American Income Life Insurance Company (AIL) is an American unionized life insurance company that provides supplemental life insurance to labor unions, credit unions, and associations.
| Company type | Subsidiary of Globe Life[1] |
|---|---|
| (formerly NASDAQ: AINC) | |
| Industry | Life insurance |
| Founded | 1951 |
| Founder | Bernard Rapoport |
| Headquarters | , Unites States |
Area served | United States, Canada and New Zealand |
Key people | Steven K. Greer (CEO)[2] |
| Products | Supplemental health and life insurance |
| Parent | Globe Life |
| Subsidiaries | National Income Life Insurance Company, Union Heritage Life Assurance Company Limited |
| Website | ailife |
The company was founded in 1951 and the executive offices have been located in Waco, Texas, since 1959. American Income Life is licensed in 49 states, the District of Columbia, Canada, and is registered to carry on business in New Zealand. AIL also has two wholly owned subsidiaries: National Income Life Insurance Company, licensed in the state of New York, and Union Heritage Life Assurance Company Limited, licensed in the Republic of Ireland.
As of 2013[update], AIL had more than two million policyholders and was a wholly owned subsidiary of Globe Life, based in McKinney, Texas.[3][4][1]
History
editThe company began in 1951 under the name American Income, chartered as a mutual assessment association in Indiana with $25,000 of borrowed capital. It was reinsured through American Standard Insurance Company as a new mutual reserve company in March 1951. American Income Insurance Company was officially founded in May 1951 by the company's president, Harold Goodman, and executive vice president, Bernard Rapoport, who was Goodman's nephew.[4] The company's home offices were located in Indianapolis, Indiana.[5]
In 1961, AIL began providing supplemental insurance to members of labor unions and serving union policyholders in ways unfamiliar to the industry. For example, AIL waived payment of premiums by union members during an authorized strike action, a benefit still offered in 2021. AIL also developed a college scholarship program for children of union members, and the company contributed to the strike funds of unions engaged in lawful strikes. The company was positioned as the only 100% union insurance company, and termed the phrase, “Be Union-Buy Union." In 1963, AIL's income was about $6 or $7 million.[4]
In 1994, American Income Life was sold to Torchmark Corporation for $563 million.
As part of a company-wide rebranding of the Torchmark Corporation, American Income Life became a subsidiary of Globe Life.
References
edit- ^ a b Allison Bell (26 July 2019). "Torchmark to Change Its Name to Globe Life". ThinkAdvisor. Retrieved 29 July 2019.
- ^ "CEO Profile". Bloomberg. Retrieved 17 January 2019.
- ^ Bowyer, Denise. "National View: How business can help us avoid the looming retirement crisis". southcoasttoday.com.
- ^ a b c Rapoport, Bernard (2019). Being Rapoport: Capitalist with a Conscience. Univ of Texas Press. OCLC 1057656587.
- ^ The Spectator: An American Weekly Review of Insurance. Spectator Company. 1912. Retrieved 2020-03-25.