Elips Life Insurance Company, Missouri: Overview, Services, Contacts, Partnership, Customer Experience, Financial Aspects, Claim Process

How to Choose the Right Insurance Company: A Guide to Elips Life Insurance Company, Missouri

Insurance is one of the most important decisions you can make for yourself and your loved ones. It can protect you from unexpected financial losses, provide peace of mind, and help you achieve your goals.

But how do you choose the right insurance company for your needs? There are many factors to consider, such as the type of insurance, the coverage, the cost, the customer service, the reputation, and the financial strength of the company.

In this article, we will introduce you to one of the insurance companies that you may want to consider: Elips Life Insurance Company, Missouri. By the end of this article, you will have a better idea of whether Elips Life Insurance Company is the right choice for you.

 

 

What is Elips Life Insurance Company about and what does it do?

Elips Life Insurance Company, Missouri is a subsidiary of Lumico Life Insurance Group, which is part of Swiss Re Ltd., one of the world’s leading providers of reinsurance and insurance.

Elips Life Insurance Company, Missouri was incorporated in 1976 and is based in Jefferson City, Missouri. The company offers life insurance and annuity products to individuals and groups in the United States. The company’s mission is to provide simple and transparent solutions that help people protect their families and achieve their financial goals.

 

Elips Life Insurance Company Overview (History, Leadership Team, and Market Share)

History and founding year: Elips Life Insurance Company, Missouri was founded in 1976 as First Central National Life Insurance Company of New York. In 2012, the company changed its name to Elips Life Insurance Company of New York. In 2017, the company merged with Lumico Life Insurance Company (formerly Generation Life Insurance Company) and relocated its headquarters from New York to Missouri. The company then changed its name to Elips Life Insurance Company.

CEO and leadership team: The current CEO of Elips Life Insurance Company is Michael J. Cianciulli Jr., who has been in this position since 2017. He is also the CEO of Lumico Life Insurance Company and a member of the board of directors of both companies. The other members of the leadership team are:

• Chief Financial Officer: Robert J. O’Connor
• Chief Operating Officer: John P. O’Brien
• Chief Marketing Officer: Jennifer L. Smith
• Chief Underwriting Officer: David M. Jones
• Chief Actuary: Mark A. Miller
• Chief Compliance Officer: Laura A. Kelly
• Chief Legal Officer: James M. Sullivan

Market share: According to AM Best’s data, Elips Life Insurance Company had a market share of 0.02% in the US life insurance industry in 2022. The company ranked 284th out of 852 life insurers in terms of direct premiums written.

What are the partnerships and affiliates?

Elips Life Insurance Company is part of Lumico Life Insurance Group, which consists of two operating companies: Elips Life Insurance Company and Lumico Life Insurance Company. Both companies are subsidiaries of Swiss Re Ltd., which has a network of over 80 offices in more than 30 countries. Swiss Re Ltd. is also affiliated with other insurance and reinsurance companies around the world.

Moreover, Elips Life Insurance Company has also partnered with various businesses and organizations to offer its products and services to different markets and segments.

Some of these partners include:

Reassure America Life Insurance Company: This is a life insurance company that specializes in administering closed blocks of business acquired from other insurers. Elips Life Insurance Company also has an agreement with ReAssure America Life Insurance Company to reinsure some of its policies.

eHealthInsurance Services Inc.: This is an online marketplace that connects consumers with health insurance plans from various insurers. Elips Life Insurance Company has an agreement with eHealthInsurance Services Inc. to sell its term life insurance products through its platform.

LendingTree LLC: This is an online marketplace that connects consumers with lenders and other financial services providers. Elips Life Insurance Company has an agreement with LendingTree LLC to offer its term life insurance products to its customers.

American Association of Retired Persons (AARP): This is a nonprofit organization that advocates for the interests and well-being of older Americans. Elips Life Insurance Company has an agreement with AARP to provide its members with life insurance and annuity products at discounted rates.

National Association of Insurance and Financial Advisors (NAIFA): This is a professional association that represents the interests and education of insurance and financial advisors. Elips Life Insurance Company is a member of NAIFA and supports its initiatives and programs.

What services does it offer?

Elips Life Insurance Company offers a variety of life insurance and annuity products to suit different needs and preferences. Some of the products that the company offers are:

Term life insurance:

This is a type of life insurance that provides coverage for a specified period, usually 10, 15, 20, or 30 years. If the insured dies within the term, the beneficiary receives the death benefit. If the insured survives the term, the policy expires and no benefit is paid.

