Beneficial Life Insurance Co. is cutting 150 of its 214 Utah-based jobs, according to recent reports. The workforce reduction significantly impacts the company's local presence and comes as the insurer undergoes ongoing financial examinations by state regulators.
Company Affiliation and Scope
The reduction leaves the company with 64 employees in the state. Beneficial Life Insurance Co. is an affiliate of the Deseret Management Corporation, which is a for-profit company affiliated with The Church of Jesus Christ of Latter-day Saints.
Regulatory Oversight
State regulatory records show the company has undergone recent financial examinations. According to the Utah Insurance Department, a financial examination for Beneficial Life Insurance Co. was recorded as current as of Dec. 31, 2024.
Insurance Regulation in Utah
The Utah Insurance Department maintains records of domestic insurer examinations to ensure solvency and market conduct. These reports provide a rolling archive of examinations published over a 10-year period plus the current year.
Consumer Protections
In Utah, licensed life insurance, health insurance, and annuity companies are required by law to be members of the Utah Life & Health Insurance Guaranty Association (ULHIGA). This association provides a safety net, paying some claims if a licensed company becomes insolvent and is unable to meet its obligations.
Guaranty Association Limits
The ULHIGA provides specific coverage caps for residents of Utah, including $200,000 for net cash surrender value, $500,000 for death benefits, and $250,000 for annuities.
