American-Amicable Insurance Review – The Pro’s and Con’s
Posted in No Exam Life Insurance last updated on February 2, 2024Burial insurance can be a helpful resource for those with a death in the family.
It is a form of life insurance that pays for final expenses, such as medical and funeral costs after a loved one has died.
This type of life insurance may also include coverage for burial plots.
To protect your family financially after you pass away, keep reading to discover one of the burial insurance providers that we will cover in this article: American-Amicable.
First, Let’s Take a Quick Look At American-Amicable Insurance Company
American Amicable Life Insurance Company of Texas is part of a group of insurance companies focused on life insurance and supplemental insurance.
It traces its roots back to the creation of Amicable Life Insurance Company, better recognized as ALICO Managment Company, in 1910.
Through multiple acquisitions and mergers, ALICO now operates as a group of companies out of the well-known building located in Waco, Texas.
Because ALICO operates one website for all of its group of companies, it can be difficult to tell which products are underwritten by which company.
American Amicable focuses on selling simple, straightforward insurance policies through local independent agents across the U.S.
In addition to final expense policies, they list simplified term life insurance, universal life insurance, and modified life insurance products on the website.
Final expense insurance is one of the whole life insurance products offered by American Amicable across the country.
American-Amicable Burial Insurance Review
What is American-Amicable Burial Insurance?
This final expense product offers a death benefit that is aimed at paying funeral and related expenses.
This plan can be issued from birth up to age 85 and is a basic whole life policy.
The death benefit amount varies based on the health history of the applicant.
Most final expense plans have a relatively low death benefit amount since they are meant to pay a specific expense, and those taking out this type of coverage are usually seeking an affordable option.
Medical exams are not required to apply for coverage, which makes it a simplified issue policy, and rates will stay the same for the duration of the policy.
American Amicable offers accelerated benefits riders for critical illness and confined care.
The plan, as a whole life policy, includes a cash accumulation account that can be borrowed against, surrendered, or made a part of the death benefit.
American-Amicable Burial Insurance Available Insurance Plans
Final expense insurance is built for seniors as an affordable way to plan for their funeral expenses.
These policies are easy to qualify for and are usually issued within days of applying.
Each American Amicable whole life burial insurance plan comes with three permanent benefits:
· Coverage Never Decreases
The death benefit coverage amount will never decrease or terminate. This is a major benefit for families preparing for inevitable funeral costs.
· Price Never Increases
The monthly premiums will never increase. This allows seniors on a fixed income to budget out their monthly costs and be confident they can afford the coverage.
· Builds Cash Value
With every payment made, a portion will go towards the cash value. Over time this amount will grow and can be borrowed from.
Let’s take a look at their first insurance plan.
Immediate Death Benefit
There is no waiting period associated with this whole life plan.
This means as soon as the policy is issued, the beneficiary will have full financial protection if the policyholder were to pass away.
Depending on the age of the applicant, the maximum death benefit available will vary.
· Ages 50-75: $35,000 maximum death benefit
· Ages 76-85: $20,000 maximum death benefit
Graded Death Benefit
This Graded Death Benefit whole life plan has a two-year waiting period.
If the policyholder were to pass away during the waiting period, the beneficiary would be awarded a percentage of the coverage amount.
· Year 1: 30% of the coverage amount
· Year 2: 70% of the coverage amount
· All other years: Full coverage amount
Included with this plan is an accidental death benefit.
If you were to pass away from an accident during the first two years of the policy, the company would pay the entire coverage amount to your beneficiary.
Return of Premium Death Benefit
This is a standard modified whole life insurance policy and differs from graded plans primarily in the payout structure during the waiting period.
This is why modified plans are commonly referred to as “return of premium” policies.
American-Amicable Burial Insurance Available Insurance Riders
A life insurance rider is a provision within a life insurance contract that allows the insured to make a one-time change in their coverage
By adding a rider, an individual gains the right to alter the terms of their policy without having to purchase a new policy or create a new contract.
The change is made via specific application form and the request is approved by the insurance company.
This is one area where American Amicable stands out among the crowd. They have many valuable riders available that other final expense companies do not offer.
Free Riders At No Additional Cost
American Amicable includes two no cost riders on most plans.
American Amicable is unique in this area, cause not many final expense companies include riders at no extra cost.
Terminal Illness Accelerated Benefit Rider
With this benefit, you can receive up to 100% of the death benefit.
You must be diagnosed as terminally ill where life expectancy is 12 months or less (24 months in some states).
Accelerated Benefits Rider- Confined Care
This rider will trigger if you are confined to a nursing home at least 30 days after the policy is issued. You can receive a monthly benefit of up to 5% of the face amount per month.
This rider is only included on immediate death benefit plans. There are some states where this rider is not available.
Optional Riders For Minimal Extra Premium
You can elect to purchase these additional riders. Not all of these riders are available on all their plans.
