UPDATED: Jul 9, 2020
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|Key Information||Company Specifics|
|Current Executives||CEO – Lanny Peavy
President – Joe Dunlap
CFO – Darla Schaffer
|Number of Employees||200|
|HQ Address||425 Austin Ave.
Waco, TX 76701
|Premiums Written – Individual Life||$2,056,490|
|Best For||Strong Financial Standing; Term Life With No Exam|
In business for over 100 years, American Americable is no newcomer to life insurance. With customer praise and the highest ratings to boast, American Amicable has a longstanding reputation of providing some of the most competitive prices for a variety of term life and whole life insurance options.
Stay tuned — This American Amicable Life Insurance review will tell you everything you need to know about American Amicable and give you the opportunity to find the best term life insurance quotes from the right company for you.
Why wait to save money on life insurance? Before diving into our American Amicable Life Insurance review, click on our FREE quote tool above. to compare rates from the top life insurance companies now.
Shopping for American Amicable Life Insurance Quotes
One of the best financial decisions you can make is shopping around for life insurance quotes. Because life insurance premiums are usually paid in a term, like a contract, what seems like a small difference can cost you a small fortune. Take advantage of this detailed American Amicable Life Insurance review to save big money.
For example, over a 30-year term, paying $20 a month instead of $17 a month costs you over $1,000 during the life of the term. Imagine saving $1,000 by getting a quick life insurance quote.
Average American Amicable Life Insurance Rates by Age
As you may expect, the typical American Amicable life insurance rates increase with age. The average non-smoker can expect to spend $15 to $60 a month on insurance premiums, depending on coverage and term length. The average American Amicable life insurance cost is about $120 covering clients 25–65, with rates starting as low as $11.61 a month.
|Policy Holder Age||$100,000 – Male||$100,000 – Female||$250,000 – Male||$250,000 – Female|
As you can see above, males tend to pay a bit more than women for life insurance. As you age, you can also expect your rates to start climbing. This is a great reason to shop for life insurance early. Do note that the rates above are for non-smokers.
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American Amicable’s Life Insurance Policies
American Amicable offers several policies to benefit many prospective clients. Life insurance policies for parents might include term and whole life insurance, which can provide support for your spouse or children in the event of a catastrophic life event resulting in death.
Burial and final expense insurance might be one of the ideal life insurance policies for seniors to help reduce the financial burden of a funeral for family members. Watch this video that explains how insurance can help cover funeral costs.
Universal life insurance might be a beneficial life insurance policy for spouses since the rates are more flexible over time.
Over time, life insurance policies for adults become more important.
With any company, rates tend to climb as age progresses since our life eventually has to end. This could be another good reason to enroll in life insurance policies for children with a term life insurance policy. At the end of the day, it’s better to be safe than sorry.
If you’re still unsure about what each life insurance policy is, you may want to visit the NAIC Consumer Glossary for more rigid definitions. The NAIC, or National Association of Insurance Commissioners, provides data to consumers about insurance.
Whatever policy you choose, be sure to communicate with your beneficiaries. You’d be surprised how much life insurance money goes unclaimed due to a lack of communication in America.
Life insurance dividends shouldn’t go unclaimed.
Term Life Insurance
With premiums starting as low as $11.52 a month, American Amicable offers a variety of term life insurance plans. Choose between 10-, 20-, and 30-year terms with coverage up to $250,000. If you’re thinking about getting married, imagine how $250,000 could help your spouse if you were to pass. Get life insurance when you get engaged.
Whole Life Insurance
Designed to keep a stable rate over any duration, American Amicable offers whole life insurance plans with some different options. Titled Golden Solution, these plans can include an immediate death benefit, graded death benefit, or return of premium death benefit, alongside other riders.
Universal Life Insurance
American Amicable does offer flexible premiums with their universal life insurance policies. As an added bonus, you can qualify for these plans without an exam or bloodwork.
Burial & Final Expense Insurance
American Amicable’s burial insurance (also known as American Amicable senior choice) is offered to those 50 years and older. Like term life insurance, these rates are determined by factors such as age, gender, and smoking. These no-exam rates start at $14.30/month.
