While most Americans consider insurance plans to minimize life’s risks, they are, on the other hand, quite confused about choosing the right firm for timely claims.
However, before making any decisions, it is always better to know every possible fact about the insurance company you are planning to deal with, as it could be a decades-long relationship.
Although there are numerous insurance organizations in the US, the American Amicable Life Insurance is still prominent and among the leading insurance firms. So, here’s your chance to unearth the company’s positive and negative side by reading the American Amicable Life Insurance review.
About American Amicable Life Insurance
American Amicable Life Insurance is a century-old life insurance firm that has been operational since 1910. Although Texas is the birthplace of this insurance company, it has conquered many US states through its remarkable insurance plans and dedicated services. So no wonder why the citizens are confident when it comes to buying life insurance policies from this organization.
Being a part of American-Amicable Group, the American Amicable Life Insurance company has never looked back since its inception. And therefore, every policyholder is treated with high responsibility to make sure they are served well.
More to this, the company’s financial ratings have been increasing over time, which is a beneficial point for investors, shareholders, and even customers.
American Amicable Life Insurance Overview
- Founded in 1910
- 200 employees
- $313,099,895 total assets
- 5+ million Financial standing
- Best known for providing Term life insurance policies without exam
American Amicable Life Insurance Reviews
Gone are the days when purchasing a product or service was the only way to know the truth about the promises made by their owners.
The new era’s customers are intelligent, as they seek advice from other user experiences before making a decision.
So, get ready to know the facts about American Amicable Life Insurance Company, as they will help you decide whether to take the opportunity or seek some other options for buying life insurance.
Bright Side of American Amicable
Fortunately, American Amicable Life Insurance has several positive reviews because of the following facts:
1. Three Standard Life Insurance Policies
Life insurance is a simple contract between you and the insurance firm. However, it is made on a mutual agreement where a customer (you) pays the premiums to acquire financial protection from the policymakers in case of death.
American Amicable Life Insurance provides basic insurance plans to help many potential clients, such as:
- Whole Life Insurance
- Term Life Insurance
- Universal Life Insurance
Whole Life Insurance
Whole life insurance is the basic life insurance policy offered by American Amicable Life Insurance. In this policy, you are required to pay premiums to receive the death benefit and produce cash value. However, you will not get any coverage, and your contract will be terminated if you will not pay timely premiums.
On the other hand, American Amicable has higher premiums for the “Whole Life Insurance” policy, as compared to the “Term Life Insurance”. But the good thing is that you will not be asked to pay higher premiums over time. In other words, the premium amount remains fixed.
Another important thing is that the company is providing different options for whole life insurance. For instance, there are “Golden Solution” plans, which offer a graded death benefit, immediate death benefit, and premium-return death benefit along with other rider policies.
So, if you are willing to stay financially covered, then this policy is a great chance for you. Plus, the cash value factor allows you to withdraw, or request a loan during your lifetime.
Term Life Insurance
Yes! You can get the benefits after a specific period if you choose American Amicable’s “Term Life Insurance” policy. The company offers 10, 15, 20, 25, and 30 years terms, and you can pick the one that seems most suitable to you.
These terms assure that you don’t have to wait for your death to let your beneficiaries enjoy the financial boons, as you can enjoy the financial stability within your lifetime. Contrarily, if you will die within the term, the company promises to pay the benefit to the listed beneficiaries.
But regardless of duration, the maximum benefit you can get through this policy is not more than $250,000.
Universal Life Insurance
American Amicable Life Insurance offers a “Universal Life Insurance” plan that comes with flexible premiums, as well as, adjustable benefits. Also, you can enjoy the cash value benefit if you opt for this policy.
Meanwhile, depending on several factors, you are also allowed to skip premium payments for specific years. Similarly, you can increase or decrease the death benefit as per your preference. However, these conditions only apply under certain policy guidelines. But the best part is that you can qualify for this policy without blood work and health examination.
And unlike other insurance companies, American Amicable doesn’t have a lump-sum premium policy and fixed premiums for the universal life plan.
Other Options You Can Have
- American Amicable Life Insurance also offers final expense insurance to senior citizens (50 and above).
- Although American Amicable Life Insurance hasn’t openly mentioned riders policy on their official website, it does include “disability rider” plans for customers.
2. Highly Affordable Premium Rates
American Amicable Life Insurance Company offers life insurance policies at economical rates. So, if you’re a non-smoker, you may need to pay a monthly insurance premium that will cost somewhere between $15 and $60. Conversely, the average cost is around $120 that covers policyholders between the ages of 25 to 65.
So, here are the average rates for a 10-year American Amicable Term Life Insurance plan for non-smoker males and females that ends with $250,000 benefit.
Note: These rates may change. To know the exact rates use our comparison tool.
Average Monthly Premium Rates for Males for $250,000 Benefit:
- $22.50 per month for 25 years
- $20.50 per month for 30 years
- $22.73 per month for 35 years
- $27.68 per month for 40 years
- $37.80 per month for 45 years
- $51.08 per month for 50 years
- $78.30 per month for 55 years
- $128.93 per month for 60 years
- $206.33 per month for 65 years
Average Monthly Premium Rates for Females for $250,000 Benefit:
- $16.43 per month for 25 years
- $16.88 per month for 30 years
- $19.13 per month for 35 years
- $22.50 per month for 40 years
- $28.35 per month for 45 years
- $37.80 per month for 50 years
- $54.00 per month for 55 years
- $88.88 per month for 60 years
- $139.28 per month for 65 years
So, let’s do quick math.
