LICOA

What LICOA does

Life Insurance Company of Alabama (LICOA) is a privately held, family-owned supplemental insurance carrier founded in 1952 by Colonel Clarence W. Daugette, Jr. and headquartered at 302 Broad Street, Gadsden, Alabama. The company underwrites and distributes eight core supplemental insurance products — Life, Accident, Cancer, Critical Illness, Dental, Disability, Hospital Indemnity, and Vision & Hearing — targeted at middle-income America, with benefits paid directly to the insured to fill coverage gaps left by primary health insurance. LICOA holds over $100 million in assets and has paid hundreds of millions of dollars in cumulative policyholder benefits over its 71-year history, including more than $38 million in the most recent two years.

The company operates a traditional insurance model without disclosed proprietary technology platforms or AI/ML capabilities. Distribution is built on a network of licensed independent agents and agencies across 12 southeastern states, supplemented by an employer worksite marketing channel that the company has led for over 25 years. Customer-facing infrastructure includes a corporate website (licoa.com) supporting quote requests, agent finding, and claim submission, alongside a self-service Policyholder Portal at mypolicy.mylicoa.com. LICOA maintains high financial strength ratings from AM Best and Standard Analytical Service, and its revenue derives from recurring insurance premiums paid by individual policyholders and employer worksite groups.

Name

LICOA

Legal name

Life Insurance Company of Alabama

Website

https://licoa.com

Company type

Private

Founded year

1952

Operating status

Operating

Headcount range

101–250 employees

Short description

LICOA is a family-owned supplemental insurance carrier founded in 1952, offering life, accident, cancer, critical illness, dental, disability, hospital indemnity, and vision & hearing policies to middle-income Americans across 12 southeastern states through licensed independent agents and employer worksite marketing.

Ownership category

akta.pro rank

Product category

Supplemental Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Group Term Life Insurance (FSAIAAAJ)

akta.pro secondary industries

Small Group Health Insurance (2–50/100) (FSAIAFAD), Association & PEO Group Health Plans (AHP/PEO-Sponsored) (FSAIAFAH), Whole Life / UL Policy Riders & Add-ons (e.g., Waiver of Premium, Accidental Death, Child Term, LTC/Chronic Illness) (FSAIABAK)

Keywords

• Supplemental health insurance
• Life insurance products
• Accident insurance coverage
• Worksite insurance marketing
• Independent insurance agents

Headquarters

HQ city

Gadsden

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premiums: LICOA generates revenue through insurance premium payments collected from policyholders. The company offers life insurance, accident insurance, cancer insurance, critical illness insurance, dental insurance, disability insurance, hospital indemnity insurance, and vision & hearing insurance. Premiums are paid according to policy terms and coverage levels selected by customers.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Life Insurance Company of Alabama (LICOA) underwrites and issues supplemental insurance policies — including life, accident, cancer, critical illness, dental, disability, hospital indemnity, and vision & hearing coverage — to individual consumers and employer worksite groups across 12 southeastern U.S. states. Policies are distributed through independent agents and worksite marketing arrangements, with all administration, claims handling and underwriting performed from the company's Gadsden, Alabama home office.

Product overview

Life Insurance Company of Alabama (LICOA) operates as a multi-million dollar financial institution offering a portfolio of supplemental insurance products designed for middle-income America. The company offers eight core insurance products: Life Insurance, Accident Insurance, Cancer Insurance, Critical Illness Insurance, Dental Insurance, Disability Insurance, Hospital Indemnity Insurance, and Vision & Hearing Insurance. These products are designed to integrate with primary health insurance coverage to 'fill the gap' in protection, with benefits paid directly to the insured during times of need. LICOA has been a leader in worksite marketing of supplemental insurance products for over 25 years, serving customers across 12 southeastern states.

Differentiator

Problem solved

Functional benefit

Products and services

• Life Insurance Life insurance policies underwritten and issued by LICOA for individual consumers and worksite groups across 12 southeastern U.S. states.
• Accident Insurance Accident insurance policies underwritten and issued by LICOA, paying benefits for injuries and accident-related medical expenses for individual consumers and worksite groups in 12 southeastern states.
• Cancer Insurance Cancer insurance policies issued by LICOA that pay cash benefits upon cancer diagnosis and during treatment, complementing major medical coverage.
• Critical Illness Insurance Critical illness insurance policies issued by LICOA that pay lump-sum cash benefits on diagnosis of specified critical illnesses such as heart attack, stroke or organ failure.
• Dental Insurance Dental insurance policies issued by LICOA covering preventive, basic and major dental services for individual consumers and worksite groups in the Southeast.
• Disability Insurance Disability insurance policies issued by LICOA providing income-replacement benefits to policyholders who become disabled and unable to work.
• Hospital Indemnity Insurance Hospital indemnity insurance policies issued by LICOA that pay a fixed daily or per-event benefit for hospital confinement, surgery, and related inpatient costs.
• Vision & Hearing Insurance Vision and hearing insurance policies issued by LICOA covering eye exams, eyewear, hearing exams and hearing aids for individual consumers and worksite groups.

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• AFLAC: AFLAC is the dominant U.S. worksite/voluntary supplemental insurer, offering accident, cancer, and other indemnity products through employer-based enrollment — directly overlapping LICOA's core distribution channel and product set.
• Colonial Life: Colonial Life (a Unum subsidiary) is a direct competitor in voluntary/worksite supplemental benefits — accident, cancer, critical illness, hospital indemnity, and life — sold through benefits brokers and onsite reps.
• Combined Insurance (Chubb): Combined Insurance, now part of Chubb, has long sold supplemental accident, disability, and life insurance through worksite and direct-agent channels serving middle-income households — overlapping LICOA's customer and channel profile.
• Mutual of Omaha: Mutual of Omaha sells individual life, supplemental health, and Medicare Supplement products through career and independent agents — closely comparable to LICOA's middle-income individual and worksite positioning.
• Globe Life: Globe Life is a public life insurer focused on whole and term life for middle-income families sold through exclusive agents — directly overlapping LICOA's life insurance positioning and customer segment.
• United American Insurance Company: United American (a Globe Life subsidiary) specializes in supplemental health, cancer, and Medicare Supplement policies via direct-to-consumer and agent channels — overlapping LICOA's accident, cancer, and supplemental mix.
• Bankers Life: Bankers Life, part of CNO Financial Group, focuses on middle-income seniors with supplemental Medicare and life products through career agents — a structural peer in target demographic and distribution model.

Broad incumbents

• Allstate Insurance: Allstate is a large national P&C and life carrier with broad agent distribution; while primarily property/casualty, it competes with LICOA in life and supplemental products via its extensive agency network.
• Cigna Group: Cigna is a large national health and supplemental benefits carrier offering group voluntary/supplemental products through employer channels — competes with LICOA in supplemental health at the employer/worksite layer.
• MetLife: MetLife is a broad incumbent life and benefits carrier with group life, voluntary worksite offerings, and individual life — relevant peer for LICOA's group life and supplemental product lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/life-insurance-company-of-alabama

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LICOA