When you need life insurance coverage in order to ensure that loved ones will not suffer financially, it may be that you have a health issue that could, in turn, deem you as a high risk to the insurance company. In this case, while going through the underwriting process can allow the insurer to get a full picture of your health, it could also hinder you from getting the protection that you need.
There is good news, though, in that applying for a no exam life insurance policy could open up the door to the life insurance protection that is required, while also giving you and your family peace of mind.
Before you move forward with the purchase of any life insurance plan, it is important that you first ensure that you are purchasing the right type and amount. It is also wise to take some time to review the insurance carrier you’re considering buying through so that you know it is strong and stable financially, and that it has a good reputation for paying its policyholder claims. One company that fits these criteria is American Amicable Life Insurance Company of Texas.
The History of American Amicable Life Insurance Company
American Amicable Life Insurance Company, or ALICO, has more than 100 years of experience in the insurance arena. Initially founded in 1910 in Waco, Texas, this company is a progressive special markets insurer.
The company offers innovative life insurance and annuity products that are created to target the individual needs of protection, as well as estate preservation and wealth creation. Over time, American Amicable Life Insurance Company has grown and prospered.
American Amicable Life is today a part of the American-Amicable Group, which was acquired by Industrial Alliance Insurance and Financial Services in 2010. The Industrial Alliance Insurance and Financial Services group is a life and health insurance company that offers a long list of financial and insurance products that are geared towards contributing to the financial well-being of more than 4 million customers. The company was founded back in the year 1892, and it today employs more than 5,000 individuals. In 2016, Industrial Alliance held nearly $110 billion in total assets. ALICO is still headquartered in the Waco, Texas area, and the company’s building remains a key part of the downtown business community.
American Amicable Life Insurance Company Review
With more than a century of insurance experience under its belt, American Amicable is now made up of several subsidiaries. These include the following:
- American Amicable Life Insurance Company of Texas
- IA American Life Insurance Company
- Occidental Life Insurance Company of North Carolina
- Pioneer American Insurance Company
- Pioneer Security Life Insurance Company
All of these companies are considered to be strong and stable financially. The company’s total investment portfolio is very well diversified, and it provides a proper mix between risk and reward.
Consistent with the company’s overall philosophy of managing money wisely, American Amicable invests only in investment-grade bonds, mortgage loans that are diversified geographically and by property type, and in common stocks of large companies that offer attractive dividends (although dividends are never guaranteed). This philosophy has enabled American Amicable Life Insurance Company to operate a successful, financially stable, and highly competitive insurance business.
Insurer Ratings and Better Business Bureau Grade
Due in large part to its financial stability, American Amicable Life Insurance Company has achieved high ratings from the insurer rating agencies. These include an A (Excellent) from A.M. Best Company. (This is the third highest rating out of a possible 15 total categories).
Also, American Amicable Life Insurance Company of Texas has been an accredited company of the Better Business Bureau (BBB) since August 30, 2011. The company has been given a grade of A+ by the BBB, which is on an overall grade scale of A+ to F.
Over the past three years, American Amicable Life has closed out a total of 23 customer complaints. Seven of these were closed out within the past 12 months. Of the 23 total complaints, 12 had to do with problems with the company’s products and/or services, 6 were related to billing and/or collection issues, 2 had to do with guarantee / warranty issues, another 2 were related to delivery issues, and the remaining one was related to the company’s advertising and/or sales.
No Exam Life Insurance Coverage Offered by American Amicable Life
American Amicable Life offers both term and permanent life insurance policies. While some of these are fully underwritten – meaning that they require the completion of an application, as well as a medical exam – others do not require the applicant to undergo a medical examination.
One of the no exam plans that is offered by American Amicable Life is its Final Expense policy. Final expense life insurance policies are typically geared towards paying for an insured’s funeral and other final expenses, such as a burial plot, headstone, flowers, and memorial service (although they do not have to be).
The American Amicable Life Final Expense policy can be purchased by those who are between the ages of 0 and 85. Based on the individual’s health history, there are differing death benefit amounts available. This plan also has additional terminal illness and confined care benefit at no added cost.
Because this is a whole life insurance plan, once an individual has qualified for the coverage, the amount of the premium cannot be increased – even if the insured contracts an adverse health issue, and even as he or she gets older. Likewise, the amount of the death benefit cannot decrease. In fact, the plan cannot be canceled by the insurance company, other than for non-payment of the premium.
