Why you should trust Insure.com
Last updated June 15, 2009
ULLICO Inc. is the nation’s only fully-unionized provider of multi-line insurance, financial services and administrative products. The company, chartered in 1927 with initial funding from the American Federation of Labor, began business providing union workers with insurance benefits they could not get elsewhere.
Over the years, the corporation has grown to include subsidiary companies providing financial services, asset management services and liability insurance.
ULLICO is a privately held life and health insurance company in the United States. ULLICO was founded in 1925 by the American Federation of Labor (AFL), which wanted to offer working people affordable health and life insurance. Fifty international unions provided seed-money for the company.
ULLICO is a joint stock company, but privately held. The company’s constitution and bylaws permit shares to be held only by trade unions, union officials, union members and union benefit funds. The stock’s value changes only once a year, when company directors set a new share price on the advice of auditors.
ULLICO offers two types of life insurance for groups and individuals: term-life and whole life. Term-life is a popular choice because it provides the highest benefit at the lowest cost. The customer pays a premium for coverage over a specific period of time. On the other hand, whole insurance provides coverage for a lifetime. For that reason, premiums are typically higher than term-life premiums for the same amount of coverage.
Contact Union Labor Life Insurance Company at:
ULLICO Inc. 1625 Eye Street, N.W. Washington, D.C. 20006 Telephone: (202) 682-0900
Sources: “ULLICO’s mission,” ULLICO web site, 2009; “ULLICO,” Wikipedia, 2009; “Locations,” ULLICO web site, 2009; “Term Life vs. Whole Life,” ULLICO web site, 2009