Horace Mann Insurance Overview
Horace Mann, officially known as Horace Mann Educators Corporation, is an insurance firm and financial solutions provider specifically targeted toward teachers and educators. Originally called the Illinois Education Association Mutual Insurance Company, the company was found in 1945 in Springfield, Illinois, by two area teachers. The corporation’s name was changed years later to honor Horace Mann, a former U.S. senator who was a staunch proponent of public education in the late 1800s. Currently, the Horace Mann company has about 1,100 employees.
The corporation also has several affiliate and subsidiary companies under its wing, including Horace Mann Insurance Company, Horace Mann Life Insurance Company, Horace Mann Life Lloyds, Horace Mann Property & Casualty Insurance Company and the Teachers Insurance Company.
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Horace Mann Insurance Products
Products available through Horace Mann and its affiliate and subsidiary companies include auto insurance, life insurance, property insurance, disability income protection insurance, retirement annuities, mutual funds and college savings plans.
In addition to its insurance offerings, the company also provides annuity programs for school districts across the United States, as well as various other special programs, including an educator advisory panel, several awards and recognition programs, free education and teacher resources, and a national partnership with DonorsChoose.org that allows teachers and educators to seek donations for teaching tools and resources.
Horace Mann Consumer Complaints
Though the Horace Mann companies maintain an A+ rating with the Better Business Bureau, it is currently not a BBB accredited company. It was first listed with the BBB in 1959. In the last three years, there have been 21 customer complaints filed with BBB against Horace Mann. Four complaints were in regards to billing and collection issues, while the remaining 17 complaints stemmed from problems with products or services.
Horace Mann has surprisingly high ratings on consumer review websites compared to most other insurance companies. Reviews left by consumers tend to be negative in this field, so 2.5 out of five stars with over 150 ratings (On FreeAdvice.com) is a very high score. That doesn’t mean the organization is free of complaints, just that there are more people willing to give them a good rating than we usually see.
Horace Mann Financial Ratings
A.M. Best Rating – B-
Fitch Rating – C
S & P Rating – C
*These grades have been standardized for comparison. For more information, click here.
Horace Mann Overall Rating
Horace Mann appears to be a good choice for those in the education field. They have relatively high customer satisfaction scores and provide the typical insurance coverage an individual or family would need.
Another thing to consider is whether or not to use their other services like annuities and mutual funds. Those are not covered by this review, and anyone considering them should seek outside resources for more information.
Horace Mann Contact Information
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About the Author
I am a former insurance agent turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.