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North Carolina Mutual Life Insurance
About the Company
North Carolina Mutual Life Insurance Company is a privately held insurance company that is based in Durham, North Carolina. North Carolina Mutual Life was founded in 1898 and is the largest African-American owned and managed insurance company in the United States. They are licensed in 24 states and the District of Columbia, and have offices in eleven of those states. Their wholly owned subsidiary, NCM Development Group is a real estate development company.
North Carolina Mutual Life has over $12 billion dollars of insurance in force and has surpluses that exceed $18 million. During it's time in business, North Carolina Mutual Life has helped minorities develop financially.
In addition to offering term life insurance, North Carolina Mutual also offers whole life insurance, hospital indemnity plans, fixed annuities, and funeral pre-arrangement services.
Term Life Insurance Products
Platinum Series Term Life Products:
- This product comes with terms of ten and fifteen years.
- It is a level term life insurance product. The premiums will remain level for the life of the policy.
- Special rates are granted to non-smokers.
- The policy can be renewed until the age 95.
- You can convert your platinum series term life policy to a permanent policy without providing evidence of insurability.
- Platinum term life products work best for people who want short term life insurance protection and have a limited budget.
- Premiums for a term life program are generally lower than permanent life premiums.
- The death benefit is only paid if the policy holder passes on while the policy is in effect.
- There is no cash accumulation value with this policy.
North Carolina Mutual Financial Ratings
A.M. Best: B (Fair)
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