Lincoln Benefit Life Company – Your Trusted Life Insurance Partner.
Are you looking for a reliable and reputable life insurance company in Nebraska?
If so, you might want to consider Lincoln Benefit Life (LBL), a long-standing leader in the life insurance and annuity industry.
In this blog post, we will review LBL’s company:
Details, basic information, services and products, financial details, coverage details, claims, legal and compliance, renewals and cancellations, company culture, and customer experiences.
By the end of this post, you will have a better understanding of what LBL can offer you and how to contact them if you are interested in their services.
History and Founding Year, CEO, Market Share and Company Size:
LBL was founded in 1938 in Lincoln, Nebraska, by Harry S. Bleyer, a former insurance salesman who wanted to provide affordable life insurance to middle-class Americans.
Since then, LBL has grown to become one of the largest life insurance companies in the US, with over 2 million policyholders and over $35 billion in assets.
LBL is currently owned by Kuvare Holdings LP, a retirement, life insurance, annuity and reinsurance business focused on delivering value-oriented solutions to the middle market.
LBL’s current CEO is Dhiren Jhaveri, who has over 25 years of experience in the insurance industry.
Here is some basic information about LBL that you might want to know:
|1221 N St Ste 200, Lincoln, NE, 68508
|Customer Service Contact
|Monday – Friday: 9:00 AM – 5:00 PM (CT)
Services & Products
Some of their main products are:
- Term Life Insurance: This is a type of life insurance that provides coverage for a specified period of time, usually 10, 15, 20 or 30 years.
- Permanent Life Insurance: Permanent life insurance can be used to provide long-term financial security, estate planning or legacy creation.
- Annuities: These are contracts that provide a stream of income for a specified period of time or for life. LBL offers fixed annuities and variable annuities with various options and features.
LBL also offers special packages or bundled services for certain groups or situations. For example, they offer:
- Group Life Insurance: Group life insurance can provide cost-effective coverage and benefits for both employers and employees.
- Military Life Insurance: Military life insurance can provide additional protection and benefits that may not be available through other sources.
- Final Expense Insurance: Final expense insurance can help ease the financial burden on the surviving family members and ensure a dignified farewell.
LBL offers competitive rates and flexible payment options for its customers. Some of the payment options are:
- Monthly: This option allows customers to pay their premiums every month through automatic bank withdrawals or credit card charges.
- Annually: This option allows customers to pay their premiums once a year and save on administrative fees.
- Single Premium: This option allows customers to pay their entire premium upfront and enjoy lower rates and guaranteed benefits.
LBL also offers discounts and promotional offers for its customers from time to time.
Some of the discounts and offers are:
- Multi-Policy Discount: This discount applies to customers who have more than one policy with LBL. The discount can range from 5% to 15% depending on the number and type of policies.
- Loyalty Discount: This discount applies to customers who have been with LBL for a long time. The discount can range from 5% to 10% depending on the length of the relationship.
- Referral Bonus: This bonus applies to customers who refer new customers to LBL. The bonus can be up to $100 per referral and can be used to reduce premiums or increase benefits.
LBL has a high claim payout ratio, which means that they pay out most of the premiums they collect as benefits to their policyholders.
Some of the common exclusions and limitations are:
- Misstatement: If the policyholder provides false or inaccurate information on the application or claim form, LBL may deny or reduce the benefit or cancel the policy.
- War: If the policyholder dies as a result of war or any act of war, whether declared or undeclared, LBL will not pay the death benefit.
- Illegal Activities: If the policyholder dies as a result of engaging in illegal activities or violating any law, LBL will not pay the death benefit.
LBL’s products also have coverage limits, which are the maximum amounts that LBL will pay for a claim or benefit.
Some of the common coverage limits are:
- Term Life Insurance: The minimum coverage amount is $50,000 and the maximum coverage amount is $10 million.
- Permanent Life Insurance: The minimum coverage amount is $25,000 and the maximum coverage amount is $5 million.
- Annuities: The minimum initial premium is $5,000 and the maximum annual contribution is $50,000.
