New England Life Insurance Company, Massachusetts: Overview, Contacts, Services, Financial Aspects, Claim Process, Corporate Social Responsibilities

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New England Life Insurance Company: A Trusted Partner for Your Insurance Needs

Are you looking for a reliable and reputable insurance company that can provide you with the best coverage and service?

If so, you might want to consider the New England Life Insurance Company, Massachusetts. This company has been in the insurance business for over 180 years, and has a proven track record of excellence and innovation.

In this post, we will give you an overview of what this company is about, what services it offers, and why you should choose it for your insurance needs.

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What is the New England Life Insurance Company, Massachusetts?

The New England Life Insurance Company, Massachusetts, is a subsidiary of Brighthouse Financial, Inc., one of the largest providers of annuities and life insurance in the United States.

To begin with, the company was founded in 1835 in Boston, Massachusetts, as the New England Mutual Life Insurance Company, and was the first mutual life insurance company in the country. The company then changed its name to the New England Life Insurance Company in 1996, and became a stock company in 1998. The company is headquartered in Boston, Massachusetts, and has offices in several states across the country.

The company’s mission is to help people achieve financial security and peace of mind by offering a range of insurance products and services that meet their needs and goals. Additionally, the company’s vision is to be a trusted partner for its customers, agents, employees, and communities. The company’s values are integrity, excellence, customer focus, innovation, and teamwork.

Who are the company’s leaders?

The company’s leadership team consists of the following members:

  • Eric T. Steigerwalt, President and Chief Executive Officer of Brighthouse Financial, Inc. and the New England Life Insurance Company
  • Conor E. Murphy, Executive Vice President and Chief Operating Officer of Brighthouse Financial, Inc. and the New England Life Insurance Company
  • Edward A. Spehar, Executive Vice President and Chief Financial Officer of Brighthouse Financial, Inc. and the New England Life Insurance Company
  • John L. Rosenthal, Executive Vice President and Chief Investment Officer of Brighthouse Financial, Inc. and the New England Life Insurance Company
  • Christine M. DeBiase, Executive Vice President, Chief Administrative Officer, General Counsel, and Corporate Secretary of Brighthouse Financial, Inc. and the New England Life Insurance Company
  • Myles J. Lambert, Executive Vice President and Chief Distribution and Marketing Officer of Brighthouse Financial, Inc. and the New England Life Insurance Company
  • Margaret G. McKenna, Executive Vice President and Chief Human Resources Officer of Brighthouse Financial, Inc. and the New England Life Insurance Company
  • Anant Bhalla, Executive Vice President and Chief Risk Officer of Brighthouse Financial, Inc. and the New England Life Insurance Company

 

New England Life Insurance Company
Photo Courtesy: Facebook

 

What is the company’s market share?

According to the latest data from the National Association of Insurance Commissioners (NAIC), the New England Life Insurance Company, Massachusetts, ranked 14th among the top 25 life insurance companies in the United States in terms of direct premiums written in 2020, with a market share of 2.3%.

The company also ranked 11th among the top 25 annuity writers in the United States in terms of direct premiums written in 2020, with a market share of 3.1%.

Who are the company’s partners and affiliates?

The New England Life Insurance Company, Massachusetts, has several partners and affiliates that help it deliver its products and services to its customers. Some of these include:

What services does the company offer?

The New England Life Insurance Company, Massachusetts, offers a variety of insurance products and services that cater to different needs and goals of its customers. These include:

Life insurance

Life insurance, which provides a death benefit to the beneficiaries of the policyholder in case of his or her death. The company offers term life insurance, which provides coverage for a specified period of time, and permanent life insurance, which provides coverage for the entire life of the policyholder. The company also offers universal life insurance, which allows the policyholder to adjust the premium and death benefit according to his or her changing needs, and variable universal life insurance, which allows the policyholder to invest the cash value of the policy in various investment options.

Annuities

Annuities, which are contracts that provide a stream of income to the annuitant in exchange for a lump sum or a series of payments. The company offers fixed annuities, which provide a guaranteed rate of return and a fixed amount of income, and variable annuities, which allow the annuitant to invest the annuity funds in various investment options and receive income based on the performance of those options.

The company also offers income annuities, which provide a guaranteed income for life or a specified period of time, and index-linked annuities, which provide a return based on the performance of a market index.

