Puritan Life Insurance Company was a very small company at the time of its establishment in 1775. The founders were Puritans who had migrated to the New England colonies of Massachusetts and Connecticut. They wanted to insure that their grand-children would not be saddled with debt and would have financial resources available for them when they became adults.
Because they had their own business, they did not wish to allow anybody else to interfere with their plans. To ensure that all of their children would be provided with good health care they set up their own health insurance plan. As the company expanded in size they added additional businesses to insure their employees. In doing this they ensured that their employees would have the same kind of access to good health care as they themselves did.
When it came to providing coverage to their employees, the first business to provide this service was the New York Life Insurance Company, or NELIC. This was a company which was owned by the Puritans.
The NELIC Company provided a wide range of services. They covered all types of business costs including salaries, travel expenses, equipment, and more. It also included health care for employees and their dependents.
Because of the success of NELIC in offering quality and affordable coverage, the Puritans decided to start another life insurance company of their own. This new company would provide good coverage and also expand their business by offering even better services.
This company was known as the Plymouth Company and was based in Boston. The company expanded to cover other cities and states as well as Canada. At one point during this period the company was considered to be the largest life insurance company in America.
Although NELIC had a high success rate, there were still questions about the quality of the insurance offered. Some people felt that they were only providing an inferior product for an inflated price.
In response to these concerns, the company began to offer better insurance in the 1800s. They added more features to their policies so that their customers could benefit from the highest level of coverage available at the lowest cost.
In addition to making life insurance policies easier to obtain, they began to offer different types of policies at more affordable prices. For instance, they started a policy known as the Plymouth Term Life Policy, which would insure the policyholder for just a term of twenty years.
This policy allowed people to choose what age they wanted their policy to expire at and what time they wanted it to expire. This would save them a lot of money on medical bills in case they should need to use the insurance.
Another major difference between NELIC and the Plymouth Company was the way that they insured their policies. NELIC covered their employees’ life benefits while Plymouth’s insurance covered only their death benefits. Although there were some differences between the two policies, there were also many similarities.
Both companies paid out very similar amounts of money to their employees if they died from a job related accident or illness. NELIC also insured their employees’ dependents who might be able to collect benefits if they also died from a job related illness.
When NELIC expanded into Canada, they also added policies for employees in Nova Scotia and New Brunswick. While many other companies followed suit and offered coverage in other areas of the country, the Plymouth Company remained the leader in terms of coverage.
Because they maintained such a high success rate, people were encouraged to buy insurance from NELIC. Even though the policy was quite expensive, people had the impression that it would be a worthy investment. This is probably because most people would never have had to use the policy if it weren’t for a reason.
Although the premiums were high, NELIC insurance was the preferred form of insurance by many people in America at the time. It was one of the first companies to offer permanent life cover, because it offered a complete coverage.
Because NELIC was the leading company in terms of coverage, people tended to think of life insurance as being something that only the wealthy could afford. However, the life insurance policies of NELIC actually became very affordable to most people, provided they exercised due diligence in buying them.