A company we occasionally get asked about is the American Income Life Insurance Company, especially from those who are reviewing their workplace or association benefit plans.
While they aren’t among our best life insurance companies in 2016, they are definitely worth the time to investigate as they might be a good fit for you and your family. Workplace benefits are a bit tougher to compare, as you can’t simply shop all the rates from all the companies, so extra due diligence is required.
But let us do it for you.
As always, our American Income Life Insurance Company review is our own opinion, and we suggest thoroughly researching any suitable company before purchasing a life insurance policy. You can get a quote right here on this page to compare rates from more than 50 other life insurance carriers available.
Our American Income Life Insurance Company Review
About 65 years ago, American Income Life was founded by a gentleman named Bernard Rapoport, who took a loan of $25,000 to begin the company. With its current headquarters in the town of Waco, Texas, AIL has no grown to serve over 2 million policy holders across the United States, and have become one of the top providers of life insurance in the supplemental arena, focusing their efforts heavily on credit unions, labor organizations, and large scale associations.
From a beginning balance of owing $25,000, American Income Life Insurance Company now has a total combined asset value which exceeds $3 billion. In life insurance alone, they currently hold greater than $46 billion in force.
As a Torchmark Corporation, a public Fortune 1000 company, they are a part of an even larger network who provides both life and health insurance through all of its affiliates, giving them an even stronger foothold in the insurance industries.
American Income Life Ratings
Being in the top 8% of all carriers, they are assumed to be financially stable and solvent, an essential indicator of claims paying ability. While these are all great, it never comes with a guarantee for the future. Any company you choose to do business with needs to remain strong for decades to come.
Products Available from AIL
American Income Life has its strongest focus on offering their clients term, whole, and final expense life insurance through supplemental and workplace benefit programs. This provides consumers access to a life insurance contract which should fit most budgets and cover a majority of scenarios, assuming they are already part of one of these larger benefit offerings.
AIL insurance products come with a few good features, including:
- Portability – the ability to take your life insurance with you, even if you leave the workplace where you originally purchased your policy
- Terminal Illness Rider – an increasingly common rider, this allows the insured access to as much as 50% of the death benefit when they are declared terminally ill with less than 1 year to live
- Other Lines – consumers gain access to further savings for accident or health insurance, something not always available through a life insurance company
The Freedom Of Choice Final Expense Plan is their core burial product, which aims to cover the financial gaps of a death benefit with the exclusive purpose of funeral cost planning. These types of policies generally have a much lower death benefit, but are much easier to qualify for.
They last a lifetime, and the benefits never go away as long as the premiums are kept current.
AIL also offers several other types of products, including:
- Critical Illness (more info)
- and Hospital Indemnity
Other Things About The Company
Other than products and customer service, American Income looks to help those locally and nationally, especially children, with support and outreach programs. Among them is the No-Cost Child Safe Kit®, a way for parents to have just one bit of extra peace of mind knowing their children are always within reach.
The company takes its responsibility seriously, stating:
We contribute to various organizations that research, analyze, and propose solutions on fair trade, good jobs, environmental sustainability, and electing fair-minded candidates.
They strive to be a voice for all everyone’s financial independence, speak out for a more fair economy for the masses, and have a special eye for defending every worker’s rights.
Our Thoughts On American Income Life Insurance Company
American Income Life Insurance Company does hold a particular position within the life insurance industry, but really only for those who are a part of some type of organization or association, labor union, or other larger entity where life or health benefits are offered.
Because of this kind of layout, usually involving little to no underwriting and advertising to mass markets, the cost per thousand you’ll pay is likely higher than comparable companies. We have found several superior products, with a greater number of benefits at a lower cost, though they may not be available to everyone.
|Company Name (and Subsidiaries)||Torchmark Corporation (Parent)|
American Income Life Insurance Company
National Income Life Insurance Company in New York
|Company Ratings||A.M. Best (A+)|
Moody’s Investors Services (N/A)
Standard & Poor’s (AA-)
|Headquarters (Address, Phone, Web)||1200 Wooded Acres Dr.|
Waco, TX 76710
|Policy Types Available||Term|