American National Life Insurance Review

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American National Insurance Company (ANICO) is one of the oldest insurance companies in the nation. American National is also one of our top 20 final expense insurance companies. In this post I will review rates and underwriting and compare it against other insurers to find out if ANICO is a good choice. We are proud to represent American National Insurance Company and 50+ other insurance companies.

American National Life Insurance (ANICO) History

American National was founded in 1905 by William L. Moody, Jr. . Today, the company offers many different products in the insurance and financial industry, including life insurance, annuities, pension services, health insurance, and property and casualty insurance. American National also ranks as one of the largest insurance companies in the nation.

American National Life Insurance Financial Ratings

  • A (Excellent) from A.M. Best
  • A (Excellent) from Standard and Poor’s

Life Insurance Products Offered by American National

American National offers term, whole, and universal life insurance. I will go ahead and look at the key features of each policy.

ANICO Signature Term Life (Fully Underwritten)

ANICO offers a level premium term policy for 10, 15, 20 or 30 years. They also offer an annual renewable term (ART) for those who need life insurance for a short period of time. ART policies renew at the end of each year, and the premiums are guaranteed for the first 10 years. After that, the annual premium will increase because you’re getting older.

Once the term is over, you may convert your policy to a permanent one, and could be eligible for conversion credits. ANICO will pay back 100% of the premium for conversions that occur during the 2nd through 5th policy year.

  • 10-, 15-, 20-, or 30-year term periods offered
  • Issue ages: 18-70 10 year, 18-65 15 year, 18-60 20 year, 18-50 30 year
  • Minimum face amount $50,000
  • Accelerated benefit rider for terminal, chronic, and critical illnesses at no additional cost
  • Fully convertible before the age of 65

Optional Riders

  • Children’s level term rider
  • Disability premium waiver

ANICO Signature Term Life (No-Exam)

The accelerated underwriting process is available on all signature term policies with face amounts up to $250,000. The decisions are based on the information you put on the application, however, and the underwriter will also pull information from your motor vehicle record (MVR), the Medical Information Bureau (MIB), and prescription data. Phone interviews and medical records may be required for certain applicants.

  • Available for ages 65 and under
  • Available on ART and all term periods
  • Standard and substandard rate classes only
  • Up to $250,000 in face amount

ANICO Signature Whole Life

Whole life policies provide permanent coverage with a guaranteed death benefit, level premium and cash value. It gives an increased peace of mind and security since the death benefit will be there when it is needed, no matter when that may be. Also, the earnings through dividends will be accumulated tax free. The dividends on ANICO whole life policies are not guaranteed, but based on its history they have been paying dividends to their clients. The dividends are usually paid through cash, premium reduction, dividend accumulations, or paid up additions.

  • Minimum face amount $10,000
  • Issue ages 0-80 without nicotine use, or nicotine users ages 18-75
  • All rate classes offered
  • Accelerated benefit rider for terminal, chronic, and critical illnesses at no additional cost

Optional Riders

  • Children’s level term rider
  • Term rider
  • Disability premium waiver
  • Paid up additions
  • Guaranteed insurance option rider

I wrote a detailed post explaining life insurance riders here.

ANICO Executive Universal Life Insurance

Universal life is another form of a whole life policy that offers the same elements as a traditional whole life policy, except for the fact that the premium and death benefit aren’t fixed.  They offer a greater flexibility by adjusting the death benefit or premium based on your current situation in life.

The premise of universal life is the idea that you may start with a simple goal, such as mortgage protection, and in time you may have a new business or a family and will need different protection. You may need to add or subtract, or even change your financial goals altogether. Universal life gives you the flexibility to do just that.

  • Minimum face amount $25,000
  • Issue ages 0-85
  • Contract guaranteed interest rate of 3%
  • Accelerated benefit rider for terminal, chronic, and critical illnesses at no additional cost

Optional Riders

  • Children’s level term rider
  • Term rider
  • Disability waiver of minimum premium
  • Disability waiver of stipulated premium
  • Guaranteed increase option rider

ANICO Indexed Universal Life Insurance

An indexed life policy is another form of a permanent life insurance that provides a death benefit, and also the ability to accumulate cash based upon the performance of an index, such as S&P 500. You have the same flexibility of a regular universal life policy in regards to the death benefit and premiums.

