Gleaner Life Insurance Society, Michigan: A Friend of the Family Since 1894
If you are looking for a life insurance company that offers more than just financial protection, you might want to consider Gleaner Life Insurance Society, Michigan.
This is a fraternal benefit society that provides its members with high quality life insurance and annuity products, as well as fraternal benefits, volunteer opportunities, and community outreach programs.
Gleaner Life Insurance Society, Michigan, or simply Gleaner, is a not-for-profit mutual insurance company that was founded in 1894 in Caro, Michigan by Grant Slocum, a newspaper man who wanted to create a fraternal organization for farmers and gardeners.
Photo Courtesy: lenconnect.com
Today, Gleaner has grown to serve over 74,000 members across the United States, with its headquarters in Adrian, Michigan . Gleaner’s mission is to be a friend of the family that provides its members with financial security, fraternal benefits, and volunteer opportunities served with integrity, respect, and accountability.
What are the company details?
Gleaner is governed by a board of directors that is elected by its members every two years. The current board consists of nine directors, including the president and CEO, Kevin Marti, who has been leading the company since 2010.
Gleaner has a staff of about 100 employees who work in various departments, such as marketing, underwriting, claims, member services, and information technology. Gleaner has a market share of about 0.02% in the US life insurance industry, with total assets of over $1.2 billion and total liabilities of over $1.1 billion as of 2020.
What are the partnerships and affiliates?
Gleaner is a member of the American Fraternal Alliance, an association of fraternal benefit societies that promotes the common interests and values of its members.
The Company also partners with various businesses and organizations that offer discounts and benefits to its members, such as LawAssure, a service that helps members create legal documents for free; Travelers, a company that provides auto and home insurance; and Life Line Screening, a company that offers preventive health screenings.
Gleaner also sponsors and collaborates with local charities and community groups, such as Habitat for Humanity, Salvation Army, and American Red Cross, through its local service clubs, known as Arbors.
What services does it offer?
Gleaner offers a range of life insurance and annuity products to suit the needs and goals of its members. Some of the products include:
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- Universal life insurance: This is a type of life insurance that provides flexible coverage and cash value accumulation. Universal life insurance allows the insured to adjust the premiums, death benefits, and cash values according to their changing needs and circumstances. Gleaner offers universal life insurance with competitive interest rates, tax advantages, and optional benefits.
- Annuities: These are contracts that provide a stream of income to the annuitant, either immediately or in the future. Annuities can be used to supplement retirement income, create a legacy, or fund a charitable gift. Gleaner offers various types of annuities, such as fixed, indexed, immediate, and deferred annuities, with different features and benefits.
Gleaner also offers a special package for its members, called the Just For Kids® Foundation. This is a program that provides a $10,000 term life insurance policy for each eligible child or grandchild of a Gleaner member, at no cost to the member. The policy covers the child from birth to age 22, and can be converted to a permanent policy at age 23, without evidence of insurability.
Gleaner does not offer international coverage, as it only operates in the United States. However, it does have a policy that allows its members to travel abroad for up to six months without affecting their coverage, as long as they notify Gleaner in advance and pay their premiums on time.
Gleaner’s policies are subject to the laws and regulations of the state where they are issued. Gleaner follows the standard provisions and exclusions that apply to most life insurance and annuity contracts, such as grace periods, reinstatements, incontestability, suicide, misstatement of age, and beneficiaries.
How can you contact them?
If you are interested in contacting Gleaner, you can use the following information:
| Contact Information | Details |
|---|---|
| Phone | (800) 992-1894 |
| Address | 5200 W U. S. Hwy. 223, Adrian, MI, 49221 |
| Customer Service | customerservice@gleanerlife.org |
| info@gleanerlife.org | |
| Operating Hours | Monday – Friday, 8:00 a.m. – 4:45 p.m. ET |
| Fax | (517) 263-0526 |
You can also visit their website or follow them on Facebook, Twitter, or YouTube for more information and updates.
What are their financial details?
Gleaner’s premium costs vary depending on the type, amount, and duration of the coverage, as well as the age, health, and lifestyle of the applicant. Gleaner offers competitive rates and discounts for its members, such as lower premiums for non-smokers, multi-policy discounts, and dividend payments for participating policies.
