American Life Insurance: What's In A Name?

There are several American insurance companies that have American in their name. These include the North American Company for Life and Health Insurance, American Income Life Insurance Company, and American General Term Life. Additionally, there are many other insurance companies based in the United States that do not have American in their name, such as New York Life Insurance Company, Prudential Financial, and State Farm Insurance.

American Income Life offers whole life and term life insurance

Life insurance is a legally binding contract that promises a death benefit to the policy owner when the insured person dies. There are two types of life insurance: whole life and term life. American Income Life offers both types of insurance and can help you decide which policy will best fit your family's needs.

Whole life insurance provides coverage for your entire life. The premiums for a whole life policy tend to be higher than those for term life but can also generate a cash value, which can be borrowed against or withdrawn. Whole life insurance policies also provide coverage for a limited period, after which policyholders typically pay increased premiums to continue coverage.

Term life insurance, on the other hand, is coverage for a predetermined amount of time, or "term". Term life policies generally feature lower premiums than whole life insurance. While whole life insurance policies can be more expensive, they also offer the benefit of building cash value, which can be used for loans or to pay premiums.

American Income Life's term life insurance can help your family if you die during your peak earning and asset accumulation years. Their whole life insurance offers coverage for your entire life, with premiums that never increase during the ownership of the policy. Additionally, American Income Life's Head Start program gives your loved ones a head start on a lifetime of coverage, regardless of future health issues.

American Income Life Insurance Company can help you determine which type of life insurance is most suitable for your specific circumstances, ensuring that your loved ones are protected financially.

American General Term Life is a provider of term life insurance

American General Term Life is backed by strong ratings from reputable companies such as A.M. Best, S&P Global Ratings, and Fitch Ratings. The company has been in the business of helping people plan their financial future for over 100 years.

American General Term Life's direct-to-consumer approach to life insurance makes selecting a policy simple, convenient, and personalized. They offer flexible coverage, customizable term lengths, and affordable rates. Their website features an online customer portal, eService, which allows customers to access their policy information and make changes as needed.

The company provides a customer support phone number and a knowledgeable customer service team to assist customers with their life insurance needs. American General Term Life is committed to helping Americans secure life insurance at affordable prices, offering valuable and in-depth life insurance information to protect their loved ones.

American Income Life offers a Terminal Illness Rider

American Income Life Insurance (AIL) offers a terminal illness rider that can be added to one of their traditional life insurance policies at no additional cost. This rider provides a payout of 50% of the expected death benefit when someone is diagnosed with a terminal illness and has a life expectancy of less than one year (or two years in Illinois, Massachusetts, or Washington). During this time, the policyholder must continue paying premiums, but the policy remains in force, and beneficiaries will still receive the remaining death benefit when the insured person passes away.

AIL's terminal illness rider is a valuable addition to their life insurance policies, as it provides financial support to the policyholder during their lifetime. This can help cover medical expenses or other costs associated with their illness. Additionally, beneficiaries can still receive a portion of the death benefit, ensuring some level of financial security even if the insured person does not survive the full term of the policy.

It is important to note that AIL has received criticism for its lack of transparency and multiple investigations into the company and its owner, Globe Life. They also have relatively few riders available compared to other insurers. However, their financial strength has been recognized with an A+ rating from AM Best.

Overall, while AIL may have some drawbacks, their terminal illness rider can provide peace of mind and financial assistance to those facing a terminal illness diagnosis.

American Income Life offers a Legacy Will Kit

The Legacy Will Kit allows you to choose who will take care of your family and ensures that your loved ones receive what you have worked hard for. It gives you the power to secure your future wishes and protect your family from financial hardship. This is especially important if you are the primary breadwinner, as your income plays a crucial role in maintaining your family's standard of living.

The kit also helps you plan your final arrangements, including funeral and burial expenses. By doing so, you can rest assured that your family will not be burdened with these costs during their time of grief. American Income Life's Final Expense program assists in covering these final costs, ensuring that your family can focus on honouring your memory.

Additionally, the Legacy Will Kit can be useful if you have children. It allows you to make critical decisions about their care and future, providing peace of mind and ensuring that your children's best interests are considered. This is a valuable feature, as the state typically makes these decisions if you do not have a will in place.

The Legacy Will Kit is a comprehensive tool offered by American Income Life to help individuals secure their legacy and protect their loved ones. It is a no-cost product, demonstrating the company's commitment to supporting families and ensuring their financial security.

American Income Life offers a Head Start program

American Income Life's Head Start program is a child life insurance program that offers parents and grandparents a way to secure their child's future by providing them with a lifetime of coverage. The program is designed to give children a head start on their financial protection, regardless of any future health issues they may face.

The Head Start program offers initial coverage of up to $25,000, which can be a valuable safety net for families. The policy cannot be cancelled unless premium payments are missed, and the benefit amount will never be reduced, even if the child's health status changes. This guarantee of coverage provides peace of mind and ensures that the child will always have access to the financial support they need.

One of the standout features of the Head Start program is its flexibility. As the child grows older, the policy can be increased to provide coverage of up to $150,000. Notably, the premium for each increase is based on the standard rate for that age, regardless of the child's health condition. This means that parents or grandparents can enhance their child's coverage as their needs and circumstances change, without worrying about increased rates due to health risks.

The Head Start program is issued by American Income Life Insurance Company (AIL) and is available for children aged 0 to 17. It serves as a cost-effective way to purchase life insurance coverage for a child, as it can be more affordable when purchased at a younger age. To qualify for the coverage, the child must initially be in good health. However, once the policy is in place, the coverage can be maintained for life, even if their health status changes or they take on high-risk occupations.

By enrolling their child in the Head Start program, parents and grandparents can rest assured that their child will have financial protection throughout their life. This program demonstrates American Income Life's commitment to helping families safeguard their loved ones and providing them with the tools to build a secure future.

Frequently asked questions