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Garden State Health Insurance Company

This Garden State Health Insurance Company Review researches League City, Texas-based Garden State Life Insurance Company. Although the insurance company’s name says “Garden State,” the company moved to Texas years ago.

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Then read more details about Garden State Life Insurance Company to determine whether ANICO provides the health insurance products and services you need.

Garden State Life Insurance Company is an operating company of the American National Insurance Company (ANICO) out of Galveston, Texas. The company was purchased by ANICO in the 1990s. It then moved from the State of Maryland (not New Jersey, the Garden State) to its present location at that time.

Garden State Health Insurance Company and ANICO

Garden State Life Insurance Company is part of ANICO Direct. Its sister companies include:

  • Farm Family Holdings
  • American National Insurance Company
  • American National Life Insurance Company of New York

The company’s products and services, including health insurance, are marketed through a national network of independent insurance agents and brokers, along with:

  • Direct marketing
  • U.S. mailings
  • Statement stuffers
  • Internet offers

Garden State Life Insurance Company offers a portfolio of property & casualty insurance products (including agricultural, business, and personal lines) as well as:

  • Supplemental health
  • Credit
  • Life insurance
  • Annuities
  • Specialty insurance products and services

Garden State Life Insurance Company and ANICO offer insurance products and services throughout the United States, Puerto Rico, and U.S. territories.

Supplemental health insurance is purchased by some customers to cover co-pay and deductible costs involved with other insurance programs. Some fixed income or Medicare customers purchase supplemental health insurance policies to control out-of-pocket expenses.

The company is part of a closely held family enterprise owned by the Moody Family since its beginnings in 1905. W. L. Moody started the company, and Robert Moody serves the company as chief executive more than 100 years later. Although the company is publicly held, the Moody Family Trust holds approximately 40% of the company’s outstanding shares. A charitable trust holds approximately 20% of the shares.

Garden State Health Insurance Company Products and Services

Garden State and ANICO Direct focus on the sale of life insurance products, including term and whole life insurance policies. The difference between term and whole life insurance is the term of coverage, according to the company website.

A whole life policy accrues cash value (or money that may be withdrawn for use while the insured is alive). A term life insurance policy pays the insured’s beneficiary upon the event of death.

Term life insurance is considered the most cost-effect way to purchase life insurance, according to many financial planners. Life insurance can help the insured’s family and heirs to pay for outstanding debts, financial obligations, and final expenses, such as a funeral or burial costs.

Garden State Health Insurance Company Financial Information

ANICO is a publicly owned company whose shares trade on NASDAQ (Symbol: ANAT). According to financial reports filed by the company, ANICO’s sales for the fiscal year ended December 2010 were approximately $3.07 billion. One-year sales grew approximately 4% between 2009 and 2010. The company’s net income was approximately $144.03 million for the period.

Sales declined between 2008 and 2009. To reduce its costs, the company combined its information technology and processing centers. The company also decided to cease its life insurance business in Mexico to reduce start-up and operations costs.

In 2010, the company also sold its broker-dealer company and investment management business. The sale of Securities Management and Research doesn’t affect the company’s operations. SMR continues to serve its former parent company by contract over the next several years.

Garden State Health Insurance Company Competitive Markets

The company and its parent compete most directly with:

  • State Farm
  • Nationwide
  • Prudential

The company also competes with:

  • Allstate
  • CNO Financial
  • Farmers Group
  • American Financial Group
  • Aflac
  • Penn Mutual
  • New York Life
  • Union Central
  • Mutual of Omaha
  • Torchmark

Garden State Life is relatively well known for its long-term advertising campaigns featuring actress Meredith Baxter; actor Mickey Rooney and Jan, his wife; and Barry Van Dyke, son of famous actor Dick Van Dyke. The U.S. Postal Service’s helpful change-of-address package has promoted the company’s identity for more than a decade.

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