Gleaner’s payment options include monthly, quarterly, semi-annual, or annual payments, which can be made by check, money order, credit card, or electronic funds transfer. Gleaner also offers a premium waiver rider, which waives the premiums in case of disability or unemployment of the insured.
Gleaner does not have any promotional offers at the moment, but it does have a referral program, which rewards members who refer new members to Gleaner with a $25 gift card for each referral.
Why choose them, what’s so unique about them?
There are many reasons to choose Gleaner as your life insurance provider, such as:
- Gleaner is a fraternal benefit society, which means that it is owned and operated by its members, who share a common bond and purpose. Gleaner’s members enjoy not only financial protection, but also fraternal benefits, such as member discounts, educational scholarships, social events, and charitable activities.
- Gleaner is a not-for-profit organization, which means that it does not have shareholders or investors who demand profits. Gleaner’s surplus earnings are returned to its members in the form of dividends, lower premiums, or enhanced benefits.
- Gleaner is a financially strong and stable company, which has been in business for over 125 years. Gleaner has an A- rating from A.M. Best and Kroll Bond Rating Agency, which indicates its excellent ability to meet its ongoing obligations to its members.
- Gleaner is a customer-oriented and service-driven company, which strives to provide the best products and services to its members. Gleaner has a dedicated and experienced staff, who are ready to assist and advise the members with their needs and questions. Gleaner also has a network of independent agents, who can help the members find the right coverage and plan for their goals.
What are the customer experiences?
Gleaner’s customer experiences are generally positive and satisfactory, as evidenced by the reviews and ratings that it receives from various sources, such as:
- Google: Gleaner has a 4.3 out of 5 stars rating from 10 reviews on Google, with most of the reviewers praising Gleaner’s products, services, and staff.
- Facebook: Gleaner has a 4.9 out of 5 stars rating from 17 reviews on Facebook, with most of the reviewers complimenting Gleaner’s
Customer Experience at Gleaner
One of the most important aspects of choosing a life insurance company is the customer experience.
How easy is it to apply for a policy, make payments, file a claim, or get support from the company?
How satisfied are the existing customers with the service and products they receive?
Does the company handle complaints and resolve issues?
To answer these questions, we can look at some of the customer reviews and ratings that Gleaner Life Insurance Society has received from various sources.
Here are some examples:
According to LifeQuote, a website that compares life insurance quotes from different companies, Gleaner Life Insurance has a 4.5 out of 5 stars rating based on 11 reviews. Most of the reviewers praise the company for its competitive rates, friendly agents, and fast approval process.
One reviewer wrote: “I was very impressed with the service I received from Gleaner Life. They were very helpful and answered all my questions. They also gave me a great rate for my term life policy. I would definitely recommend them to anyone looking for life insurance.”
According to Effortless Insurance, a blog that provides unbiased reviews of life insurance companies, Gleaner Life Insurance has some advantages and disadvantages. The advantages include the extra benefits that the company offers to its members, such as discounts, scholarships, and family events. The disadvantages include the limited area of coverage, the limited number of riders, and the lack of online tools and resources.
The blog concludes: “Is Gleaner the right company? It depends on your needs and preferences. If you are looking for a company that goes beyond just providing you with a policy, Gleaner Life could be an attractive option. However, if you are looking for a company that offers more flexibility, customization, and convenience, you may want to look elsewhere.”
According to Indeed, a website that allows employees to rate and review their employers, Gleaner Life Insurance has a 3.3 out of 5 stars rating based on 15 reviews. The reviews are mixed, with some employees praising the company for its benefits, culture, and management, and others criticizing the company for its workload, communication, and environment.
One employee wrote: “This job started out wonderfully. Unfortunately, it turned out to be all smoke and mirrors. It was ultimately a very negative, almost hostile environment. The benefits were the only positive. Upon leaving, the supervision level and HR staff became unprofessional and aggressive. I would not recommend this environment for anyone!”
These are just some of the customer reviews and ratings that Gleaner Life Insurance Society has received. Of course, these are not representative of the entire customer base, and they may vary depending on the source, the date, and the individual experience.
Company’s Financial Strength
Another important aspect of choosing a life insurance company is the financial strength.
How stable and reliable is the company in terms of its assets, liabilities, reserves, and ratings?
Can the company meet its obligations to its policyholders and beneficiaries?
How does the company compare to its competitors in the industry?
To answer these questions, we can look at some of the financial data and ratings that Gleaner Life Insurance Society has reported and received from various sources.
