Researching your life insurance and you’ve come across American Amicable Life Insurance Company, but unsure if it’s the right company for you?
You’re doing two things right:
- Covering your family
- Researching proper carriers
One of the best things you can do for your loved ones is to obtain a good life insurance policy.
This policy is going to take care of them should something ever happen to you, so it’s important that you make the right decision.
There are tons of options out there with various life insurance policies, plans, and payment structures; it can all be a little overwhelming.
In a world of insurances that are made to be one size fits all, it can be difficult to find a plan that suits your specific needs.
American Amicable comes in with innovative life insurance that is made to target the individual needs regarding protection, wealth creation, and estate preservation.
We’re going to take a more in-depth look at this life insurance to give you a better idea of what may or may not be best for you and your family.
Our American Amicable Life Insurance Company Review
American Amicable has been around since 1910.
Longevity is always a good sign for insurance companies because it shows that it has stability and is reliable. It’s referred to as a “progressive special markets insurer.”
This right here is probably going to sound nice, but to an independent agent, it’s not the case. It sets off a few alarms; but we’ll get to that.
The insurance sector of the American Amicable Group was acquired in recent years by Industrial Alliance Insurance and Financial Services.
American Amicable has maintained a consistent dedication to financial integrity, responsible management, and a strong commitment to their policyholders shown by it’s “A”, or Excellent, rating from A.M. Best.
Quick Key Details
Potential customers should know a few things about American Amicable before they make their decision to apply:
- American Amicable offers several different options including simplified term and universal life.
- There are no medical exams or blood work required during the application process.
- Plans cannot be canceled, and there is a no-lapse guarantee as long as all premiums are paid on time.
American Amicable makes it easy for customers to find what they need in terms of life insurance plans with an easy approach.
The Application Process
Unfortunately, the application process isn’t very clearly drawn out for customers online.
In order to receive more information about policies and life insurance, customers have to provide contact information and wait for a customer service representative to contact them.
This is not all that out-of-line, but to call yourself a “progressive insurer” and not have a very up-to-date site or online application process isn’t very “progressive” at all. Compare American Amicable to someone like Haven Life or Protective and you’ll immediately see the difference.
From here, customers can proceed to receive more information concerning the type of coverage they’d like to attain.
The good thing about American Amicable’s life insurance plans is that they do not require medical exams during the application process. This helps to speed things up a little.
While medical exams are not required during the application process, your health is taken into consideration to qualify for certain plans.
This can be a good thing because if your health records align with standards and requirements from the carrier, you could qualify for multiple Death Benefit Plans.
Additionally, you Death Benefit can never decrease due to changes in your age or your health status.
American Amicable also offers no-cost accelerated benefits, which include terminal illnesses and confined care. They guarantee your premiums will never go up unless related to changes in age or health needs.
What We Like About American Amicable
A few of the benefits we liked best about American Amicable are listed below:
- Varying in just a few states, insurance plans can be issued from ages 0 to 85.
- Medical exams and blood tests are not required during the application process.
- Plans can never be canceled due to any changes in health or age.
- They offer benefits like accumulated cash value and no-cost accelerated benefits.
We’ll take a closer look at these benefits, so you can see why they’re important.
1. Plans from 0 to 85
Some insurance companies will only insure people of certain ages. A lot of companies are more likely to insure you if you are in good health—basically if it doesn’t seem like you’re going to die anytime soon.
American Amicable will insure you as late in your life as 85 years old. This is great for someone whose limited insurance plan has run out or who never bothered to get life insurance in the first place.
This benefit also allows families to get life insurance plans early on so that they won’t have to worry about it again.
2. No Medical Exams or Blood Tests
Several life insurance companies require customers to have a brief face to face with medical personnel to be evaluated for their health. Not only is this a hassle, but it makes the application process longer.
It’s very convenient to get to choose an insurance plan without waiting for test results or scheduling a time to meet with someone.
3. No Unforeseen Cancellations
As long the customer is doing their part in terms of making the correct payment amounts at the correct times, American Amicable will never cancel your account due to changes in age or in health.
This benefit leaves the policyholder worry free and confident in their insurance company—a benefit that not all policyholders can say they receive from other companies.
4. Death Benefit Plans, Accelerated Cash Value, & Accelerated Benefits
American Amicable offers a variety of extra features within their plans. One of these features is multiple Death Benefit plans that customers can qualify for based on their health history.
Customers are also eligible for no-cost accelerated benefits. These benefits include things like terminal illnesses and confined care. Many companies don’t offer these benefits.
Additionally, American Amicable gives customers the opportunity to accumulate cash value that can be used for emergencies or other financial needs.
What We Don’t Like About American Amicable
There are not that many stand-out disadvantages linked to American Amicable, but we have found issues that some have had during their experiences with the company. Find some below:
- Highest coverage amount is $250,000.
- Customers reported rates rising significantly over health and age changes.
Let’s take a closer look at these disadvantages so you can see why this insurance may not be the best choice for you.
1. Low Maximum
The coverage amounts range from $25,000 to $250,000. This may be okay for some smaller families, but for larger families with more needs, $250,000 may not be enough to sustain them once a customer is gone.
Other companies offer higher maximum coverage options. Some even offer options of up to $400,000 worth of coverage.
2. Rising Rates
It’s very normal to see your premium go up for things like changes in health and age increase. However, customers reported that American Amicable’s rates jumped higher, faster.
These same customers also reported that these jumps happened without warning.
This is more a communication issue—as in, customer service—but it’s still an issue all the same. Customers may not want any surprises; they should be in the know.
Who is American Amicable Best For?
American Amicable clearly states that their services are good for all ages.
Their variety of plans gives them the ability to have a diverse population of policyholders.
People who have been singled out under their plans include:
- Ages 0 to 85
- All Government Employees (Federal, State, County, and City)
- First Responders
- Employees of State Funded Education
- Railroad Employees
- Hospital Employees
The spouses of any of the previously mentioned qualifying individuals are also eligible for the same coverage.
American Amicable Customer Service
American Amicable’s customer page isn’t too outstanding from any other company’s typical customer service page.
Their info page is split up by section, from general company information to policy owner services, to claims, complaints, and marketing sales.
They also make it very clear that all their services are available in Spanish as well as English.
Everything on their customer service page is listed in both Spanish and English, with statements saying that Spanish-speaking representatives are available.
Their website is also completely out-of-date, and doesn’t do the company justice at all. This adds to a poor customer experience when not using an independent agent first.
American Amicable is a highly-rated and highly used life insurance. Their application process is pretty standard, with the exception that medical exams and blood work are not necessary for the process.
This is a huge plus for a lot of applicants.
Their various plans make them diverse and make it easier for customers to pick a plan that works best for them.
But they still aren’t among our best life insurance companies.
Questions arise when it comes to customer service, as policyholders seem to have had issues regarding lack of communication about changes and charges.
Other than that, American Amicable is a diverse and affordable insurance with options for almost anyone.
|Company Name (and Subsidiaries)||American Amicable Life Insurance Company of Texas|
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Pioneer American Insurance Company
Pioneer Security Life Insurance Company
|Company Ratings||A.M. Best (A)|
Moody’s Investors Services (N/A)
Standard & Poor’s (N/A)
|Headquarters (Address, Phone, Web)||425 Austin Avenue|
Waco, TX 76701
Phone: (800) 736-7311
|Policy Types Available||Term|