Founded in 1905 to help protect widows and orphans, Beneficial Life is the oldest life insurance company based in the Intermountain West. Heber J. Grant encouraged the founding of Beneficial to protect widows and children from the suffering he and his widowed mother had endured.
Beneficial honors its commitments. During the stock market crash of 1929 and the resulting economic depression of the 1930s Beneficial honored policy owner requests for policy loans and surrender payments, although deferring such cash payments was allowed by law. Through both World Wars, Beneficial paid death claims for insureds who died while serving their country, without invoking policy war clauses that allowed denial of such claims.
As a result of a strategic decision made in 2009 by its board of directors, Beneficial has discontinued the expansion of its insurance and annuity policy base. As such, Beneficial continues to service existing policies in a professional, service-oriented, manner.