Horace Mann Insurance Reviews: Auto, Life & Property
Founded in 1945, Horace Mann Insurance was once known as Illinois Association Mutual Insurance Company. The name was changed to honor a U.S. senator that was a supporter of public education. Their headquarters are located in Springfield, Illinois and their CEO and President is Marita Zuraitis. The company offers a wide range of insurance options, primarily directed toward educators. They provide insurance as well as annuity programs for United States school districts. There are several affiliates and subsidiaries of Horace Mann such as the Horace Mann Insurance Company, Horace Mann Life Lloyds, Horace Mann Life Insurance Company, the Teachers Insurance Company and Horace Mann Property & Casualty Company.
Horace Mann was named among the Top 50 Most Trustworthy Financial Companies by Forbes Magazine in 2014. This came just one year after being selected as a part of Forbes Top 100 Most Trustworthy Companies. While Horace Mann caters to teachers they also seem to be in the top for many others as well. Overall the company has a well educated and helpful staff that is prepared to handle their clients’ claims. They are well versed on helping teachers to save money in the best ways possible. The wide variety of products that they offer provides plenty of opportunity for their clients to plan for their future.
Horace Mann Insurance Review
Is Horace Mann ideal for Teachers and Educating Professionals?
Consensus: Horace Mann is an ideal choice for educators because of its transparency and its insurance agents, who promote understanding of insurance products.
Horace Mann BBB Reviews
Horace Mann Insurance is not Better Business Bureau (BBB) accredited, however, they may be able to provide information about the company as well as any complaints regarding the company that may be available. You can learn more about BBB accreditation by visiting their website. They can provide specifics regarding the location of the main office for Horace Mann Insurance as well as information on how they are rated by customers based on customer complaints. The information provided by the BBB can be beneficial in helping to make the best decision.
Horace Mann Complaints
When selecting the right insurance company for your needs, it is best to check out the reviews available on the company online. There are several sites online that specialize in helping individuals to get the most for their money. According to CarInsuranceGuideBook.com Horace Mann offers comprehensive plans to fit those in need of them all at reasonable prices. The biggest discounts seem to be available for those individuals that work for a school system. Overall customers have no problem with the services provided by Horace Mann and they find the prices to be more than fair. Most customers found Horace Mann agents to be fast in responding to their claims and very helpful in getting them on track.
Some of the few complaints available are from individuals that have been in an accident with a Horace Mann customer. These individuals did not find the company to be exceptionally responsive to contact. These people complained that Horace Mann agents failed to get back to them in a timely fashion about claims filed. All in all there have been 31 customer complaints filed with the BBB against the company in the last three years. On ExpertInsuranceReviews.com, Horace Mann received 2.5 out of five stars and a 171 overall score on ratings. This number is considered to be fairly high.
Horace Mann’s Financial Health
Thanks to the success in ranking as one of the Top 50 Most Trustworthy Financial Companies by Forbes Magazine in 2014, the company seems to be financially sound and growing in popularity. They have solid insurance options available for those in the educational fields, making them attractive to teachers on a tight budget. According to AM Best and S&P, Horace Mann Insurance is considered to be a financially stable company with a solid future. Given the number of satisfied customers with the company, it is highly likely that the company will continue to thrive and offer quality policies to those need them.
Source: AM Best
Review of Horace Mann Insurance Products
** Educator Advantage: Clients of Horace Mann who are educators are allowed to take advantage of what is known as the Educator Advantage plan, offering value-added benefits and features to their insurance plans without any additional costs. If you are an educator and you are insured by Horace Mann, then taking advantage of these additional services will benefit you significantly. Some of these benefits include but are not limited to:
- A waiver or a reduced deductible for any vandalism losses that are covered by your insurance plan if the vandalism occurs on the school property or near the school property, or while you are at a event sponsored by the school.
- Added coverage for road side assistance if you already have standard emergency road side assistance on your insurance plan.
- If your new car has been declared a total loss, you will receive a replacement car
- If your pet becomes injured or is killed resulting from injuries sustained in a vehicle accident, you will receive up to $1,000 to cover veterinary bills or other related expenses.
- You will receive additional liability insurance coverage if you are transporting students in a vehicle insured by Horace Mann.
Auto Insurance: Horace Mann provides customers with auto insurance to include liability and comprehensive coverage. This auto insurance could include uninsured motor vehicle coverage, underinsured motor vehicle coverage, medical payments, personal injury protection coverage, collision coverage, emergency road service, and rental reimbursement. The different add-ons that are available will depend greatly on your driving record, age, location and the vehicle that you are insuring. Going over the details will help you to get the best quote for your automobile insurance needs. Make sure that you look at all of the unique products that Horace Mann has to offer, including things like coverage for when you collide with an animal on the road, liability plus insurance and the motor club. The Motor Club offers cross-country perks for members of Horace Mann.