As a permanent life insurance policy, the Final Expense plan also has a cash value component where the money is allowed to grow and compound tax-deferred. This means that there is no tax due on the growth of these funds unless or until they are withdrawn.
Money from the cash value can be either borrowed or withdrawn – and this can occur for any reason – including the payoff of higher interest debts, the supplementing of retirement income, and/or to pay for a long-awaited vacation.
There is no medical examination or blood work required to qualify for this policy. Therefore, the policy approval process is much faster than a life insurance policy that is fully underwritten.
American Amicable Life also offers simplified issue term life insurance. There are two options here. These include the Non-Medical and the Association Term life insurance option. Neither of these insurance policies requires a medical exam or blood work as a part of the application process.
The Non-Medical policy offers several different term durations to choose from, and coverage amounts that can range from a low of $25,000 and a high of $250,000. With this term policy option, should the insured survive throughout the entire length of the policy, he or she may be able to receive their premium back, provided that they have chosen the Return of Premium option that is available.
In addition, if the insured wishes to have a lifetime insurance policy in the future, he or she may also be able to convert the Non-Medical term policy over into a permanent form of life insurance coverage that is offered through American Amicable. This can be done without the need to prove insurability.
The Association Term life insurance policy is open to applicants who are between the ages of 18 and 65. This is a 10-year renewable term life insurance policy, with coverage that is available to members of the following:
- All government employees (including Federal, State, City, and County)
- First responders (including police, firefighters, and emergency medical professionals)
- Employees of state-funded educational institutions
- Railroad employees
- Hospital employees
- Spouses of eligible individuals
With term life insurance, there is death benefit protection only, without any cash value or investment build up. Because of this, the premium that is charged for term life insurance is typically lower than that of a comparable permanent life plan.
American Amicable Life Insurance Company offers permanent life insurance, too. The Non-Medical Universal Life policy is a flexible premium, adjustable benefit life insurance contract that offers both death benefit protection, as well as a cash value component.
Coverage can range between $25,000 and $250,000, and there is no medical exam required to qualify for this plan. In addition, if the policyholder continues to pay the minimum premium, this plan also offers a 15-year no-lapse guarantee.
As with other types of permanent life insurance policies, the cash value in this plan is allowed to grow tax-deferred, and the money may be borrowed or withdrawn for any reason. Likewise, there is no time limit on the coverage with permanent life insurance – as long as the premium is paid.
Other Products and Services Available
American Amicable Life also offers a fully underwritten universal life insurance policy. This Fully Underwritten Universal Life offers flexible premium, adjustable benefit life insurance that also accumulates cash value tax-deferred. This plan has no stated maximum coverage amount – and, similar to the no medical exam universal life policy, there is a no-lapse guarantee, provided that the premium is paid. Group term life insurance is also available through this insurer.
In addition to offering a full line of both underwritten and no exam life insurance coverage, American Amicable Life Insurance Company of Texas (ALICO) also offers retirement annuities. With so many people living longer lifespans today, one of the biggest concerns on the minds of retirees is running out of money. However, if the lifetime income option is chosen, an annuity can alleviate this worry as it provides a guaranteed income for life – regardless of how long it may be needed.
How to Get the Best Rates on No Exam Life Insurance from American Amicable Life Insurance Company
If you have been looking for the best premium rates on no exam life insurance coverage from American Amicable Life Insurance Company – or for that matter, from any insurer – it is typically recommended that you work in conjunction with an independent life insurance agency or brokerage. In doing so, you will be better able to compare side-by-side different companies, policies, and premium rates – and from there, you can determine which one will be the best for you (and for your budget).
When you are ready to move forward, we can help. We are an independent life insurance brokerage, and we work with many of the top no exam life insurance carriers in the marketplace today.
We can assist you with getting all of the key details that you require for making a well-informed life insurance buying decision. We can do this for you very quickly, easily, and conveniently – all from your computer – and without the need for you to meet in persona with a life insurance agent. When you are ready to proceed, all you have to do is just simply input the needed information on our quote form on this page.
Should you find that you still have any additional questions regarding life insurance, please feel free to reach out to our experts directly via phone. We can walk you through any of the details that you need additional information on. We can be contracted by phone, toll-free, by dialing 800-277-3098.
We understand that the purchase of any life insurance coverage can seem to be a bit overwhelming. This is particularly the case if you have ever applied for coverage and been turned down.
There is good news, though, in that there could be options that are open to you through a no exam policy that could provide you and those you care about with the protection that is needed. Finding the right plan can be easy with an ally on your side. So, contact us today – we’re here to help.