ANICO gives you a few choices on investing the premiums, such as the ability to allocate to fixed interest earning options, or a combination between fixed interest and the indexed performance. This will be up to your risk tolerance. It is also worth it to mention that there is a floor, which means even if the indexed loses 5% per year, you would be capped at 0% and will never go below that.

  • Minimum face amount $25,000
  • Issue ages 0-85
  • Accelerated benefit rider for terminal, chronic, and critical illnesses at no additional cost

Optional Riders

  • Children’s level term rider
  • Term rider
  • Disability waiver of minimum premium
  • Disability waiver of stipulated premium
  • Guaranteed increase option rider
  • Overloan protection benefit

ANICO Signature Guaranteed Universal Life Insurance

Guaranteed universal life policy is a coverage you select based on an age instead of a term. You can select the length of the coverage from age 95 to 121 to ensure you do not outlive your policy. The great thing ANICO offers is the ability to cash out your policy in the future, should your needs change.

During the 60 days following the 15th, 20th and 25th year policy anniversary, you can cash out full or partial premiums paid and surrender your policy, or keep some of it and get your money. You get your choice of length, your premium and a guaranteed death benefit. The best of all worlds.

  • Minimum face amount $25,000
  • Issue ages 18-80 without nicotine use, or nicotine users ages 18-75
  • Contract guaranteed interest rate of 2.5%
  • Accelerated benefit rider for terminal, chronic, and critical illnesses at no additional cost
  • Guaranteed cash-out rider

Optional Riders

  • Children’s level term rider
  • Disability waiver of stipulated premium

ANICO Underwriting Strength

Every life insurance carrier has its own set of rules they must follow when they underwrite potential clients. Some are better in one health ailment than others, some care about a family history of death before the age of 60, and others not so much. The key to getting the best price is to make sure you apply with the right insurance company for your specific situation.

You can learn more about life insurance underwriting here.

  • Cigar and smokeless tobacco users – may receive preferred rates, as long as it’s less than 2 times per month and a negative specimen result on your lab work.
  • Sleep apnea – if well-controlled and you are compliant with treatment, you may receive preferred rates.
  • Depression – mild situational with other favorable characteristics may receive preferred rates.
  • Adult attention deficit disorder (ADD) – if well-controlled, you may receive preferred rates.
  • Family history – ANICO allows some exception to still receive preferred rates even if there has been a death prior to the age of 60 from cancer in parents or siblings.
  • Prostate cancer – Ages 70+ treated with surgery with good follow-up may receive standard plus rates.
  • Type 2 diabetes – ages 50+ with good control and no other risk factors may receive standard plus ratings on any permanent policy.
  • Obesity – generous credits for individuals who have other favorable conditions, such as lipid levels, optimal blood pressure readings, etc.

ANICO vs Other Carriers Sample Rates

Male 20-year Term $250,000

CompanyAge 30Age 40Age 50Age 60
 Lincoln $12.69 $17.50 $41.78 $190.53
 Protective $13.22 $17.91 $41.96 $112.86
 AIG $13.54 $19.38 $42.73 $114.74
 Banner $13.78 $18.87 $42.66 $114.16
 Mutual of Omaha $14.18 $20.08 $46.55 $134.05
 North American $14.30 $20.02 $43.56 $115.06
 Principle $14.66 $19.25 $43.09 $111.56
 SBLI (No-Paramed) $14.79 $21.67 $51.68 $147.70
 Assurity $15.88 $28.93 $68.51 $176.61
 American National (No-Exam) $28.94 $40.61 $88.78 $230.69

