American Amicable Life Insurance Review (2024)

Life insurance protects your loved ones when you pass away. But some might ask, “What coverages are available?” and “How much does life insurance cost?”

American Amicable provides term life, whole life, and universal life insurance. The company has affordable rates, and customers can use riders to lower costs. Additionally, A.M. Best has provided American Amicable with an A rating.

Let’s take a closer look at American Amicable Life Insurance.

What are the American Amicable Life Insurance rates?

When shopping for life insurance, you might ask, “Why is insurance so expensive?” Rates differ because insurance companies use an applicant’s risk to determine quotes, and higher-risk applicants experience more expensive coverage.

Companies use various factors to assess the risk of an applicant. Some of these factors include:

• Age
• Gender
• Health
• Occupation
• Hobbies

It’s impossible to predict rates without personal information. However, knowing a company’s rates will help you determine the most cost-effective option. The following charts show the average monthly American Amicable rates for a 10-year term at $250,000 based on age and gender.

Average Monthly American Amicable Life Insurance Rates for a 10-Year Term $250,000 Policy by Age for Males

The following chart displays the same information for females.

Average Monthly American Amicable Life Insurance Rates for a 10-Year Term $250,000 Policy by Age for Females

As you can see, rates are usually lower for females than males. Additionally, rates increase as customers age.

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What coverages are offered by American Amicable Life Insurance?

American Amicable provides term life, universal life, and whole life insurance. Term life coverage lasts for a limited time, but permanent life options last for the remainder of the insured’s life.

Term life coverage is available from American Amicable in 10, 15, 20, 25, and 30-year terms and for customers between 18 and 65 years old. The value of these policies ranges from $25,000 to $400,000.

The company offers two term life plans. The Express Term option is a simplified plan, allowing customers to avoid a medical exam. However, these plans are limited in value due to the lack of information provided by the applicant.

The second option is group life insurance. This plan is available to government employees and first responders between 18 and 65. The policy requires a medical exam, and the maximum value is higher than the Express Term policy.

American Amicable’s universal life insurance policies feature flexible rates and come with a 15-year no-lapse guarantee. This guarantee remains in place as long as you make payments, and the lack of a cash value keeps rates low.

The universal life plan is available in non-medical and fully underwritten forms. The non-medical policy doesn’t require an exam and has a maximum value of $250,000. The standard policy requires an exam, and the company doesn’t list the highest coverage amount.

The company’s whole life policy is a final expense plan, covering customers up to 85 years old. This option pays for final expenses, like funerals and burials. The maximum amount is lower than other policies, and no medical exam is required.

Does American Amicable Life Insurance offer any riders?

Life insurance companies offer options that customers can add to a policy. These options are called riders and allow policyholders to add coverage to a basic plan. Some riders are free of charge, but most require an additional fee.

American Amicable offers two free riders, and they’re available for all policies. The following are the two free riders offered by American Amicable.

• Accelerated death benefit. Provides up to 100% of the death benefit if the insured is diagnosed as terminally ill and has a life expectancy of 12 months.
• Accelerated death benefit for confined care. Provides up to 5% of the face value for customers confined to a nursing home for at least 30 days.

Additionally, American Amicable offers optional riders that customers can add for an additional fee. The following table shows the optional riders offered by American Amicable and a description of each one.

American Amicable Life Insurance Riders

Most riders are available for all customers to add, but the accidental death and grandchild riders are only available for customers between 50 and 80 years old. Additionally, the nursing home waiver of a premium rider requires a 90-day waiting period.

How is American Amicable Life Insurance rated?

Credit rating agencies regularly review and grade insurance companies based on financial strength. Customers can use these ratings to determine if a company is likely to provide a payout when they file a claim.

A.M. Best is the only agency to review American Amicable. The trusted agency has given American Amicable an A, indicating that the company will provide a payout in most situations.

The Better Business Bureau (BBB) has rated American Amicable an A+ for its business practices. This rating indicates that the company is usually transparent and honest when communicating with customers.

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Does American Amicable Life Insurance have any complaints?

The BBB and the National Association of Insurance Commissioners (NAIC) let customers list complaints on their websites. Customers can use these complaints to determine the quality of service they’ll receive.

At the time of this review, the BBB has received 20 complaints about American Amicable during the past three years. Additionally, 15 customers have reviewed the company on the BBB website, leaving a rating of 2.93 out of five stars.

The NAIC shows that American Amicable has 12 complaints and a complaint index ratio of 3.38. These numbers indicate that the company has more than triple the complaints of a similarly-sized competitor.

How can you file American Amicable Life Insurance claims?

Policyholders can file American Amicable claims by phone, entering the customer portal, or filling out a claims form from the company website. Those who fill out a form can send it back via mail or email.

The American Amicable claims page includes various forms. If you’re unsure of the correct one, you can contact the company by phone or email for further assistance. The documents provided for customers include:

• Proof of death claimant’s statement
• Policyholder disability benefits claim report
• Accelerated living benefit claim form – critical illness
• Application for accelerated benefits – terminal illness
• Confined care claim form

Customers that prefer to file a claim by phone can do so by calling the company at 1-800-736-7311. Representatives are on hand Monday through Friday from 8 a.m. to 5 p.m. (CST) to help.

Email claims are available by sending a completed claims form to [email protected]. However, if you prefer to send the form by mail, you can send the completed form to the following address:

American Amicable
P.O. Box 2549
Waco, Texas, 76702-2549

The quickest way to file claims is by phone or the customer portal. Conversely, mailed-in claims usually take the longest to process.

Unveiling Digital and Technological Features of American Amicable Life Insurance

Mobile App Features and Functionality

American Amicable Life Insurance offers a user-friendly mobile app that provides policyholders with a range of features and functionalities. The app allows customers to manage their policies, submit claims, make payments, and access important policy documents. It provides a convenient way for customers to stay connected with their insurance provider while on the go.

Online Account Management Capabilities

The online account management capabilities at American Amicable are designed to empower policyholders with easy access to their policy details. Customers can log in to their accounts through the company’s website to view policy information, make updates, and monitor their coverage.

This digital feature streamlines policy management, ensuring that customers have the information they need at their fingertips.

Digital Tools and Resources

American Amicable offers a suite of digital tools and resources to assist policyholders in making informed decisions about their insurance coverage. These resources may include online calculators to estimate coverage needs, educational materials on life insurance, and interactive features to explore policy options.

These digital tools enhance the overall customer experience by providing valuable insights and guidance.

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How can you make American Amicable Life Insurance payments?

Customers have two options to make American Amicable payments, both of which are online. The Express Pay option allows customers to pay without logging into their accounts. Instead, customers only need to enter their policy number and ZIP code to pay.

The other option is to enter the customer portal. This option features the same payment methods as Express Pay, but customers can save their payment information or schedule a future payment.

Who is American Amicable Life Insurance?

The American Amicable Life Insurance Company, or ALICO, started in Waco, Texas, in 1910. Since that time, American Amicable has acquired other insurance companies as subsidiaries. Members of the American Amicable Group of Companies include:

• iA American Life Insurance Company
• Occidental Life Insurance Company of North Carolina
• Pioneer American Insurance
• Pioneer Security Life Insurance Company

American Amicable remains in Waco, Texas, providing service to customers throughout the United States. The company remained independent until Industrial Alliance Insurance and Financial Services acquired it in 2010.

American Amicable Life Insurance: The Bottom Line

American Amicable provides term life and permanent life insurance to customers nationwide. The company has competitive rates, and customers can use multiple riders to lower costs. Knowing more about American Amicable Life Insurance will help you decide if it’s a good fit.

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