Income Protection: Life Insurance For Peace Of Mind

American Income Life Insurance Company (AIL) is a major provider of supplemental insurance benefits to working families through relationships established with labor unions, credit unions, and associations. The company was founded in 1951 with $25,000 in borrowed capital by entrepreneur and philanthropist Bernard Rapoport. AIL is licensed in 49 states, the District of Columbia, Canada, and is registered to carry on business in New Zealand. The company has a long history of partnering with the working family community and advocating for key issues and campaigns that reflect the values of working people. AIL offers supplemental life, health, and accident insurance, and has additional products and services to help protect families from financial hardship.

Supplemental life insurance

American Income Life Insurance is a major provider of supplemental insurance benefits to working families. The company offers supplemental life, health, and accident insurance to union members, credit unions, associations, and their families.

• Many employers offer basic group life insurance policies to employees for free or at a minimal cost. These policies typically have a death benefit ranging from $25,000 to one or two times the employee's annual salary.
• Supplemental life insurance allows individuals to add to the coverage provided by the basic group policy by paying an additional premium. This additional coverage may be appealing if the basic insurance is not sufficient for the policyholder's beneficiaries.
• The cost of supplemental life insurance is often based on the policyholder's age and can sometimes be subsidized by the employer.
• Supplemental life insurance can be purchased through an employer or directly from an insurer. Buying through an employer is often cheaper due to negotiated rates, but coverage options may be more limited.
• Supplemental life insurance can be used to increase the death benefit, replace income for beneficiaries, cover long-term expenses, extend coverage to family members, and provide protection in the event of an accident.
• When considering supplemental life insurance, it is important to evaluate your financial situation, the needs of your beneficiaries, and any long-term expenses you may incur, such as mortgage payments or college tuition.

Supplemental health insurance

Supplemental insurance is a broad category of insurance products that can be customized to fit your particular needs. Here are some common types of supplemental insurance plans:

• Dental Insurance: Covers exams, cleanings, and often more specialized dental procedures such as dental implants.
• Vision Insurance: Covers eye exams and often helps pay for glasses and contact lenses.
• Accident Insurance: Helps cover expenses related to accidental injuries.
• Critical Illness Insurance: Provides cash benefits to help with expenses associated with serious illnesses, such as cancer or a stroke.
• Hospital Insurance: Assists with the costs of hospitalization by offering a fixed cash benefit per day for hospital stays.
• Fixed Indemnity Insurance: Also known as hospital and doctor fixed benefit health insurance, it provides fixed benefits for covered medical services. This can include common medical care expenses like doctor visits, prescriptions, and hospital stays that may not be covered by your primary insurance.

Supplemental insurance is a good option for those who want additional financial protection in case of unexpected accidents, injuries, or illnesses. It can provide peace of mind and help cover out-of-pocket costs not covered by regular medical plans. Additionally, these plans can be purchased at any time, and there is no need to wait for an open enrollment period as with traditional health insurance.

Child Safe Kit

American Income Life Insurance Company (AIL) offers a No-Cost Child Safe Kit® to parents/guardians, schools, and childcare centres. The kit helps you record your child's blood type, eye colour, height, weight, fingerprints, and more. It also includes safety tips for children, such as teaching them how to use 911, knowing their full name, address, and phone number, and being cautious of strangers.

The Child Safe Kit® is endorsed and supported by the International Union of Police Associations and the American Federation of Teachers. It is provided at no cost to give parents and guardians peace of mind and an extra level of assurance for the family.

According to the U.S. Department of Justice’s Federal Bureau of Investigation, more than 500,000 children are reported missing each year. In such situations, timing is critical, and the Child Safe Kit® ensures that pertinent information about your child is readily available in one place.

The kit also includes tips on how to improve your child's safety, such as discussing safety in a non-threatening way and maintaining open communication. It is recommended to update your records every few months as children grow quickly, and even small changes in appearance can make a significant difference.

While the Child Safe Kit® is a legitimate offer, some have criticised AIL's sales tactics, claiming that they use the kit as a way to pitch their life insurance products to customers.

