Beneficial alters name to reflect its services

In its 99th year, Beneficial Life Insurance Co. is changing into Beneficial Financial Group, with an expanded portfolio of services reflecting its efforts to "get ahead of the curve."

This week, the first visible signs of transformation occurred when a Beneficial Life sign was removed from the company's downtown headquarters, 36 S. State, and replaced by one that reads, simply, "Beneficial." All of the new signage should be in place by July 1.

Beneficial Financial Group, the company's new name as of June 1, will now offer financial advisory services through its registered investment adviser, Allegis Advisors, in addition to its life insurance services.

The change — in name and product offering — is "a response to what we think is needed in the industry, to provide additional services to our longtime, loyal Beneficial Life clients who need more than just life insurance," said Ted Lewis, Beneficial's general counsel. "Our plans are to provide advisory services to help people decide exactly what they need, and then be able to provide it — whether it's investments or insurance."

Beneficial will now offer insurance, retirement, investment, estate planning and employee benefits services, as well as strategies for business continuation, executive compensation and charitable giving. Through various partnerships and strategic alliances, the company also offers securities and long-term care and disability products.

"As Beneficial enters its centennial year, we are broadening our name to reflect our expanding ability to serve our clients," said Kent H. Cannon, Beneficial's president and chief executive officer, in a prepared statement. "The 'Beneficial' name continues to reflect our century-old heritage and values, while 'Financial Group' reflects our commitment to being a world-class financial services organization."

It also "reflects our efforts to get an edge in marketing, and to get ahead of the curve," Lewis said. "Our new company strategy raises the bar for us, and we intend to meet it."

Beneficial Financial Group is owned by the Deseret Management Corp., a holding company for businesses affiliated with The Church of Jesus Christ of Latter-day Saints. The company employs 200 people at its Salt Lake headquarters and more than 700 throughout the Western United States.

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E-mail: jnii@desnews.com