Insurance Life

Life Insurance beneficiary designations, have you ever heard of this before? Do you know what it is and why it is so important for you to understand? There are different ways for you to leave your death benefit to your beneficiary and you should know what they are and how they differ.

o You can list a Trust as a beneficiary- Upon the death of the insured the trustee will administer the funds by following the instructions set in the trust provisions. While there are some advantages of naming a trust, there are also some disadvantages.

o You can name Your Estate as a beneficiary- While there are reasons that you may want to name your estate as beneficiary often it is not desirable. The main disadvantage is that your death proceeds become part of the estate and are subject to the claims of creditors.

o You can list a minor as beneficiary- This is a common practice to name your minor child as a beneficiary but please understand insurance companies will not pay proceeds to a minor. For this reason it is necessary and very important to name a guardian to be appointed to receive the funds on behalf of the minor. When naming multiple children as beneficiaries it is desirable to list a class designation. A class designation should be used whenever there are multiple beneficiaries that will be sharing a death benefit. In addition to the class designation there are definite benefits to using the per capita and per stirpes designations for children.

o Per Capita- (means by the head or individual) the use of this designation means that each surviving child shares equally in the division of the death benefit.

o Per Stirpes- (means by stock, family line or branch) the use of this designation means that the division of the death benefit will be split throughout the appropriate generations. This designation can become quite involved and full understanding of how it works is necessary.

This article was written not to explain how all the designations work but merely bring them to your attention. After reading this I hope you can see the importance of dealing with a life insurance agent that understands beneficiary designations and their proper use.

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Although this data is not 100% accurate, it is probably the most precise info available. Employee group benefit brokers need to know where to find the plans to fit their client needs. It is a well established fact that employers cannot handle the entire burden of providing a grocery list of benefits that their workers would like to have. As a result brokers are working with both the employee and his workforce. The worker is being given options of having additional coverages available with the convenience of premiums taken right from their paycheck. This is a win-win-win situation for the employer, the worker, and the agent.

Here you will find the top national insurance companies in this market, along with others marketing in most states. For brokers selling products with only one insurance company, it seems impractical and virtually impossible. I carry around a Swiss army knife, which although useful, often is incapable of performing the job correctly. Therefore, in my experience, I have found most agents selling plans more than occasionally, represent more than one insurance company. Like the Swiss army knife, no one insurance company can serve all situations. According to my records, the average broker involved in frequent sales represents 3 national insurance companies for this employee market.

For your convenience, there are two lists prepared alphabetically. The first are the carriers licensed to sell their employee benefit plans in all 50 states. The second listing is of states selling in a minimum of at least 40 states. All should have websites to receive fast additional information. With 100 top national insurance companies listed, maybe it is time to check out a couple more.

TOP NATIONAL INSURANCE COMPANIES & Carriers Licensed in all 50 states

1. ACI Specialty Benefits

2. Advantica Eyecare

3. AFLAC

4. AIG Employee Benefit Solutions

5. Allstate Workplace Division

6. American Sentinel Insurance Company

7. Ameritas Group

8. Assurant Employee Benefits

9. Avesis

10. BCS Insurance Company

11. Beta Health Association, Inc.

12. Boston Mutual Life Insurance Company

13. CIGNA

14. Combined Insurance Worksite Solutions

15. CCG- Cost Containment Group

16. Davis Vision

17. Delta Dental

18. Dentali Dental and Vision

19. Dental Select

20. EyeMed Vision Care

21. EZ Meds USA

22. GPM Life

23. Great American Insurance of NY

24. Great American Supplemental Benefits Group of TX

25. Guardian Life Insurance Company

26. Hartford Life

27. HM Insurance Group

28. Humana

29. Independent Health

30. ING Employee Benefits

31. Liberty Mutual Group Benefits

32. Lincoln Financial Group

33. Madison Life Insurance Company

34. Magnum Dental & Vision

35. Majestic Underwriters

36. MedAmerica Insurance Company

37. Medico Insurance Company

38. MESVision

39. Metropolitan Life Insurance Company

40. Minnesota Life Insurance Company

41. Mutual of Omaha Insurance Company

42. Nationwide Financial

43. Patriot Health, Inc.

44. Petersen International Underwriters

45. PPO USA

46. Principal Financial Group

47. Prudential Company of America

48. Reliance Standard Life Insurance Company

49. SecureCare Dental

50. Security Life Insurance Company of America

51. Security Mutual Life Insurance Company of NY

52. Spirit Dental Life and Vision

53. Standard Insurance Company

54. Standard Life Insurance Company of NY

55. Sun Life Financial

56. Super Vision Services

57. Symetra Financial

58. Transamerica Affinity Services in MD

59. Transamerica Worksite Marketing

60. Trustmark Voluntary Benefits Solutions

61. UNIFI Companies Retirement Plans

62. United American Insurance Company

63. United Concordia Companies

64. United Health Programs of America

65. Unum

66. VSP Vision Care

TOP MULTI-STATE INSURANCE COMPANIES Licensed in 40 or more states.

1. American Fidelity Assurance Company, minus NY

2. American Public Life Insurance Company, -NY

3. American United Life Insurance Company, -NY

4. ArmadaCare, -7 states

5. Assurity Life Insurance Company, -NY

6. BasicPlus Insurance Services, -10 states

7. Block Vision, -9 states

8. Brokers National Assurance Company, -6 states

9. Colonial Life, -2 states

10. Colorado Bankers Life Insurance Company, -2 states

11. Companion Life Insurance Company, -4 states

12. Conseco Insurance Companies, – 2 states

13. Continental American Insurance Company, -NY

14. Dominion Dental Services, Inc., -4 states

15. EMC National Life Company, – 2 states

16. First Dearborn Life Insurance Company, -NY

17. HealthPartners, -2 states

18. Illinois Mutual, -4 states

19. John Hancock, -2 states

20. Kansas City Life Group, -2 states

21. Minnesota Life Insurance Company, -2 states

22. Mutual Trust Financial Group, -2 states

23. Ohio National Financial Services, -3 states

24. Oxford Life Insurance Company, – 5 states

25. Penn Treaty Network America, -7 states

26. Renaissance Life and Health Insurance Company, -NY

27. Securian Dental Plans, -6 states

28. Significa Insurance Group, Inc., -5 states

29. Standard Life and Accident Insurance Company, -5 states

30. Starmark, -10 states

31. Texas Life Insurance Company, -NY

32. Transamerica Life Insurance Company, -5 states

33. Trustmark Life Insurance Company, -9 states

34. Western Reserve Life, -NY

Other insurer organizations and insurance companies

These cover most of the United States. They are American Continental Insurance Company, American Specialty Health Insurance Company, Best Life, Catholic Family Life, Columbian Mutual Life, Continental American Insurance, Eastern Life & Health Insurance Company, Equitable Life & Casualty, Guaranty Income Life Insurance Company, Kemper Investors, Pro Financial Services, and William Penn Association.

Shenandoah Life Insurance Company is not listed, as it is undergoing some difficulties. Apologies are in order to any companies catering to this market segment that were missed.

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