Not too many years ago, you had a more significant amount of life insurance companies offering products and services than you do today.
Sure, new companies will continue to develop and begin offering life insurance products to consumers, but at the same time, large life insurance companies continue to buy and acquire life insurance companies we once knew in the marketplace.
Empire General Life Insurance Co. happens to be one of those life insurance companies that is now a distant memory. In 2007 Protective Life Insurance Company acquired Empire General Life Insurance Co.
For any of you individuals curious with what happens when these mergers and acquisitions take place and what happens to the obligations Empire General Life Insurance still needs to uphold to policyholders, then you have come to the right place.
Protective Life Insurance Company Acquired Empire General Life in 2007
First and foremost, I didn’t want you to have to read any further to understand that your life insurance policies are still 100% valid and will be honored regardless of Protective Life acquiring Empire General Life Insurance Co.
You see, when a company decides to purchase a smaller life insurance company, it also acquires all the current business and still is 100% responsible for all active and in force policies that were sold by Empire General before the merger or acquisition.
Additionally, Protective Life Insurance Co. is one of the best in the industry. They have acquired other life insurance companies on the past as well including West Coast Life Insurance Co. Both West Coast Life and Empire General Life Insurance Co. are now considered wholly subsidiaries of Protective Life.
To make it simple, regardless of if you purchased a policy before 2007, your policy will be honored and is treated the exact same as it was previously. The only difference is that you will now submit claims and complete service on your current life insurance policies by contacting Protective Life instead of Empire General.
That’s it. Nothing too fancy about it.
Why Do Life Insurance Mergers and Acquisitions Take Place, to Begin With?
Surprisingly enough, it often has nothing to do with a life insurance company being in love with the way another life insurance company is doing business. Usually, it’s more of a power play and using substantial financial resources to remove competition and allow their own life insurance company to continue to grow in the marketplace.
Life insurance is a very competitive market. Hundreds of companies are available whether you have heard of them or not.
This is one of the key reasons that consumers such as yourself should never use a captive life insurance agent (represents one life insurance company) and should always prefer working with an Independent Life Insurance Agent only.
You have too many options, and too much money could be potentially left on the table limiting yourself to only one option. Ultimately, that’s your call to make but in most circumstances, using an independent agent is going to give you access to precisely what you need at lower prices for your coverage.
Speaking of lower prices. Protective Life Insurance is one of the most competitive pricing options for the term and Universal Life Products currently being offered to consumers seeking life insurance coverage.
A Quick Overview of Protective Life, Where Your Empire General Policy Now is Held
Outside of being one of the cheapest options you can consider for term life insurance and universal life insurance, Protective Life is also one of the top rated and longest standing life insurance companies in the United States.
Protective Life is currently headquartered in Birmingham Alabama and is supported by the following financial strength ratings from the 4 major life insurance rating agencies.
• A.M. Best A+
• Moody A1
• Fitch A+
• Standard and Poor AA-
These are fantastic financial strength ratings and should have you rest assured that your old Empire General Life Insurance policy is safe with Protective Life and a company that it’s going to be around for the distant future.
The ratings displayed above use a combination of financial factors to determine the overall liquidity of a life insurance company to judge the overall risk of a company becoming insolvent.
For the record, a life insurance company becoming insolvent is incredibly rare. It’s certainly not likely Protective will ever fall into this situation.
Protective Life has also been around since 1907 which has them running on 112 years and going strong.
In fact, in my time in the Life Insurance Industry, Protective Life has only grown to be a powerhouse life insurance company and continues to be a prime “go-to” carrier due to low pricing and unique underwriting niches.
Protective Life can offer coverage to individuals with specific health concerns that other companies are not willing to do such as some heart conditions.
Products Currently Being Offered by Protective Life Insurance Company
In case you didn’t google this information because you were concerned about an older Empire General policy, I figured you may have an interest at what Protective Life can offer you for your life insurance coverage.
Currently, Protective Life offers Term Life Insurance, Universal Life Insurance and provides some of the most unique riders in the industry. Additionally, Protective Life is one of the few companies that provide great accelerated benefits built into their life insurance policies.
All this means is that if you were to become diagnosed either critically, chronically or terminally ill, you would have the ability to collect a portion of your death benefit before passing away.
Surely a great benefit to have in today’s world where long term care and health care cost, in general, are backbreaking and challenging to afford.
Empire General (Protective Life Insurance Company) Contact Information
Whether you have a policy with Empire General Life Insurance Company currently or Protective Life Insurance Company or perhaps are just shopping options, Protective Life’s company contact information is displayed below for you.
P.O. Box 12687
Birmingham Alabama 35202-6687
Empire General (Now Protective Life Insurance) Company Phone Number- 1-800-866-9933
Final Word, Acquisitions and Mergers Will Always Happen. Only Use Independent Agents
Acquisitions and mergers have been taking place for a long time and will continue to take place in the future. In all reality, they aren’t a big deal, and it’s a part of the life insurance business and how the big companies tend to operate. Protective Life is undoubtedly a great company to consider for your coverage.
If you had coverage with Empire General, you can rest easy knowing Protective Life is now handling and honoring the original policy. If you are shopping policies, the most important thing you can do is use an independent life insurance agent only.
Doing so will save you time, money and give you valuable information like the details we have discussed in this post.
Spectrum Insurance Group is made up of professional life insurance agents who are licensed in all 50 states and the District of Columbia. Spectrum Insurance Group has helped 1000’s of people purchase life insurance online & over the phone.
All content on this site has been written by life insurance experts & licensed life insurance agents.