Other Life Insurance Products
For homeowners, American Amicable does offer a mortgage term life insurance policy. Find out if mortgage term life insurance is right for you. They also have accidental death, dismemberment policies, or even the American Amicable survivor protector.
Life Insurance Riders
Though they don’t have a specific policy for people who have a disability, American Amicable does include a disability rider for clients. Other riders include accidental death, children’s insurance, and waiver of premium.
In addition, if you’re looking for American Amicable living benefits, they do offer an accelerated living benefit rider with a lump-sum payment for paid in full in the event the insured is diagnosed with a qualifying illness. It’s always a good idea to find out if you need life insurance riders, but expect to pay an increased rate for them.
How to Get a Quote Online With American Amicable
With the world revolving around a busy schedule, it’s valuable to know how to get life insurance quotes online. The best way to get life insurance quotes for American Amicable life insurance starts with their website. Below we outline the process to help you find the rates with American Amicable:
Visit the American Amicable website. American Amicable has the resources you need to start your quote directly on their website. Click the “Find an Agent” tab.
Enter your contact information and wait for the best agent to respond. With an easy-to-fill system, American Amicable should contact you in no time to discuss your life insurance policy.
Canceling Your Life Insurance Policy
Before committing to American Amicable, or any other company, it’s important to know if you can cancel your life insurance policy. Life happens, whether it be financial hardships, better rates, moving, change in living situation, or the basic desire to be free from an expense, you’ll be comforted knowing that you can cancel your American Amicable life insurance policy.
How to Cancel
To cancel your American Amicable life insurance policy, we recommend you have your policy details available to you. Once you review those details, which include potential refunds or penalties, you can then proceed to the policy cancellation process. You can get a jump start on the process by completing your policy cancellation request form.
You can contact American Amicable directly at:
- Hours of operation: Monday–Friday, 8 a.m.–4:45 p.m. Central Time
- Toll-free number: 1-800-736-7311
- Address: email@example.com
If you’re local, you may want to simply call the American Life Insurance Company phone number from their website or visit the American life insurance company address to find out more information.
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How to Make a Claim With American Amicable
Another important aspect of choosing life insurance is knowing the claims process. It’s valuable to know how long you have to make a life insurance claim, how long it takes, and the best way to make it.
With American Amicable, you can make a claim easily. You have the option of simply contacting their service department as listed above, or you can create an account to submit your claim via their company portal. You can also find the necessary American Amicable life insurance claim forms on their website.
American Amicable’s Customer Experience
No insurance company can please everyone, yet we still like to know what other customers have to say about their life insurance company. According to the NAIC, a 0.0 complaint index from 2017 through 2019 means that American Amicable hasn’t had major complaints.
According to the Better Business Bureau, who rated American Amicable an A+ business, there are currently 13 customer complaints. The worst customer experience reviews were revolving around billing or product issues.
The best customer experience reviews, which were found on Yelp, express gratitude for need-specific policies, competitive rates, and overall ease for the insured.
Design of Website/App
American Amicable has a basic and user-friendly website. Though it isn’t flashy, the site still includes policies, quotes, forms, claims, and other amenities necessary for a positive experience for consumers. It doesn’t appear that American Amicable has an app you can download for your phone. However, their site is mobile-friendly, and that includes the application process.
About American Amicable Life Insurance
The history of American Amicable Life Insurance began in 1910 under the name Amicable Life Insurance Company, or ALICO. American Amicable headquarters is located in Waco, Texas, where operations are ongoing in the original ALICO building.
The company is one of many subsidiaries, such as Pioneer Life Insurance, within iA Financial Group as of 2010. You can see how they relate using the Pioneer American customer service number and watching the video below.
However, don’t confuse them with iA American Life Insurance company. If you have more questions about things like who owns American Amicable, revisit the table atop the page.
American Amicable’s Ratings
American Amicable Life Insurance ratings are currently an A+ by the Better Business Bureau. American Amicable also boasts an A on the A.M. Best Company life insurance ratings for financial strength. We always use the most respected companies to evaluate financial strength.
The long-term outlook for American Amicable looks stable with iA Financial Group in their corner. Another iA Financial Group subsidiary, Occidental Life Insurance A.M. Best rating also comes in as excellent.
