American Amicable Life Insurance Reviews: Everything You Need To Know

Choosing the right life insurance company is an important decision that requires careful research. American Amicable Life Insurance Company has been around for over 100 years, but how do they really stack up? This comprehensive review will provide an in-depth look at American Amicable and what customers have to say about their policies and customer service.

An Overview of American Amicable Life Insurance

American Amicable Life Insurance Company, also known as ALICO, was founded in 1910 in Waco, Texas. They offer a variety of life insurance products including term life, whole life, universal life, and final expense insurance. Some key facts about the company:

• Headquartered in Waco, TX and operates out of their original building constructed in 1910.
• A subsidiary of iA Financial Group since 2010.
• Rated A+ (Superior) by A.M. Best for financial strength.
• Rated A+ by the Better Business Bureau.
• According to the BBB, the company has received 40 complaints over the past 3 years.

American Amicable Life Insurance Products

Term Life Insurance

American Amicable offers 10, 20, and 30-year term life insurance policies with coverage up to $250,000. They have an express term life insurance plan that does not require a medical exam. Premiums are guaranteed to remain level for the entire term.

Whole Life Insurance

Their whole life product is called Golden Solution and offers a fixed premium with lifelong coverage. It includes a death benefit, cash value accumulation, and no medical exam required.

Universal Life Insurance

They provide both non-med and fully underwritten universal life policies with adjustable coverage and flexible premiums.

Final Expense Insurance

For seniors over 50, they offer guaranteed acceptance final expense life insurance with premiums starting around $14/month.

Other Products

American Amicable also offers mortgage protection term life insurance, accidental death policies, and simplified issue whole life insurance.

American Amicable Life Insurance Reviews

Now let’s take a look at what actual customers have to say about American Amicable life insurance in online reviews:

Positive Reviews

• “Very affordable premiums and the process was smooth and easy.”

• “My agent was very knowledgeable and helped me find the right policy to fit my budget.”

• “Claims process was easy and payment came quickly after my loved one passed away.”

• “Rates have stayed low and consistent over the past 10+ years I’ve had my policy.”

• “Happy with the customer service I’ve received when I’ve had any questions or concerns.”

Negative Reviews

• “Took forever to get my policy after signing up and they weren’t helpful when I called.”

• “Found cheaper rates for the same coverage with other companies.”

• “Didn’t realize policy had a surrender fee if I wanted to cancel early on.”

• “Customer service reps seemed confused when asked questions about my policy.”

• “Difficult to get a live person on the phone when I’ve had issues.”

Ratings from Independent Rating Agencies

Beyond online customer reviews, here’s how American Amicable is rated by independent agencies:

• A.M. Best: A (Excellent) financial strength rating

• BBB: A+ rating with the Better Business Bureau

• Complaint Index: 0.40 complaints per $1 million premiums, which is considered low

These positive ratings indicate American Amicable is financially stable and customers are generally satisfied with their products and services. The company seems to resolve complaints promptly when they do arise.

Pros of Choosing American Amicable

Affordable Rates

Many reviewers compliment American Amicable for having very affordable rates, especially for term life insurance. Their prices are competitive, especially for seniors looking for final expense insurance.

No Medical Exam Plans

For convenience, they offer term, whole, and universal life plans that don’t require going through medical underwriting.

Positive Customer Service Reviews

While some had issues, many customers report great experiences with American Amicable’s customer service team. The company seems to try resolving complaints quickly.

Long History of Service

With over 100 years in business, American Amicable has a long stable track record behind them. Their experience gives peace of mind they’ll be around to pay future claims.

Cons of Choosing American Amicable

Mixed Reviews on Customer Service

Some negative reviews indicate issues with getting policies quickly, having questions answered, and reaching a live agent.

Higher Rates for Smokers

As with most insurers, premiums are significantly higher for tobacco users. Their prices become less competitive for smokers compared to non-tobacco rates.

Limited Maximum Coverage

American Amicable caps most of their term and whole life products at $250,000 in coverage. Other companies may offer higher limits.

Surrender Fees

If you cancel certain policies early, there can be steep surrender fee penalties. Make sure to review this closely before committing.

Is American Amicable Life Insurance Right For You?

American Amicable Life Insurance may be a good option if you’re looking for an established company with excellent financial ratings. Their budget-friendly rates and policies that don’t require medical exams make them accessible. They also have competitive senior products for final expenses.

However, due to some of the drawbacks highlighted, make sure to shop policies and rates from a few companies before deciding. While American Amicable meets the needs for some customers, you may be able to find better pricing and customer service elsewhere.

How To Get a Free Quote

If you want to get a customized quote from American Amicable, visit their website and fill out their quote form or call their toll-free number to speak with an agent. Comparing quotes from multiple insurers ensures you find the best rate available for your situation.

The Bottom Line

American Amicable has built a solid reputation over their 100+ years in business. Their financial strength and product offerings make them one of the better established insurance carriers today. However, recent customer feedback indicates some areas of inconsistency in service levels. Overall, they remain a solid option for life insurance, especially for seniors and budget-minded shoppers. Just be sure to read the fine print and shop around before making your final selection.