North Carolina Mutual Life Insurance Company
The Oldest Insurance Company to Represent African-Americans in the US
The North Carolina Mutual Life Insurance Company was formed in 1899 by seven North Carolina businessmen. These men, three of whom eventually led the company as president, represented the following diverse backgrounds:
- A former slave who had learned to read and write in a Reconstruction School, then became a prominent businessman with real estate holdings.
- A humanitarian who taught high school for several years before attending medical school. The first Black person to practice medicine in Durham, he also started a drug company, Lincoln Hospital, and a library.
- An insurance professional, who worked his way from janitor of the fledgling company to president in 1923.
The North Carolina Mutual Life Insurance company has held true to these beginnings, focusing on honest, hard work, concern for others, and giving back to the community. The Company has total assets of $162 million, with net life insurance of $14.3 billion.
North Carolina Mutual Life Insurance Products
North Carolina Mutual Life Insurance Company offers financial and insurance products to employers as well as individuals. The group benefits they carry include term life insurance, universal life insurance, accidental death and dismemberment, short- and long-term disability, dental coverage, and medical coverage. Features of the Group term life product include:
- Waiver of premium rider for disability
- Guaranteed issue amounts
- Portability
- Basic life, accidental death and dismemberment, supplemental life, and dependent life insurance
Products offered to individuals include whole life, term life, disability income, annuities, and burial insurance. Their term life product offers:
- Low premiums
- Ten or fifteen year coverage
- Level rates
- Renewable to age 95
- Guaranteed convertible to permanent insurance
Financial Ratings for North Carolina Mutual
A.M. Best: B+
Fitch: Bq
The financial strength of a company and potential for prolonged survival are represented by the above ratings.
North Carolina Mutual Life Insurance Company Information
411 W. Chapel Hill Street
Mutual Plaza
Durham, NC 27701-3616
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Last Updated: June 16, 2009
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