Pyramid Life Insurance Co.

Pyramid Life offers a portfolio of insurance products aimed at senior citizens. Products available include Medicare supplemental insurance (to cover any expenses not paid by Medicare), Medicare prescription drug plans, and dental, cancer and long-term care insurance policies, among others. The company's sales force is made up of dedicated agents who offer only Pyramid Life services.

Pyramid Life holds more than $120 million in premiums. According to the company, Pyramid Life offers strong policy owner support, specifically featuring quick implementation of new policies, but many customers contradict this claim. In an internet survey on FreeAdvice.com, 63 percent of policy owners were unsatisfied with Pyramid, citing poor customer service and communication regarding policy changes.

Pyramid Life's History

Pyramid Life was established in 1913. When the Medicare program first became available in 1966, Pyramid Life also began selling Medicare supplemental insurance. Pyramid Life is a wholly-owned subsidiary of Universal American, a group of specialty health-care companies (NYSE ticker symbol UAM). Universal American includes other Medicare coverage plans, as well as HMO plans like TexanPlus.

Pyramid Life Insurance Co. Ratings

Pyramid Life is rated on A.M. Best under its parent corporation, Universal American. As of December 2008, A.M. Best confirmed Universal America's issuer credit rating (ICR) of "bb" with a negative outlook. The rating 'bb' indicates 'fair'; the company's ability to meet its senior financial obligations is vulnerable and considered noninvestment grade. This rating was largely based on Universal American's Medicare products and the high likelihood of government cutbacks to Medicare payouts and was not directly tied to its life insurance holdings. Universal American's life insurance products encompass a small portion of the company's overall business.

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