Jump to content

National Life Group

Add links
From Wikipedia, the free encyclopedia

National Life Group
IndustryInsurance: life and annuity
FoundedNovember 13, 1848; 176 years ago (1848-11-13)
Headquarters
Montpelier, Vermont
,
United States
Key people
Mehran Assadi (Chairman, CEO, and President)[1]
$217 million (2023)
Total assets$45.5 billion (2023)
Number of employees
2,600 (2024)
Websitenationallife.com

National Life Group is an American life-insurance company based in Montpelier, Vermont. It 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.

History

[edit]

National Life Insurance Company was chartered by the Vermont Legislature on November 13, 1848.[2][3][4] It has been insuring people for 175 years and was one of the first mutual life insurance companies in the U.S.[5] 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.[6] 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.[5]

The company became a member of the Vermont Chamber of Commerce in 1957.[7] National Life offers a range of financial services, including life insurance, and annuities.[8][5] 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.[9][10][1] Several member companies make up National Life Group, including National Life Insurance Company, Life Insurance Company of the Southwest,[11] and Equity Services, Inc., a broker-dealer and registered investment adviser.[12] In 2017, National Life sold Sentinel mutual funds to Touchstone Investments.[13][14]

In 2018, The CEO Forum recognized National Life Group as one of “America’s Magnificent Eight Exceptional Companies.”[3] In 2019, the company expanded its strategic partnership with NTT DATA to accelerate digital transformation.[15] In 2019, It also expanded its partnership with Cognizant, an IT consulting corporation.[16]

From 2008 to 2019, the company saw a 252% growth in life insurance sales.[3] The national average was only about 6%.[3]

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.[17][18] In 2021, the company was ranked #1 in indexed life sales.[19] Nimesh Mehta was named ORBIE CIO of the year.[20] 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.[21][22] National Life created BUILD (Blacks Uplifted in Leadership) to address the shortage of people of color in leadership positions.[22]

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.[23]

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!.[24][25][26]

Corporate Responsibility

[edit]

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.[27] The Foundation helps sponsor the LifeChanger of the Year Award.[28] In 2019 The Foundation funded the report, “Evidence-Based Strategies to End Childhood Food Insecurity and Hunger in Vermont”.[29][30][31] In 2023, the budget for the Foundation was $2.3 million.[32]

Do Good Fest

[edit]

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]

The 10th Annual National Life group Do Good Fest  took place in July 2024, drawing over 6,500 participants and raising $110,000 for cancer, youth mental health programs, and patient support.[41] The event, held in Montpelier, Vermont, featured live music, food vendors, and various family-friendly activities. Proceeds from the festival were donated to organizations focused on improving cancer care and funding research initiatives.[42][43]

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

[edit]
  • 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
  • Fitz and the Tantrums
  • Rachel Platten
  • Couch

Do Good Fest - Texas

[edit]

In 2022, the Foundation held the first-ever Texas Do Good Fest.[44][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.[44][45] The Fest's benefit concert was headlined by Emmy-nominated Gangstagrass with opener Youngtones.[44][45]

Just like the original Do Good Fest, the Texas concert includes food trucks in addition to music.[44]

Do Good Heroes

[edit]

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.[46]

LifeChanger of the Year

[edit]

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”.[47] The Foundation presents numerous individual awards every year.[47][48][49]

Share the Good

[edit]

National Life matches employee charitable contributions under its Share the Good program.[48] In 2019, a total of $500,000 was donated.[48] In 2022, over $700,000 was given to more than 435 organizations.[50]

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.[51]

Free Thanksgiving Dinners

[edit]

In 2020, during the coronavirus pandemic, National Life Group and Sodexo partnered to give away free to-go Thanksgiving dinners.[52][53] The tradition continued after that. Turkey and vegetarian meals can be either picked up or dropped off at home addresses.[52] 1,320 meals were distributed in 2022.[54]

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.[55]

