Are you looking for American National Insurance reviews? If so, then this article is for you. We offer this review of American National Insurance particularly for individuals or families looking to purchase a no medical exam life insurance policy. American National Insurance is one of our top picks for the best no exam life insurance companies due to the company’s innovative simplified issue life insurance approach.
2017 Review of American National Insurance Company
All in all, you can’t go wrong with ANICO if you are in need of life insurance. We will offer some basic information about the company and why American National should be at the top of everyone’s shopping list when it comes to finding the best life insurance in the marketplace.
About American National
After forming in 1905, American National joined an industry of well-known life insurance companies. Just as the importance of life insurance was starting to see recognition, they launched their first operation in Texas and joined the fray. From humble beginnings, it is now a brand with assets of over $23 billion and equity of over $4 billion. As a result, they are available all across the United States well as Puerto Rico where they have also seen success.
Over the years, the notion surrounding life insurance has fluctuated in importance for society but American National has provided a steady premise regardless of the industry changes. As the industry changed through wars and financial crises, they continued to adjust and grow to their strong current market position. As we will see a little later, they offer a healthy choice of life insurance policies and have even delved into the annuities market, casualty insurance, health insurance, and property insurance.
American National Insurance Company’s Ratings
There are various organizations that rate financial institutions. Among the different institutions that receive financial ratings are life insurance companies. These ratings help consumers to decide if it is a good idea to use the company for investment matters such as buying a life insurance policy. American National Insurance Company was rated by two of the best rating agencies. Here are American National Insurance Company’s ratings:
- A.M. Best: A
- Standard & Poor’s: A
Both of these ratings for American National Insurance Company are great and should help consumers to feel confident about buying a life insurance policy from ANICO.
Normally, we will check out the Better Business Bureau’s (BBB) customer service rating at this point but this won’t be possible with American National. Unfortunately, the company is not accredited with the BBB so there isn’t yet a rating to view. On the whole, this is rather strange because even companies that aren’t accredited will still be given a rating but this isn’t the case for American National. However, we can say that the overall feedback from customers is that the company is strong when it comes to customer relations. With this in mind, you should find it easy to contact them, adjust policies, adjust your information, inquire about a recent bill, and more. For a life insurance company, this is important because what if you get charged extra one month and you weren’t expecting to pay anything above normal? With a good customer service system, you can contact them and have it fixed as soon as possible!
American National Insurance Company’s Life Insurance Products
ANICO offers a range of life insurance products in both simplified issue and fully underwritten including: term life insurance, whole life insurance and universal life insurance.
American National offers Underwriting Express, which provides a noninvasive underwriting program including:
- No automatic labs or paramedicals
- 72 hour underwriting approval on cases submitted in good order with no additional requirements needed
- What is needed?
- Application, MIB, MVR, and Prescription Database check
- Issue ages up to 65
- Face amounts up to $250,000
The following products are available under ANICO’s Underwriting Express:
- Signature Guaranteed Universal Life
- Signature Indexed Universal Life
- Signature Plus Indexed Universal Life
- ANICO Executive Universal Life
- Affinity 7 Whole Life
- ANICO Signature Term
ANICO Signature Term
This is one of ANICO’s most popular term life insurance policies. The Signature Term policy is available for ages 18-65. Depending on your age, Signature Term is available as annual renewable term (ART) and 10, 15, 20 and 30 year policies. The reason people love it so much is because they offer great rates for policies with large death benefits. Their prices are often better than a lot of other top life insurance companies.
Signature Term offers various life insurance riders, including a conversion option. The conversion option can be exercised if the insured desires to convert all or a portion of the policy to permanent life insurance.
This is a fully underwritten program that allows ANICO to offer better rates to people who might otherwise qualify for higher premiums due to health or lifestyle issues. But with Eagle Advantage, ANICO sees each customer as an individual, and assesses accordingly, often resulting in lower premiums. If you prefer to get the best term life insurance rate from ANICO possible, Eagle Advantage might be the best choice.
As the first form of permanent insurance here today, this universal life policy offers flexible premiums, access to loans, flexible benefits, and more. As long as you can maintain a minimum payment to keep the policy open, any additional payments will contribute to your cash value and improve the strength of your policy. If you want to add riders, you also have ample opportunity to do so with Children’s Level Term, Disability Waivers of Minimum Premium, Accelerated Benefits, Coverage Continuation, and more.
Indexed Universal Life
Essentially, this is the same policy offering many of the same features seen previously. However, there is one key difference in that your policy has a chance to earn even more cash value from choosing index crediting as opposed to fixed crediting.
Rather than directly investing your hard-earned money into the stock market, such as with a VUL below, you can go for a more secure and less risky option with this policy. You will earn cash value accumulation growth as the index fluctuates. However, the upside and downside is capped.
Typically the upside growth is capped at 13% with the floor capped at 0-1%. The advantage is you will not lose in negative market years, the downside is you will be capped in high market return years.
As with the base universal life policy, the values you see will be sensitive to interest rates and the crediting rates will be set by the insurer themselves. Before you make any big decisions, make sure you understand both this and the index investment and you can really take advantage of the policy.
Variable Universal Life
As the third universal life insurance (VUL) policy from American National, it is similar to what we have seen but with VUL you will bear the risk of the investment because the money goes into separate accounts and investment options. When the policy is first set up, you will be given options and you need to choose the best one for your financial future. Of course, this will depend on your needs and it will also include the chance of seeing negative rates of return so this is something important to remember. In terms of riders, these are the same for all three universal policies.
The idea behind this policy is to pay off any credit obligations you may have after passing away. After the insurance is in place, you know that loved ones won’t have to find the money to pay your loans because the money will be sent to the lender automatically. As well as the costs being included in the monthly loan payment, the coverage starts straight away, and you can choose a coverage amount depending on your debts.
Is ANICO right for you?
We think that ANICO is a stellar company and they have the track record to prove it. Most people who get life insurance through ANICO are very satisfied and would probably recommend it to others. All in all, we can say that you probably won’t be disappointed if you go with ANICO.
But, since the question here is whether or not ANICO is right for you, well, that’s a different thing. ANICO very well may be right for you – but without knowing you, how can we say for sure? The key point here is “you”. To answer this question, we need to know more about you:
- Life insurance objectives
- Basic health and lifestyle
Once we know this information, we can help you narrow in on not only the right life insurance company, but also the right life insurance policy. Perhaps you think you can only qualify for a no medical exam life insurance policy, but really you can get a great deal on regular term life insurance. We will help you find the best life insurance company and policy for your circumstance.
At InsuranceBrokersUSA, we are a life insurance broker. We have experience working with dozens of the best life insurance companies in the United States. We understand their strengths and weaknesses, and all of the products they sell. Once we know more about you, we can pair you with the right one. And there’s more: we don’t work for any of these life insurance companies, so we’re never going to push a policy that we don’t wholeheartedly believe is the best for you.
Want a free life insurance consultation to see if ANICO is the right company for you? Call us today!