So you came to a realization that you need to get a life insurance policy to protect the most important people in your life, family. You search led you to Pan-American life insurance company and you’re wondering is this right company for you. Well, you have come to their right place since we’re an independent agency that works with top life insurance carriers with the expertise of what makes a great insurer. In this article, we will cover everything from the company rating all the way to their products. Below is a quick summary of my fellow cliff notes readers or a deep guide for my researchers:
- The company focuses on life insurance, accident and health insurance.
- Pan-American Life Insurance Company is a very giving company so they give back to the community. They are committed to supporting the communities where they live and work. On their website, they give back because it’s an integral part of their corporate culture.
- According to A.M Best Company, they gave Pan-American Life an “A” or excellent rating. Fitch’s Ratings also gave them an “A” or strong.
- Term life is a form of temporary life insurance that provides coverage for only a short and specified period of time.
- Whole life is a form of permanent life insurance that provides you with coverage for, you guessed it, your WHOLE life
- A pro is that they offer both term and whole life products to help reach a few everyone’s needs. A con is that they don’t offer any investment life insurance products which are appealing to some who want to grow their cash value quicker. Another con is that they are only one company among many others so if they don’t appeal to your taste, you have many other options
- Whether you decide Pan-American Life Insurance Company is the best life insurance company for you or not you should still shop around for quotes. Shopping around for quotes will help you see what company offers you the best quote. If you have 30 seconds go below this article so that you can see for yourself what you can get offered. Not only will you see some quotes but you will also be able to compare them with other highly rated companies.
Pan-American Life Insurance Company 2017 Review
Pan-American Life Insurance Company has been around since 1911 and has provided dependability, stability, and financial health that have been recognized in their industry ratings. The company focuses on life insurance, accident and health insurance. According to A.M Best Company, they gave Pan-American Life an “A” or excellent rating. Fitch’s Ratings also gave them an “A” or strong.
Why should you always read a company’s rating?
A life insurance company is only as good as the rating they receive from many different rating agencies. A rating is designed to show the company’s financial strength so you as a consumer know whether or not that company will have difficulties paying a lot amount of claims. If the carrier has managed their finances and investments properly they will tend to have a higher grade. Just to give you an idea some of our favorite companies like Prudential, Banner Life, TransAmerica and SBLI all have an A+ rating. Although this shows their financial rating from my experience it translates to great products and service as well. So the point of all this is that don’t work with companies that have a rating below “A”.
Pan-American Life Insurance Products
Pan-American Life Insurance products are sold through their company Mutual Trust Life Insurance and like most life insurance companies they offer whole and term life insurance policies.
Term life insurance
- Term life is a plan designed to provide coverage for a set time.
- Since it provides coverage for a short period of time there is no cash value to be built with this product.
- “Term” refers to the length of time you want to stay covered for and this product allows you to choose how long you want to be covered for 10, 15, 20, or 30-years.
- Term life is the most affordable kind of life insurance in the whole market.
- Pan-American Mutual offers term life insurance with a level premium guaranteed which means that your premiums will never change throughout the life of your policy.
- This policy is perfect for those looking to buy a term life policy to fill a short-term need or for those who need a cheap life insurance policy.
- This product is renewable annually until age 98 which means that when your policy expires it will keep annually renewing your policy until your age 98. The downfall with this ”benefit” is that you will have higher premiums each year.
- You also have the option to change your term life policy into a permanent life insurance policy when your policy expires without having to prove good health or have to go through the whole underwriting process.
- The Children’s Insurance Benefit allows you to provide additional coverage for your children born before and after issue. You can also convert their term policy into a permanent plan.
- There is also an Accelerated Death Benefit Rider which is a living benefit feature that allows you access to a portion of the death benefit in the event you get terminally ill during the life of your policy.
Whole Life Insurance
- Whole life is a form of permanent life insurance that provides you with coverage for, you guessed it, your WHOLE life.
- Just like other permanent life insurance policies you have the opportunity to build cash value.
- As long as you pay your premiums your premiums will be level and that is guaranteed, which again means your premiums will never change.
- You have guaranteed death benefits and are income tax-free so you don’t have to worry about your beneficiaries not receiving your death benefit when they need it the most after your passing.
- There are Non-forfeiture Benefits which include a term or reduced paid-up insurance if your plans change.
- There is an Accelerated Death Benefit Rider at no additional cost in case you get diagnosed with a chronic or terminal illness which in that case you will be provided a portion of your policy’s death benefit to help pay for hospital bills or anything that comes with your diagnosis.
- With your cash value being built you will be able to access them in case you need them for any emergency that comes up.
Pros and Cons of Pan-American Life
Based on all the factors we have to say that Pan-American is a reputable life insurance company based on their history and rating. They do offer term life and permanent life insurance options to give you a choice. They don’t offer a permanent plan that builds cash value like IUL or VUL plans. Now, personally, I don’t think Pan-American Life is a better alternative than the top best life insurers in U.S., simply because you can get better pricing and plans from a higher rated carrier.
Work with us!
At this point, you should have a pretty idea of whether or not you’d like to go with Pan-American Life Insurance company or one of its competitors. If not feel free to check out quotes on our site at absolutely no charge. Here at InsureChance, we provide you with all the options in the marketplace with outstanding lifetime support. Best part is that lif einsurance rates are fixed by the law and our service doesn’t cost you a penny! So please call, chat or email us today.
