Review of American National Insurance

Jan 05, 2023 By Susan Kelly

American National supplies a wide range of insurance policies, including term, whole, universal, indexed universal, and guaranteed issue whole life insurance. This is in contrast to many other insurance providers.

Many add-ons are accessible: Several expedited death benefit riders are among the several types American National offers. The death benefit may be accessed during your lifetime through these living benefits.

Options on whole life that pay dividends: Some firms reward their whole life insurance subscribers with dividend payments out of their annual profits. American National has a track record of dividend payments, albeit they cannot be guaranteed.

Inadequate Reasoning

However, you cannot file a claim online: Though you can claim with some insurers, including State Farm, American National does not offer this service for life insurance policies. We recommend connecting with a representative by phone.

Only a small amount of policy information is available online: American National merely provides the bare minimum of policy details on its website. No details about coverage caps or age restrictions are given. In addition, only a few resources are available to policyholders for education and training on the company's website.

Ratio of Complaints

Over the past three years, American National's life insurance division has received fewer complaints than anticipated. The number of complaints a corporation receives is proportional to its size, measured by the NAIC's complaint index. When complaints are higher than expected, the complaint index is above 1.00. According to a three-year average complaint-to-resolution ratio of 0.41, fewer customers have complained to American National than expected.

Regarding financial stability, the insurance rating agency AM Best has given American National an A grade AM Best has given this company an A grade because they are confident in its financial stability and ability to honor its policy obligations.

Guaranteed Renewable Term Life Insurance

Term life insurance provides coverage for a specific period. The death benefit is guaranteed to the beneficiary if the policyholder dies within the policy period. The maximum term available from American National is 30 years. Unlike permanent life insurance, this coverage does not accumulate cash value.

Protection for the Rest of Your Life As long as the premiums are kept current, the death benefit from a whole life insurance policy will remain in effect for the policyholder's whole life. There are two components to whole life insurance: the death benefit and the cash value, which is like a savings component.

Protection for Your Entire Life

American National also provides universal life (UL) insurance as a permanent option. Universal insurance, like whole life, offers both a death benefit and a savings component. But universal policies offer more leeway. Although you can adjust your premium amount, doing so may result in a future rise.

Universal Life Insurance that is Indexed

If you have an indexed universal life insurance policy, your cash value grows in proportion to the success of a stock market index. You can expect your cash worth to increase if the index does well. Cash values in indexed policies are not directly invested in the stock market. Thus they will not decrease in value if the index does. Although indexed policies are more difficult and carry more risk than traditional UL policies, they carry less risk than variable life insurance.

Insurance that covers one's final expenses Unconditional issuance Small whole life insurance policies provides lifelong protection against the financial burden of funeral costs. To save money over time, American Life allows you to make additional payments. Take into account that the death benefit on these policies is tiered. In the event of your untimely demise, the policy's beneficiaries will get 110% of the premiums paid rather than the entire death benefit for the first two years. All the benefits will be paid out to your heirs if you pass away in year three or are killed in an accident at any time.

Paid-In-Full Rider, The necessity for a life insurance policy may vary as your circumstances evolve. American National has a guaranteed cash-out rider, so you can get your money back if you no longer need insurance coverage.

Approaches We Take When Evaluating Life Insurance Companies

We ranked over 90 insurance providers across five broad categories: financial soundness, customer happiness, product and feature variety, overall buying experience, and cost. We developed a system based on consumer preferences and the basics of life insurance companies.

We used 55 different indicators and collected over 5,000 data points. To compare insurers' results across different measures, we sorted them into categories and then used a weighting system to identify the most important factors.

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