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NATIONAL FARM LIFE INSURANCE COMPANY

NATIONAL FARM LIFE INSURANCE COMPANY. The National Farm Life Insurance Company, headquartered in Fort Worth, Texas, is a capital stock company authorized to write life, accident, and health insurance. Though authorized in several lines, the company during the early 1990s wrote only life insurance, with family protection, mortgage cancellation, and accidental death and disability coverages provided as riders. In the early 1990s National Farm Life had about 800 independent agents that wrote policies solely in Texas. William C. (Brigham) Young founded the company in 1946 (incorporated March 1 and licensed on April 13). Young had grown up on a farm at Weinert during the Great Depression, obtained a degree in agriculture from Texas Technological College (now Texas Tech University), and taught vocational agriculture. He then entered the insurance business as a salesman, and gained sales and management experience in Texas. Later he was part of the insurance division of the Air Force during World War II, and while in military service obtained a degree in business administration by correspondence courses with Texas Tech. He began his insurance business to benefit farmers and other agricultural workers, but expanded it in the 1950s to metropolitan areas as many farmers left the land and moved to towns. The company was the first chartered stock life insurance company in Texas that limited stockholders' dividends and used its earnings for profit-sharing dividends for policyholders.

In 1948 National Farm Life established a companion company, Agricultural Workers Mutual Auto Insurance Company, as a profit-sharing organization exclusively for the state's agricultural leaders. National Farm Life's first home office (1949) was located in a building next to the historic Fort Worth stockyards, but in 1968 the company headquarters were moved to the east side of the city, to a site on top of a hill by the interstate highway linking Fort Worth and Dallas. In the early 1990s, with more than $1 billion of insurance in force, National Farm Life was the largest life insurance company with a Texas home office that marketed only in Texas.

BIBLIOGRAPHY: 

Fort Worth Star-Telegram, June 9, 1968. The National Farm Story (Fort Worth: National Farm Insurance Company, n.d.). Hugh Williamson, ed., The Story of Insurance in Texas (Dallas: John Moranz Associates, 1954).

James S. Wilde

Citation

The following, adapted from the Chicago Manual of Style, 15th edition, is the preferred citation for this article.

James S. Wilde, "NATIONAL FARM LIFE INSURANCE COMPANY," Handbook of Texas Online (http://www.tshaonline.org/handbook/online/articles/djnqt), accessed September 02, 2014. Uploaded on June 15, 2010. Published by the Texas State Historical Association.