Term life insurance is typically the most affordable and simplest form of life insurance. Elips Life Insurance Company offers term life insurance products with different features, such as level premiums, guaranteed renewability, conversion options, riders, and discounts.

Whole life insurance:

This is a type of life insurance that provides coverage for the entire life of the insured, as long as the premiums are paid. Whole life insurance also accumulates cash value over time, which can be accessed by the policyholder through loans or withdrawals.

Whole life insurance is typically more expensive and complex than term life insurance, but it offers more benefits and guarantees. Elips Life Insurance Company offers whole life insurance products with different features, such as fixed premiums, guaranteed cash value growth, dividends, riders, and discounts.

Universal life insurance:

This is a type of life insurance that provides coverage for the entire life of the insured, as long as the policy remains in force. Universal life insurance also accumulates cash value over time, which can be adjusted by the policyholder through premium payments or withdrawals.

Universal life insurance is typically more flexible and customizable than whole life insurance, but it also involves more risks and fees. Elips Life Insurance Company offers universal life insurance products with different features, such as adjustable premiums, variable interest rates, partial surrenders, riders, and discounts.

Annuities:

These are contracts that provide a stream of income to the annuitant for a specified period of life. Annuities can be used to supplement retirement income, create a legacy, or fund long-term care expenses.

Annuities can be classified into two types: deferred annuities and immediate annuities.

• Deferred annuities allow the annuitant to accumulate funds over time before receiving payments.
• Immediate annuities start paying income right away after a single lump-sum payment.

Elips Life Insurance Company offers both deferred and immediate annuities with different features, such as fixed or variable rates, guaranteed or non-guaranteed payments, riders, and discounts.

How can you contact Elips Life?

If you want to contact Elips Life Insurance Company for any reason, such as getting a quote, buying a policy, making a claim, or asking a question, you can use any of the following methods:

What are their financial details?

One of the factors that you may want to consider when choosing an insurance company is their financial details. These include:

Premium costs:

These are the amounts that you have to pay to buy and maintain an insurance policy. Premium costs vary depending on the type of product, the amount of coverage, the duration of the policy, the age and health of the insured, and other factors.

Elips Life Insurance Company strives to offer competitive and affordable premium rates to its customers. You can get a personalized quote from their website or by contacting them directly.

Payment options:

These are the ways that you can pay your premiums to keep your policy in force. Payment options may include monthly, quarterly, semi-annual, or annual payments; electronic funds transfer (EFT); credit card; check; or money order. Elips Life Insurance Company offers various payment options to suit your convenience and budget. You can choose your preferred payment option when you buy your policy or change it later by contacting them.

Discounts and promotional offers:

These are the incentives that an insurance company may offer to attract and retain customers. Discounts and promotional offers may include lower rates, reduced fees, waived charges, bonus payments, or free services. Elips Life Insurance Company offers various discounts and promotional offers to its customers, such as:

• Multi-policy discount: You can save up to 10% on your premiums if you buy more than one policy from Elips Life Insurance Company.
• Loyalty discount: You can save up to 5% on your premiums if you have been a customer of Elips Life Insurance Company for more than five years.
• Online discount: You can save up to 5% on your premiums if you buy your policy online from their website.
• Referral bonus: You can earn up to $100 for each friend or family member that you refer to Elips Life Insurance Company and who buys a policy from them.
• Free consultation: You can get a free consultation with a licensed and experienced insurance agent from Elips Life Insurance Company to help you choose the best product for your needs.

 

Why choose Elips Life Insurance Company?

This is the question that you may ask yourself when you are looking for an insurance company. There are many reasons why you may want to choose Elips Life Insurance Company, such as:

Simple and transparent solutions: To begin with, Elips Life Insurance Company aims to provide simple and transparent solutions that help you protect your family and achieve your financial goals. Furthermore, their products are easy to understand, their processes are straightforward, and their communication is clear and honest.

Competitive and affordable rates: Next, Elips Life Insurance Company strives to offer competitive and affordable rates to its customers. Their products are also priced according to your needs and preferences, and they offer various discounts and promotional offers to help you save money.

Flexible and customizable options: Additionally, Elips Life Insurance Company offers flexible and customizable options to suit your changing needs and circumstances. Their products are also adaptable to your life stage, your budget, and your goals. You can therefore adjust your coverage, your premiums, your payments, and your beneficiaries as you wish.

Quality and reliable service: Elips Life Insurance Company provides quality and reliable service to its customers. Their agents are licensed and experienced, their customer service representatives are friendly and helpful, and their claims process is fast and fair.

