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American Family Insurance Review 2020
We at TermLife2Go have a primary goal of helping life insurance seekers from all walks of life to find the best life insurance company and policy in the market. We’ve written this review of American Family Insurance to help you do just that. With dozens of the highest rated best life insurance companies to choose from, including the best no exam life insurance companies, we are here to help you find the best life insurance rates available. Give us a call today for a free consultation.
About American Family Insurance
American Family Insurance started roughly eighty years ago. The company’s founder, Herman Wittwer, already had experience as a life insurance salesman. He decided to start his own insurance company. That company was called Farmers Mutual Automotive Insurance Company.
The company started to add other products like home, umbrella, business, health, life and farm insurance. In 1963, Farmers Mutual Automotive became American Family.1
Today, American Family Mutual Insurance Company and its affiliates are available in 18 states and have more than $1.8 billion in directly written premiums.2
Ratings for American Family Insurance
There are many companies that rate financial institutions such as life insurance companies. These rating agencies can help customers get a better understanding of the financial standing and future prospects of an insurance company prior to purchasing a policy.
American Family Insurance has been rated by one of the most renowned rating agencies around: AM Best Company. In 2019, AM Best awarded American Family Insurance a rating of A (Excellent).3 This is a great rating, and serves to assure policy seekers that when they purchase a life insurance policy with American Family Insurance, their money will be in good hands.
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Life Insurance Policies offered by American Family
AmFam sells its different types of life insurance policies under the company name, American Family Life Insurance Company. They offer standard products like term life insurance and whole life insurance, but it also has some unique products:
SimplyProtected Term Life Insurance
This is a life insurance policy that works for every age, but is often purchased by younger policy buyers. The biggest benefit of SimplyProtected is that you can get covered within two weeks. This policy does not require a medical exam—a good thing for anyone with pre-existing medical conditions. Both SimplyProtected and Term Life offer the following terms lengths: 10, 20 and 30 year. Coverage is available from $50,000 to $150,000.
SimplyProtected life insurance is available to new and existing homeowners, condo and renters insurance customers of American Family Mutual Insurance Company.
Term Life Insurance
American Family Life Insurance Company also offers level term life insurance.
You can also choose the following life insurance riders for additional protection.
- Children’s Insurance Rider: child term life insurance rider that provides $10,000 of coverage for each child for one set price.
- Waiver of Premium Benefit Rider: The waiver of premium rider kicks in if you become totally disabled, waiving your premium payments.
- Accidental Death Benefit Rider: If you die from a qualifying accident, the accidental death benefit rider will pay an additional death benefit, up to $100,000.
MyLife Flexible Life Insurance
This is a life insurance policy that understands that things change, including your need for life insurance. There are two options available: Freedom and Legacy.
Freedom allows the policy to be paid up by age 65 or after 20 years, whichever is later.
Legacy is designed to maximize cash value and protection over the life of the policy holder.
Whole Life Insurance
American Family Whole Life Insurance offers 10 year, 20 year and 30 year paid up policies, as well as Whole Life insurance to age 100.
Whole life insurance includes the following benefits:
- guaranteed premiums (i.e. fixed)
- guaranteed death benefit
- guaranteed cash value growth
- with the added benefit of potential dividend payments
Dividends can be used for:
Benefits of American Family Life Insurance
When you purchase a life insurance policy from American Family Life Insurance, you really can’t go wrong. No matter who you are, there’s a policy that will be good for you, and work in your favor. Most American Family Life Insurance policyholders are happy and content in the policy they’ve purchased, and overall, they’ve had a good experience. Many people have a hassle-free experience when it comes time to make a claim and cash in a policy.
Drawbacks of American Family Life Insurance
Well, it’s hard to say anything negative about a company that seems to have such a good reputation. With so many satisfied customers, how can we even begin to say anything negative about American Family Life Insurance? The truth is, we can’t. It’s a great life insurance company.
The only thing we can say is that when you purchase a life insurance policy, it’s important to remember that your situation is unique—and it should be treated as such. Also, there’s a difference between something being good for you and something being great for you. We’re almost positive that American Family Life Insurance is a good choice, but we can’t know if it is a great choice. Well, not until we know something more about you. You see, for a life insurance company to be the best choice, it needs to be the best choice for you.
How do I figure out if American Family Life Insurance is the best life insurance company for me?
To know if a life insurance company is the best for you, you need to know what all the others are willing to offer you. You can only learn so much from the internet—you need personalized advice. This is because all the factors in your life (career, health, lifestyle choices), will all impact the kind of coverage a life insurance company offers and at what rate. On top of that, each life insurance company will handle these variables in a different manner.
Whether American Family Life Insurance seems like the right fit for you or not, it never hurts to shop around. Get quotes from several insurers with one form using our quote tool.