Property Insurance: Horace Mann provides several types of property insurance policies to cover items such as homeowners insurance and renters insurance. Homeowners insurance is often a requirement by any mortgage company and there may be some guidelines or requirements set out by the lender. Be sure that you discuss these with the insurance agent before committing to a policy. The coverage may include liability, personal injury, flood, fire, theft and other possible damage. Renters insurance may provide some of the same coverage as homeowners insurance, but to renters for the property that they are leasing. A renter’s insurance policy may be required of a landlord before allowing a tenant to rent a property.
Life Insurance: Horace Mann offers several types of life insurance to include term life insurance, cash value term life insurance, whole life insurance, universal life insurance and variable universal life insurance. These policies are provided to individuals to help meet their needs both while they are living and in the event of their death. Understanding life insurance options can be challenging and talking with an agent is the best way to learn more to make the right decision for your lifestyle.
Disability Income Protection Insurance: When you become ill or suffer an injury and are disabled, disability income protection insurance can help provide a monthly income for you and your family. Not all disabilities are covered and you will need to speak with a Horace Mann agent regarding the particulars involved. Understanding the disability income protection is important before you add it to your policy.
In addition to the insurance products that Horace Mann is known for, this distinct company also offers a number of financial tools for its clients. Some of these include annuities, mutual funds and college savings plans. More about these financial services is listed below:
Annuities: In addition to offering several types of insurance policies, Horace Mann also offers annuities. An annuity is an agreement between a life insurance company and an investor that outlines how money is handled, how it is invested and how payments are made. There are several types of annuities that Horace Mann offers including 403(b), 457(b), Traditional IRA and Roth IRA. To learn more about each of these types of annuities you will want to speak to an agent. Not every annuity type is right for every person and there are different restrictions on each. Most insurance companies do not offer annuities in their line up of products. This sets Horace Mann apart and provides an extra service, particularly for those in the teaching community
Mutual Funds: Horace Mann also offers mutual funds so that customers are able to plan for their future. The mutual funds are invested in bonds, stocks or short term money market securities to help the individual to grow their retirement accounts. Some of the reasons to trust Horace Mann with mutual funds include the fact that the funds will be managed by experienced professionals, holdings will remain liquid with no significant penalties, diversified investing offsets risks associated with investing, and they offer services such as investing and withdrawal programs automatically. These extra programs are useful in creating a well rounded financial portfolio.
College Savings Plans: Horace Mann also helps customers to plan for their children’s college future with savings plans for that specific purpose. They can provide you assistance with a 529 college plan to help you save the best way possible or your child’s college future. There are several reasons to consider investing in a 529 college savings plan including the tax advantages, options for withdrawals for tuition, room and board and other expenses, portable allowing the funds to be used at any accredited college, no gift tax consequences on contributions of $14,000 or more, no income limits, asset control options, and no restrictions on family members to be beneficiaries.
Horace Mann Insurance Rates
Every insurance company develops their prices and rates differently. Making sure that you get the best price may not be just about finding the right insurance company. There are many factors that can change the rates and pricing for Horace Mann policies. Some deciding factors that may have a bearing on your insurance quote may include:
- The type of insurance that you are looking for,
- How much coverage you need,
- What you want for a deductible (this is the amount that you must pay out of pocket before the insurance starts to pay),
- How many individuals are being covered,
- What the ages and health of the individuals being covered are,
- For auto insurance, the number of tickets held can be a factor,
- The type of vehicles being covered,
- The discounts that you may qualify for, and
- Location of your house or rental property.
The best way to find out more about prices and rates for your specific situation is to contact a Horace Mann agent and go over the details. You may find that you qualify for a variety of discounts and that by combining policy types you can save money. Make sure that you discuss the various discounts such as clean driving record discounts, loyalty discounts, teacher’s discounts and others. The company offers a variety of easy payment options to help you keep up on your premiums. They also have resources available online through their Teacher’s Lounge that allow you to access assistance with such things as Educators Advisory Panel, Recess Time for Teachers, American Education Week information, recognition programs for educators and other resources for educators. This is an excellent hub that adds extra resources for educators all over the country. When filing a claim you can find many resources that will help you to get the answers that you need.
Horace Mann is definitely an insurance company worth considering if you are an educator, or if there is an educator in your family. The special perks for educators alone may make this collection of insurance policies well worth your investment. Make sure that you work closely with a Horace Mann insurance broker in order to determine how you can best have your insurance coverage needs met, whether you are looking for car insurance, liability insurance, home owner’s insurance, renter’s insurance or financial tools to help plan for your future.