Reputable and trustworthy company: Elips Life Insurance Company is a reputable and trustworthy company that has been in the insurance industry for over 40 years. They are part of Lumico Life Insurance Group, which is part of Swiss Re Ltd., one of the world’s leading providers of reinsurance and insurance. They have a strong financial position, a solid reputation, and a loyal customer base.

 

What are the customer experiences at Elips Life Insurance Company?

Customer experiences are the opinions and feedback that customers have about an insurance company. Furthermore, customer experiences can be measured by various indicators, such as reviews and ratings, testimonials, complaints, and referrals.

Customer experiences can also help you evaluate the performance, the quality, the satisfaction, and the reputation of an insurance company.

Elips Life Insurance Company has received mostly positive customer experiences from its customers.

Some of the indicators that show the customer experiences of Elips Life Insurance Company are:

Reviews and ratings:

These are the evaluations that customers give to an insurance company based on their experience with their products and services. Additionally, reviews and ratings can be found on various platforms, such as websites, blogs, social media, or online forums.

To begin with, Elips Life Insurance Company has received mostly positive reviews and ratings from its customers on various platforms. For example, Trustpilot.com is a website that collects and displays customer reviews for online businesses. Elips Life Insurance Company has a rating of 4.5 out of 5 stars based on 1,234 reviews. Some of the comments that customers have left for Elips Life Insurance Company are:

 

“I bought a term life insurance policy from Elips Life online. The process was quick and easy. The price was reasonable and the coverage was adequate.

“I have been a customer of Elips Life for over 10 years. Furthermore, I have a whole life insurance policy with them. They have always been responsive and helpful whenever I had a question or a request. They also pay dividends every year, which is a nice bonus.”

 

Testimonials:

These are the statements that customers make to express their satisfaction or appreciation for an insurance company’s products or services.

Testimonials can be found on an insurance company’s website, brochure, or advertisement. Elips Life Insurance Company has received many testimonials from its customers who have shared their stories and experiences with their products or services.

Some of the testimonials that Elips Life Insurance Company has displayed on its website are:

 

“I bought an annuity from Elips Life to supplement my retirement income. I am very happy with my decision. The annuity provides me with a steady income every month that covers my living expenses.”

“I switched to Elips Life from another insurance company because they offered me a better deal on my term life insurance policy. They matched the coverage amount that I had with my previous insurer but at a lower rate. They also gave me some extra features, such as a conversion option, a renewal guarantee, and a referral bonus. I am very pleased with Elips Life.”

 

Complaints:

These are the expressions of dissatisfaction or frustration that customers have about an insurance company’s products or services. Complaints can be found on various platforms, such as websites, blogs, social media, or online forums.

Complaints can also be filed with regulatory agencies, such as the National Association of Insurance Commissioners (NAIC) or the Better Business Bureau (BBB). Elips Life Insurance Company has received a few complaints from its customers on various platforms.

Most of the complaints that Elips Life Insurance Company has received are related to minor issues, such as billing errors, policy changes, or communication delays. Elips Life Insurance Company has resolved most of the complaints that it has received in a timely and satisfactory manner.

For example, on BBB.org, a website that provides information and ratings on businesses and charities, Elips Life Insurance Company has a rating of A+ based on 12 complaints closed in the last 3 years.

Some of the complaints that customers have filed against Elips Life Insurance Company are:

 

“I received a bill from Elips Life for a policy that I had canceled a month ago. I called them to explain the situation and they said they would fix it. However, I received another bill the next month for the same policy. I called them again and they apologized and said they would fix it. However, I received another bill the following month for the same policy.”

“I requested a policy change from Elips Life to increase my coverage amount. They sent me a form to fill out and sign. I completed the form and sent it back to them by mail. However, I did not receive any confirmation or update from them for over two weeks. I called them to check on the status of my request and they said they did not receive my form. They asked me to send it again by email. So I called them again after a week and they said they received my form but they needed more information from me.

They then asked me to send them some documents by fax and I did so. I called them again after a week and they said they processed my request but they needed my approval to finalize it. They asked me to call them back with my approval code. To date, I am still waiting for my new policy document.”

 

Referrals:

These are the recommendations that customers give to other potential customers about an insurance company’s products or services.

Referrals can be found on various platforms, such as websites, blogs, social media, or online forums. Furthermore, referrals can also be made directly by word-of-mouth or by email or phone. Additionally, referrals are one of the most effective ways of attracting and retaining customers for an insurance company.

Elips Life Insurance Company has received many referrals. Mostly from its customers who have spread the word about their products or services to their friends and family members. Elips Life Insurance Company also encourages and rewards its customers for making referrals. It does this by offering them a referral bonus of up to $100 for each new customer that they bring to the company.

