National Life Group

Last updated
National Life Group
Industry Insurance: life and annuity
FoundedNovember 13, 1848 (1848-11-13)
Headquarters
Montpelier, Vermont
,
United States
Key people
Mehran Assadi (Chairman, CEO, and President) [1]
$392 million (2022) [2]
Total assets $42 billion (2022)
Number of employees
1,200 (2022)
Website http://nationallife.com/

National Life Group is the trade name of National Life Insurance Company and its affiliates that offers life insurance and annuity products for individuals, families, and businesses. National Life Insurance Company was chartered in 1848 by the Vermont General Assembly.

Contents

History

National Life Insurance Company was chartered by the Vermont Legislature on November 13, 1848. [3] [4] [5] It has been insuring people for 175 years and was one of the first mutual life insurance companies in the U.S. [6] The company wrote its first policy on the life of Daniel Baldwin, a resident of Montpelier, on January 17, 1850. It also paid its first death claim only a few months after its founding at the death of Rowland Allen, who had bought two policies for face amounts of $500 each. [7] Rowland died while traveling to California in 1850. Other past insurance customers have included passengers on the Titanic, as well as victims of the 1918 influenza epidemic. [6]

The company became a member of the Vermont Chamber of Commerce in 1957. [8] National Life offers a range of financial services, including life insurance, and annuities. [9] [6] The Group's customer base was more than 1,100,000 in 2021, life insurance in force totaled $252 billion.

The company is based in Montpelier, Vermont, with additional offices in Addison, Texas. [10] [11] [1] Several member companies make up National Life Group, including National Life Insurance Company, Life Insurance Company of the Southwest, [12] and Equity Services, Inc., a broker-dealer and registered investment adviser. [13] In 2017, National Life sold Sentinel mutual funds to Touchstone Investments. [14] [15]

In 2018, The CEO Forum recognized National Life Group as one of “America’s Magnificent Eight Exceptional Companies.” [16] In 2019, the company expanded its strategic partnership with NTT DATA to accelerate digital transformation. [17] In 2019, It also expanded its partnership with Cognizant, an IT consulting corporation. [18]

From 2008 to 2019, the company saw a 252% growth in life insurance sales. [16] The national average was only about 6%. [16]

In March 2020, the company's CEO, Mehran Assadi, was awarded the Transformative CEO Award for Customer Experience in the insurance category by The CEO Forum. [19] [20] In 2021, the company was ranked #1 in indexed life sales. [21] Nimesh Mehta was named ORBIE CIO of the year. [22] In 2022, National Life Group was named to the Inc. Best in Business list in the insurance category and under the Area of Impact: Black Entrepreneurship. [23] [24] National Life created BUILD (Blacks Uplifted in Leadership) to address the shortage of people of color in leadership positions. [24]

During the coronavirus pandemic, the company made the decision to cover at-home antigen tests before a federal ruling required it of all self-insured and private health insurance companies. [25]

Authors Jackie and Kevin Freiberg, who wrote NUTS! Southwest Airlines’ Crazy Recipe for Business and Personal Success, feature National Life Group in their book CAUSE!. [26] [27] [28]

Corporate Responsibility

Founded in 2006, the National Life Group Foundation, the company's charitable foundation, sponsors various charitable events and programs focused on ending childhood hunger and supporting youth mental health. [29] The Foundation helps sponsor the LifeChanger of the Year Award. [30] In 2019 The Foundation funded the report, “Evidence-Based Strategies to End Childhood Food Insecurity and Hunger in Vermont”. [31] In 2023, the budget for the Foundation was $2.3 million. [32]

Do Good Fest

Do Good Fest, the Foundation's benefit concert, has raised more than $300,000 as of 2022. [33] The money benefits the Branches of Hope cancer patient fund at Central Vermont Medical Center. [34] [35] [36] This fund helps patients with non-medical financial burdens, such as utility bills, and gas and food purchases. [35] [36]

The Fest includes performances by national and local bands, food vendors, a Nonprofit Village with booths hosted by local nonprofits, and an area for kids. [37] [38] In 2022, the concert was expanded to include Beats for Good, a high school music competition for Vermont students. [37] [38]

In response to flooding that happened in Vermont in July 2023, National Life transformed the Do Good Fest in Vermont from an outdoor in-person event to a virtual one in support of flood relief. They brought in more than $1.7 million in relief funds. [39] [40]

Performing artists have included: [37] [38] [34] [35]

  • Alive! With Song (a chorus of cancer survivors and caregivers)
  • American Authors
  • Fastball
  • Forest Blakk
  • Michael Franti + Spearhead
  • Moxie
  • Noah Kahan
  • O.A.R.
  • Panama Wedding
  • Patti Casey & Colin McCaffrey
  • The Alternate Routes
  • X Ambassadors