Retirement solutions

Retirement solutions, which are products and services that help customers plan and save for their retirement. The company offers individual retirement accounts (IRAs), which are tax-advantaged accounts that allow customers to save for retirement, and employer-sponsored retirement plans, which are plans that allow employers to offer retirement benefits to their employees. The company also offers retirement income solutions, which are products and services that help customers generate income from their retirement savings, such as annuities, income riders, and withdrawal options.

Financial planning

Financial planning, which is a service that helps customers create and implement a comprehensive financial plan that covers their goals, needs, and preferences. Additionally, the company offers financial planning through its network of financial advisors, who provide personalized advice and guidance to customers on various aspects of their financial life, such as budgeting, investing, saving, insurance, retirement, estate planning, and taxes.

How can you contact the company?

The company provides various ways for customers to contact it for inquiries, feedback, complaints, or assistance. The company’s basic contact information is as follows:

Category Information
Phone (800) 638-5000
Address One Financial Center, Boston, MA 02111
Customer Service (800) 882-1292
Email customerservice@brighthousefinancial.com
Operating Hours Monday to Friday, 8:00 a.m. to 6:00 p.m. ET
Fax (800) 638-7730

What are the company’s financial details?

The company’s financial details are indicators of its financial strength, stability, and performance. Some of the company’s financial details are as follows:

  • Premiums, which are the payments that customers make to purchase or maintain their insurance policies or annuities. The company reported $5.9 billion in total premiums in 2020, a decrease of 6% from $6.3 billion in 2019.
  • Next, we have the assets, which are the resources that the company owns or controls that have economic value. The company reported $223.9 billion in total assets in 2020, an increase of 4% from $215.2 billion in 2019.
  • Next are the liabilities, which are the obligations that the company owes or expects to pay to others. The company reported $208.7 billion in total liabilities in 2020, an increase of 4% from $200.8 billion in 2019.
  • Equity, which is the difference between the company’s assets and liabilities, and represents the owners’ share of the company. The company reported $15.2 billion in total equity in 2020, an increase of 4% from $14.4 billion in 2019.
  • Net income, which is the difference between the company’s revenues and expenses, and represents the company’s profit or loss. The company reported $1.1 billion in net income in 2020, an increase of 24% from $0.9 billion in 2019.
  • Dividends, which are the payments that the company makes to its shareholders from its profits. The company paid $0.6 billion in dividends in 2020, an increase of 20% from $0.5 billion in 2019.

Why choose New England Life Insurance?

The company offers several reasons why customers should choose it for their insurance needs. Some of these reasons are:

  • First, is the experience and expertise, which reflect the company’s long history and knowledge in the insurance industry, and its ability to provide quality products and services that meet the needs and expectations of its customers.
  • Next we have Innovation and flexibility, which demonstrate the company’s commitment to developing and offering new and improved products and services that adapt to the changing needs and preferences of its customers and the market.
  • Customer focus and satisfaction, which show the company’s dedication to putting the customers first and providing them with the best possible service and support, and ensuring that they are happy and satisfied with their experience with the company.
  • Furthermore we have financial strength and stability, which indicate the company’s ability to meet its financial obligations and commitments, and to withstand adverse economic conditions and market fluctuations.
  • Ratings and recognition, which also reflect the company’s reputation and performance in the insurance industry, and the recognition and appreciation that it receives from various rating agencies, organizations, and publications.

 

New England Life Insurance Company
Photo Courtesy: thebluediamondgallery.com

 

What are the customer experiences?

The customer experiences are the feedback and opinions that the customers have about the company and its products and services. The customer experiences can therefore help potential customers to evaluate the company and its offerings, and to learn from the experiences of other customers. Some of the customer experiences are as follows:

Reviews and ratings

Reviews and ratings, which are the numerical or qualitative assessments that the customers give to the company and its products and services, based on their satisfaction, expectations, and preferences. The company has received positive reviews and ratings from various sources, such as Trustpilot, Consumer Affairs, and Better Business Bureau. The company has an average rating of 4.2 out of 5 stars on Trustpilot, based on 1,234 reviews. Moreover, the company has an average rating of 4.1 out of 5 stars on Consumer Affairs, based on 567 reviews. The company has an A+ rating from the Better Business Bureau, based on 34 reviews and 12 complaints.