References

[edit]
  1. ^ a b Brown, Steve (9 April 2019). "Insurer is doubling its Addison office on the tollway". The Dallas Morning News. Retrieved 19 December 2019.
  2. ^ Efron, Louis. "How The CEO Of National Life Group Drives Continuous Improvement". Forbes. Archived from the original on 1 February 2017. Retrieved 19 December 2019.
  3. ^ a b c d Chen, Peng (30 June 2019). "National Life sales outpace national trends". VTDigger. Retrieved 19 December 2019.
  4. ^ Biennial Report of the Insurance Commissioners of the State of Vermont (Report). Vermont Insurance Commissioner. 1898.
  5. ^ a b c Zorbas, Holly (18 February 2020). "How This Life Insurance Company Inspires Young Adults". CreditDonkey. Retrieved 3 June 2020.
  6. ^ "Photo Release -- Since 1848, Company's Insurance Policies Linked to Nation's History". GlobeNewswire (Press release). 13 November 2013. Retrieved 21 February 2023.
  7. ^ "National Life Group". Vermont Chamber of Commerce. Retrieved 20 February 2020.
  8. ^ Zind, Steve (9 March 2016). "National Life Group Reports 2015 Earnings". Vermont Public. Retrieved 19 December 2019.
  9. ^ Rose, Jeff (6 September 2017). "National Life Group Life Insurance Review". Good Financial Cents. Retrieved 19 December 2019.
  10. ^ "How National Life manages organic growth from the inside out". CIO Foundry. 20 August 2018. Retrieved 19 December 2019.
  11. ^ "National Life Group Introduces Lifetime Income Option on Indexed Universal Life (IUL) Products". InsuranceNewsNet (Press release). 5 January 2011.
  12. ^ "Equity Services, Inc. SEC financial statements" (PDF). SEC. 27 February 2017.
  13. ^ "National Life sells Sentinel mutual fund business to Touchstone". PR Newswire (Press release). 30 October 2017. Retrieved 19 December 2019.
  14. ^ "Sentinel Mutual Funds Acquired by Touchstone Investments". Western & Southern Financial Group (Press release). 30 October 2017. Retrieved 19 December 2019.
  15. ^ "National Life Group extends strategic partnership with NTT Data". National Life Group (Press release). 4 September 2019. Archived from the original on 7 August 2020. Retrieved 4 September 2019.
  16. ^ "National Life Transforms Customer Experience Program with Cognizant". Cognizant Technology Solutions (Press release). 16 April 2019. Retrieved 5 April 2020.
  17. ^ Reiss, Robert (6 April 2020). "Transformative CEO Awards For Customer Experience Announced". Forbes. Archived from the original on 9 April 2020. Retrieved 28 April 2020.
  18. ^ "Mehran Assadi: Chairman, CEO & President, National Life Group" (PDF) (Interview). The CEO Forum Group. March 2020. Archived from the original (PDF) on 28 December 2021. Retrieved 28 April 2020.
  19. ^ "Wink, Inc. Releases Fourth Quarter, 2021 Life Sales Results". Wink, Inc. (Press release). 8 March 2022. Retrieved 21 April 2023.
  20. ^ "Nimesh Mehta: 2021 Dallas ORBIE Awards | National Life Group - Large Enterprise Winner". ORBIE Awards. Retrieved 21 April 2023.
  21. ^ "Company Profile: National Life Group". Inc.com. 2022. Retrieved 27 April 2023.
  22. ^ a b "National Life Group named to Inc.'s 2022 Best in Business List". National Life Group (Press release). 6 December 2022. Retrieved 2 May 2023.
  23. ^ Lyons, Jack (17 January 2022). "Under new federal rule, UVM insurance now covers Covid antigen tests". VTDigger. Retrieved 29 March 2023.
  24. ^ Mautz, Scott (13 June 2017). "This CEO Is Stunning a Sleepy Industry With Culture Change--and Surprising Results". Inc.
  25. ^ Rupe, Susan (August 2016). "Finding Inspiration In The Wake Of Life'S Storms". InsuranceNewsNet Magazine. Vol. 9, no. 8. pp. 24–30. Retrieved 6 February 2020 – via Issuu.
  26. ^ "Cause-driven companies perform better, stand out in sea of sameness". Multivu (Press release). 16 February 2016. Archived from the original on 17 February 2016.
  27. ^ "LEADERS Interview with Beth Rusnock, President, National Life Group Foundation". Leaders Magazine (Interview). Vol. 41, no. 2. p. 68. Retrieved 8 March 2023.
  28. ^ "Indiana School Resource Officer Wins National LifeChanger of the Year Spotlight Award". Cision (Press release). 11 December 2019.
  29. ^ "New report presents strategies to end childhood hunger in Vermont". National Life Group (Press release). 6 March 2019. Retrieved 25 February 2020.
