Purchasing life insurance is not fun. Unless you are coaxed into buying protection for your family or dependents, a lot of things should go in between your decision to buy and really buying your insurance. You probably think of shopping around to get better, if not the best, rates. That obviously needs you to choose one from several life insurance company names. American Life Insurance Company could be on your list in that case.
Useful Information about American Income Insurance Company
Owned by: Goble Life Inc.
Founder: Bernard Rapoport
Key Person: Steven K. Greer (CEO)
Philosophy: To defend worker’s rights; to advocate for financial reform and to champion for a fair economy.
Head Office: Waco, Texas, United States
Subsidiaries: National Income Life Insurance Company (for New York), American Income Marketing Service, Inc., AIL New Zealand LTD, Union Heritage Life Assurance Company Limited (for Ireland)
Assets: 4.4 billion
Life Insurance in Force: More than $63 billion (as of 12/2018)
Number of Policyholders: More than 2 million
Number of Representatives: More than 61,00
Connected to: More than 20,000 organizations
Phone Number: (800) 433-3405
Presence in Social Sites:
An International Company
Though the company stands rather in dim view (compared to some others), American Life Insurance Company is worth taking a look at when you are seeking to buy life insurance. The company has been providing insurance protection across 49 states of the USA as well as the District of Columbia. It serves beyond the U.S. borders— Canada and New Zealand. AIL also sells life insurance in Ireland through its subsidiary. They started out back in 1951 and has never looked back ever since. Their financial growth has kept being upward.
American Income Life Insurance Has Best Ratings
When it comes to American Income Life Insurance Company reviews by independent agencies, it sounds pretty good. Excellent could be a better word, probably. America Best (A.M. Best) has a high rating for the company. They award it with an A+. For Fitch it is A+ once again. Better Business Bureau (BBB) also has A+ for the company. Comdex comes up with a score of 96 for the company. Standard & Poor’s (S&P) rating reads AA- which is not good as well.
Available Insurance Products by AIL
Products in Life Insurance Category
Whole Life Insurance: A whole life insurance from American Income Life Insurance remains valid so long as you live. Whenever you die off insured, your beneficiaries will receive a predetermined amount of money as death benefit to take care of themselves. Policy cost never increases over time.
Final Expense Insurance: AIL has two types of products for funeral insurance. Their Freedom of Choice is a specially designed policy for the purpose. As a policyholder you choose a certain amount of death benefit to manage your funeral costs so that your dependents do not have financial stress when you die. With many companies you have to wait minimally up to 48-72 hours to get the benefit. Even longer periods are not impossible. But when you are with AIL, you have no worries over instant payment for the last rites. You submit the company’s FOC certificate to any funeral home of your choice and you are done. It is AIL’s responsibility to pay the costs to the funeral managers.
However, you may also choose to buy a regular final expense insurance product from them. It comes without the privilege of Freedom of Choice Certificate.
Term Life Insurance: When you need protection for a short or a fixed period of time ahead, you can rely on AIL for protection through their term insurance policies. These policies are cheap and premiums or monthly payments do not go up during the contract years. If you pass on within the policy validity, your beneficiaries will receive a death benefit from the company.
You can choose to turn your policy into whole life insurance too.
Mortgage Protection: When you have a mortgage home and are worried about the burden that might fall on your dependents in case of something, AIL has solution for you. You can buy a mortgage protection policy to save your home from being taken away.
Monthly Income Protection: American Income Insurance Company’s monthly income protection helps you replace your income in the event of your death. You can choose several years for the income to flow into the hands of your family members and survive.
Child Insurance: AIL offers life insurance policies for children between 0-17 years. You can buy it for your own child or the child of your son or daughter. The protection remains valid for life time so long as the premiums are paid. The rates of the policy never changes. The company can cancel the policy for no reason whatever so long as premiums are up to date. Their policy is known as Head Start Program.
Child Education Protection: American Income Life Insurance Company sells child education protection to customers so they can be sure their children will get college education. If you do not want your passing away to cause inconvenience to your child’s college education, you can choose AIL for the purpose.
Accident and Hospital Insurance
Accidental Death Insurance: If an accident leaves you amputated, hospital-confined, sent in intensive care unit or dead for the worst, your nominees receive a benefit. You are free to use the money in whatever way you want.
