Surety Life Insurance Company is a niche life insurance provider located in Lees Summit, Missouri. They offer simplified issue term life and final expense life insurance aimed at seniors and those with health conditions.
But who actually owns and runs Surety Life Insurance Company? When purchasing coverage, it’s important to know the background and leadership behind an insurance provider.
In this comprehensive guide, we’ll explore:
- A brief history of Surety Life Insurance Company
- Details on their current ownership and parent company
- Information on their executive leadership team
- Financial ratings and strength
- Products and services offered
- Company mission and values
- Legal actions and complaints
A Brief History of Surety Life Insurance Company
Surety Life Insurance Company was founded in 1935 in Lincoln, Nebraska. They initially offered disability income and accident insurance policies.
In 1947, the company relocated their headquarters to Grand Island, Nebraska. They expanded their offerings to include life insurance, annuities, and group coverage.
Surety Life was eventually acquired by Liberty National in 1981, marking their entry into the supplemental health insurance market. They were able to grow their presence across the Midwest and parts of the South.
The company continued to be owned by Liberty National until 2012 when it was sold to BC Partners.
Current Ownership and Parent Company
Today, Surety Life Insurance Company is owned by Protective Life Corporation, based in Birmingham, Alabama.
Protective Life acquired Surety Life in August 2012 for $10 million. The deal was made through Protective’s subsidiary West Coast Life Insurance Company.
Protective Life Corporation is a large insurance provider that offers life insurance, annuities, asset protection, and supplemental health policies. Founded in 1907, Protective Life now holds over $700 billion in assets and annual revenue of $5 billion.
As Protective Life’s wholly owned subsidiary, Surety Life operates independently but has access to enhanced financial resources and administrative support. The acquisition enabled Surety Life to expand nationally beyond their previous 17 state footprint.
Protective Life is a publicly traded company listed on the New York Stock Exchange. Their largest institutional shareholder is BlackRock Inc.
Surety Life’s Executive Leadership Team
Surety Life Insurance Company’s management team includes:
Richard J. Bielen – President and CEO
- 20+ years financial services experience
- Previously President of West Coast Life Insurance Company
Deborah L. Goodman – Chief Operating Officer
- 30+ years of operational leadership experience
- Background in process improvement and expense efficiency
Jeffrey J. Scanlon – Senior Vice President, Sales
- Extensive background in final expense and pre-need insurance sales
- Held senior sales roles with West Coast Life and Liberty Bankers Life
Bradley E. Moser – Chief Financial Officer
- 20+ years of financial management experience
- Strong strategic planning background
Terry L. Dunn – Vice President, Application Processing
- 15+ years in new business, underwriting, and operations
- Joined company in 2006 as New Business Manager
The executive team has a diverse mix of internal company veterans along with leaders from Protective Life. They’ve continued Surety’s focus on simplified life insurance while leveraging Protective’s enhanced resources.
Financial Ratings and Strength
Surety Life is rated by insurance rating agencies A.M. Best and Standard and Poor’s:
- A.M. Best – A (Excellent) as of October 2021
- Standard and Poor’s – A (Strong) as of October 2021
These strong ratings reflect Surety Life’s sufficient capital reserves, steady operating performance, conservative investment portfolio, and the additional financial support of their parent company Protective Life.
Surety Life’s smaller niche focus allows them to efficiently manage risks across their book of business. Access to Protective’s resources also boosts their financial position and ability to pay out future claims.
Products and Services Offered
As a niche life insurer, Surety Life focuses on providing two main products:
Simplified Issue Term Life
- Affordable temporary life insurance
- No medical exams required
- Coverage from $25,000 up to $300,000
Guaranteed Acceptance Final Expense Life
- Guaranteed issue cash value life policy
- Minimal health questions
- Coverage options from $5,000 to $35,000
By specializing in these two coverage areas, Surety Life can offer accelerated underwriting and competitive pricing on niche protection products. Their lean operating structure helps maintain efficient cost management as well.
Company Mission and Values
Surety Life’s stated vision is to provide financial security to middle market consumers through life insurance and annuity products.
Their mission focuses on providing quality products with streamlined underwriting to customers typically underserved by larger carriers.
Key company values include:
- Operational excellence & efficiency
- Compassion & care for policyholders
- Customer experience focus
- Collaborative company culture
Surety Life aims to provide an accessible option for basic life insurance needs while adhering to ethical standards in their treatment of customers and employees.
Legal Actions and Complaints
According to public records, there are no recent significant legal actions or consent orders against Surety Life Insurance Company.
As an insurance provider, Surety Life will receive occasional customer complaints. However, there does not appear to be any pattern of systemic issues based on limited public data.
Consumers can contact their state department of insurance to file any future complaints or obtain information on an insurer’s complaint record.
Is Surety Life a Reputable Insurance Provider?
The 2012 acquisition by Protective Life helped improve Surety’s financial position and ability to grow nationally. Their executive team blends capable company veterans with leaders added through Protective.
For budget-friendly term life or final expense life insurance, Surety Life represents a reputable option to explore for coverage. Their streamlined underwriting and niche product expertise work well for eligible customers needing guaranteed issue life insurance within policy limits.
Of course, consumers should always compare multiple carriers, read policies thoroughly, and verify financial ratings before making a purchase. But Surety Life’s history, resources, and mission paint the picture of a stable and service-oriented life insurance provider that can meet the needs of many mainstream Americans.
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