Life insurance is not a hard concept to understand for most until it comes down to the products, then it’s like a foreign language for many. Don’t worry our purpose is to make life insurance an easy and simple concept and to help our purpose we provide the best unbiased and informative reviews. If you are looking for a reliable article about American Income Life Insurance Company then you have come to the right place! Finding a life insurance is a piece of cake, it’s finding the BEST life insurance where it can get tricky. If you are trying to find out if American Income Insurance Company is the best life insurance company for you and your family stay tuned! We can’t tell you if its or it isn’t the best life insurance company for you and your family because that is something you have to figure out on your own because what is the best company for one person may not be the best company for you, since everyone has different needs, health, and lifestyles. In this article, we will be discussing American Income Life Insurance Company’s history, our review of them with their rating, and of course their products with their highlights. The following are some key points from the article;
- American Income Life was founded in 1951 by Harold Goodman and his nephew with $25,000 of borrowed capital.
- Just like many other big box life insurance company, American Income takes great pride in their community involvement.
- They are known to sell a lot of group policies and are their biggest customers are labor unions, associations, and credit unions.
- In 2016 they ended the year with assets of more than $3 billion with over $46 billion of in-force life insurance. This is important to know as a consumer because you want to make sure the company is more than capable of paying out your policy whenever you need them to.
- The company offers Term life, Whole life, and a Final expense plan as their insurance products.
- According to A.M Best, they rated American Income Life an “A+” or superior which is the same rating given by Fitch’s Ratings. Standard & Poor’s also rated the company an “AA-” or stable.
- Their biggest downfalls is that they don’t offer any Universal Life insurance products which make them harder to attract the crowd who wants to invest and make money off their life insurance policies.
- American Income Life is a good company but you should remember that they are just one company among many other highly rated companies and if they don’t fit your needs you have other options.
American Income Life Insurance Company’s History
American Income Life has been around since 1951 and was started by Harold Goodman and his nephew. They had almost immediate success and by 1954 had written around 6000 applications monthly. Today the company along with its subsidiary National Income Life have assets of about $2.6 billion which is pretty impressive. It was acquired by Torchmark Corporation but the company operations have not changed simply ownership.
American Income Life Insurance Company Review 2017
As you read, American Income Life has been around for 66 years and from the beginning, they have been involved in communities which make them commendable. They are known to sell a lot of group policies and are their biggest customers are labor unions, associations, and credit unions. In 2016 they ended the year with assets of more than $3 billion with over $46 billion of in-force life insurance. This is important to know as a consumer because you want to make sure the company is more than capable of paying out your policy whenever you need them to. The company offers Term life, Whole life, and a Final expense plan as their insurance products. According to A.M Best, they rated American Income Life an “A+” or superior which is the same rating given by Fitch’s Ratings. Standard & Poor’s also rated the company an “AA-” or stable.
Why you should always look at a company’s rating
It is super important to make sure you collect as much information as you can as a consumer. This way you can reassure that you are getting the best product from the best company with the best price humanly possible. Looking at a company’s rating is important because it shows how financially stable a company is or isn’t. If a company has a high rating of “A-“, “A”, or “A+” then it basically shows that the company is more than capable of paying out your policy’s benefits and that they will be around for many years to come. You would be surprised how many companies only last 5 years tops! If a company has a low rating they had their financials analyzed to the fullest by popular rating agencies such as the ones above and have concluded that the company is unstable and vulnerable to any environment change (such as the market crashing). If worse case scenario happens and the company who received a bad rating decided to pull out or file bankruptcy all the policies they have written would be gone like the wind and same goes with all the premiums people have paid. Moral of all of this is to take a minute and check out the company’s rating to be able to get an understanding of their financial stability.
American Income Life Insurance Products
Like we mentioned before American Income Life Insurance offers Term and Whole life insurance and a Final Expense Plan.
- Term Life Insurance– Term life is a form of temporary life insurance that provides coverage for only a short and specified period of time. People can buy term life insurance for 10, 20, and 30-years. Since this type of insurance is temporary, they only provide a death benefit and doesn’t provide cash value to be built. Term life insurance is also the most affordable type of life insurance in the market.
- Whole Life Insurance– Whole life is a form of permanent life insurance that provides coverage for your entire lifetime. A Whole life policy will not only last your entire life but you can also build cash value over time. You can also access your cash value that you have accumulated in case you have any emergencies or various expenses by borrowing against the policy or getting a loan from your policy.
- Final Expense Plan– American Income Life has a policy that covers your final expenses and funeral costs called The Freedom of Choice Plan. This plan can be put in place for those who only need life insurance for their burial and funeral expenses. When you pass away your whole burial and funeral process can cost thousands of dollars and this plan is put in place to pay for those expenses and for the expenses associated with your death.
American Income Life Insurance Company’s Advantages or Pros
American Income Life Insurance has a couple perks. For one, they have very high ratings from popular rating companies. They also offer two of the most common types of life insurance so that they can fit in anyone’s needs. They are also very known for their community involvement and their commitment to working with the middle-class families.
American Income Life Insurance Company’s Disadvantages or Cons
With every good comes the bad and American Income Life is not exempt from that saying. Their biggest downfalls is that they don’t offer any Universal Life insurance products which makes them harder to attract the crowd who wants to invest and make money off their life insurance policies. American Income Life is a good company but you should remember that they are just one company among many other highly rated companies and if they don’t fit your needs you have other options.
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InsureChance is an independent life insurance company who works with over 60 top rated companies to provide our clients with the best life insurance company that fits their needs, health, and lifestyle. We are a free service and do everything for you, from finding the best company that will work the best with your specific needs to the whole application process. One of the best ways to make sure you are getting the best possible rate is to compare quotes and what better way to compare quotes then our quote engine below? You can see for yourself what you will be faced as far as premiums by simply putting the minimum information below. We are not in anyone’s pocket because our loyalty is to our clients and our clients only. If you have 30 seconds fill out our quote engine and start comparing today or give us a call and let us do all the hard work for you while you spend time with the ones who matter the most, your family. Don’t wait until tomorrow when you can get the cheapest life insurance policy today! Sadly, life insurance is not like wine, it does not taste better with age, and the longer you wait the more you will be paying in premiums.