Annual policy review

American Income Life Insurance Company (AIL) is a major provider of supplemental insurance benefits to working families. It was founded in 1951 with $25,000 in borrowed capital and has been headquartered in Waco, Texas since 1959. AIL is licensed to operate in 49 states, the District of Columbia, Canada, and is registered to operate in New Zealand. The company also has two wholly-owned subsidiaries: National Income Life Insurance Company, licensed in New York, and Union Heritage Life Assurance Company Limited, licensed in the Republic of Ireland. Combined, AIL and its New York subsidiary have over $3 billion in assets and more than $46.6 billion of life insurance in force as of 2014.

As a policyholder, it is important to conduct an annual review of your policy to ensure that it continues to meet your needs and that you are getting the best premium rates. Here are some key considerations for your annual American Income Life Insurance policy review:

Life Circumstances

Consider any changes in your life that may impact the need for and size of your policy. This could include marriage, divorce, the birth or adoption of a child, changes in your income or financial situation, or any other significant life events. For example, if you have recently gotten married, you may want to update your policy to include your spouse as a beneficiary. Or, if you have recently had a child, you may want to increase your coverage to ensure their financial security in the event of your untimely death.

Coverage Adequacy

Review your current coverage and assess whether it is still adequate for your needs. Consider any changes in your financial obligations, such as a new mortgage or loan, and ensure that your policy provides enough protection for your loved ones to maintain their standard of living if something happens to you.

Beneficiary Designation

Check the beneficiary designation on your policy and confirm that it reflects your current wishes. If you have experienced any life changes, such as a divorce or a death in the family, you may need to update your beneficiary information.

Premium Rates

Shop around and compare premium rates offered by other insurance providers. This will help you determine if you are getting the best value for your money and if there are any opportunities to reduce your premiums without sacrificing coverage.

Supplemental Benefits

Review the supplemental benefits included with your American Income Life policy, such as health, accident, and scholarship benefits. Ensure that you understand what is covered and what additional benefits may be available to you and your family.

Customer Service

Evaluate the level of customer service and support you have received over the past year. Consider the responsiveness and knowledge of the insurance agents, the ease of making changes to your policy, and the overall satisfaction with your experience as a policyholder.

By conducting a thorough annual review of your American Income Life Insurance policy, you can ensure that you have the right coverage to protect your loved ones and provide peace of mind for yourself. Remember, life insurance is not a one-time decision, but an ongoing commitment to safeguarding your family's financial future.

Face value vs. death benefit

When it comes to life insurance, understanding the terms "face value" and "death benefit" is essential for ensuring that your loved ones are protected. Let's delve into the details of these concepts and how they relate to American Income Life Insurance.

Face Value:

The face value, also known as the face amount, is the fundamental value of your life insurance policy. It is the amount of money that the insurance company agrees by contract to pay to your beneficiaries after your death. This value is predetermined and remains fixed for the duration of the policy term. The face value directly impacts the cost of the policy; as the face value increases, so does the premium.

When determining the face value, it is essential to consider factors such as income, family size, location, financial goals, and any outstanding debts. These factors help ensure that the face value is sufficient to meet the needs of your loved ones and maintain their standard of living.

Death Benefit:

The death benefit is the total amount your beneficiaries will receive when you pass away. It includes the face value of the policy and any additional benefits or riders that you choose to include in the original contract. These riders provide extra coverage for specific scenarios, such as an accidental death benefit rider, which offers an additional payout if the insured person dies due to a covered accident.

It's important to note that the death benefit is typically received tax-free by the beneficiaries, providing them with the full financial support intended.

While the face value represents the base amount of the policy, the death benefit encompasses the total value, including any additional benefits or riders. The face value is predetermined and fixed, while the death benefit can vary depending on the riders included. Understanding this distinction is crucial for ensuring that your policy adequately protects your loved ones.

By choosing American Income Life Insurance, you can rest assured that your loved ones will receive the support they need. Their supplemental insurance benefits are designed to complement the coverage you may already have, providing an extra layer of financial protection for your family.

Frequently asked questions