If you are considering American National for a life insurance policy, this review will help you in your decision-making process.
In this review, we will discuss the American National life insurance company’s life insurance products, the underwriting and application process, pros & cons of working with them, and what makes American National unique.
We will also share other life insurance company reviews below so you can compare.
- About American National Insurance Company
- American National Life Insurance Ratings
- Life Insurance Products Offered by American National
- What Makes American National Life Insurance Great?
- Who Should Consider American National for Life Insurance?
- Pros of Choosing American National
- Cons of Choosing American National
- Compare American National to Other Life Insurance Companies
About American National Insurance Company
American National is trending as one of the best life insurance companies for a variety of reasons amongst independent life insurance agents. American National is a nationwide insurance company offering multiple lines of coverage with excellent products, service, and ratings.
Currently, American National is most well-known for its term life insurance with living benefits and guaranteed universal life insurance. American National also has a popular no-medical exam life insurance policy.
History and Background of American National
American National has been in operation since 1905 when the company was initially founded.
In 1905 William Lewis Moody Jr. founded the company and continued to expand into various products and lines of insurance that include the following:
American National is a publicly-traded company, which means that outside investors have ownership in the company.
This is the opposite of other life insurance companies such as Northwestern Mutual, which is 100% owned by policyholders, and paid a yearly dividend each year based on company performance.
American National is currently headquartered in Galveston, Texas, and was recently awarded by Forbes as one of America’s top 100 most trustworthy companies to conduct business with.
American National Life Insurance Ratings
Financial strength ratings help consumers understand if a life insurance company is liquid and had substantial assets to hold true to their promises on claims from loyal policyholders.
Here are the ratings for American National:
- A.M. Best: “A” (excellent) rating
- Affordability Index: 9.8
- Ease of Applying: 9.8
- Customer Service: 9.7
- COMDEX Ranking: 78
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of American National compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Life Insurance Products Offered by American National
Life insurance products are one area where American National shines.
Currently, ANICO has a wide range of life insurance products to offer consumers that consist of the following options:
- Term Life Insurance
- Universal Life Insurance
- Whole Life Insurance
- Indexed Universal Life
- Variable Life
- Credit Insurance
Here’s a more in-depth look into the robust life products offered by ANICO:
Term Life Insurance
In many ways, the term life insurance products from ANICO resemble what you will find with most other life insurance companies that include features such as:
- 10-30-year coverage durations
- Level Premium payment plans
- Convertibility into permanent products
- Living Benefits
Their term life insurance usually has among the best rates on the market. That, combined with their great living benefits which are covered below, make it a great policy.
American National also offers one of the best no-exam life insurance options to consumers, up to a maximum of 250,000 in coverage (more on this below). This product specifically also offers coverage up to a maximum of 30 years in duration.
Guaranteed Universal Life Insurance
American National has the best guaranteed universal life insurance on the market.
- It’s the cheapest policy of this type on the market in all scenarios we’ve tested.
- It has excellent living benefits (more below).
- It has cash out options on the 15th year (65% of premiums), 20th year (100% of premiums), and 25th year (100% of premiums). So you can surrender your policy and get all your money back if you wanted.
Universal Life Insurance
Universal life insurance is another excellent option for consumers looking for flexible choices and cash value components.
However, universal life always needs to be discussed with a professional before purchase.
Permanent life insurance products tend to be more complex, and it’s best to have a full understanding before ultimately jumping into any policies/contracts.
Other Options and Products Available
A unique product that American National offers is known as credit life.
This product hasn’t gained steam or popularity just yet, but it’s a viable option in certain situations.
Credit life will pay off creditors in the event of your death, thus removing the burden from your family to foot that bill.
What Makes American National Life Insurance Great?
American National is a great company, but there are certain situations where they really excel.
American National Approves Some High-Risk Medical Conditions That Other Companies Don’t
First and foremost, American National has unique underwriting niches in which individuals with certain medical conditions can still be approved for coverage. HIV happens to be one of those health conditions.
American National has Great Living Benefits
Additionally, American National offers some of the best living benefits in the life insurance industry. All life insurance policies automatically include these benefits.
- Terminal Illness Rider
- Chronic Illness Rider
- Critical Illness Rider
These living benefits help individuals pay for costly medical bills and end of life costs before passing away if you are diagnosed with a terminal illness that leaves you expected to live 12 months or less.
American National Offers Accelerated Underwriting on All Policies
The underwriting process for life insurance can be difficult and take a long time.
With American National, people can use their Xpress or Xpress Plus options for underwriting. This does not automatically require an exam and can be applied for electronically.
Here is a list of who can qualify:
- Up to age 65 applying for $250,000
- Up to age 60 years for up to $500,000
- Up to age 50 for $1,000,000 in coverage
Your health does factor into the calculation as well, but most people can qualify at $250,000 or less in coverage.
The fact that American National offers a non-med option in addition to their robust products also puts them in a class of their own.
Who Should Consider American National for Life Insurance?
American National is an excellent life insurance company from nearly every angle. Here are situations where considering an American National life insurance policy is a good idea.
- Individuals looking for a top-rated brand.
- People with medical conditions who need somewhat relaxed underwriting.
- Anyone who may need $250,000 or less in coverage.
- People seeking a guaranteed universal life insurance policy.
- Someone who wants great living benefits.
Overall, with how competitive ANICO currently is with all life insurance products, we typically recommend people consider them when comparing companies and quotes.
Pros of Choosing American National
Here’s a quick look at what we believe to be the best perks of choosing them for coverage:
- Highly competitive rates and no exam options.
- Robust and complete options for term and universal life.
- Living benefits included at no additional cost.
- Loose underwriting for certain health conditions.
- Rich history with strong reviews.
- Great accelerated underwriting programs.
Cons of Choosing American National
Here’s what we believe to be the most significant drawbacks you will encounter working with ANICO.
- They can be slightly more expensive for whole life insurance.
- More competitive options may be available for certain niches.
Compare American National to Other Life Insurance Companies
American National is one of the companies we have a great deal of respect for, and they offer fantastic coverage options.
However, this doesn’t mean we don’t recommend comparing rates with multiple life insurance companies before you ultimately decide if an American National life insurance policy is right for you. Doing so ensures you are provided the best rates and the best chances at being approved for coverage.
Here are some other life insurance companies to review: