Pros
Great amount of time off - after your first year you get 20 days (paid) off as a salaried employee. The 401k match was usually pretty generous, but the economy may have now changed things. Before I left, they changed the pension to allow you to be able to access it after your first year of working there (yes, they offered a pension AND a 401k). Managers were pretty flexible with time off at the time. You're pretty much guaranteed job security due to the amount of claims that tend to come in. You get to understand a product that everyone needs (insurance) better.
Cons
HEAVY workload. I don't think the leadership thinks realistically about how many people they should hire to help carry the workload. Our goals were pretty stringent and (again) based on some unrealistic attainments. An e-mail was once forwarded that you should never expect anything over an "Meets expectations," on your yearly review - this was sent as a joke but is more real than what you might think. If you are new, never expect to get any part of the week of thanksgiving off (except for Thanksgiving Day) or any part of the week of Christmas (except for Christmas day).