First, Penn-Pacific Life Insurance Company (Indiana) holds licenses to operate in all states except New York. However, it no longer issues new policies on its own.
Instead, it now serves its existing policyholders and earns fees for marketing and administering specific products underwritten by LNL.
First Penn-Pacific Life Insurance Company (Indiana): A Comprehensive Overview
Penn-Pacific Life Insurance Company (FPP) operates as a wholly-owned subsidiary of Lincoln National Corporation (LNC), a Fortune 500 financial services company.
FPP stands out as a top provider of term life insurance and corporate-owned life insurance (COLI) products.
It holds licenses to conduct business in all states except New York and boasts a strong history of paying claims promptly.
FPP presents a range of term life insurance plans to choose from, including level term, graded term, and return of premium term policies.
Additionally, the company offers various COLI products that serve purposes such as attracting and retaining key employees, funding succession planning, and safeguarding the financial interests of business owners.
FPP is renowned for its competitive rates and outstanding customer service. It proudly holds an A+ rating from A.M. Best, a prominent insurance rating agency.
Contact Details
Address:
1300 S Clinton St, Fort Wayne, IN 46802-3506, United States
Phone Number: (800) 347-7787
Services and Products
Penn-Pacific Life Insurance Company (Indiana) offers different types of term life insurance, with various plan lengths and options such as level term, graded term, and return of premium term.
FPP also provides COLI products that help businesses attract and keep valuable employees, fund succession planning, and safeguard the financial interests of business owners.
FPP has stopped creating new policies under its own name.
However, it still serves its existing policyholders and earns fees for marketing and managing specific products underwritten by Lincoln National Corporation (LNC).
Services
- Policy administration
- Claims processing
- Customer service
Products
- Term life insurance
- Corporate-owned life insurance (COLI)
Financial Details and Ratings
FPP held total assets of $2.9 billion and total liabilities of $1.9 billion, leaving a capital surplus of $1 billion.
FPP has earned top ratings from prominent insurance rating agencies. A.M. Best granted FPP an A+ (superior) rating, and Fitch Ratings bestowed an A+ (strong) rating upon the company.
These ratings show that FPP is financially stable and well-equipped to meet its financial commitments to policyholders.
In summary, here are FPP’s financial figures and ratings:
Financial figures
- Total assets: $2.9 billion
- Total liabilities: $1.9 billion
- Capital and surplus: $1.0 billion
Ratings
- A.M. Best: A+ (Superior)
- Fitch Ratings: A+ (Strong)
FPP’s strong financial position and high ratings from respected insurance rating agencies confirm its reliability and trustworthiness as a life insurance company.
Claims Filings, Cancellations and Renewals
First Penn-Pacific Life Insurance Company (FPP) excels in processing claims. In 2022, FPP approved 99.9% of all death claims that were submitted.
Additionally, FPP boasts a low cancellation rate, which stood at 2.5% in 2022.
FPP offers competitive renewal rates. For term life insurance policies in 2022, FPP achieved a renewal rate of 95%.
To summarize, here are FPP’s claims processing, cancellation, and renewal statistics:
- Claims Processing
- 99.9% of all death claims paid in 2022
- Cancellations
- 2.5% cancellation rate in 2022
- Renewals
- 95% renewal rate for term life insurance policies in 2022
FPP’s strong claims record, minimal cancellations, and attractive renewal rates make it an excellent choice for individuals seeking life insurance.
Career Opportunities and Internships
First Penn-Pacific Life Insurance Company (Indiana) has a range of job openings suitable for both seasoned professionals and those new to the workforce.
FPP is actively seeking talented and driven individuals to become part of their team, contributing to top-notch customer service and support for policyholders.
Currently, FPP has several job opportunities:
- Customer Service Representative
- Underwriter
- Claims Processor
- Sales Agent
- IT Specialist
- Marketing Specialist
- Accounting Specialist
- Administrative Assistant
Furthermore, FPP offers internship programs for students interested in building a career in the life insurance industry.
These internships cover various departments, including customer service, underwriting, claims, sales, IT, and marketing.
Customer Reviews and Feedback
Customers have shared varying feedback about FPP.
On a positive note, they appreciate FPP’s competitive rates, helpful customer service, and user-friendly experience.
Customers have also noted that the claims process is fast and effective, with prompt claim payouts.
However, some customers have expressed concerns.
They’ve faced challenges when trying to cancel policies, encountered billing and payment issues, and experienced poor communication from the company.
Benefits to purchasing First Penn-Pacific Life Insurance Company (Indiana) policies
- Financial Strength: FPP is backed by Lincoln National Corporation (LNC), a Fortune 500 financial services company, ensuring strong financial stability and support.
- Wide Range of Products: FPP offers various term life insurance and corporate-owned life insurance (COLI) products, giving you options to find the plan that suits your needs best.
- Competitive Rates: FPP provides life insurance products with competitive rates, making it cost-effective for policyholders.
- Excellent Customer Service: FPP is dedicated to delivering exceptional customer service. Their team of experienced representatives is ready to assist, answer questions, and guide you in choosing the right life insurance plan.
Additional benefits of FPP policies:
- Efficient Claims Processing: FPP is known for promptly and efficiently processing claims, with a 99.9% payout rate for death claims in 2022.
- Policy Simplicity: FPP’s policies are written in plain, understandable language. They offer tools and resources, like online account access and mobile apps, to simplify policy management.
- Reputation and Trustworthiness: With over 50 years in the industry, FPP has built a solid reputation. The company is highly rated by leading insurance rating agencies, underscoring its reliability and trustworthiness.
Nick Greenlight is an experienced individual in the financial sector, with knowledge spanning from investment management to income tax preparation.
He has been writing informative essays on personal finance for over a decade and holds several credentials.