by John Darer CLU ChFC MSSC CeFT RSP CLTC
Have you discovered an old life insurance policy from Independent Life & Accident Insurance Company?
Perhaps when sorting through your parent’s or grandparent’s belongings?
If the answer is yes, you are not alone. I receive 2-3 calls weekly from people whose loved ones bought such policies and want to know what to do. They reach me because of my blogs about Independent Life Insurance Company, which is a totally different company.
Who was The Independent Life & Accident Company in Jacksonville Florida?
- Independent Life & Accident WAS a life insurance company, based in Jacksonville, Florida that sold debit life insurance policies, primarily in the South.
- Most of my callers on the subject are callers from The Carolinas, Southern states such as Florida, Texas, Alabama, and Mississippi.
- Effective 12/31/1997, The Independent Life and Accident Insurance Company of Jacksonville, FL, merged into American General Life And Accident Insurance Company of Nashville, TN. They are no longerIindependent Life and Accident Insurance Company.
The Independent Life & Accident Insurance Company DID NOT write structured settlement annuities.
What is a Debit LIfe Insurance Policy?
- Debit life insurance, also known as Industrial life insurance, is life insurance purchased primarily by people with low income levels under which the premium is collected weekly, biweekly, or monthly.
- From the early 19th through the mid 20th centuries in America the debit agent and agency was the single most prevalent marketing method for life insurance.
- Known as ” Tallymen”, agents literally went door to door selling insurance, collecting premiums and carried a book in which they tallied up the business they originated.
- The death benefit on debit life insurance policies is usually of a very low amount such as $1,000, $5,000 or $10,000. 90% of the calls of mistaken identity that I receive are concerning $1,000 policies.
Independent Life Insurance Company (est. 2018) What’s the Difference?
- Independent Life Insurance Company is a Texas domiciled insurance company that only issues structured settlement annuities.
- Independent Life Insurance Company began issuing annuities in the Spring of 2018 and does not issue life insurance policies.
- Ironically, the Independent Life Insurance Company handles some administrative services from Jacksonville, Florida, the former home of the old Independent Life and Accident.
Independent Life & Accident| Who Do You Call for Questions and Customer Service
- The customer service number to call is (800) 888-2452, which is Corebridge, which is rebranding of brand name for AIG Life & Retirement since 2022
- Once again, Independent Life & Accident was acquired by AIG in 1997.
- When you call please have your contract number handy.
- Be patient with the customer service rep, bearing in mind that the merger happened in 1997, the year Princess Diana died and Smash Mouth’s Walking on the Sun was #1. There is a very strong possibility that the customer service person you are speaking with hadn’t been born yet or was not yet potty trained.
Future life insurance customer service rep in 1997
- Escalate until you reach someone who knows