You can’t prolong getting life insurance any longer so you heard about American Family Insurance Company and would like to learn more about them. We wish we could just tell you if American Family Insurance Company is the best company or not but that wouldn’t help you at all since everyone has their own specific needs, health, and lifestyles, what is the best company for someone may not be the best company for you. However, we can provide you with the most information possible so that you can find out for yourself whether or not American Family Insurance Company really IS the best or ISN’T the best. Here at InsureChance, we only provide the most accurate information and the most unbiased reviews because we believe our clients can make their own educated decision without being swayed one way or the other. In this article, we will take a closer look at this big company and see how they stack up in your favor. Here are some key takeaways for my quick readers:
- American Family Insurance Company was founded on October 3rd, 1927 by Herman Wittwer and was called at that time, Farmers Mutual Automobil Insurance Company.
- They offer Term life and Whole life insurance.
- They have an A.M. Best rating of “A” or excellent.
- AmFam has over $22 billion in total assets which is a good piece of information because you always want to know that they have money for your policy’s payout.
- AmFam has a pretty high rating from A.M Best and has a good variety of products. However, they don’t have Index Universal life products, Variable Universal life products, nor do they have traditional Universal life insurance products.
American Family Insurance Company’s History
American Family Insurance Company was founded on October 3rd, 1927 by Herman Wittwer and was called at that time, Farmers Mutual Automobil Insurance Company. In 1930 they decided to establish their new company called National Mutual Casualty Company which focused on protecting those who were not farmers. Three years later the company decided to merge both National Mutual and Farmer’s Mutual. In 1935, Farmers Mutual established the State Farm Mutual Insurance Company of Madison, Wisconsin, “which quickly became the state’s fastest growing windstorm company.” In 1948 the company renamed themselves to Farmers Mutual Insurance Company of Wisconsin.
They introduced sickness and accident insurance in 1957 and a year later they introduced homeowners insurance and opened the highly successful American Family Life Insurance Company which expanded their services to ten states that year. In 1963 the company changed their name one last time to American Family Mutual Insurance Company. In 1977 the company celebrated their 50 years being open with 2.3 million policies sold and 2,360 agents working. In 1981 American Family’s assets surpassed $1 billion and four years later the company established American Family Brokerage to serve policyholders by finding insurers to cover hard-to-place risks. Policyholders’ surplus exceeded $1 billion in 1992.
American Family Life Insurance Company Giving Back
Just like many other big box companies, American Family Life also takes great pride in their community involvement. According to their website, American Family Insurance believes that social impact doesn’t start or end with a check. They focus on bringing their mission “to inspire, protect and restore dreams- into our own communities. By placing our focus on strengthening families facing socioeconomic or health concerns, we, along with our agents, are continually working to restore the ability of our community.”
The company has financially invested $15 million in a pediatric hospital called The American Family Children’s Hospital in Madison, Wisconsin. In the hospital, there is a pediatric intensive care unit, a transplant surgery program and a children’s cancer center. This hospital has treated thousands of ill or injured children from 49 states since their doors opened in 2007. Aside from their investment in this children’s hospital, the company has been a part of different partnerships who directly influence the community such as United Way.
American Family employees and agents have donated over $1.7 million dollars in total to United Way in 2015 they also won the 2015 Community Volunteer Business Award for mobilizing volunteers to complete a panel build in support of Habitat for Humanity of Dane County. In January 2013 American Family announced their partnership with professional golfer Steve Stricker to develop and co-brand a foundation to help build strong families so that they can achieve their dreams and have contributed $50,000 to benefit the community through United Way. They have been a part of many other community events but we are stopping here because we still have other business to talk about!
American Family Life Insurance Company’s Review 2017
American Family Insurance Company sells their life insurance policies under the company name, American Family Life Insurance Company. AmFam has over $22 billion in total assets which is a good piece of information because you always want to know that they have money for your policy’s payout. They offer Term life and Whole life insurance. According to A.M Best Company, they have rated AmFam an “A” or excellent.
Life Insurance Products offered by American Family Life Insurance Company
Like we mentioned before, AmFam offers a ton of different choices such as term life and whole life insurance products.
Term Life Insurance
- Term life is the most popular and affordable life insurance plan.
- You get a choice of 10, 20, or 30-year term lengths.
- Premiums are level so they do not increase nor decrease.
- You can convert from a term policy to a permanent life that offers lifelong protection.
- Most affordable life insurance product on the market.
- You can renew policy when your term policy expires but premiums will increase drastically.
Simply Protected Term Life Insurance
- Affordable protection with this policy.
- There is a very simple application with very few medical questions.
- A medical exam is not required with this policy.
- You can apply at home or in your agent’s office.
- This policy can be issued in 10 days maximum.
- You can choose term lengths of 10, 20, or 30-years.
- Coverage amount ranges from the minimum $50,000 and the maximum $150,000.
Whole Life Insurance
- Whole life is a lifetime cover that will protect you until the ripe age of 100.
- Since this policy is for your entire life you have the opportunity to accumulate cash value.
- Premiums with this product will never change.
- You may have to pay dividends.
MyLife Flexible Life Insurance
- There are two options for this product; Freedom and Legacy.
- Freedom allows the policy to be paid up by age 65 or after 20 years with no payments, whichever is later.
- Legacy is designed to maximize cash value and protection for your entire life.
- You can accumulate your cash value with this product.
- You can also adjust your coverage amount and premium for your ever so changing life.
Pros of American Life Insurance Company
You really can’t go wrong with buying a policy from AmFam because they will work whichever way to make things smooth for you. Most policyholders are quite a contempt with their policies and have had a good experience. Aside from life insurance, they get very good ratings for auto insurance claims satisfaction from Consumer Reports and J.D Power. Back to life insurance, they have very low premiums which some may say that is much lower than average!
Cons of American Family Life Insurance Company
With every good thing, the bad will always follow. AmFam has a pretty high rating from A.M Best and has a good variety of products. However, they don’t have Index Universal life products, Variable Universal life products, nor do they have traditional Universal life insurance products. This can be a drawback because there are clients out there who want to make investments and whole or term life offer investment options. Other than that we don’t have many negatives about American Family Life Insurance other than the fact that they are only one company among much more. You should always shop around for quotes just to make sure you are getting the best possible quote.
You still have options.
So American Family Life insurance is a good company but remember that there are many options out there for you. In our humble opinion, you may be able to get a more competitive priced plan from an A+ rated company like Banner Life or Prudential. If you have any pre-existing health ailments your quotes on our quote engine and others will not show accurately what your premiums may look like. All life insurance companies have their own set of niches, for example, if you are diabetic then you want to make sure that you buy coverage from a company whose niche or specialty is diabetes because they will give you the best rate you want. If you buy coverage from a company who specializes in sleep apnea and not diabetes then you will find yourself having to pay more for coverage because they don’t understand your medical condition. Here at InsureChance, we know all of our 60 top rated companies’ niches and we are here to help you make sure you get the best rate humanly possible! Give us a call today!