American Amicable’s Market Share
While not a peak market shareholder, American Amicable ranks similarly to many typical life insurance competitors. Major insurance companies such as State Farm insurance might be considered outliers in market share.
|New York Life||5.68%|
|Minnesota Mutual Group||2.70%|
However, as you can see in the table, American Amicable doesn’t even rank in the top 125 companies, according to the National Association of Insurance Commissioners.
American Amicable’s Online Presence
American Amicable isn’t one of the primary insurance companies using social media. Though they do have some social media accounts, they aren’t well-followed or active. American Amicable claims to employ a marketing strategy with independent marketing organizations.
The company does have a mobile insurance application. American Amicable has you covered.
American Amicable’s Commercials
With a strong focus on reputable networking, American Amicable doesn’t use many life insurance TV commercials to promote its products. Without a strong advent presence, you might wonder, is American Income Life Insurance legitimate?
American Amicable in the Community
American Amicable, through iA Financial Group, is one of many businesses that help the community. This group showed multiple examples of giving back to the community. In one of those examples, iA Financial Group donated $50,000 to the Canadian Red Cross to support flooding relief.
Not only were they one of the best workplaces for giving back to the community in 2019 with that generous donation, but their organization has also hosted a philanthropic contest to raise funds for different charities. This is clearly one of the companies that do good for the community. This is quite contrary to any American Amicable lawsuit.
American Amicable’s Employees
According to Indeed.com, American Amicable employees have rated their experience as a 4 out of 5. Employees note a productive environment and fast-paced work but some hardships with difficult agents. American Amicable jobs are said to include good benefits and substantial bonuses.
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Pros & Cons of American Amicable’s Life Insurance
Now for the next key, simplifying the pros and cons of a life insurance company. Every company has its specialties, whether it be cheap rates, high limits, multiple plans, or more. Below are just a few of the pros and cons of life insurance policies to help you answer, “Is American Amicable legit?”
Pros of American Amicable Life Insurance
There are many benefits to choosing a company life American Amicable Life Insurance. We’ve discussed many, but we emphasize these points:
- Term life insurance with no exam
- Strong financial standing
- Ease of use
It’s good to know that your insurance company will be able to support your family in your time of need.
Cons of American Amicable Life Insurance
With every good company comes some challenges. Here are some reasons that American Amicable might not be the best for you:
- No 24/7 claims
- No mobile app
- No special discounts/programs
One could argue that convenience is an issue with American Amicable depending on how urgent they feel a life insurance claim is. American Amicable has yet another typical Texas life insurance customer service phone number instead of advanced technical features.
American Amicable Life Insurance: The Bottom Line
There are many life insurance companies to choose from. American Amicable offers a multitude of plans with a user-friendly construct. With no-exam policies, they could be the right fit for you. Did we miss anything that would have better prepared you to get life insurance quotes? What section helped you the most?
Now that you’ve read this American Amicable Life Insurance review, don’t wait to save money on life insurance. Click on our FREE quote tool to find affordable rates. Get started now.
Frequently Asked Questions: American Amicable Life Insurance
Life insurance company FAQs and answers can be never-ending. With endless policies, terms, riders, and more, it can sometimes be of service to review insurance company FAQs. While we always recommend learning the basics about life insurance first, below we highlight some key FAQs for American Amicable.
#1 – How much does American Amicable life insurance cost?
As mentioned throughout our article, prices vary greatly with all life insurance companies. For the average person at 40 years old, we would expect premiums to be somewhere around $25 to $35 with American Amicable. Term length, coverage, and other factors such as riders can make a big difference in price.
#2 – If I can’t pay my premium, what should I do?
This is where you could benefit from researching various life insurance policies. If your income varies throughout the year, it might be beneficial to choose a universal life insurance policy so you can have more flexibility with your payments to get by during tough times.
#3 – What happens if I live past my life insurance term?
This is yet another reason to consider your policy options when shopping for life insurance. It’s possible that you’ll outlive your life insurance policy. For a normal term life insurance policy, it could mean you paid a good bit of money and won’t see it again. You can get a return of premium rider to get some refunded, or you could choose a whole life policy to prevent that.