Do Good Fest - Texas

In 2022, the Foundation held the first-ever Texas Do Good Fest. [41] [33] The event raised over $70,220 for Parkland Health's Pediatric Behavioral Health Program, which provides mental health screenings and services to uninsured and underinsured kids. [41] [42] The Fest's benefit concert was headlined by Emmy-nominated Gangstagrass with opener Youngtones. [41] [42]

Just like the original Do Good Fest, the Texas concert includes food trucks in addition to music. [41]

Do Good Heroes

In September 2023, the Atlantic Beach Fire Department was nominated for the Do Good Heroes Award. Members of the Fire and Rescue Department have been nominated do to their work in helping students in the Junior Life Guard Camp trainings. [43]

LifeChanger of the Year

This award recognizes the best K-12 educators and school district employees across the United States who make a difference in the lives of students by “exemplifying excellence, positive influence, and leadership”. [44] The Foundation presents numerous individual awards every year. [44] [45] [46]

Share the Good

National Life matches employee charitable contributions under its Share the Good program. [47] In 2019, a total of $500,000 was donated. [47] In 2022, over $700,000 was given to more than 435 organizations. [48]

National Life Group employees, directors and retirees donated $408,947 to more than 525 organizations across the globe through the annual Share the Good program. Also within the program, National Life Group's Foundation matches gifts up to $2,000 during the month of November, making the overall amount given more than $817,000. [49]

Free Thanksgiving Dinners

In 2020, during the coronavirus pandemic, National Life Group and Sodexo partnered to give away free to-go Thanksgiving dinners. [50] [51] The tradition continued after that. Turkey and vegetarian meals can be either picked up or dropped off at home addresses. [50] 1,320 meals were distributed in 2022. [52]

In 2023, they were able to give out over 1,200 meals. These meals are prepared and either picked up or delivered. National Life Group and Sodexo also prepared additional meals that were given out to local law enforcement. [53] [54]

