When purchasing a life insurance policy, not all providers are equal. In the event of your untimely or accidental death, you want to make sure your family is cared for financially. A reputable, highly rated non-med life insurance company is essential.
American National Insurance Company is one of the nation’s largest and most well-established life insurance providers. But does the success of the company translate to dependable, high quality life insurance policies you can count on? We took a look at both the pros and cons of ANICO Direct.
Our complete review is below:
Our American National Insurance Company Review
ANICO consistently ranks as one of the nation’s most affordable life insurance companies.
They’re primarily known among the public for two main characteristics: their commitment to innovation and their no medical exam policy.
They’ve also recently begun to garner attention for their fully underwritten policies. Their fully underwritten life insurance policies are priced very competitively in the market. Prices are especially low for longer term policies, such as a 30 year policy.
ANICO Policy Holder Example
A healthy male aged 45 would pay approximately $85.97 monthly for a 30-year, $500,000 policy. While obviously the specific costs vary based on the profile of the individual policy holder, the average policy costs for ANICO are generally lower than other major companies such as American General and Protective.
History of the American National Insurance Company
ANICO is a well-established company with a long history of providing insurance products and services across the United States. This Texas-based company was founded in 1905 by businessman William Lewis Moody, Jr. Today, the Moody family is still the majority stockholder through their Moody Foundation and the Libby Shearn Moody Trust, which is administered by the trust department of the Moody National Bank.
The company offers a full-service menu of insurance products and services. Aside from life insurance, they also offer:
- Health insurance
- Property and Casualty Insurance
- Credit Insurance
- Pension Plan Services
Outside of insurance-related products and services, the company also founded South Shore Harbour, a large-scale housing development in League City, Texas.
Reliability of Services
As with any life insurance company, the ability to pay out a claim quickly and efficiently is paramount. After all, if the worst should happen, you want to know your family won’t have to deal with any hassles or delays from the insurance company.
There are a few ways to analyze claim payment rate. The first is by reputation. If a company has been in business for a long time, and has a history of quick payment rates, then it becomes reasonable to assume that behavior will continue into the future.
ANICO passes the reputation test. Founded in 1905, there is plenty of record to examine. The vast majority of claims were paid out in a short time period.
Additionally, customers are overwhelmingly satisfied. Obviously filing a life insurance claim isn’t a fun activity. But survey after survey reveals high customer satisfaction. The procedure for filing a claim is generally considered quick, intuitive, compassionate and hassle-free.
Another metric to analyze in this instance is the insurance company’s ratings by objective, outside agencies. All insurance organizations in the U.S. are subject to insurance rules and regulations. Federal agencies including the Federal Trade Commission and the U.S. Securities and Exchange Commission have the authority and duty to oversee all insurance sellers.
Additionally, insurance companies have their records audited by KPMG and other major financial rating agencies. Insurance companies are rated based on their operating performance, liquidity and the company’s capitalization.
ANICO’s ratings in this regard are solid and reassuring. After a thorough evaluation, A.M Best gave ANICO an “A” rating. This means they consider the company to be in excellent financial health. Standard & Poor’s also gave ANICO an “A” rating, similarly showing a high level of confidence in the company.
In 2009, American National received another boost to their reputation when they were included on Forbes Magazine’s list of the “1000 Most Trustworthy Companies.”
The Policies Offered by American National Insurance
The policies and plans offered by American National Insurance are straight-forward. Quite a few customers enjoy how purchasing policies is clear and hassle-free. Some of their most popular plans include:
Freedom Term Life Insurance
- Face amounts available up to $250,000
- No medical exam
- Available in 10, 20 or 30 year terms
This is one of their most popular products. Many people find this policy is a great option for fast life insurance for divorce. Also is a great way to cover SBA loans.
ValueGuard Whole Life Insurance
This is another policy which doesn’t require a medical exam. Face amounts go up to $150,000. Looking for insurance today? This is a great policy to consider because you can get approval within 15 minutes.
Legacy Whole Life Insurance
As you’re probably expect by now, this is another policy which requires no medical exam or health questions answered. The Legacy Whole Life Policy is available for anyone between the ages of 50 and 80.
This policy has a two-year Graded Death Benefit. This means if the policy holder dies within two years of purchasing the policy, the return will be 110% of the premium paid. This type of benefit is often a smart choice for seniors.
ANICO Signature Term
They offer several insurance products in their signature line. Level premium terms are available for 10, 15, 20 and 30 years.
The ANICO Signature Plus Indexed Universal Life Insurance offers a fixed account with four One-Year Indexed Interest Crediting Strategies.
Buy/Sell/Life Insurance Requirements
- Amounts over $100,000 require an Inspection Report with a Business Beneficiary Report
- Amounts over $300,000 require an Inspection Report with a Business Beneficiary Report as well as at least two years of business financial statements.
Both amounts require the completion of ANICO’s Business Financial Questionnaire.
Additional Add-On Life Insurance Riders
No two people have the same exact insurance needs. ANICO helps you customize your policy with a variety of useful add-ons. Some of the most popular add-ons available include:
Chronic Illness Rider
This provides an accelerated benefit payout if several “chronic issue related” conditions are met. These conditions include either a cognitive impairment or the inability to perform at least two out of the following six conditions related to daily living:
What We Like About ANICO
Purchasing a plan is easy and simple. This is an easy, reliable way to find no medical exam life insurance. The no medical exam term policy goes up to $250,000 while the no medical exam life insurance goes up to $150,000. They are considered an excellent alternative to traditional medical exam term and whole life policies.
Another aspect we like are the low prices. Their rates are very competitive on both no exam life insurance and fully underwritten policies. Not all insurance companies are as focused on low prices.
What We Don’t Like About ANICO
There’s not a ton to dislike about ANICO. They’re not the oldest insurance company in the U.S., but we still find them to be reputable and dependable. After all, they’ve been serving the public for over one hundred years. So while they’re not the oldest, they still have a very solid reputation.
Once you commit to a life insurance company, you want to feel like your family’s financial situation will always be secure, even if an accidental death occurs. ANICO is a well-established company we have no problem trusting. They’ve been around for a while and will continue to be here.
Overall, we liked the variety of their policies, the consistent positive experience with their customer service and the general price structure of their insurance products. ANICO offers a variety of affordable, reliable life insurance products.