Life insurance is often an integral part of one’s overall financial plan. But, while some people can easily qualify for life insurance protection due to age and/or good health, others may not be so fortunate. In this case, a no exam life insurance policy could offer you an avenue for the coverage that you need.
Not all no exam life insurance policies are the same, though, nor are the insurance companies that offer them. It is always best to do your research and make sure that you choose an insurance carrier that provides the right type and amount of insurance that is best for you, as well as one that has a reputation for paying its claims in a timely manner. One insurance company that fits these criteria is ANICO (American National Insurance Company).
The History of ANICO Insurance Company
American National Insurance Company – which is often referred to simply as ANICO – has a long and successful history of offering life insurance and other protection products. Founded in 1905 by William L. Moody, Jr., the company had a mission of still being in business 500 years into the future.
Throughout the years, ANICO has grown into a successful pillar of the insurance industry. This company is the parent of the American National family of companies, which include:
- American National Life Insurance Company of New York
- American National Property and Casualty Company
- The Farm Family group of companies
- Other specialty companies – including Standard Life and Accident Insurance Company; American National Life Insurance Company of Texas; and Garden State Life Insurance Company.
American National Insurance is headquartered in Galveston, Texas. Today, the company has more than 3,000 employees who are located in its Galveston offices, as well as in other areas throughout the United States, including Springfield, Missouri and Glenmont, New York. ANICO offers its insurance products in all 50 U.S. states.
ANICO currently serves more than 11 million policyholders, and the company holds more than 2 billion dollars in assets. In 2017, American National Insurance Company was named as one of America’s Most Trustworthy Financial Companies by Forbes magazine, which was based largely on the company’s financial strength and integrity.
ANICO Ratings and Better Business Bureau Grade
As a result of the company’s strong financial footing, American National has also earned high ratings from the major insurer rating agencies. These include an A rating from A.M. Best Company and an A rating from Standard & Poor’s.
In addition, while American National Insurance Company is not an affiliated company through the Better Business Bureau (BBB), this insurer has closed out a total of 16 customer complaints through the BBB within the past three years (three of which have been closed out within the past 12 months).
Of these 16 complaints, 11 had to do with problems with the company’s products and/or services, and the other five were in relation to the company’s billing and/or collection issues. There were also two negative customer reviews posted regarding ANICO on the Better Business Bureau’s website in 2017.
No Exam Term Life Insurance Products Offered Through ANICO
For those who do not wish to undergo a medical examination as a part of their life insurance policy underwriting, American National Insurance Company offers a no exam term life option. With this particular policy, the coverage amount may be between $50,000 and $250,000, and the policy is available to those who are up to age 65 at the time of application. The coverage lengths that are offered on this term life insurance plan include ten years, twenty years, or thirty years.
Throughout the course of coverage, the death benefit will remain level, as will the amount of the premium that is due. This remains true, even as the insured get’s older, as well as if he or she contracts an health condition during that period.
While there are some medical related questions on the application for coverage – and the ANICO underwriters will also check an applicant’s MIB (Medical Information Bureau) report, as well as his or her prescription medication history – there is no requirement to meet with a paramedical professional and provide a blood and urine sample.
Because of this, the no exam term life insurance product that is offered via ANICO Insurance Company may be approved much more quickly than a traditionally underwritten policy – which in turn means that protection can be secured in a matter of just days, as versus weeks or months.
Other Products and Services Available
Along with its no exam term life insurance option, American National Insurance Company also offers a long list of other life insurance coverage alternatives, as well as retirement annuities, and other types of insurance coverage.
In the area of life insurance, American National provides the following types of coverage:
- Whole Life – Whole life is a type of permanent life insurance protection, meaning that these policies offer both a death benefit, as well as a cash value component. The cash component is allowed to grow and compound on a tax-deferred basis, and these funds can be borrowed or withdrawn for any reason by the policyholder. With a whole life insurance policy, as long as the premium is paid, the coverage will remain in force. The amount of the premium will remain the same throughout the entire time that the policy is held by the insured.
- Universal Life – Another type of permanent life insurance coverage that is offered via American National Insurance Company is universal life. With universal life insurance, there is death benefit protection, and cash value builds up. However, these plans are considered to be more flexible than whole life, as the policyholder may be able to alter both the timing and the amount of the policy’s premium in order to coincide with his or her changing needs.
- Indexed Universal Life – Indexed universal life insurance provides death benefit coverage, and cash value build up. The return that is attained on the cash value is based upon the performance of an underlying market index, such as the S&P 500 (although the funds are not directly invested in the market). If the underlying index performs well, a positive return will be gained – up to a certain maximum, or “cap.” If, however, the underlying index performs poorly during a given period, the policy’s cash value will simply be credited with a 0%. This can provide the policyholder with the safety of principal.
- Variable Universal Life – Variable universal life insurance – which is another form of permanent life insurance coverage – also offers death benefit protection and a cash component. Here, however, the return on the cash value is based upon the performance of underlying equity options, such as mutual funds. If the investments perform well, the policy is credited with a positive return. If, however, the investments perform poorly, it is possible that the policyholder may sustain a loss. Therefore, there is a risk inherent with variable universal life insurance coverage.
- Traditionally Underwritten Term Life – Applicants for traditionally underwritten term life insurance through American National Life Insurance Company may choose coverage lengths of 10, 15, 20, or 30 years, depending on their specific needs. The coverage amount, as well as the amount of the premium, will remain the same throughout the life of the policy. There is also the ability to customize the policy with various riders.
- Credit Life – ANICO also offers credit life insurance. This type of coverage provides a benefit for paying off or reducing the insured’s credit obligations (such as a credit card balance). The benefit of this type of insurance coverage is paid directly to the lender, as versus to the survivors of the insured.
In addition to life insurance, American National Insurance Company also offers a long list of other insurance and financial products, such as:
- Annuities – Today, people are living longer than ever before. This, however, can cause concern regarding whether or not individuals and couples will run out of money in retirement. An annuity can help with alleviating this worry, as one of the benefit options on an annuity is guaranteed lifetime income. There are several types of annuities that are available through ANICO, including fixed deferred annuities, index deferred annuities, variable deferred annuities, and single premium immediate annuities.
- Health Insurance – ANICO also offers health insurance plans that cover a wide range of needs, including Medicare Supplement insurance, supplemental health coverage, credit disability, and employer stop-loss protection.
- Property and Casualty Insurance – Property and casualty coverage is also available via American National. This protection includes personal property insurance, as well as business and agribusiness insurance plans.
How to Get the Best Premium Rate on No Exam Term Life Insurance Coverage with ANICO
Want to learn more about how to get the best premium rate on no exam term life insurance coverage through ANICO – or any other insurance carrier?
We’re an independent insurance brokerage, and we love to help you get what you need – including premium quotes. Take a moment to fill out the quote form on this page to find out more. Or, if you would rather speak with an expert via phone, we can be reached at 1-888-552-6159.
Finding the right life insurance can often require working with an expert who can point you in the right direction. So, contact us today – we’re here to help.