Pillar

Pillar Life Insurance operates as a direct-to-consumer insurance carrier, a strategic shift that occurred after its rebranding from Continental Life Insurance in 2021. The company's history dates back to 1957 with the establishment of its sister company, Wichita National Life Insurance, which provides the operational infrastructure and deep-rooted industry expertise. This partnership allows Pillar Life to focus on a consumer-centric model. The company is headquartered in Lawton, Oklahoma.

The business model is centered on selling insurance and annuity products directly to consumers online, eliminating intermediaries and agent commissions to pass savings onto the customer. Pillar Life started by bringing multi-year guaranteed annuities (MYGAs) to the market, which provide a fixed return on assets shielded from market volatility. These products offer guaranteed interest rates for a specified period, after which clients can withdraw funds, roll them over, or convert them into an annuity. The company has since planned to expand its offerings to include life insurance and supplemental health insurance products.

Pillar Life's primary product is its Multi-Year Guaranteed Annuity (MYGA), which customers can research, get a quote for, and purchase through a self-serve digital platform. This platform is designed to give individuals control and flexibility over their financial planning. Key features of their MYGA products include tax-deferred growth and waived surrender charges for partial withdrawals under specific circumstances like death or nursing home admission. While the brand is relatively new, its operations are built upon the decades-long foundation of Wichita National Life Insurance. The company currently serves several states, including Texas, Arizona, Mississippi, Delaware, Pennsylvania, Nevada, and Louisiana, with plans for continued expansion.

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