Accidental Death Rider
This rider provides an additional death benefit should the insured pass away due to an accident. It is only available to those who are 50-80.
The minimum amount of protection you may purchase is $2,500.
Grandchild Rider
You must be between 50 and 80 to add this rider onto your policy. Each unit provides $5,000 in
protection for each grandchild who is under 21. You can purchase a maximum of 2 units.
Children’s Insurance Agreement
This rider is also sold by the unit. Each unit provides $3,000 of level term insurance on children. You can purchase no more than 2 units total.
The primary insured must be age 50-60 to be eligible for this rider. The children who are insured must be at least 15 days old, and must be less than 18.
Nursing Home Waiver of Premium Rider
This rider is only available on the immediate death benefit plan. It will waive payment of your policy premiums becoming due during your confinement in a qualified nursing home.
There is a 90 day waiting period before this rider kicks in.
We can assist you to get all the vital details that you need to make a well-informed decision. Click here to get a quote.
American-Amicable Burial Insurance Review and Customer Complaints
American Amicable has been accredited with the Better Business Bureau (BBB) since 2011, and they have an A+ rating.
This shows that American Amicable Life Insurance is a reliable insurance company.
To give you an idea of their future, American Amicable’s AM Best rating is an A for financial strength.
Overall, the complaint volume is low for this company, and we did not see any red flags.
American Amicable has been around for a long time but is one of those companies for which there is not a whole lot of detailed information available.
They are the type of company most people run into through agent solicitation and are not likely to be on the list of the online insurance shopper.
American-Amicable Burial Insurance PROS
There are many benefits to choosing a company like American Amicable Life Insurance. We’ve discussed many, but we emphasize these points:
· No medical exam required
· Strong financial standing
· Ease of use
American-Amicable Burial Insurance CONS
With every good company comes some challenges. Here are some reasons that American Amicable might not be the best for you:
· Low coverage limits
· No 24/7 claims
· No special discounts/programs
We can assist you to get all the vital details that you need to make a well-informed decision. Click here to get a quote.
American-Amicable Burial Insurance Frequently Asked Questions (F.A.Q)
· What Types Of Life Insurance Does American Amicable Offer?
American Amicable offers term life insurance, whole life insurance, and universal life insurance policies.
It also offers specialized policies like burial insurance, sometimes called final expense insurance which we already covered on this article.
· Are American Amicable Life Insurance Reviews Good?
The American Amicable life insurance rating is favorable due to the positive customer reviews and a strong financial rating.
The three American Amicable final expense offered products are competitive and affordable, making this company a viable life insurance option for seniors.
· Does American Amicable Offer First-Day Coverage?
YES, American Amicable has a burial insurance plan that offers first-day coverage, but they tend to be more expensive than other companies.
If you qualify, their Lighthouse Legacy Immediate Death Benefit Plan comes with immediate first-day coverage.
You will be 100% covered from the first day and your beneficiary will receive your full death benefit when you pass away.
· Does American Amicable offer discounts?
Discounts are very unusual in life insurance, and American Amicable is no different. Rates depend on other factors instead.
· How To Make a Claim On American Amicable Burial Insurance?
Another important aspect of choosing life insurance is knowing the claims process.
It’s valuable to know how long you have to make a life insurance claim, how long it takes, and the best way to make it.
File claims and get any necessary documents directly from American Amicable’s website.
The company makes making a claim easy.
You have the option of simply contacting their service department or you can create an account to submit your claim via their company portal.
· Are Affordable American Amicable Life Insurance Rates Available?
The best way to know if a life insurance company will be affordable is to get a quote.
The reasoning behind this is that life insurance rates depend entirely on individual circumstances.
Your age, weight, health, and even gender can raise or lower your expected monthly premiums. According to the Insurance Information Institute, the industry is very competitive.
This means the way pricing is decided varies greatly from company to company.
The only way to ensure you are getting the best deal when you are shopping for life insurance is to get as many quotes from as many companies as possible.
Click here to get a quote.
· How To Cancel My American Amicable Burial Insurance Policy?
To cancel your life insurance policy, we recommend you have your policy details available to you.
Once you review those details, which include potential refunds or penalties, you can then proceed to the policy cancellation process.
You can get a jump start on the process by completing your policy cancellation request form, and contact them directly via phone or email.
American-Amicable Burial Insurance Review – Final Thoughts
In conclusion, burial insurance policies are a smart way to make sure your loved ones can pay for a funeral. They also offer peace of mind for the person who buys the policy.
This is why people should consider buying a burial policy, it’s also important to note that burial insurance policies don’t have a long-term financial commitment, and they’re super easy to buy online.
The American Amicable burial insurance review has shown that this carrier has good coverage.
The Immediate Death Benefit plan is a top option for those who are in good health.
This plan offers immediate coverage and competitive premium pricing. Click here to get a quote.