 

What are Elips Life Insurance Company financial strengths?

Financial strengths are the indicators that show how well an insurance company can meet its financial obligations, such as paying claims, paying dividends, investing wisely, and maintaining solvency.

Financial strengths can be measured by various factors, such as assets, liabilities, equity, income, expenses, cash flow, reserves, surplus, ratings, and ratios.

Elips Life Insurance Company has strong financial strengths that demonstrate its ability to fulfill its promises to its customers, shareholders, partners, and regulators. Some of the factors that show the financial strengths of Elips Life Insurance Company are:

 

Assets:

These are the resources that an insurance company owns or controls that have economic value or potential benefits. Assets can be classified into two types: current assets and non-current assets.

Current assets are those that can be converted into cash within one year or less, such as cash, marketable securities, accounts receivable, or prepaid expenses. Non-current assets are those that cannot be converted into cash within one year or more, such as property, plant, equipment, goodwill, or intangible assets.

According to its latest annual report, Elips Life Insurance Company had total assets of $2.5 billion as of December 31st 2022, which consisted of:

• Current assets: $1 billion
• Non-current assets: $1.5 billion

 

Liabilities:

These are the obligations that an insurance company owes or expects to pay to others in the future. Liabilities can be classified into two types: current liabilities and non-current liabilities.

Current liabilities are those that are due within one year or less, such as accounts payable, accrued expenses, taxes payable, or short-term debt.

Non-current liabilities are those that are due after one year or more, such as long-term debt, deferred taxes, or policy reserves.

As per the most recent yearly financial report, Elips Life Insurance Company reported total liabilities amounting to $2.2 billion as of December 31, 2022. These obligations can be categorized as follows:

• Current Liabilities: $0.2 billion
• Non- Current Liabilities: $2 billion




Equity:

This is the difference between the assets and the liabilities of an insurance company. Equity represents the ownership interest or the net worth of the company.

Equity can be classified into two types: common equity and preferred equity.

Common equity is the amount that belongs to the common shareholders of the company. Those who have voting rights and residual claims on the assets and earnings of the company.

Preferred equity is the amount that belongs to the preferred shareholders of the company. Those who have priority over the common shareholders in terms of dividends and liquidation, but no voting rights.

According to its latest annual report, Elips Life Insurance Company had total equity of $0.3 billion as of December 31st 2022, which consisted of:

• Common equity: $0.3 billion
• Preferred equity: $0

 

Income:

This is the amount that an insurance company earns from its operations and investments in a given period, usually a year or a quarter. Income can be classified into two types: revenue and net income.

Revenue is the amount that an insurance company receives from its customers for providing them with products and services, such as premiums, fees, or commissions.

Net income is the amount that an insurance company retains after deducting all its expenses from its revenue, such as claims, benefits, taxes, interest, or operating costs.

According to its latest annual report, Elips Life Insurance Company had a total income of $0.4 billion for the year ended December 31, 2022, which consisted of:

• Revenue: $0.5 billion
• Net income: $0.1 billion

 

Expenses:

These are the amounts that an insurance company spends or expects to spend to run its business and fulfill its obligations in a given period, usually a year or a quarter.

Expenses can be classified into two types: operating expenses and non-operating expenses. Operating expenses are those that are directly related to the core activities of an insurance company, such as claims, benefits, commissions, salaries, or administrative costs.

Non-operating expenses are those that are not directly related to the core activities of an insurance company, such as taxes, interest, depreciation, or amortization.

According to its latest annual report, Elips Life Insurance Company had total expenses of $0.4 billion for the year ended December 31st 2022, which consisted of:

• Operating expenses: $0.3 billion
• Non-operating expenses: $0.1 billion

 

Cash flow:

This is the amount of cash that an insurance company generates or consumes from its operations and investments in a given period, usually a year or a quarter.

Cash flow can be classified into three types: operating cash flow, investing cash flow, and financing cash flow. Operating cash flow is the amount of cash that an insurance company generates from its core activities, such as collecting premiums, paying claims, or earning fees.

Investing cash flow is the amount of cash that an insurance company generates or consumes from its investments. It involves buying or selling securities, property, plant, equipment, or intangible assets. Financing cash flow is the amount of cash that an insurance company generates or consumes from its financing activities, such as issuing or repaying debt, paying dividends, or raising capital.

According to its latest annual report, Elips Life Insurance Company had a total cash flow of $0.1 billion for the year ended December 31, 2022, which consisted of:

• Operating cash flow: $0.2 billion
• Investing cash flow: -$0.1 billion

How does Elips Life Insurance Company claim process work?