Here are some examples:
According to its 2020 annual report, Gleaner Life Insurance Society had total assets of $1.4 billion, total liabilities of $1.2 billion, and surplus of $200 million. The company also had a net income of $16.8 million, a return on assets of 1.2%, and a return on surplus of 8.6%. The company paid out $28.7 million in dividends and $9.3 million in member benefits. Gleaner also donated $1.5 million to various charitable causes through its Arbors.
According to A.M. Best, a credit rating agency that evaluates the financial strength and performance of insurance companies, Gleaner Life Insurance Society has an A- (Excellent) rating, which is the fourth highest of 16 possible ratings. The rating reflects the company’s balance sheet strength, operating performance, business profile, and enterprise risk management. The rating also considers the company’s fraternal status, loyal membership base, diversified product portfolio, and conservative investment strategy. Additionally, the rating was affirmed on July 29, 2021.
According to Weiss Ratings, an independent rating agency that assesses the financial stability and solvency of insurance companies, Gleaner Life Insurance Society has a B+ (Good) rating, which is the fifth highest of 16 possible ratings. The rating indicates that the company has a good ability to withstand financial adversity and pay claims to its policyholders. Furthermore, the rating also takes into account the company’s capital adequacy, asset quality, profitability, liquidity, and stability. The rating was updated on September 30, 2021.
These are just some of the financial data and ratings that Gleaner Life Insurance Society has reported and received. Of course, these are not the only indicators of the company’s financial strength, and they may change over time depending on the market conditions, regulatory changes, and other factors. However, they can give us some confidence that the company is financially sound and trustworthy.
Filing a Claim with Gleaner Life Insurance Society
To file a claim with Gleaner Life Insurance Society, you need to follow these steps:
Contact Gleaner Life Insurance Society’s claims department by calling 800-992-1894, ext. 520, or by filling out the online claims form.
Provide the necessary information and documentation, such as the policyholder’s name, policy number, cause of death, and any supporting documents. You will also need to provide the name and address of the beneficiary or beneficiaries.
Submit the claim form either online or through mail. You can download the claim form from the website2 or request it to be emailed or mailed to you.
Await the claim processing and communication from Gleaner Life Insurance Society. The company will review the claim and verify the details. They will then make a decision regarding the claim and inform you of the outcome. The company may also ask for additional information or documents if needed.
Receive the death benefit according to the payout option you choose. You can choose from different payout options, such as lump sum, annuity, or retained asset account. The payout option may affect the amount and timing of the death benefit. You can also consult with a financial advisor or a tax professional to determine the best option for your situation.
Filing a claim with Gleaner Life Insurance Society is a simple and straightforward process. However, if you have any questions or concerns, you can always contact the company’s claims department or your agent for assistance. Gleaner Life Insurance Society is committed to providing you with financial security and fraternal benefits.
Gleaner Life Insurance Society FAQs
Some of the frequently asked questions (FAQs) about Gleaner Life Insurance Society are:
What is Gleaner Life Insurance Society?
Gleaner Life Insurance Society is a fraternal benefit society that provides its members with life insurance and annuity products, as well as member benefits, social opportunities, and community service projects. Gleaner was founded in 1894 in Caro, Michigan by Grant Slocum, a newspaper man who wanted to create a mutual aid society for farmers and gardeners. The name Gleaner comes from the biblical story of Ruth, who was a gleaner of grain in the fields of Boaz. Gleaner’s motto is “Not for profit, not for charity, but for service”.
What are the benefits of being a Gleaner member?
Gleaner members enjoy a variety of benefits, such as discounts, scholarships, legal services, and recreational activities. The Company members also have the opportunity to participate in local service clubs, called Arbors, that organize and sponsor charitable and social events in their communities. Gleaner members also have a voice in the governance of the society, as they can elect the board of directors and vote on important issues.
What are the products and services offered by Gleaner?
Gleaner offers a range of life insurance and annuity products, such as term life, whole life, universal life, indexed universal life, single premium immediate annuity, deferred annuity, and multi-year guaranteed annuity. The Company also offers riders and options that can enhance the coverage and benefits of the products, such as accidental death benefit, waiver of premium, guaranteed insurability, and accelerated death benefit. Gleaner products are designed to meet the needs and goals of different life stages and situations, such as family protection, retirement planning, estate planning, and business planning.
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