When you are looking for life insurance to make certain that surviving loved ones will not experience financial issues when you die, it makes perfect sense to research any life insurance companies that have made your shortlist.
Thankfully, buying life insurance in our 21st Century marketplace allows consumers to compare not only insurance rates but also the ability to learn about products and insurance providers as well.
Here, we’ll drill down into American Amicable Life Insurance and offer our company review.
In This Review:
About American Amicable
American Amicable Life Insurance Company was launched in 1910 as a progressive market insurance provider. Its mission is to provide groundbreaking life insurance and financial products that have been designed to target the needs of consumers. This can and does consist of financial protection, wealth creation, and estate preservation.
In 2010 Industrial Alliance Insurance and Financial Services Inc. obtained American Amicable Life Insurance to facilitate a solid financial position. And as a result, the insurance company continues to evolve and prosper.
American Amicable is committed to maintaining financial stability and sensible management practices. Its steadfast dedication to every policyholder is delivered with dedication.
At this point, with more than a hundred years of life insurance experience, American Amicable is comprised of several subsidiary companies:
- American Amicable Life Insurance Company of Texas
- American Life Insurance Company
- Occidental Life Insurance Company of North Carolina
- Pioneer American Insurance Company
- Pioneer Security Life Insurance Company
Each of these companies is regarded as strong and financially stable. The total investment portfolio of the group of companies is well-diversified and provides an appropriate mix of risk and reward.
Financial Ratings
Because of its robust financial history, American Amicable has continuously received high ratings from the top-ranking companies in the industry that includes an “A” from AM Best, the most well-known rating company out there.
Additionally, since 2011, American Amicable Life Insurance has received accreditation from the Better Business Bureau and attained a top rating of A+.
These ideal ratings demonstrate that American Amicable is offering excellent policies and outstanding customer service.
American Amicable Life Insurance
Similar to most life insurance carriers, American Amicable has an assortment of life insurance products to satisfy the needs of its customers and prospective customers.
Term Made Simple
To start our list of accessible American Amicable life insurance products, we will begin with its simplified issued and no medical exam term insurance, which has been appropriately titled Term Made Simple. This life insurance product keeps true to its moniker as it is designed to be straightforward for the applicant applying for life insurance.
One of the many benefits of applying for American Amicable’s term policy is that there is no requirement for a medical exam. This means that you will not need to meet with an examiner or have to have blood drawn or provide a urine sample for testing.
The insurer has even made their whole application process easy by using a short-form insurance application combined with a phone interview comprised of standard underwriting questions.
Underwriting can be very quick, dependent upon the applicant. To provide fast approval times, American Amicable will use innovative underwriting methods and services.
The underwriting methods consist of checking with the Medical Information Bureau (MIB) and as well as a Pharmaceutical Database Check. Based upon the outcome of the reports there might be the possibility of requiring medical records as well as a medical exam.
Face amounts start at $50,000 and range to $400,000 with term periods of 10, 15, 20, or 30 years. Term Made Simple is renewable up to age 95.
Every policy comes with the conversion option that allows for all or a portion of the death benefit to be converted to permanent life insurance.
This conversion option comes with guaranteed approval, and no evidence of insurability is required. Conversions must be undertaken no later than age 75.
Here are actual rates for a $250,000 20-year term policy for a healthy male and female non-smoker:
| Age of Applicant | Male Non-Smoker | Female Non-Smoker |
|---|---|---|
| 25 | $25.65 | $17.78 |
| 30 | $26.10 | $19.35 |
| 35 | $29.25 | $23.85 |
| 40 | $40.28 | $31.05 |
| 45 | $59.85 | $42.98 |
| 50 | $87.75 | $58.50 |
Remember, these term insurance rates are for a simplified issue insurance policy with no medical exam required. To get accurate rates for your actual age, please use our instant insurance rater on this page.
Along with ultra-competitive insurance rates, American Amicable also provides no-cost insurance riders and optional insurance riders that allow the applicant to broaden their coverage and include living benefits.
- Accelerated Benefit Rider – This benefit provides for the insurer to advance a large portion of the death benefit if the policyholder is required to have confined care like a nursing home or hospice facility.
- Terminal Illness Accelerated Benefits Rider – This will allow the insured to receive a portion of the death benefit if he or she is diagnosed with a qualifying terminal illness and is available at no additional cost.
- Accidental Death Benefit – This optional rider increases the death benefit if the insured dies as a result of an accident.
- Children’s Insurance Rider – Allows the policyholder to add term life insurance coverage on all dependent children or adopted children.
- Chronic Illness Accelerated Rider – The chronic illness rider provides for the insurer to pay an advance benefit if the insured is diagnosed with a covered chronic illness.
- Critical Illness Rider – The insured can access up to either 25%, 50%, or 100% of the death benefit if diagnosed with a covered critical illness.
- Total Disability Benefit Rider – Provides for the insurer to pay a monthly benefit if the insured becomes disabled and cannot work.
- Waiver of Premium – The insurance company will waive premiums payments if the insured suffers a qualifying disability.
Final Expense Whole Life Insurance
For seniors who want to have guaranteed final expense coverage, American Amicable offers its Golden Solution final expense whole life.
Similar to its simplified term life insurance, the applicant will not be required to undergo a medical exam when applying for coverage.
On the other hand, your eligibility is based upon answers to the questions on the insurance application along with the results of a telephone interview with an underwriter.
Eligibility also determines which type of benefit plan you will qualify for, as there are three distinctive types available.
- Immediate Death Benefit: This benefit option will pay out 100% of the death benefit for death due to natural or accidental causes from the first day of coverage
- Graded Death Benefit: This benefit plan pays out 30% of the death benefit if death occurs in the first policy year and 70% of the death benefit in the second year. After year 3, 100% of the death benefit is paid to the beneficiary or beneficiaries.
- Guaranteed Acceptance Benefit: This benefit plan pays out the sum of all premiums paid into the policy plus 10% if death occurs within the first 2policy years and then 100% thereafter. If death is the result of an accident, the full death benefit is paid from the first day of coverage.
Universal Life Insurance
American Amicable offers two forms of universal life insurance. The primary difference between them is the underwriting process and the maximum amount of coverage available to the applicant.
Non-Medical Universal Life
With this product, the applicant will not be required to have a medical exam or any blood or urine tests. The policy offers flexible premiums and an adjustable death benefit with insurance coverage ranging from $25,000 to $250,000.
Insurance coverage is guaranteed to have no lapse protection for up to 15 years as long as at least the minimum premium is paid.
- Issue Ages: 0-75
- Minimum Coverage: $25,000
- Maximum Coverage: $250,000
- Optional Riders: Disability Income, Children’s Insurance, Family Insurance, Waiver of Premium, Accidental Death, Terminal Illness and Confined Care
Fully Underwritten Universal Life
If you opt to do a medical exam, which would fall under the fully underwritten coverage, you can apply for coverage greater than $250,000 if need be.
A fully underwritten universal life insurance also offers guaranteed no-lapse protection throughout the entire life of the contract, even if the minimum premium payments are made.
- Issue Ages: 0-80
- Minimum Coverage: $10,000
- Maximum Coverage: No stated maximum
- Optional Riders: Accelerated Benefit, Confined Care, Disability Income, Waiver of Surrender Charge, Term Rider, Children’s Insurance, Accidental Death, Waiver of Month Deduction or Specified Premium