If you’re a 25-year-old male, your annual average premium amount would be around $270. Contrarily, if you’re a 65-year-old male, then you’ll have to pay $2475.96 for 12 months.
Similarly, a 25-year-old-female will have to pay a yearly premium of $197.16, whereas, the annual premium charges for a 65-year-old woman is approximately $1671.36.
This signifies that American Amicable Life Insurance is highly-affordable for both genders. Also, females have to pay fewer premium amounts as compared to males.
Note: These are sample rates obtained by average calculations. Therefore, depending upon your health, age, smoking habits, and other factors, you can expect fluctuations in receiving actual quotes from American Amicable Life Insurance.
3. Excellent Financial Ratings
Maintaining an excellent reputation among competitors is one of the most important things for any business. And there could be no authentic way to judge a firm’s stability than reviewing its financial ratings, especially when it’s about a life insurance company.
American Amicable Life Insurance has proved its efficiency several times by providing high-quality customer support, and careful management. Moreover, the company has maintained a continuous commitment to financial growth in the business world.
That’s the reason why American Amicable has been given excellent ratings from different credit rating agencies in the US.
For instance, American Amicable Life Insurance received an “A” grade (excellent) credit/financial rating by the A.M Best in February 2019. Likewise, Better Business Bureau awarded an “A+” rating to American Amicable in 2011, and the firm still falls under the same credit rating category.
These accreditations and ratings assure that your financial insurance coverage and security are in capable hands. In other words, these credit ratings inform you that if you are planning to buy insurance from American Amicable, then there’s no way you would face any fraud, and all your claims will be given to you on the specific time as mentioned in the contract.
4. Ease of Getting Quotes
While many insurance companies prefer providing quotes through meeting their agent face-to-face, American Amicable Life Insurance offers online quotes to save your time. It’s an easy process and all you need to do is to visit the official website and click on the “Agent” button.
You will be asked to share your contact information. And once you’ll enter your contact details, a highly qualified agent will respond to you as soon as possible. And within a heartbeat, you’ll be able to discuss your life insurance plan.
5. The Policy Cancellation Option
Before signing a life insurance contract with any insurance firm, you must know if there’s a way out as well.
Why? Because you can never predict what financial situations you may go through in the future. Also, there could be a chance of availing better rates from some other insurance organization.
So, if your insurance provider has a cancellation policy, then it’s a bonus, as not all insurance firms include cancellation terms. Instead, you’ll be charged legally on terminating the contract.
But guess what? American Amicable Life Insurance never restricts you to stay with them. The company includes cancelation terms, which allow you to cancel the existing policy.
However, you must know your policy details, which entail penalties, or potential refunds. And after reviewing all the clauses, you can take the cancellation process one step further.
To begin the termination procedure, you can either fill a “cancellation request” form, or contact the American Amicable Life Insurance through phone, email, or by visiting the office from Monday to Friday.
6. Sterling Reputation in the Community
American Amicable Life Insurance has won the community’s heart with its corporate social responsibility (CSR) services. For example, the company has donated $50,000 to the flood victims. Similarly, the company is found to be energetically participating in numerous philanthropic activities.
This is pure evidence that American Amicable is not only serving people through its legit and trustworthy insurance policies but even helping the neighborhood in many ways.
7. No Major Complaints
It’s nearly impossible that an insurance company is free from customer complaints, right? But believe it or not, American Amicable Life Insurance has a clean complaint record with zero losses incurred from 2017 to 2019.
Identically, Yelp confirms that all the American Amicable customers are satisfied, as to them, they are offered with need-specific plans and competitive rates. And the overall insurance procedure is uncomplicated.
Conversely, Better Business Bureau reveals that only 13 customers are found to be complaining. However, these complaints are mostly related to billing.
Dull Side of American Amicable Life Insurance
Every insurance company is riddled with flaws, and so does the American Amicable Life Insurance. So, wondering what they could be? Here’s the list:
1. Rigid Underwriting
Despite American Amicable Life Insurance offers many policies, which don’t require a medical examination and blood work, you still have to go through some of the toughest health-related questions to qualify for a life insurance plan.
So don’t celebrate if you think you’ll be spared from medical inspection because the company will judge you through your health conditions. And be extremely cautious when applying for a policy, as American Amicable is excellent on getting the truth out.
2. Low-Coverage for Non-Medical Exam Policies
Low benefits are one of the biggest problems of non-medical examination policies. Even if you’ll insist, the company won’t increase the coverage.
Therefore, you or your beneficiaries cannot ask for more than $250,000 at the end of the day. Contrarily, if you want to have more benefits, you’ll have to buy a 2nd plan.
3. No 11th Hour Claims
American Amicable Life Insurance doesn’t treat you 24/7. You have to wait for a perfect day, and fulfill all the legal formalities to claim the coverage even if it’s an emergency.
American Amicable Life Insurance in a Nutshell
American Amicable Life Insurance review provides a strong testimony that the company has helped many people by offering unsophisticated insurance plans from 100+ years and it is still a notable company in the entire US.
With terrific credit ratings, the firm is known for having exceptional and fast customer service along with cost-effective premiums. But despite that, the company offers limited benefits to the policyholders.