What Is a Short History of Phoenix Mutual Life Insurance?


Quick Answer

Prominent city leaders founded the predecessor of Phoenix Mutual Life Insurance in Hartford, Connecticut in 1851 and the Home Life Insurance Company in New York in 1860, reports The Phoenix Companies. After pioneering innovations in the life insurance field, the two companies merged in 1992.

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Full Answer

Religious, civic and business leaders of Hartford founded the American Temperance Life Insurance Company in 1851 to only insure people who did not drink alcohol, according to The Phoenix Companies. In 1861, its founders changed its name to Phoenix Mutual Life Insurance and expanded its membership guidelines to allow those who drank alcohol. Among its early members was president Abraham Lincoln. Important company milestones included major corporate giving after the Chicago fire of 1871, paying out stockholder interest in gold during an inflationary period in 1874, and innovative agent newsletters and training courses in 1901 and 1906. In 1912, Phoenix Mutual Life Insurance pioneered direct mail advertising of life insurance, and in 1955, recognizing that women generally lived longer than men, it began offering reduced life insurance premiums for women.

In 1992, Phoenix Mutual Life Insurance and Home Life Insurance Company merged to form the Phoenix Home Life Mutual Insurance Company, states The Phoenix Companies. In 2001, the company changed from a mutual to a stock company and renamed itself The Phoenix Companies, Inc.

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