American National Insurance Company (ANICO)
A.M. Best: A
S&P Global: A
American National Insurance Company (ANICO) was founded back in 1905. When it was founded it had $100,000 in capital and only 10 employees.
Since that time, it is grown substantially and has reached over 100 billion dollars in life insurance policies. They were listed in 2017 as the most trustworthy financial company by Forbes.
American National has very strong ratings from A.M. Best and the Standard & Poor rating. This is clearly a reflection upon their ability to repay claims as soon as possible and for their excellent customer service.
American National offers a wide range of insurance policies for life insurance needs including term life insurance, whole life insurance, universal life insurance, indexed universal life insurance, variable universal life insurance, and credit life insurance.
Table of Contents:
- American National Life Insurance Overview
- Pros & Cons of ANICO
- ANICO Term Life Options
- ANICO Permanent Life Options
American National Life Insurance Company Overview
American National is known for having one of the best accelerated underwriting processes for life insurance on the market.
There are four life insurance policies where the face amount is up to $1,000,000, American National offers an express automated underwriting option.
The requirements for you to qualify for their Xpress Plus coverage are that you are between 0 and 50, your coverage is up to 1 million dollars, or if you are between 51 and 60, your coverage is up to $500,000.
If everything else checks out on the electronic application, you are able to bypass the medical exam and take advantage of this accelerated underwriting.
Underwriting Niches for Smokers and Diabetics
Another thing ANICO is best at is their ability to underwrite with very flexible health classifications and ratings for people who are 61 or older.
American National allows for people in this age group who have a higher body mass index (BMI) than normal, as well as higher blood pressure numbers and higher cholesterol ratios to be underwritten in the best risk classification possible for their age and health.
American National also place cigar smokers with tobacco users in the preferred plus rate class if they smoke two times per month or less.
Anyone who suffers from sleep apnea can also qualify for the preferred plus rating, provided that their condition is under control.
People who suffer from situational anxiety or depression can fall into this category as well. If you are diabetic but you have a history of controlling it, you can qualify for a standard plus rating.
Eagle Advantage Rate Class Improvement
American National offers what is called the Eagle Advantage Program which helps the company to offer a better rate class for people they identify to fit this category.
In these cases, you can qualify for lower life insurance rates even if you have an existing health condition or a risky lifestyle activity if you are working to improve your health.
This is available for anyone between the ages of 20 and 60. It applies to permanent life insurance coverage and term life insurance coverage. It is available for face amount between $250,000 and five million dollars.
Pros & Cons of ANICO
- no exam options
- competitive rates
- no above standard rate class
- maximum death benefit of $250,000
Term Life Insurance Policy Options
ANICO Signature Term
The underwritten level term life insurance policies are available in increments of 10 years, 15 years, 20 years, or 30 years.
This is not only beneficial when you sign up immediately but long-term because the policy payments you make will not change or the duration of the policy term.
Freedom Term Life Insurance
There is no medical exam required for this term policy. It is available in face amount up to $250,000.
You can get a 10 year, 20 year, or 30 year policy approved in 15 minutes or less.
Anyone who needs fast life insurance for a current divorce proceeding or to cover an SBA loan can take advantage of this option.
Permanent Life Insurance Policy Options
Value Guard Whole Life Insurance
This life insurance policy is available for face amount up to $150,000. You get approval in 15 minutes or less and there is no medical exam required.
Legacy Whole Life Insurance
This is a guaranteed issue whole life insurance with no health questions asked and no medical exam required. Anyone who is having trouble qualifying for other policies or who only needs coverage for final expenses would be best served with this option.
It has a two-year graded death benefit so if you die within the first two years of your policy they return 110% of the premiums you have paid.
Moreover, it is available for coverage amounts up to $25,000 for anyone between the ages of 50 and 80. Coverage is available within 5 minutes and there are fixed premiums alongside a fixed death benefit.
ANICO Signature Whole Life Insurance
This policy has guaranteed level premiums. So, they will not change. It also has a guaranteed death benefit and guaranteed cash value. This whole life insurance policy can be used for cash or to reduce your premiums. You can even use it to pay down a loan.
Because it is a policy that gains cash value, that cash value above and beyond your initial death benefit can be used like a loan. You can use it for unexpected expenses and repay it whenever possible. Should you pass away before it is repaid that loan amount is simply taken out of your death benefit total.
There are many features that you can add such as a guaranteed insurance rider, disability premium waiver, child term rider, or accelerated benefit rider.
ANICO Signature Plus Indexed Universal Life Insurance
This is an index universal life insurance policy that requires no blood work, no labs, and no medical exam. You can enjoy strategic help with your indexed interest crediting for one year with your fixed account.
This is a great policy for people who want to use their life insurance to generate cash value growth. Similar to the other whole life insurance policies this one has the opportunity to gain higher interest cash value accumulation because the cash funds associated with the policy are allocated to the performance of an indexed account.
So, the money in your index account participate in any games you see from different indices like the NASDAQ 100 or the S&P 500. You can also choose to put that cash value into a fixed account which will grow at a fixed rate over the life of the policy.
These accounts both be fixed accounts and indexed accounts have a guaranteed minimum amount of cash value accumulation, so you are protected from substantial losses if there is a market loss. There is also a maximum amount of cash value you can gain.
With these life insurance policies, there are three different types of death benefits that you can choose from:
- Level Death Benefit– death benefit stays the same throughout the life of the policy
- Increasing Death Benefit– death benefit increases in value throughout the life of the policy, usually, it is 100% face amount by year 2
- Return of Premium– if you outlive the term of your life insurance policy, your premiums will be returned
If you choose the return of Premium this simply means that if at any point you cancel your policy all of the premiums you have paid up until that point get returned to you.
This is tax-free because it is not considered income but rather a refund. The premiums are going to be higher comparatively.
Is American National Insurance a good company?
- American National Insurance company holds an A rating for Standard & Poor’s and A.M. Best. They have been in business for 114 years and offers term and permanent life insurance policies.
What is American Nationals phone number?
- (409) 763-4661