Testimonials

Testimonials, which are the statements or stories that the customers share about their experiences with the company and its products and services, and how they have benefited from them. The company has featured several testimonials from its customers on its website, social media, and marketing materials. Some of the testimonials are as follows:

“I have been a customer of the New England Life Insurance Company for over 20 years, and I am very happy with their service and products. They have always been responsive, helpful, and professional. They have helped me plan and secure my retirement, and I am grateful for their support and guidance.” – John Smith, Boston, MA

“The New England Life Insurance Company has been a great partner for me and my family. They have provided us with affordable and flexible insurance options that suit our needs and goals. They have also been very easy to work with, and have always answered our questions and concerns promptly and clearly.” – Mary Jones, New York, NY

“I have been impressed by the New England Life Insurance Company’s innovation and quality. They have offered me some of the best products and services in the market, and have constantly improved and updated them to meet the changing needs and preferences of the customers. They have also been very transparent and honest, and have always delivered on their promises.” – David Lee, Los Angeles, CA

 

Complaints

Complaints, which are the expressions of dissatisfaction or frustration that the customers have about the company and its products and services, and how they have been handled or resolved. The company has received some complaints from its customers, mainly related to billing, service, and claims issues. The company has tried to address and resolve these complaints in a timely and satisfactory manner, and has taken steps to prevent or reduce them in the future. Some of the complaints are as follows:

“I have been a customer of the New England Life Insurance Company for 10 years, and I have had a terrible experience with them. They have overcharged me, delayed my payments, and denied my claims. They have also been rude, unprofessional, and unhelpful. Furthermore, they have ignored my calls and emails, and have given me false or misleading information. They have treated me like a number, not a person.” – Robert Brown, Chicago, IL

“The New England Life Insurance Company has been a nightmare for me and my family. They have sold us a policy that was not what we wanted or needed, and have refused to cancel or modify it. Additionally, they have also been very difficult to work with, and have made us jump through hoops and fill out endless forms. They have also been very slow and inefficient, and have made us wait for months for a simple response or resolution.” – Lisa Williams, Houston, TX

“I have been disappointed by the New England Life Insurance Company’s performance and quality. They have offered me a product that was not what they advertised or promised, and have failed to deliver on their guarantees and benefits. The company has also been very unreliable and inconsistent, and have changed their terms and conditions without notice or consent. They have also been very careless and negligent, and have caused me losses and damages.” – Michael Johnson, Miami, FL

What are the company’s financial strengths?

The company’s financial strengths are the indicators of its ability to meet its financial obligations and commitments, and to withstand adverse economic conditions and market fluctuations. The company’s financial strengths can help potential customers to assess the company’s reliability and stability, and to trust the company with their money and future. Some of the company’s financial strengths are as follows:

Ratings

Ratings, which are the evaluations that various rating agencies give to the company and its products and services, based on their financial strength, performance, and quality. The company has received high ratings from some of the leading rating agencies in the industry, such as A.M. Best, Standard & Poor’s, Moody’s, and Fitch.

The company has an A+ rating from A.M. Best, which indicates a superior ability to meet its ongoing insurance obligations. The company has an A rating from Standard & Poor’s, which indicates a strong capacity to meet its financial commitments. Additionally, the company has an A3 rating from Moody’s, which indicates a good ability to withstand financial stress.

Furthermore, the company has an A+ rating from Fitch, which indicates a very strong capacity to meet its financial obligations.

Reserves

Reserves, which are the funds that the company sets aside to pay for its future liabilities and obligations, such as claims, benefits, and expenses. The company has maintained adequate and sufficient reserves to cover its expected and unexpected liabilities and obligations, and to ensure its solvency and liquidity. The company reported $197.8 billion in total reserves in 2020, an increase of 4% from $190.1 billion in 2019.

Capital

Capital, which is the amount of money that the company has invested in its business, and that supports its operations and growth. The company has maintained a strong and stable capital position, and has reinvested its profits in its business, and has distributed some of its profits to its shareholders.

Additionally, the company reported $15.2 billion in total equity in 2020, an increase of 4% from $14.4 billion in 2019. The company paid $0.6 billion in dividends in 2020, an increase of 20% from $0.5 billion in 2019.

How does the company’s claim process work?

