AboutDave Bowman Expertise I will answer questions of a general nature regarding life insurance, disability income insurance annuities (fixed and variable) and long term care insurance. Also, questions regarding estate analysis. No legal or accounting advice, as I am not a lawyer or a CPA. I do not sell health insurance, so have limited knowledge of the current status of that field.
Experience
Past/Present clients Families, professionals, small businesses, individuals.
Question QUESTION: I am trying to find out if State Mutual Life Insurance Company and State Mutual Life Association are still in business. If not, did another company buy them out and would a policy dating back to 1945 be worth anything?
ANSWER: Life insurance companies don't just go out of business. As entities that are regulated by the individual states vs. Federal government, they almost always sell their assets and liabilities to other companies. The new insurance company should pay out on any old policies you own.
To the best of my knowledge, State Mutual became part of Allmerica Financial, which then sold out to John Hancock and/or Goldman Sachs for portions of their portfolio. Try this link: http://www.hanover.com/thg/index.htm
David S. Bowman, CLU
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QUESTION: I found another policy from Guaranty Union Life insurance Company in LA and was wondering if you knew who they sold their assets to.
Answer I'm not familiar with that name. You might try two approaches: contacting the MIB's policy search department (cost is $75 whether the search is successful or not). Or, contacting the state insurance bureau or department in Louisiana in reference to the successor company.
