Family Life insurance Company

In 2006 Family Life Insurance Company (FLIC) was acquired as part of the ManhattanLife group of companies. Its charter spans 49 states and includes Guam. In addition to FLIC, we currently market insurance and investment products in six separate insurance charters. Over time we have, by design, had product redundancy in several of our charters allowing us product overlap for when opportunities present themselves.

Such an opportunity has occurred; we were recently approached by a third party about acquiring our FLIC charter. Developing insurance charters is both a timely and costly enterprise so the ability to buy – and sell – a charter can streamline the experience. We have agreed in principle to sell the FLIC charter.

What that means is this: where a product has been filed in a state exclusively on FLIC paper, we are filing on Manhattan Life & Annuity Assurance Company (MLIAC) “paper.” Most of our insurance products are filed under this charter and we anticipate no impact to our product distribution strategy. The majority of FLIC health business is in Florida, where we have already filed products on the MLIAC charter.

In addition to Florida, other states where we will be filing various products include Delaware, the District of Columbia, Indiana, Michigan, New Jersey, and Rhode Island. It is important to note that our portfolio in these states is available via other charters and the filings are to plug product gaps (if one exists).

Next Steps:

When finalized, FLIC policyholders will be notified of the new underwriting company, in this case it will be Western United Life Assurance. Also, we will be removing from our website and quoting tools any FLIC products where the same product is available via a separate charter.

 This information will be updated moving through the summer and into the fourth quarter.