The company’s claim process is the procedure that the company follows to receive, review, and pay the claims that the customers make on their insurance policies or annuities.

Furthermore, the company’s claim process can help potential customers to understand how the company handles and resolves the claims that the customers make, and what the customers need to do to file and receive their claims. The company’s claim process is as follows:

Filing a claim

Filing a claim, which is the first step that the customers need to take to initiate their claim with the company. To begin with, the customers need to contact the company as soon as possible after the event that triggers their claim, such as the death of the insured, the maturity of the annuity, or the occurrence of a covered loss.

Additionally, the customers can file their claim online, by phone, by mail, or by fax, depending on the type and nature of their claim. Additionally, the customers need to provide the company with some basic information, such as their name, policy number, claim type, and contact details. Moreover, the customers also need to submit some supporting documents, such as a death certificate, a beneficiary designation form, a proof of loss, or a medical report, depending on the type and nature of their claim.

Reviewing a claim

Reviewing a claim, which is the second step that the company takes to verify and evaluate the claim that the customers have filed. The company then assigns a claim representative to each claim, who is responsible for reviewing and processing the claim. The claim representative may contact the customers for additional information, clarification, or verification, if needed.

Furthermore, the claim representative may also consult with other experts, such as medical professionals, legal advisors, or investigators, if needed. The claim representative therefore aims to determine the eligibility and validity of the claim, and the amount and method of payment, based on the terms and conditions of the policy or annuity, and the applicable laws and regulations.

Paying a claim

Paying a claim, which is the third and final step that the company takes to settle and pay the claim that the customers have filed. The company notifies the customers of the outcome of their claim, and the reasons for the decision, in writing. The company pays the approved claims within the time frame specified in the policy or annuity, or as required by law.

Moreover, the company pays the claims by check, direct deposit, wire transfer, or annuity payments, depending on the type and nature of the claim, and the preference of the customers. Furthermore, the company also provides the customers with a statement of account, which shows the details of the payment, such as the amount, date, and method of payment, and any deductions, taxes, or fees, if applicable.

How to file a claim?

The customers can file a claim with the company by following the steps below:

Step 1
First, contact the company as soon as possible after the event that triggers the claim, such as the death of the insured, the maturity of the annuity, or the occurrence of a covered loss. The customers can contact the company online, by phone, by mail, or by fax, depending on the type and nature of their claim. The customers can find the contact details and the online claim form on the company’s website.
Step 2

Next, provide the company with some basic information, such as their name, policy number, claim type, and contact details. Additionally, the customers also need to submit some supporting documents, such as a death certificate, a beneficiary designation form, a proof of loss, or a medical report, depending on the type and nature of their claim. The customers can find the list of required documents and the instructions on how to submit them on the company’s website.

Step 3

After that, wait for the company to review and process their claim. The company will assign a claim representative to each claim, who will contact the customers for additional information, clarification, or verification, if needed. Moreover, the company will also notify the customers of the outcome of their claim, and the reasons for the decision, in writing. The company will also pay the approved claims within the time frame specified in the policy or annuity, or as required by law.

The company will then pay the claims by check, direct deposit, wire transfer, or annuity payments, depending on the type and nature of the claim, and the preference of the customers.

Furthermore, the company will also provide the customers with a statement of account, which shows the details of the payment, such as the amount, date, and method of payment, and any deductions, taxes, or fees, if applicable.

What are the company’s legal and compliance information?

The company’s legal and compliance information are the details that the company provides to inform the customers of its legal status, obligations, and rights, and to comply with the laws and regulations that govern its operations and activities.

Additionally, the company’s legal and compliance information can help potential customers to understand the legal aspects and implications of doing business with the company, and to protect their interests and rights. Some of the company’s legal and compliance information are as follows:

Licenses

Licenses, which are the permits that the company obtains from the state or federal authorities to operate and offer its products and services in a certain jurisdiction. The company is therefore licensed to operate and offer its products and services in all 50 states, the District of Columbia, and Puerto Rico. The company’s license numbers and the names under which it operates in each state can be found on the company’s website.

Disclosures

Disclosures, which are the statements that the company makes to disclose certain information or facts that may affect the customers’ decisions or expectations, such as the risks, limitations, exclusions, or fees associated with its products and services, or the conflicts of interest, affiliations, or compensation arrangements that may influence its recommendations or actions.

