Mutual Benefit Life Insurance

<1851> - <?>:151 Market Street
<1914>:750 Broad Street
300 Broadway

Founded 1845

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Aetna Assumes Remainder Of MBL Life Immediate Annuity Business

Mutual Benefit Life Insurance Co closed its doors in 1991. The policies were sold to Anchor National Life Insurance Company (P. O. Box 19074, Greenville, S. C. 29602-9074) also known as Sun America.

From: "Newark, the City of Industry" Published by the Newark Board of Trade 1912

Newark's reputation as the home of great insurance companies is nation wide, and one of the companies which has aided materially in bringing about this desirable result is the Mutual Benefit Life Insurance Company, which as been before the public 67 years. This company is purely mutual, has no stockholders, and its charter, which is perpetual, was received from the State of New Jersey, January 31, 1845. This charter provides that all persons who shall thereafter insure, shall, while they continue so insured, be members of the corporation and that twelve directors, a majority of whom shall be citizens and residents of New Jersey, shall have its management. The directors are chosen by and from among the members of the company.

The 76th annual statement, like its predecessors, contains proof of the continued confidence of the public in this great institution, and the year 1911 showed unusual increase in the volume of business handled.

The company maintains agencies in nearly every state in the Union and paid out during 1911, $6,593,686.73 in death claims and $1,480,037.67 in endowments.

It has always apportioned dividends annually, such dividends being applied either in reduction of premiums or to the purchase of additional insurance payable with the policies at maturity, or to the conversion of the policies into endowments payable at a specified and gradually diminishing age or paid in cash. The company has never issued any policies on the tontine or deferred dividend plan.

The Home Office building owned and occupied by the Mutual Benefit Life Insurance Company is on Broad and Clinton Streets, and is a commodious and imposing structure, showing the architectural development in this section of the city in recent years.