When it comes to protecting your loved ones' financial security, life insurance is a crucial investment. American National offers a variety of life insurance products that cater to different needs and budgets. However, like any financial decision, American National has its pros and cons. In this blog post, we will discuss the advantages and disadvantages of doing business with American National.
American National is a leading provider of life and health insurance products in the United States. Since 1905, it has been protecting families and businesses with life, annuities, health, and property & casualty insurance.
American National is committed to providing customers with the highest quality products and services. As a company, they are dedicated to providing reliable protection and security for customers, their families, and businesses. From its beginnings more than a century ago, American National has grown to become one of the top 100 life insurance carriers in the United States.
For 2022 Forbes listed it as one of America’s best insurance companies. Newsweek, in collaboration with Statista, honored American National as one of the Most Trustworthy Companies for 2022-2023.
One of the main benefits of purchasing life insurance from American National is the company's commitment to financial strength. It has consistently earned excellent ratings from A.M. Best, Standard & Poor's, and Fitch Ratings. This rating reflects the company's commitment to financial strength and stability, which provides customers with peace of mind when making life insurance decisions.
American National also offers a variety of life insurance products to meet the needs of its customers. From whole life to universal life insurance, it has a product to fit each customer's unique situation. Additionally, it offers a variety of riders and additional benefits that can be added to the policies to provide additional coverage.
Products:
Whole Life Insurance: American National offers participating Whole Life insurance that pays dividends to its policy owners that can increase the cash value and death benefit over time. Its key features are guaranteed level premiums, guaranteed cash value growth, and guaranteed death benefit payout to beneficiaries as long as premiums were paid.
Universal Life Insurance: American National's Universal Life insurance like Whole Life is a permanent life insurance policy, however, it gives you the flexibility to adjust both your payments and death benefit to suit your coverage needs.
Indexed Universal Life: American National's Indexed Universal Life insurance is a permanent policy that offers the potential for greater cash value growth. Your policy's cash value can be tied to a variety of different stock market indexes such as the S&P 500, and earn credited interest based on its performance. As an added benefit, the policy's cash value is protected from market losses because you will never be credited a negative interest rate.
Guaranteed Universal Life Insurance: American National's Guaranteed Universal Life Insurance is a version of Universal Life that is focused on guaranteeing the death benefit for a certain period of time or for your entire life. Since the focus is on maintaining the death benefit, it does not build cash value like Whole Life and other Universal Life products. It does offer a built-in guaranteed cash-out rider that allows you to cash out the policy if you determine you no longer need life insurance.
Living Benefits:
American National offers several accelerated benefit riders at no additional cost to you. Their terminal illness rider advances the death benefit if you are diagnosed with an illness that will result in death in 12 - 24 months. Their chronic illness rider is available for use if you are unable to perform 2 out of the 6 activities of daily living (bathing, continence, toileting, eating, and transferring). Their critical illness rider is available if you are diagnosed with a covered critical illness after the policy has been issued. Additional riders are available at a cost to help cover disability and expand life insurance coverage.
Pros:
Wide range of options: American National offers a variety of life insurance products, including whole life, guaranteed universal life, and indexed universal life. This allows you to choose the type of coverage that best fits your needs and budget.
Affordable premiums: American National's life insurance premiums are competitive and affordable, making it easier for you to protect your loved ones without breaking the bank.
Cash value accumulation: American National offers participating whole life insurance policies that pay dividends. This provides policy owners with cash value accumulation, which allows you to build a savings component that can be used for emergencies or future opportunities. Their indexed universal life products offer greater potential for cash value growth for customers interested in additional ways to save for retirement.
Easy application process: American National's life insurance products have a simple application process, and you can often get coverage without undergoing a medical exam. Its products are fully underwritten, but they do have an accelerated underwriting process for applicants who fall within specific age and health criteria. I’ve personally seen some of my clients get approved in 2 -3 short days.
Cons:
No standalone term policies: While American National offers a variety of life insurance products, they may not have the same range of coverage options as other insurers. For example, on December 1, 2023, they discontinued the sales of all standalone term insurance products. This means that if you’re only interested in a term policy at this time, you would have to look to another carrier for that product. However, American National still makes term insurance available as a rider when purchasing a whole-life policy to increase your overall total coverage.
No online quotes: American National doesn’t provide an online quote for its life insurance products. You must contact one of their contracted agents to receive quotes customized to your unique situation.
Limited policy information available on website: Only basic details of American National policies are available online. There is no information regarding coverage limits or maximum age limits. Additionally, the company has limited educational resources accessible online to aid its policyholders.
Overall, American National is a great choice for life insurance. The company's commitment to its financial strength and customer service makes them one of the most trusted life insurance carriers in the United States. If you are looking for coverage, American National is a great choice for protecting you and your family.
There is no better time to re-evaluate your current situation than the present. Connect with a licensed financial professional at Alfa Pride Financial, to assess where you are on your financial journey, and get the financial keys to a worry-free life.
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