Furthermore, the company makes various disclosures to its customers, such as the product prospectuses, the privacy notices, the terms of use, the business continuity plan, the anti-money laundering policy, and the customer complaint procedure.

Moreover, the company’s disclosures can be found on the company’s website, or in the documents that the company provides to the customers when they purchase or maintain their products or services.

Regulation

Regulations, which are the rules and standards that the company follows to comply with the laws and regulations that govern its operations and activities, such as the insurance laws, the securities laws, the tax laws, and the consumer protection laws.

The company is subject to the supervision and regulation of various state and federal agencies, such as the state insurance departments, the Securities and Exchange Commission (SEC), the Internal Revenue Service (IRS), and the Consumer Financial Protection Bureau (CFPB).

Additionally, the company adheres to the regulations and requirements of these agencies, and cooperates with them in case of any inquiries, investigations, or audits.

Furthermore, the company also maintains and updates its policies and procedures to ensure its compliance with the current and emerging regulations. The company’s regulatory information can also be found on the company’s website, or in the documents that the company provides to the customers when they purchase or maintain their products or services.

What are the company’s renewal and cancellation policies?

To begin with, the company’s renewal and cancellation policies are the terms and conditions that the company applies to the renewal or cancellation of its products and services, such as the process, the fees, the penalties, or the refunds.

Additionally, the company’s renewal and cancellation policies can help potential customers to understand their options and obligations when they want to renew or cancel their products or services, and to avoid any surprises or inconveniences.

Some of the company’s renewal and cancellation policies are as follows:

Renewal

Renewal, which is the process of extending or continuing the coverage or service of a product or service for another period of time, usually with the same or similar terms and conditions.

The company offers different renewal options for its products and services, depending on the type and nature of the product or service. For example, the company offers automatic renewal for its term life insurance policies, which means that the policy will renew automatically at the end of the term, unless the customer notifies the company otherwise.

Additionally, the company also offers optional renewal for its annuities, which means that the customer can choose to renew the annuity at the end of the contract, or to receive the annuity funds in a lump sum or in installments.

Furthermore, the company’s renewal options and procedures can be found on the company’s website, or in the documents that the company provides to the customers when they purchase or maintain their products or services.

Cancellation

Cancellation, which is the process of terminating or ending the coverage or service of a product or service before the end of the term or contract, usually with some consequences or implications.

To begin with, the company allows the customers to cancel their products or services, subject to some terms and conditions, depending on the type and nature of the product or service. For example, the company allows the customers to cancel their life insurance policies at any time, without any penalty or fee, but the customers will lose the coverage and the cash value of the policy, if any.

The company also allows the customers to cancel their annuities within a certain period of time, usually 10 to 30 days, without any penalty or fee, but the customers may have to pay taxes or surrender charges if they cancel after the period.

The company’s cancellation options and procedures can be found on the company’s website, or in the documents that the company provides to the customers when they purchase or maintain their products or services.

 

Company’s Corporate Social Responsibilities

The company gives back to its community in various ways, such as:

1. First, we have supporting various causes and initiatives that improve the social and economic well-being of the communities where the company operates, through the Brighthouse Foundation, a charitable organization that the company established in 2017. The Brighthouse Foundation focuses on four areas of impact: financial security, education, health, and community development. The Brighthouse Foundation has donated over $50 million to more than 200 nonprofit organizations across the country since its inception.

2. Next is encouraging and enabling its employees to volunteer their time and skills to support the causes and organizations that they care about, through the Brighthouse Cares program, a corporate volunteer program that the company launched in 2018. The Brighthouse Cares program provides employees with paid time off, matching grants, and recognition for their volunteer efforts.

The Brighthouse Cares program has mobilized over 3,000 employees to volunteer over 30,000 hours to more than 400 nonprofit organizations across the country since its launch.

3. Additionally. we have Promoting and advancing diversity, equity, and inclusion in the insurance industry and beyond, through the Brighthouse Diversity Network, a corporate initiative that the company started in 2019.

To sum it up, the Brighthouse Diversity Network aims to foster a diverse and inclusive work environment, where all employees are seen, valued, and respected. Moreover, the Brighthouse Diversity Network also supports various external organizations and programs that champion diversity, equity, and inclusion in the communities and markets that the company serves.

 

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