LBL’s products also have add-ons or riders, which are optional features that customers can add to their policies for an additional cost.
Some of the common add-ons or riders are:
- Accidental Death Benefit: This rider pays an additional amount if the policyholder dies as a result of an accident.
- Disability Waiver of Premium: This rider waives the premium payments if the policyholder becomes disabled and unable to work.
- Guaranteed Insurability Option: This rider allows the policyholder to increase their coverage amount without having to undergo medical exams or provide evidence of insurability.
LBL has a simple and straightforward claim process for its customers.
The claim process involves three steps:
- Notify: The customer or beneficiary should notify LBL of the claim as soon as possible by calling (844) 768-6777 or visiting Claim Center.
- Submit: The customer or beneficiary should submit the required documents for the claim, such as death certificate, policy contract, claim form and proof of identity.
- Receive: LBL will review the claim and make a decision within 10 business days. If approved, LBL will pay the benefit by check, direct deposit or wire transfer.
The required documents for claims may vary depending on the type and amount of claim.
Some of the common documents for claims are:
- Death Certificate: This document provides official proof of death and cause of death. It should be issued by a competent authority such as a doctor, coroner or registrar.
- Policy Contract: This document provides the details of the policy such as coverage amount, duration, beneficiaries and exclusions. It should be signed by both parties and witnessed by a third party.
- Claim Form: This document provides information about the claim such as date, place and circumstances of death. It should be filled out completely and accurately by the customer or beneficiary.
- Proof of Identity: This document provides verification of identity and relationship to the policyholder. It can be a driver’s license, passport, birth certificate or marriage certificate.
Legal & Compliance
LBL is committed to protecting its customers’ privacy and complying with all applicable laws and regulations.
LBL also has terms and conditions that govern the use of their products and services.
The terms and conditions outline the rights and responsibilities of both parties, such as payment obligations, liability limitations, dispute resolution and termination clauses.
Customers can view LBL’s terms and conditions at [Terms and Conditions].
Renewals & Cancellations
Some of the common renewal and cancellation policies are:
- Term Life Insurance: This product can be renewed at the end of the term for another term, subject to age limits and premium adjustments.
- Permanent Life Insurance: This product does not require renewal as it provides lifetime coverage.
- Annuities: This product can be renewed at the end of the contract period for another period, subject to interest rate changes and surrender charges.
- Loss of coverage or benefits
- Loss of discounts or bonuses
- Loss of tax advantages or deferment
- Surrender charges or penalties
- Taxes or fees
LBL provides grace periods for its customers who are unable to pay their premiums on time.
A grace period is a period of time after the due date during which the customer can still pay the premium without losing the coverage or benefits.
The grace period varies depending on the product and payment option chosen by the customer. Some of the common grace periods are:
LBL’s core values are:
- Integrity: LBL conducts its business with honesty, transparency and accountability.
- Excellence: LBL strives to achieve high standards of performance, quality and service.
- Innovation: LBL embraces change, creativity and continuous improvement.
- Teamwork: LBL works together as one team, respecting diversity and collaboration.
- Customer Satisfaction: LBL listens to its customers, understands their needs and exceeds their expectations.
Some of the causes and initiatives that LBL supports are:
- Education: LBL supports education programs that promote financial literacy, STEM skills and career development for students and teachers.
- Health: LBL supports health programs that improve access to health care, prevent diseases and promote wellness for individuals and families.
- Environment: LBL supports environmental programs that conserve natural resources, reduce waste and emissions and promote sustainability for future generations.
Here are some customer reviews and ratings that reflect LBL’s customer experiences:
- “I have been with LBL for over 20 years, and I am very happy with their service. They have always been responsive, helpful and professional.
Their rates are reasonable, and their benefits are generous. I would recommend them to anyone looking for life insurance.” – John D., 5 stars
Q: How do I update my personal information with LBL?
A: You can update your personal information with LBL by logging into your online account at [My Account] or by calling (844) 768-6777.
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Insurance Writer, Insurance Blob
Former Insurance Writer, New York Times
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