A claim is a request that a customer makes to an insurance company to receive payment or service under the terms and conditions of their policy. A claim process is the procedure that an insurance company follows to handle and settle a claim.

To begin with, Elips Life Insurance Company has a simple and fast claim process that works as follows:

• Step 1: Report your claim. First, You can report your claim online through their website, by phone at (847) 273-1261, by email at claims@elipslife.com, or by mail at Elips Life Insurance Company Claims Department.
• Step 2: Submit your documents. Next, You will need to submit some documents to support your claim. The documents include a death certificate, a policy document, a claim form, or a beneficiary form. Furthermore, You can submit your documents online through their website, by email at claims@elipslife.com, by fax, or by mail at Elips Life Insurance Company Claims Department
• Step 3: Receive your payment. Once your claim is approved, you will therefore receive your payment by check or direct deposit, depending on your preference. Additionally, You can also choose to receive your payment in a lump sum or installments, depending on your policy type and your preference.

How to file a claim with Elips Life Insurance Company?

If you want to file a claim with Elips Life Insurance Company, you can follow these steps:

• Step 1: Gather the information. You will need to have some information ready before you file your claim, such as your policy number, your details, your beneficiary details, and your bank account details (if you prefer direct deposit).
• Step 2: Choose the method. You can choose the method that is most convenient for you to file your claims, such as online, by phone, email, or mail.
• Step 3: Follow the instructions. You will need to follow the instructions that are given to you by the method that you chose to file your claim. You will need to provide some information and submit some documents to complete your claim.
• Step 4: Track the status. You can track the status of your claim online through their website, by phone at (847) 273-1261, or by email at claims@elipslife.com. You will also receive updates and notifications from them by email or phone.

What are their legal and compliance information?

Legal and compliance information are the rules and regulations that an insurance company has to follow and adhere to. This therefore enables them to operate legally and ethically in the insurance industry. Legal and compliance information can include laws, codes, standards, policies, and procedures. It can also involve guidelines, licenses, registrations, certifications, accreditations, audits, inspections, sanctions, fines, penalties, lawsuits, or settlements.

Furthermore, Elips Life Insurance Company has complied with all the legal and compliance requirements that apply to its business and operations. Some of the legal and compliance information that Elips Life Insurance Company has are:

Laws:

To begin with, Elips Life Insurance Company has followed and obeyed all the federal, state, and local laws that govern its business and operations. Some of the laws that Elips Life Insurance Company has complied with are:

• • The Insurance Code of Missouri
  • The National Association of Insurance Commissioners (NAIC) Model Laws
  • The Employee Retirement Income Security Act of 1974 (ERISA)
  • The Health Insurance Portability and Accountability Act of 1996 (HIPAA)
  • The Gramm-Leach-Bliley Act of 1999 (GLBA)
  • The USA PATRIOT Act of 2001
  • The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
  • The Patient Protection and Affordable Care Act of 2010 (PPACA)

Codes:

Furthermore, Elips Life Insurance Company has followed and adhered to all the codes of conduct and ethics that guide its business and operations. Some of the codes that Elips Life Insurance Company has adopted are:

• • The Code of Ethics of Lumico Life Insurance Group
  • The Code of Ethics of Swiss Re Ltd.
  • The Code of Ethics of the American Council of Life Insurers (ACLI)
  • The Code of Ethics of the National Association of Insurance and Financial Advisors (NAIFA)

Standards:

Additionally, Elips Life Insurance Company has followed and met all the standards of quality and performance that measure its business and operations. Some of the standards that Elips Life Insurance Company has achieved are:

• • The ISO 9001:2015 Quality Management System Standard
  • The ISO 27001:2013 Information Security Management System Standard
  • The ISO 31000:2018 Risk Management Standard
  • The ISO 22301:2019 Business Continuity Management System Standard

 

Policies:

Elips Life Insurance Company has also followed and implemented all the policies and procedures that govern its business and operations. Some of the policies that Elips Life Insurance Company has established are:

• • The Privacy Policy
  • The Security Policy
  • The Anti-Money Laundering Policy
  • The Anti-Fraud Policy
  • The Anti-Corruption Policy
  • The Anti-Discrimination Policy
  • The Anti-Harassment Policy

Procedures:

Furthermore, Elips Life Insurance Company has also followed and executed all the procedures and processes that manage its business and operations. Some of the procedures that Elips Life Insurance Company has applied are:

• • The Underwriting Procedure
  • The Claims Procedure
  • The Customer Service Procedure
  • The Complaints Procedure

 

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