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References

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  2. ↑ "2022 Annual Report". Merrill Connect.
  3. ↑ Efron, Louis. "How The CEO Of National Life Group Drives Continuous Improvement". Forbes. Retrieved 2019-12-19.
  4. ↑ "National Life sales outpace national trends". VTDigger. 30 June 2019. Retrieved 19 December 2019.
  5. ↑ Commissioner, Vermont Insurance (1898). Report of the Insurance Commissioner of the State of Vermont.
  6. 1 2 3 "How This Life Insurance Company Inspires Young Adults". CreditDonkey. 2020-02-18. Retrieved 2020-06-03.
  7. ↑ "National Life Group marks 165th anniversary". Vermont Business Magazine. 2013-11-13. Retrieved 2023-02-21.
  8. ↑ "National Life Group". Vermont Chamber of Commerce. Retrieved 2020-02-20.
  9. ↑ Zind, Steve (9 March 2016). "National Life Group Reports 2015 Earnings". www.vpr.org. Retrieved 2019-12-19.
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  11. ↑ "How National Life manages organic growth from the inside out". CIO. 20 August 2018. Retrieved 19 December 2019.
  12. ↑ "National Life Group Introduces Lifetime Income Option on Indexed Universal Life (IUL) Products". InsuranceNewsNet. 2011-01-05.
  13. ↑ "Equity Services, Inc. SEC financial statements" (PDF). SEC. 27 February 2017.
  14. ↑ "National Life sells Sentinel mutual fund business to Touchstone". Vermont Business Magazine. 2017-10-30. Retrieved 2019-12-19.
  15. ↑ "Sentinel Mutual Funds Acquired by Touchstone Investments | Western & Southern Financial Group". www.westernsouthern.com. 30 October 2017. Retrieved 2019-12-19.
  16. 1 2 3 Chen, Peng (2019-06-30). "National Life sales outpace national trends". VTDigger. Retrieved 2023-04-21.
  17. ↑ "National Life Group extends strategic partnership with NTT Data - Sep 04,2019". News | National Life Group. Retrieved 2019-09-04.
  18. ↑ "National Life Transforms Customer Experience Program with Cognizant - Apr 16, 2019". News | Cognizant Technology Solutions. Retrieved 2020-04-05.
  19. ↑ "Transformative CEO Awards For Customer Experience Announced". Forbes. Retrieved 2020-04-28.
  20. ↑ "The CEO Forum" (PDF). The CEO Forum Group. Retrieved 2020-04-28.
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  23. ↑ "Insurance company that focuses on providing life insurance and annuities to middle America and school employees". 2022. Retrieved 27 April 2023.
  24. 1 2 "National Life Group named to Inc.'s 2022 Best in Business List | Vermont Business Magazine". vermontbiz.com. Retrieved 2023-05-02.
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  26. ↑ "This CEO Is Stunning a Sleepy Industry With Culture Change--and Surprising Results". Inc. 13 June 2017.
  27. ↑ "Finding Inspiration In The Wake Of Life'S Storms | InsuranceNewsNetMagazine.com". www.insurancenewsnetmagazine.com. Retrieved 2020-02-06.
  28. ↑ "Cause-driven companies perform better, stand out in sea of sameness". Multivu. 16 February 2016.
  29. ↑ "LEADERS Interview with Beth Rusnock, President, National Life Group Foundation". www.leadersmag.com. Retrieved 2023-03-08.
  30. ↑ "Indiana School Resource Officer Wins National LifeChanger of the Year Spotlight Award". Cision. 11 December 2019.
  31. ↑ "New report presents strategies to end childhood hunger in Vermont". Vermont Business Magazine. 2019-03-06. Retrieved 2020-02-25.
  32. ↑ "National Life Group Foundation board approves increase to $2.3 million | Vermont Business Magazine". vermontbiz.com. Retrieved 2023-03-08.
  33. 1 2 "Do Good Fest Benefit Concert Comes to Levitt Arlington October 7". www.arlingtontx.gov. Retrieved 2023-03-17.
  34. 1 2 "Music fest raised $15,000 for cancer fund". Vermont Community Newspaper Group. 13 August 2015. Retrieved 2023-03-17.
  35. 1 2 3 "National Life Group's Do Good Fest Raises $15,000 to Support CVMC's Cancer Patient Fund". Central Vermont Medical Center. 2015-07-20. Retrieved 2023-03-17.
  36. 1 2 "Do Good Fest". Times Argus. 30 July 2016. Retrieved 2023-03-17.
  37. 1 2 3 "Do Good Fest returns bigger and better than ever | Vermont Business Magazine". vermontbiz.com. Retrieved 2023-03-24.
  38. 1 2 3 "Do Good Fest to kick off on July 16". ABC22 & FOX44. 2022-07-14. Retrieved 2023-03-24.
  39. ↑ Viglienzoni, Cat (2023-08-29). "Flood relief fundraising update". WCAX.
  40. ↑ Network, Good News (2023-07-30). "The 'Do Good Fest' Raised Nearly $1.5 Million for Vermont After Historic Flooding". Good News Network. Retrieved 2023-12-07.
  41. 1 2 3 4 "The National Life Group Foundation presents Do Good Fest - CultureMap Fort Worth". fortworth.culturemap.com. Retrieved 2023-03-29.
  42. 1 2 "Do Good Fest Raises $70K for Parkland Health - People Newspapers". 2022-11-21. Retrieved 2023-03-29.
  43. ↑ Staff REPORT (2023-09-25). "Atlantic Beach Fire Department nominated for Do Good Heroes Award". Carolina Coast Online. Retrieved 2023-12-07.
  44. 1 2 Digital, FOX 26 (2023-01-18). "La Marque High School dance instructor Tiffany Hill nominated for National LifeChanger of the Year award". FOX 26 Houston. Retrieved 2023-04-05.{{cite web}}: CS1 maint: numeric names: authors list (link)
  45. ↑ "National Life calls 2018 its most successful year ever | Vermont Business Magazine". vermontbiz.com. Retrieved 2023-04-05.
  46. ↑ "Watch a deserving teacher get surprised by his whole school live on TODAY". TODAY.com. Retrieved 2023-04-05.
  47. 1 2 "National Life calls 2018 its most successful year ever | Vermont Business Magazine". vermontbiz.com. Retrieved 2023-04-12.
  48. ↑ "VBSR Member News Roundup – 1/4/23". VBSR. Retrieved 2023-04-12.
  49. ↑ "National Life breaks record, donating over $817K to 525 nonprofits through 'Share the Good' | Vermont Business Magazine". vermontbiz.com. Retrieved 2024-01-26.
  50. 1 2 Larkin, Daphne (November 2022). "National Life / Sodexo Continue Tradition of Serving Free Thanksgiving Dinners". Compass Vermont. Retrieved 2023-04-14.
  51. ↑ "National Life and Sodexo Work to Provide Hundreds of Thanksgiving Meals". VBSR. Retrieved 2023-04-14.
  52. ↑ Rae, Krystin (2022-11-23). "Over 1,000 turkey dinners given away to needy Vermonters ahead of Thanksgiving". WPTZ. Retrieved 2023-04-19.
  53. ↑ "National Life Group and Sodexo give away over 1,200 Thanksgiving dinners | Vermont Business Magazine". vermontbiz.com. Retrieved 2024-01-11.
  54. ↑ "National Life Group and Sodexo Give Away Over 1,200 Free Thanksgiving Dinners In Washington County". The World Online. 2023-11-28. Retrieved 2024-01-11.
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