Critical Illness Insurance: You receive a lump sum of money as benefit when you are diagnosed with one of the following 5 critical illness for the first time:
End-stage renal failure
Major organ transplant of heart, lung, liver, kidney, pancreas or bone marrow
Total loss of eye-sight and/or hearing
Cancer Insurance: The company products to stand by the cancer diagnosed policyholders: specific coverage of treatment or disbursement of a lump sum of money.
Laudable Aspects of American Income Insurance Company
AIL deserves appreciation for the following reasons and stands out of the hoods in a spectacular way:
Waiver of Premiums for Labor up to One Year
The company’s founder Bernard Rapoport was very empathetic to the labor class. He said, “I have an ingrained empathy for the labor movement that has been shaped by a lifetime of experience.” In keeping with the spirit of the founder, AIL has always been serving the interest of the labor class like no other. When a strike is endorsed by the labor union, policyholders who are labors get a one year waiver of premium payment. They never have to pay the premiums.
Similarly, labors have up to 3 months of waiver of premiums for qualified lay-offs.
Free Life Partners No Cost Program
AIL offers healthcare support to their customers through their program known as Life Partners Program. This allows you to get between 10% to 60% discount on the following healthcare services from certain providers:
Eye care plan
Prescription drug plan
Free Terminal Illness Rider
When your physician predicts you have some critical illness and are not to survive more than a year, you can claim half of your death benefit from the company. Many companies sell this as a by-product or rider that you need to pay for regularly. But with American Income it comes as a default feature that is free.
Term Conversion Option
Not all insurers let you convert your term policy into a whole life plan. Some also offer it for a conversion rider that you need to keep paying for. AIL deserves appreciation in this regard. Similarly, this company allows you to renew your term policy for some time. This is something you cannot overlook.
Free Safety Kits for Children
As part of their social commitment, American Life Insurance Company offers you No-Cost Child Safe Kit endorsed by the leading law-enforcing agencies and International Union of Police Associations.
Weaknesses of American Income Life Insurance
Despite appreciable things to speak in favor of American Income, it has criticisms to sustain.
For example, the company is quite experienced but has failed to bring up innovations. While other companies are regularly coming up with customer-focused products, their product list has not changed over that rapidly. They seem pretty conservative with respect to product creations. For example, they have no universal policies. They do not have no exam policies either.
Another weak feature that comes easily to notice is their site lack of information customers would usually look for in. The company site still looks an 80s version. They do not have sufficient product description that a customer would be willing to get.
Also, there is no life insurance quotes tool. These days, customers are always looking to get an idea of the probable costs of policies they want to buy. They take help of quotes tool in order for that. AIL lacks this feature.
Many life insurance companies offer dividends to customers on whole life insurance policies. They come as an extra to what you receive as guaranteed interest. Though AIL’s interest rate is competitive, lack of dividends makes the company worse than its competitors.
How to Buy from American Income Life Insurance
You cannot buy your life insurance policy direct from the company. You need to find a company agent to get a policy. If you do not know an agent, you can use their local agent finder tool to find an agent for yourself. However, finding the tool can be a bit tricky as it is not directly available on their site homepage. For that, visit the company website and then click on ‘customer login’ on top of the page. This will take you to their E-service page. Now click on ‘Local Agent Finder’ below ‘Protecting Working Families’ under the image.
Or you can directly go to the page by clicking on this link: Find Local Agents
Final Thought on American Income Life Insurance Company
American Income Insurance leaves some of their customers dissatisfied with customer service. This can be a wet blanket for you. But this should not let you exclude the company from your list of the 10 considerables. There are substantial reasons for you to do so.
Back in 1951, the company started with only with loaned $25,000. In only 2 years in 1953, it reached to $1 million and in ten years (1963) it reached $7 million. Ten years later still, in 1973, the company’s income reached to $31.5 million. Forty years forward in 2013, the company sold $130 million in policies with 2 million customers who rested their trust on AIL. This growth is something you cannot really ignore. It is an indication that most customers have been satisfied with them.
On top of all, they have paid benefits to 18,549 claims in 2017 alone.
So, the statistics could be enough for you to do further investigation into whether American Income Life Insurance Company is good or not.