Franklin Life Insurance Company: A Comprehensive Review

Franklin Life Insurance Company is a prominent name in the life insurance industry. Founded in 1884 in Springfield, Illinois, this company has been providing financial protection to families for over a century. In this article, we will explore the different products and services offered by Franklin Life Insurance Company, its history, and its current status in the market.

History of Franklin Life Insurance Company

Franklin Life Insurance Company was founded by a group of businessmen led by Samuel Insull. The company started with just 16 agents, but by the end of the first year, it had over 3,500 policyholders. Over the years, the company expanded its operations and became one of the leading life insurance companies in the United States.

In 1997, Franklin Life Insurance Company was acquired by American General Corporation. The company continued to operate under the Franklin Life name until it was merged with another American General subsidiary, The United States Life Insurance Company in the City of New York, in 2003.

Products and Services

Franklin Life Insurance Company offers a range of life insurance products to meet the needs of individuals and families. The company’s products include term life insurance, whole life insurance, and universal life insurance.

Term Life Insurance

Term life insurance is a type of life insurance that provides coverage for a specified period of time. Franklin Life Insurance Company offers term life insurance policies with terms ranging from 10 to 30 years. These policies provide affordable coverage for a set period of time, making them ideal for individuals who need temporary protection.

Term life insurance policies from Franklin Life Insurance Company are renewable and convertible. This means that policyholders can renew their policies at the end of the term or convert them to permanent life insurance policies without having to undergo a medical exam.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that provides coverage for the policyholder’s entire life. Franklin Life Insurance Company offers whole life insurance policies that provide lifelong protection and also build cash value over time.

Whole life insurance policies from Franklin Life Insurance Company offer a fixed premium, so policyholders can rest assured that their premiums will not increase over time. These policies also provide a guaranteed death benefit, which means that the policyholder’s beneficiaries will receive a payout upon their death.

Universal Life Insurance

Universal life insurance is another type of permanent life insurance that provides policyholders with flexibility and control over their coverage. Franklin Life Insurance Company offers universal life insurance policies that allow policyholders to adjust their premiums and death benefits as their needs change over time.

Universal life insurance policies from Franklin Life Insurance Company also offer a cash value component, which grows tax-deferred over time. Policyholders can use this cash value to pay their premiums, take out loans, or even withdraw cash from the policy.

FAQs

Conclusion

Franklin Life Insurance Company has a long and rich history in the life insurance industry. The company offers a range of life insurance products to meet the needs of individuals and families, including term life insurance, whole life insurance, and universal life insurance. Whether you need temporary coverage or lifelong protection, Franklin Life Insurance Company has a policy that can help give you peace of mind.