concerns, according to Settlers Life President Michael Lowe. Instead, it was a business decision related to where the company wanted to invest its assets. Lowe assured policyholders that the office was only moving and that the company was not closing. He stated that all agents and policyholders would continue to receive the same service and that there would be no disruption in service or changes to contracts.

On November 7, 2018, the company stopped accepting new business and laid off 17 workers, mostly from the marketing department and telesales. At the time of the announcement, there were approximately 40 employees remaining in various departments, including policyholder services, claims, commission accounting, information technology, and human resources. These employees would remain until the office closed in mid-2019.

The closure of the Bristol office brought sadness to many employees, some of whom had worked at the company for many years. Several employees shared their positive experiences working at Settlers Life Insurance and expressed how much they would miss their colleagues and the company.

57 jobs were lost

The closure of Settlers Life Insurance's Bristol office resulted in 57 job losses. The company's president, Michael Lowe, assured that all employees were offered a package, including severance and placement. The Bristol Herald Courier reported that on November 7, 2018, the company stopped accepting new business and laid off 17 workers, primarily from the marketing and telesales departments.

The remaining employees, approximately 40 people working in policyholder services, claims, commission accounting, information technology, and human resources, would also lose their jobs. The office's closure was not due to financial concerns, according to Lowe, but rather a business decision regarding asset investment.

The impact of the job losses was felt by the employees, with one current employee stating they would have stayed with the company until retirement if the office had not closed. Another employee, who had been with the company for 15 years, expressed sadness about the closure.

The company's decision to move to Wisconsin and the resulting job losses highlight the challenges faced by the community in Bristol, Virginia, as businesses relocate and adjust their operations.

The company moved to Madison, Wisconsin

Settlers Life Insurance, now known as Everly Life Insurance Company, is relocating its operations from Bristol, Virginia, to Madison, Wisconsin, where its parent company, National Guardian Life Insurance Co., is headquartered. This move is not due to financial concerns, as the company has substantial assets and surplus funds. Instead, it is a strategic business decision related to the investment of assets.

The Bristol office's closure will result in the loss of 57 jobs, including those in the marketing department and telesales, with only around 40 employees remaining. The company will continue to serve its agents and policyholders without disruption, honouring all contracts. The transition process is expected to take between four and eight months, during which individuals from Madison will review procedures and business practices.

The company's history dates back to 1933 when it was known as the Huff-Cook Mutual Burial Association. In 1984, Huff-Cook MBA decided to expand its reach beyond Virginia by establishing an independent life insurance company, which later became Settlers Life. Over the years, Settlers Life grew significantly, with representation in 47 states by 2019.

In 2022, Settlers Life was acquired by Everly Holdings, LLC, leading to a name change to Everly Life Insurance Company. Despite the transition, policyholders were assured that their policy numbers and terms would remain unchanged. The company continues to provide a range of comprehensive insurance solutions, including the Gold, Silver, and Bronze plans, tailored to meet diverse needs.

Policyholders were informed of the changes

Settlers Life Insurance Company, based in Bristol, Virginia, announced in 2019 that it would no longer accept new business and planned to close its office by mid-2019. This decision resulted from a strategic business review and aimed to streamline operations by relocating to Madison, Wisconsin, where the parent company, National Guardian Life Insurance Company, is headquartered.

> "All agents and policyholders will continue to receive the same service. All customers should see no disruption in service, and all contracts will be fully honored."

The letter also disclosed that the company would stop accepting new business as of November 7, 2018, and that 17 employees, primarily from the marketing and telesales departments, had been laid off. The remaining employees, numbering around 40, worked in various departments, including policyholder services, claims, commission accounting, information technology, and human resources.

The transition process was expected to take between four and eight months, during which individuals from Madison would review procedures and business practices. Despite the closure of the Bristol office, policyholders were reassured that their policies and services would not be affected, and the company committed to honouring all existing contracts.

In addition to the letter, policyholders could also refer to the company's website and other official channels for updates and information regarding the changes.

In 2022, Settlers Life Insurance Company was acquired by Everly Holdings, LLC, and subsequently changed its name to Everly Life Insurance Company. This acquisition further reinforced the message communicated to policyholders that there would be no changes to their policy numbers or terms. The transition to Everly Life Insurance Company involved updating correspondence, forms, and notices to reflect the new company name. Policyholders were instructed to continue sending payments to the address on their billing notices to prevent any delays in processing.

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