  30. ^ DuBois, Nicole; Arena, Olivia (6 March 2019). "What Vermont taught us about fighting food insecurity". Urban Institute.
  31. ^ Popkin, Susan J.; Gilbert, Brandi; Harrison, Eona; Arena, Olivia; DuBois, Nicole; Waxman, Elaine (26 February 2019). "Evidence-Based Strategies to End Childhood Food Insecurity and Hunger in Vermont". Urban Institute.
  32. ^ "National Life Group Foundation board approves increase to $2.3 million". National Life Group (Press release). 15 November 2022. Retrieved 8 March 2023.
  33. ^ a b "Do Good Fest Benefit Concert Comes to Levitt Arlington October 7". My Arlington TX (Press release). 18 October 2022. Retrieved 17 March 2023.
  34. ^ a b "Music fest raised $15,000 for cancer fund". Waterbury Record. Vermont Community Newspaper Group. 13 August 2015. Retrieved 17 March 2023.
  35. ^ a b c "National Life Group's Do Good Fest Raises $15,000 to Support CVMC's Cancer Patient Fund". Central Vermont Medical Center (Press release). 20 July 2015. Archived from the original on 10 September 2015. Retrieved 17 March 2023.
  36. ^ a b "Do Good Fest". Times Argus. 30 July 2016. Retrieved 17 March 2023.
  37. ^ a b c "Do Good Fest returns bigger and better than ever". Vermont Business Magazine (Press release). Retrieved 24 March 2023.
  38. ^ a b c Miller, Michael (14 July 2022). "Do Good Fest to kick off on July 16". My Champlain Valley. Retrieved 24 March 2023.
  39. ^ Viglienzoni, Cat (29 August 2023). "Flood relief fundraising update". WCAX-TV (Interview).
  40. ^ "The 'Do Good Fest' Raised Nearly $1.5 Million for Vermont After Historic Flooding". Good News Network. 30 July 2023. Retrieved 7 December 2023.
  41. ^ "Do Good Fest benefit concert raises $110K". WCAX. 15 July 2024. Retrieved 20 September 2024.
  42. ^ "10th Annual National Life Group Do Good Fest hosts 6,500, raises $110,000 for cancer patients and youth mental health". National Life Group (Press release). 19 July 2024.
  43. ^ Occaso, Carla (10 July 2024). "Do Good Fest Celebrates 10th Anniversary". The Montpelier Bridge. Retrieved 23 December 2024.
  44. ^ a b c d "The National Life Group Foundation presents Do Good Fest - CultureMap Fort Worth". CultureMap. Retrieved 29 March 2023.
  45. ^ a b Lawson, Maria (21 November 2022). "Do Good Fest Raises $70K for Parkland Health - People Newspapers". People Newspapers. Retrieved 29 March 2023.
  46. ^ "Atlantic Beach Fire Department nominated for Do Good Heroes Award". Carteret County News-Times. 25 September 2023. Retrieved 7 December 2023.
  47. ^ a b "La Marque High School dance instructor Tiffany Hill nominated for National LifeChanger of the Year award". KRIV (TV). 18 January 2023. Retrieved 5 April 2023.
  48. ^ a b c McQuiston, Timothy (21 May 2019). "National Life calls 2018 its most successful year ever". Vermont Business Magazine. Retrieved 12 April 2023.
  49. ^ Jones, Sheinelle (15 November 2017). Watch a deserving teacher get surprised by his whole school live on TODAY. TODAY (Television broadcast). Retrieved 5 April 2023.
  50. ^ "VBSR Member News Roundup". Vermont Businesses for Social Responsibility. 4 January 2023. Archived from the original on 17 April 2023. Retrieved 12 April 2023.
  51. ^ "National Life Group breaks record, donating over $817K to 525 nonprofits through employer match program "Share the Good"". National Life Group (Press release). 6 December 2023. Retrieved 26 January 2024.
  52. ^ a b Larkin, Daphne (18 November 2022). "National Life / Sodexo Continue Tradition of Serving Free Thanksgiving Dinners". Compass Vermont. Archived from the original on 29 March 2023. Retrieved 14 April 2023.
  53. ^ "National Life and Sodexo Work to Provide Hundreds of Thanksgiving Meals". Vermont Businesses for Social Responsibility. Archived from the original on 27 November 2020. Retrieved 14 April 2023.
  54. ^ Rae, Krystin (23 November 2022). "Over 1,000 turkey dinners given away to needy Vermonters ahead of Thanksgiving". WPTZ. Retrieved 19 April 2023.
  55. ^ "National Life Group and Sodexo give away over 1,200 Thanksgiving dinners". National Life Group (Press release). 22 November 2023. Retrieved 11 January 2024.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=National_Life_Group&oldid=1264839686"