We Review on Life Insurance by American National. Life insurance accompanied by specialized personal guidance.
Pros Of Life Insurance by American National
- Variety in policy options: American National offers various life insurance policies customized according to your requirements. Some of them are whole, universal, term life, etc.
- Quick processing of applications: Depending On a selected range of policies, the approval time is less than 72 hours with an exemption from a medical exam.
- The facility of adding riders: American National provides a range of riders to be added to your policies so that you can take advantage of the customized benefits according to your needs.
Cons Of Life Insurance by American National
- Absence of price estimator: American national lacks an idea about how much your policy will cost you.
- Online purchase unavailable: Unfortunatunately, American National does not retain a digital portal to buy their policies. Consulting a company agent is the only choice that could result in an inefficient deal. Since agents may misguide you for their personal benefits.
- Lack of guaranteed issue policies: Guaranteed policies ensure that you are denied coverage based on any factors related to health.
However, the American Nation does not offer such guarantees that means, in certain circumstances, you will not be able to avail your coverage.
Plans Offered For Life Insurance by American National
The company offers a series of customized plans based on your specific requirements and needs. The range of the coverage goes to the maximum of up to either $50,000 or even $1 million. American National provides plans classified into four categories:
Term Life
Not only term life insurance is pretty affordable, but it also offers temporary coverage along with a minor death benefit in case you meet death during the effective period of the policy. Insurances up to the term of 5, 10, 15, 20, or 30 years are available. The facility to transform the temporary policy to the permanent one is also offered.
Whole Life
Americal National has combined a fixed death benefit with permanent coverage in its whole life policy. The policy generally develops a cash value. Although the company offers no guarantees, American National has paid dividends to its policyholders frequently in the past.
Universal Life
Universal Life insurance is similar to permanent coverage, with better flexibility to offer individuals than whole life insurance. The facility to modify your premium and benefit amount arrangement over time is also possible. To pay for sudden additional expenditure, a loan can be sanctioned against the cash value.
Indexed Universal Life
Permanent Life insurance is available in one other form by the name Indexed Universal Life Insurance. However, here you are allowed to opportunity to increase your cash value. A credited interest can be obtained by attaching your policy with a primary stock index and receive the interest according to the market’s performance.
A negative interest rate is something you don’t have to worry about when you choose American National. Instead, alter your benefit amount based on your requirements.
Riders offered by American National
Modification of your life insurance coverage through the means of riders is easily accessible in American National. Therefore, payment of a price becomes fair for the riders to adjust your policy terms. American National provides the following riders:
Accelerated Benefit
The death benefit of your policy will assist you in times of need, such as if you are suffering through a terminal, chronic or critical illness. This benefit goes up to the amount of $2 million for candidates above 65 or younger. And the exact amount is $1 million for the ones 66 and older.
Children’s Term
Children’s term, as the name suggests, provides coverage for your children. The age of the child decided to be the expiration limit of your policy is 25. However, the policy from here onwards will transition into a permanent one.
Disability Waiver of Premium
Disability waiver of premium withholds premiums without canceling your policy. In case you are incapacitated by a disability to attend the work and pay the premiums.
Customer Service
Consulting a local insurance agent is the only way to purchase a policy, rider, or premium in American National. The agent locator tool developed by the company helps you find one within your vicinity.
An automated bot chat facility provides quick answers to your queries. But the lack of live customer service may force you to contact your agent for advanced questions and deep details.
The contact number for the policyholders is 800-899-6806. Representatives services are available from Monday to Friday. The timings set are 7 a.m. to 6 p.m. CST.
Complaint Index
The complaint ratio provided by the NAIC (National Association of Insurance Commissioners) is one of the best methods to determine a company’s customer service efficiency. Consumer complaints gathered by the NAIC help the organization to generate these ratios.
Since the industry standard is 1.0, choose a company lying with their complaint ratio below this scale. This rating depicts that complaints submitted are more minor than expected based on the company’s share of the life insurance market.
American National achieved a rating of 0.94 in the life insurance field for 2020. The rating was a tad bit better than the national complaint index.
Third-Party Ratings
American National also accomplished an “A” in Financial Strength Rating awarded by a credit rating agency AM Best in 2020. The said “A” signifies that American National has remarkable capabilities to fulfill their policy and contractual commitments according to AM Best.
However, discussing the life insurance study performed by J. D. Power U.S. in 2020, American National failed to grab a spot in the list of top 24 companies depending on their available plans, pricing, and customer service.
Cancellation Policy
The free look period is a shared facility provided by the companies to the buyers of life insurance. These periods last for ten days or longers for selected states. Through this duration, you are allowed to cancel your policy and attain a complete refund.
The type of your life insurance decides how your cancellation will be treated after the finishing of your free look period. While term life insurance is liable to be ended anytime without any refunds, other policies such as whole, universal, and indexed demand a surrender charge which decreases the cash value amount.
Conducting a detailed analysis of company terms and conditions on cancellation policy is necessary before buying it.
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