Frank L. Gillespie facts for kids
Quick facts for kids
Frank L. Gillespie
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Gillespie in 1925
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| Born | November 8, 1876 |
| Died | May 8, 1925 (aged 48) Chicago, Illinois, US
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Frank L. Gillespie (born November 8, 1876 – died May 8, 1925) was a smart businessman. He created the very first life insurance company owned by African Americans outside of the southern United States. This was a big step forward for black businesses and communities.
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Starting a New Kind of Company
Before starting his own company, Frank Gillespie worked for a white-owned insurance company called Royal Life Insurance. He worked in a special department for "colored people." There, he noticed that his customers were often sold insurance plans that were not as good as those offered to white customers. These were called "inferior products."
Gillespie wanted to change this. He met with other important black businessmen in Chicago. Together, they decided to create a new insurance company. This company would offer fair and good insurance plans to African American professionals in Chicago.
Building Liberty Life Insurance
Gillespie's company was first called Liberty Life Insurance. It was officially started in 1919 in Chicago. Later, its name changed to Supreme Liberty Life Insurance Company, and then to Supreme Life Insurance Company.
Unlike many other companies at the time, Liberty Life offered "whole life insurance." This meant people could get full insurance coverage, not just small, limited plans. Frank Gillespie worked hard to hire and train well-educated black agents. Sometimes, he had to hire part-time agents who also worked as postal workers or ministers.
The company's main office was the Supreme Life Building. This building was finished in 1921. It was designed by architect Albert Anis. Today, it is a special landmark in Chicago.
A Leader for Black Businesses
Frank Gillespie was also working to create the National Insurance Association. This group would bring together black-owned insurance companies. He died while he was setting up this important organization.
Gillespie's Lasting Impact
Frank L. Gillespie's company grew very successful. By 1960, Supreme Life Insurance Company was the third largest life insurance company in the United States owned by African Americans.
Today, a school in Chicago is named in his honor. It is called the Gillespie Technology Magnet Cluster School. This shows how important Frank L. Gillespie was and still is.
