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Last updated June 22, 2009
Beneficial Financial Group was established in 1905. Although it began as a local company serving local needs, it has expanded to serve the entire western United States and parts of the Midwest and the East Coast. It is among the top 10 percent of American insurance companies.
The company’s mission is “to help people attain financial security . . . to protect widows, children, and retirees . . . to help people accumulate and protect wealth . . . [and] to enhance and protect business profitability and value.”
Beneficial Financial Group offers families and businesses in the Intermountain states and western U.S. a wide variety of financial services and products. These include insurance strategies, retirement strategies, investment strategies, estate strategies, employee benefits, and strategies for business continuation, executive compensation, and charitable giving. In addition to life insurance and annuities, Beneficial offers several products through its strategic alliances, including securities products and long-term care and disability insurance.
Beneficial Financial Group is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation, a for-profit management company of assets for The Church of Jesus Christ of Latter-day Saints. The company was founded in the early twentieth century and as of fiscal year end 2005 had assets of $3.1 billion with yearly revenues of $600 million. The Insurance side of the company was known for many years as the Beneficial Life Insurance Company.
Whole life insurance is a permanent life policy that provides lifetime protection. Premiums for whole life are level for life. Whole life insurance can be used for a variety of purposes, including helping to pay off funeral expenses, mortgages, and other outstanding debts in the event of premature death; helping to pay estate expenses, including estate taxes; retirement funding; providing a valuable employee benefit; and charitable giving.
Universal life (UL) is a popular alternative to whole life insurance. UL policies offer the security and cash accumulation of whole life combined with flexible premiums and adjustable benefits. Voluntary service term (VST) provides $5,000 of term insurance for qualified applicants, ages 19-27, who provide full-time, voluntary, uncompensated mission or humanitarian service under the active supervision of a sponsor that is either an incorporated ecclesiastical organization or an organization specializing in humanitarian or charitable activity. Examples of qualified applicants include church missionaries and volunteers with organizations such as the Peace Corps, American Red Cross, and other approved humanitarian organizations.
Contact Beneficial Financial at: Beneficial Financial Group 150 Social Hall Ave. P.O. Box 45654 Salt Lake City, UT 84145-0654 Telephone: (800)283-2959
Sources: “Beneficial Financial Group”, Deseret Management Corporation Web site; “Beneficial Financial”, Wikipedia, June 1, 2009; “Life Insurance Products”, Beneficial Web site