Female 20-year Term $250,000

CompanyAge 30Age 40Age 50Age 60
 Lincoln $11.16 $14.87 $31.72 $160.13
 Protective $11.95 $15.44 $31.67 $78.54
 AIG $12.02 $18.51 $35.59 $89.66
 Banner $12.03 $15.75 $32.21 $81.16
 Mutual of Omaha $12.64 $17.46 $36.05 $94.02
 North American $12.76 $16.94 $34.10 $81.84
 Principle $13.30 $17.06 $32.90 $77.92
 SBLI (No-Paramed) $13.31 $18.99 $36.46 $90.37
 Assurity $13.05 $23.71 $53.51 $137.68
 American National (No-Exam) $24.62 $35.64 $66.96 $158.54

Male 20-year Term $500,000

CompanyAge 30Age 40Age 50Age 60
 Lincoln $20.13 $28.87 $77.83 $214.33
 Protective $20.38 $28.92 $76.86 $207.96
 AIG $21.11 $31.05 $78.20 $213.57
 Banner $20.96 $32.37 $78.18 $213.27
 SBLI (No-Paramed) $21.32 $36.92 $96.06 $286.85
 American National $22.03 $33.70 $82.08 $221.18
 Principle $22.75 $31.94 $79.63 $216.56
 Transamerica $22.36 $38.27 $92.45 $212.42
 Assurity $25.67 $51.76 $130.94 $347.13
 Prudential $34.20 $43.65 $88.65 $262.35

Female 20-year Term $500,000

CompanyAge 30Age 40Age 50Age 60
 Lincoln $17.06 $24.94 $56.39 $148.05
 Protective $17.93 $25.26 $55.78 $140.83
 AIG $18.08 $29.32 $63.06 $163.40
 Banner $17.94 $26.25 $56.87 $153.12
 SBLI (No-Paramed) $19.14 $29.67 $65.87 $173.03
 American National $19.44 $30.24 $63.07 $166.32
 Principle $20.04 $27.56 $59.24 $149.27
 Transamerica $19.78 $30.96 $62.78 $170.71
 Assurity $20.01 $41.33 $100.92 $269.27
 Prudential $27.90 $38.70 $76.95 $181.80

Male 20-year Term $1,0000,000

CompanyAge 30Age 40Age 50Age 60
 SBLI $35.24 $56.03 $147.73 $457.62
 Protective $34.99 $51.99 $143.84 $400.83
 AIG $36.68 $54.84 $146.53 $418.14
 Banner $36.67 $59.50 $146.30 $418.13
 Mutual of Omaha $37.80 $59.68 $163.80 $481.42
 American National $38.88 $61.34 $156.38 $435.46
 Principle $38.94 $56.00 $149.63 $422.63
 Transamerica $39.56 $69.66 $147.92 $415.38
 Assurity $45.24 $97.44 $255.78 $688.17
 Prudential $52.65 $77.85 $166.05 $485.55

Female 20-year Term $1,000,000

CompanyAge 30Age 40Age 50Age 60
 SBLI $29.67 $44.28 $104.57 $272.92
 Protective $29.43 $43.94 $103.55 $269.92
 AIG $30.62 $52.25 $117.12 $309.15
 Banner $29.75 $47.25 $108.50 $286.12
 Mutual of Omaha $31.67 $51.80 $119.18 $324.80
 American National $32.83 $52.70 $116.64 $326.59
 Principle $32.16 $47.25 $108.94 $286.13
 Transamerica $30.96 $55.90 $116.10 $323.36
 Assurity $33.93 $76.56 $195.75 $532.44
 Prudential $38.25 $64.12 $139.05 $349.65

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of July 2017 and are subject to underwriting approval.*

Last Word

American National Life Insurance is truly one of the best companies in the country. They have a strong financial rating and array of products from which to choose. They also have one of the best no-exam life insurance policy options if you are looking for a face amount of $250,000 or less.

As a potential life insurance client, you may want to compare all companies before making a selection. Your current health, occupation, and family history are just some of the reasons you may need help choosing the right company for you. You can go ahead and run the quotes yourself here below on this page, or give us a call at 866-326-3053 for a personalized no-obligation quote from 50+ top-rated insurance companies.

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2017-10-24T19:57:04+00:00 August 24th, 2017|Company Reviews|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has 2 amazing rescued pit bull puppies. He also enjoys real food, heavy squats, critical thinking, and reading.

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