Beneficial Life Insurance Company

Beneficial Life Insurance Company is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation, the for-profit arm of the Church of Jesus Christ of Latter-day Saints. The company was founded in 1905 and had assets of $3.0 billion as of its 2013 fiscal year end. The insurance side of the company was known for many years as the Beneficial Life Insurance Company. Beneficial is certified by the Insurance Marketplace Standards Association for ethical business practices. Beneficial held an “A+” (stable) rating from Standard & Poor’s for financial strength, which was downgraded to “A” due to exposure to Mortgage-backed security investments in the wake of the 2008 housing bubble. On June 16, 2009, it was announced that Beneficial would stop writing new policies at the end of August. The company headquarters for many years was in the Beneficial Life Tower, directly above the ZCMI Center Mall. Around 2006, Beneficial moved to the former Kennecott building on an opposite corner of the same block.