by John Darer CLU ChFC MSSC CeFT RSP CLTC
Found an old life insurance policy from Independent Life and Accident while going though your mother, father or grandparent's house?
If the answer is yes, you are not alone. I receive 2-3 calls weekly from people whose loved ones bought such policies and want to know what to do. They reach me because of my blogs about Independent Life Insurance Company, which is a totally different company.
Who Is/was Independent Life & Accident Company?
Independent Life & Accident WAS a life insurance company, based in Jacksonville, Florida that sold debit life insurance policies, primarily in the South, Most of my callers on the subject are callers from Southern states such as Florida, Texas, Alabama, Mississippi. Effective 12/31/1997, The Independent Life and Accident Insurance Company of Jacksonville, FL, merged into American General Life And Accident Insurance Company of Nashville, TN. They are no longer independent Life and Accident Insurance Company.
Independent Life & Accident Insurance Company did not write structured settlement annuities.
What is a debit life insurance policy?
Debit life insurance, also known as Industrial life insurance, is life insurance purchased primarily by people with low income levels under which the premium is collected weekly, biweekly, or monthly. From the early 19th through the mid 20th centuries in America the debit agent and agency was the single most prevalent marketing method for insurance. Agents literally went door to door selling insurance, collecting premiums and carried a book of business they originated. The death benefit on debit life insurance policies is usually of a very low amount such as $1,000, $5,000 or $10,000. 90% of the calls of mistaken identity that I receive are concerning $1,000 policies.
Who is Independent Life Insurance Company? What's the Difference?
Independent Life Insurance Company is a Texas domiciled insurance company that only issues structured settlement annuities. Independent Life Insurance Company began issuing annuities in the Spring of 2018 and does not issue life insurance policies. Ironically Independent Life Insurance Company provides some administrative services out of Jacksonville Florida, where Independent Life and Accident used to be based.
Who To Call For Questions About An Independent Life and Accident policy?
The customer service number to call is (800) 888-2452. When you call please have your contract number handy. Be patient with the customer service rep, bearing in mind that the merger happened in 1997, the year Princess Diana died and Smash Mouth's Walking on the Sun was #1, and there is a strong possibility that the customer services person you are speaking with hadn't been born yet or was not yet potty trained