The Ullico Foundation was created by and is initially supported through the generosity of Ullico Inc., the labor-supported parent of several insurance and investment services affiliates, including The Union Labor Life Insurance Company, a life insurance company that has championed and assisted American workers for almost a century. Ullico has a long history of supporting charitable causes and community improvement. As part of its overall diversity, equity and inclusion efforts, Ullico formed the Ullico Foundation in 2020 to help address the financial challenges faced by students from underrepresented, disadvantaged and minority communities who seek a quality higher education, particularly students pursuing studies in insurance- and investment-related programs, where minority scholars are especially uncommon. The Foundation has launched a nationwide scholarship program to provide educational opportunities to students from underrepresented backgrounds and increase the pool of students pursuing courses of study in such essential fields as actuarial/mathematical sciences, insurance, business, finance, labor relations or labor history.