You might have ended up with a policy with American Memorial Insurance Company or have been offered a funeral policy through Assurant Solutions with them. Whichever way you may have heard about this company we will help you decide if it is the best choice for you. Here at InsureChance, we have reviewed 100’s of companies and actually work with all the top rated companies so we know a few things about what is a good choice for you. In this article, we will cover everything from history, rating, products and more. Here is a quick summary:
- If you were just searching the web for American Memorial Insurance Company then you know they don’t have their own website and that’s because they are a part of Assurant Solutions in 1996.
- Prior to 1996, American Memorial Life Insurance was known as Prairie States Life Insurance and they were around since 1959.
- According to A.M Best, Assurant Solutions have been given an “A-” rating.
- Assurant Solutions only offers one life insurance product and that is a final expense policy. A final expense policy only pays for your funeral and other final expenses you may have before you pass away.
About American Memorial Insurance Company (Now Assurant Solutions)
Actually, the company doesn’t operate on their own since 1996 and that’s because they got acquired by Assurant Solutions. Now, Assurant Solutions uses the existing infrastructure to offer final expense products to its clients. I can tell you that Assurant is actually a pretty good company and does offer a large variety of insurance products from health, renters, and phone insurance. Assurant has been in business since 1892 which makes them older than anyone reading this article.
As far as Assurant it is a fortune 500 company that has a lot of insurance products most of which you have probably used without knowing. I once called T-Mobile because my phone screen cracked and they send me to Assurant. The company has an “A” rating from A.M. best which is solid and also lets you know that they have claims paying ability. By the way, this company is not just in U.S but 16 other countries, which is no wonder that they bring in about $6 billion in revenue yearly.
Besides that Assurant is definitely a company that gives back to the community. They have started a foundation named “The Assurant Foundation” which donates money to nonprofit organizations that improve the living standards around their area. The company focuses their contributions on Housing, Financial Literacy, and Community. In addition to that, they encourage giving with their employees by matching their contributions up to $1000.
American Memorial Life Insurance or Assurant Solutions Product Offering
As stated above, Assurant Solutions doesn’t offer any other life insurance except for a whole life burial policy known as a final expense. Final expense policies are designed to provide your loved one’s funds to cover the funeral and any other costs associated with the death of a loved one.
Assurant’s Final Need insurance Policy:
- It’s a whole life insurance policy that will provide lifetime protection.
- Because it’s a whole life plan you’ll get some cash value accumulation but be warned you won’t get rich from it.
- It is a simplified issue plan so you won’t have to do an exam or answer a ton of questions.
- The plan will cover you immediately after the company process your approval.
- If you use tobacco products expect a surcharge.
Pros and Cons of Assurant Solutions
There a couple of pros and cons of Assurant Solutions. A pro of Assurant Solutions is that they are a highly rated company which means they are more than fit to be there for you when you need them to be. Another pro is that they have a fantastic customer service department who are really there for all of their clients. A con of Assurant Solutions is that they only offer a final expense insurance policy and no other life insurance products. Another con is that they are only one company among many others and their small line of life insurance products puts them behind their many competitors.
Work with us!
So if you’re looking to cover your burial expenses this policy makes sense and Assurant Solutions is not a bad company. However, here at InsureChance, we like to keep things simple and always recommend that you check the entire marketplace first before committing to anything. The great news is pretty simple to do that with us since we have a final expense comparison tool that will show you rates from all the top companies. We work with over 60 top rated companies to put the power of shopping for life insurance in your hands. If you’re not sure about which plan you qualify for or have some serious medical conditions we can help, so call us at 888.492.1967. Welcome to the best insurance agency online!
