Company Overview
Great Southern Life Insurance Company, founded in 1907, is a well-established insurance provider with a rich history. Headquartered in Austin, Texas, the company offers a comprehensive suite of life insurance products and financial services to individuals and families across the United States.
Great Southern Life Insurance Company’s mission is to provide peace of mind and financial security to its customers. The company’s vision is to be the most trusted and respected life insurance provider in the industry. Its core values include integrity, customer focus, innovation, and financial strength.
Financial Performance and Market Share
Great Southern Life Insurance Company has consistently maintained a strong financial position. The company’s assets exceed $10 billion, and it holds an A+ (Superior) rating from A.M. Best, a leading insurance rating agency. Great Southern Life Insurance Company has a significant market share in the life insurance industry, ranking among the top 25 life insurers in the United States.
Product Offerings
Great Southern Life Insurance Company offers a comprehensive suite of life insurance policies designed to meet the diverse needs of individuals and families. Our policies provide financial protection, peace of mind, and a secure future for our policyholders.
Our product portfolio includes:
Term Life Insurance
Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. It is a cost-effective option for those who need temporary protection, such as covering a mortgage or providing income replacement for a young family.
- Coverage lasts for a predetermined period, typically ranging from 10 to 30 years.
- Premiums are fixed for the duration of the policy term.
- Upon the policyholder’s death within the coverage period, the beneficiaries receive a death benefit.
Whole Life Insurance
Whole life insurance provides lifelong coverage and builds cash value over time. The cash value can be borrowed against or withdrawn for various financial needs, such as education expenses or retirement planning.
- Coverage lasts for the policyholder’s entire life.
- Premiums are typically higher than term life insurance but remain fixed throughout the policy’s lifetime.
- The policy accumulates cash value, which can be accessed through loans or withdrawals.
Universal Life Insurance
Universal life insurance offers flexible coverage and premium payments. The policyholder can adjust the death benefit and premium amounts as their needs change.
- Provides lifelong coverage with adjustable death benefit and premiums.
- The policy accumulates cash value, which can be used to supplement retirement income or other financial goals.
- Offers flexibility in premium payments, allowing for higher or lower contributions as needed.
Variable Life Insurance
Variable life insurance combines life insurance coverage with the potential for investment growth. The policyholder’s cash value is invested in sub-accounts that track the performance of various stock or bond indices.
- Provides lifelong coverage and investment potential through sub-accounts.
- The cash value fluctuates based on the performance of the underlying investments.
- Offers the potential for higher returns but also carries investment risk.
Customer Service
Great Southern Life Insurance Company is committed to providing exceptional customer service. We believe that our customers deserve the highest level of care and attention, and we strive to exceed their expectations in every interaction.
Our customer service team is available 24/7 to assist you with any questions or concerns you may have. Our representatives are knowledgeable, friendly, and dedicated to helping you find the best possible solutions for your insurance needs.
Customer-Centric Approach
We take a customer-centric approach to everything we do. We listen to our customers’ feedback and use it to improve our products and services. We also invest in training and development for our customer service team so that they can provide the best possible experience for our customers.
Financial Strength and Stability
Great Southern Life Insurance Company maintains a solid financial foundation that underpins its ability to fulfill its commitments to policyholders. The company’s financial strength is reflected in its consistently high ratings from independent agencies.
A.M. Best, a leading global credit rating agency, has consistently assigned Great Southern Life Insurance Company an “A+” (Superior) rating for financial strength. This rating indicates that the company has a strong ability to meet its policyholder obligations and withstand adverse economic conditions.
Financial Performance
Great Southern Life Insurance Company’s financial performance is characterized by strong profitability and prudent risk management. The company’s underwriting practices are sound, and its investment portfolio is well-diversified, ensuring a balance between growth and stability.
- In 2022, Great Southern Life Insurance Company reported a net income of $1.2 billion, reflecting a strong operating performance.
- The company’s statutory capital and surplus exceeded $5 billion as of December 2022, providing a robust financial cushion to absorb potential losses.
Benefits for Customers
The financial strength and stability of Great Southern Life Insurance Company translate into several benefits for its customers:
- Peace of mind: Customers can rest assured that their policies are backed by a financially sound company with a proven track record.
- Reliability: Great Southern Life Insurance Company’s strong financial position enables it to consistently meet its claims obligations, providing customers with the security they need.
- Competitive rates: The company’s financial strength allows it to offer competitive rates on its insurance products, making coverage more affordable for customers.
Industry Recognition and Awards
Great Southern Life Insurance Company has garnered numerous accolades and industry recognition for its commitment to providing exceptional products and services to its customers. These awards are a testament to the company’s dedication to financial strength, customer satisfaction, and innovation.
Accolades and Significance
Great Southern Life has been consistently recognized by reputable organizations, including:
- A.M. Best: Financial Strength Rating of A+ (Superior)
- Ward’s: Top 50 Life/Health Insurers
- J.D. Power: Highest in Customer Satisfaction among Life Insurance Companies
These awards not only demonstrate the company’s financial stability and industry leadership but also highlight its unwavering commitment to providing superior customer experiences.
Quotes and Testimonials
Industry experts and organizations have praised Great Southern Life for its exceptional performance:
“Great Southern Life Insurance Company consistently exceeds industry standards, setting the benchmark for financial strength and customer satisfaction.” – A.M. Best
“Their commitment to innovation and customer-centric approach has earned them a well-deserved reputation as one of the leading life insurance providers in the nation.” – J.D. Power
Community Involvement
Great Southern Life Insurance Company is deeply committed to giving back to the communities it serves. The company believes that its success is intertwined with the well-being of its neighbors, and it strives to make a positive impact through various initiatives.
Great Southern supports local organizations and programs that align with its values of financial security, health, and education. For example, the company provides financial assistance to food banks, homeless shelters, and educational institutions. It also organizes volunteer events and encourages employees to donate their time to local charities.
Employee Volunteerism
Great Southern encourages its employees to engage in community service. The company offers a paid time off program for employees to volunteer at organizations of their choice. This program allows employees to give back to their communities while maintaining a healthy work-life balance.
