Disclaimer: We are not American National Life Insurance Company. Rootfin is an independent rating agency.
This American National Life Insurance review is designed to do nothing more than provide unbiased and factual data to consumers about the company to help consumers navigate the life insurance market.
This review is approximately a 6-minute read from start to finish.
We plan to discuss the critical components of the company, such as the life insurance products offered, the possible rates you may expect, and the underwriting and application process with ANICO.
We have also created to navigate links directly below to help you skip straight to any section of this post that you desire to read or learn more about.
Here’s what our full review of the company will cover:
- Our American National Review
- History and Background of ANICO
- Financial Strength Ratings
- BBB Rating and Consumer Complaints
- Life Products Offered by American National
- Other Options and Products Available
- What Makes American National Unique?
- Who Should Consider American National?
- Application and Underwriting Process
- Next Steps After Being Declined?
- Pros of choosing ANICO
- Cons of choosing ANICO
- Final Thoughts on ANICO
Lastly, for any of you who need a fast summary, I’ve provided a quick-1-minute overview of the company directly below for you.
American National is one of the best life insurance companies in the United States.
American National offers competitive rates on term life insurance as well as universal life insurance.
ANICO also offers consumers the ability to purchase up to 250K in coverage without the need for a medical exam.
Overall, American National is an excellent company to compare rates with and features somewhat loose underwriting guidelines compared to other large mutual life insurance companies.
Ultimately, you always need to compare rates with multiple life insurance companies before making your decision, but we believe firmly that ANICO may be a company you choose to do business with.
That’s the fastest way to explain what you need to know about ANICO.
If, however, you have those 6 minutes to spare, we highly recommend you read our full review of the company directly below.
Here is what you need to know.
Our American National Review
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.
American National is another long-standing life insurance company that has stood up to the test of the time and has continued to deliver quality products to meet the demands of consumers.
Currently, American National is most known for its term life insurance with living benefits and guaranteed universal life insurance.
American National also has a popular product that allows consumers to purchase life insurance without undergoing a medical exam (we will touch on this later in this post).
History and Background of ANICO
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:
- Life Insurance
- Health Insurance
- Home and Auto Insurance
- Credit Insurance
- Pension Plans
American national is considered 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 that is 100% percent 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.
Financial Strength 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.
With American National, as the consumer, you have nothing to worry about.
Currently, American National is considered an A-rated company according to A.M. Best.
Additionally, American National is considered an A-rated company according to Standard and Poor’s and currently holds a 79 score on the Comdex.
American National employs more than 3,000 individuals worldwide.
BBB Rating and Consumer Complaints
Currently, according to the BBB, American National has no official rating but does show only 13 complaints in the last 3 years, which is much lower than we typically see with a company of this size.
Additionally, as stated previously in this article, American National is one of the favorites amongst independent life insurance agents.
This is mainly due to favorable underwriting, competitive pricing, and robust life insurance products.
Life 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 With ANICO
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
ANICO also offers one of the best no exam life insurance options to consumers up to a maximum of 250,000 in coverage.
This gives consumers an easy way to purchase life insurance without needing to devote time or effort to have a medical professional visit their home.
This product specifically also offers coverage up to a maximum of 30 years in duration.
Universal Life with ANICO
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 ANICO 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 Unique?
American National is unique in many ways.
First and foremost, they have 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 we are referring too.
Additionally, ANICO offers some of the most robust products offering living benefits.
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.
The fact that ANICO offers a non-med option in addition to their robust products also put them in a class of their own.
Who Should Consider American National?
American National is an excellent life insurance company from nearly every angle.
Overall, individuals looking for a top-rated brand with somewhat relaxed underwriting can consider a coverage provider like ANICO.
Additionally, anyone who may need 250K or less in coverage would be wise to consider ANICO’s no medical exam options.
Overall, with how competitive ANICO currently is with all life insurance products, ANICO is a must consider in general when comparing your quotes and doing your due diligence finding the best plans.
Application and Underwriting Process
We have touched on some of this already previously in this post.
You have two primary paths you can take with ANICO.
Option 1 would involve no medical exam, but a max coverage amounts of 250,000.00
Option 2 would be your traditional old school method, where you undergo a medical review to determine your rates and eligibility.
Overall, ANICO is one of the top ten best life insurance companies when it comes to favorable underwriting and approvals.
Even for individuals who may have a list of medical conditions not working in their favor.
Of course, the chance of being declined for life insurance is always present and what we plan to cover next.
Next Steps After Being Declined?
If you do happen to be one of the individuals who was declined for coverage, you still need to understand that you have several paths you can take to protect your family and get protection in place.
Option 1 is to continue having your independent life insurance agent shop life insurance carriers for you until you find the perfect match.
Often, life insurance companies have unique underwriting niches that they insure, so it’s entirely possible to find a company to take on your risk.
Option 2 is to always consider alternative options such as guaranteed issue life insurance or accidental death life insurance.
Both options are affordable and require no medical questions to be asked.
Some coverage and protection are always going to better than no coverage at all.
Pros of choosing ANICO
ANICO offers many significant benefits to consumers.
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
Cons of choosing ANICO
On the other hand, it’s always our goal to give you the full picture of a life insurance provider.
Here’s what we believe to be the most significant drawbacks you will encounter working with ANICO.
- No Exam Caps at 250K Coverage
- Other Companies Have More Financial Strength
- More Competitive Options May be Available for Certain Niches
Final Thoughts on ANICO
ANICO is one of the companies we have a great deal of respect for and believe 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 ANICO is the best company for you or not.
Doing so ensures you get provided the best rates and the best chances at being approved for coverage.
Best of luck with your shopping.