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Horace Mann Summary
Horace Mann Insurance was founded in 1945 by a duo of teachers in Springfield, Illinois. Their goal was to provide auto insurance for educators. Since that time, the company has expanded to offer a full range of products including – homeowners, life insurance, and annuities, as well as additional financial planning products.
Horace Mann is named for the founder of the modern public education system and writes insurance mainly for those involved in education. This includes all school employees – teachers, administrators, food service, and more. They sell products through agents, many of who are former educators according to the company website.
The company headquarters is still located in Springfield, Illinois, although operations have expanded nationwide.
Horace Mann writes only personal lines insurance, with a focus on the particular needs of educators. They cover the big three individual products: auto, home, and life. They also offer a variety of financial services products.
Horace Mann writes auto insurance policies that meet all of the basic expectations for liability and optional coverage, along with an additional list of features and benefits designed specifically for educators.
The Educator Advantage policy includes features such as:
- Waiver or reduction of deductible for losses taking place at or near a school or school-sponsored event
- Extra roadside assistance when the Emergency Road Service option is selected
- New car replacement coverage
- Pet medical coverage
- Liability insurance for students transported in the vehicle
In addition to common discounts such as multi-policy, there are further discounts for educators and association memberships.
The company also offers its own Motor Club membership as an option for policyholders, which can be purchased at several different plan levels and offers a variety of benefits.
Horace Mann writes basic policies covering structure, personal property, and liability for both single-family homes and condos. The company also write renter’s insurance policies to cover personal property only.
Optional coverage includes upgrading to replacement cost on your personal property coverage, food spoilage coverage, and scheduled personal property.
In addition, customers may choose to add:
- Liability Plus – an extended liability program for both auto and home that works similar to the concept of umbrella insurance
- Identity Theft coverage – can be added to an existing property insurance policy for no additional cost.
- Educator Advantage – an add on that provides benefits designed for educators, such as coverage for school-sponsored events and single-deductible options for auto and home, and deductible waivers for certain education-related claims
Horace Mann’s line up of life insurance products is fairly good.
Policy choices include:
- Term Life Insurance – providing limited-term coverage at a lower rate to provide a higher death benefit when it is needed most
- Cash Value Term Life – offering the option of a cash accumulation account, something not normally seen with a term life insurance policy
- Whole Life – for stable premiums and a guaranteed death benefit
- Universal Life – a more flexible option for permanent insurance that also provides a guaranteed benefit with adjustable premiums and cash accumulation
- Variable Universal Life – an even more flexible life insurance option that allow customized premiums, benefits, and investment options
These policies are available to provide financial protection in the event of a disability that makes in impossible to work. They provide income for such unforeseen events.
In addition to insurance, Horace Mann offers a selection of financial products designed for retirement savings as well as other purposes. Available options are:
- Mutual Funds
- College Savings Plans
- Investment Planning Services
Horace Mann policies are sold only through agents, which means online quoting is not available. This makes it difficult to compare their rates to other insurance companies. As an agent-driver company, their rates are likely to have the same problem as other, similar companies – costs driven up by agent commissions.
For a company that relies on a niche market to compete, they must offer enough value to that market in particular to make premiums seem attractive. Horace Mann can likely compete with similar insurance companies, but may not compete rates-wise with major national companies. This is where their added benefits for educators become important.
Horace Mann does offer online claims filing as well as a 24-hour claims line available to submit by phone, 800-999-1030.They have separate lines for glass-only and roadside assistance claims as well.
The company promises a state-of-the-art claims processing system that allows them to complete claims quickly and efficiently, while also promising to handle claims with attention to the needs of educators.
The website offers a good look at the claims process and provides policyholders quick and easy access to the information they need to get their claim rolling. The company also uses dedicated claims representatives who work directly for Horace Mann to ensure quality and a good knowledge of the products and benefits.
Althought Horace Mann is not BBB accredited, the site gives them an A+ rating. They have a total of 23 complaints with the BBB in the past three years, with nine of those closed in the past 12 months. Overall, those are not alarming numbers for a nationwide company, but may reflect only those in the home state of company headquarters.
Reviews of the company online are mixed, with some complaints regarding poor claims service and others claiming to have received excellent service. As an agent-driven company, some of these differences can be accounted for by different agents, as well as differences in location.
Overall, there is little of a worrisome nature in the reviews, and there are a small enough number of them to make this company appear a fairly safe bet.
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If you are an educator or work in an educational environment, Horace Mann may be well worth considering for your insurance needs. The added benefits on the policies are likely to add value, and make it worth getting a quote in spite of the need to contact an agent. With a fairly solid reputation and a long history, Horace Mann is likely to be a stable company. They aren’t likely to be competitive, however, for anyone who is high-risk or doesn’t qualify for a lot of discounts.
For a list of companies that we recommend, visit our Best Insurance Companies page.