Beneficial Financial Group Information

Beneficial Financial Group is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation (DMC), The insurance side of the company was known for many years as the Beneficial Life Insurance Company. Beneficial is certified by the Insurance Marketplace Standards Association for ethical business practices. Beneficial held an "A+" (stable) rating from Standard & Poor's for financial strength, On June 16, 2009, it was announced that Beneficial would stop writing new policies at the end of August. DMC reiterated its commitment to back existing policies, but said that in the current environment, Beneficial was too small to compete with larger insurers. In 2019, David Nielsen, a former employee of the LDS Church's investment manager, Ensign Peak Advisors (EP), filed a whistleblower complaint with the Internal Revenue Service. Nielsen asserted that a portion of Beneficial's funding during a financial downturn had been provided by EP, a possible violation of federal tax rules. A statement from the church denied any wrongdoing, and claimed Nielsen's allegations were based on "limited information."