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2020 American Income Life Insurance Company Review
American Income Life Insurance Company (AIL) is one of many life insurance companies in the United States. In the following review, we will discuss where American Income Life whole life and term life fits into a solid financial foundation.
At TermLife2Go, we work with dozens of top rated best life insurance companies, including life insurance with no medical exam and final expense and burial insurance companies. We can help you determine if American Income is the right fit for you or if another company would be better suited to meet your needs.
About American Income Life
American Income Life has its headquarters in Waco, Texas. Torchmark Corporation, a company listed on the New York Stock Exchange, owns American Income Life. Torchmark is a financial services holding company with its headquarters north of Waco in McKinney, Texas. Torchmark Corporation (NYSE: TMK) has several brands, including Liberty National and Globe Life.
American Income Life sells a lot of group policies. Some of American Income Life’s biggest customers are labor unions, associations, and credit unions. American Income Life even has its own Labor Advisory Board. The company serves clients in the United States, Canada and New Zealand. In New York the company operates as National Income Life Insurance Company.
The company currently has assets of more than $4 billion with over $1 billion in annual premiums.1
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American Income Life is about 75 years old. This sounds old for business, but in the life insurance industry it’s not that young and not that old. There are many life insurance companies that have been around much longer, but there are also many newer life insurance companies.
American Income Life talks a lot about their commitment to working and middle class families.
When it comes to social responsibility, American Life has been known to make financial contributions to number of important causes such the Economic Policy Institute and Project VOTE.
American Income Life Insurance Policies
Term Life Insurance
People can buy life insurance policies that are valid for a set number of years (typically 10 year term, 20 year term, and 30 year term life insurance is available). If you outlive your policy—great! If you don’t, then your family will be financially protected. You can also go here to view term life insurance rates.
American Income Life offers a terminal illness rider at no cost. If you are diagnosed terminally ill with 12 months to live (24 months in some states) you can receive 50% of the face amount for use on whatever you choose, including increasing your quality of life in your last days.
Whole Life Insurance
Many people wonder what the difference is between whole life insurance vs term life insurance.
The two main differences are one, that whole life insurance lasts your entire life.There is just something good about the feeling of knowing you have coverage no matter when you die. Unlike term life that gets more expensive as you age, your whole life premiums are fixed, guaranteed.
The second difference is that whole life builds cash value, which can be accessed to pay for various expenses, pay off debt, or use to invest when passive income opportunities come along. Term life is "pure" death benefit protection but whole life offers benefits for you, not just your beneficiary. We listed some of these benefits in our article covering ten examples when whole life is better than term life.
Final Expense Plan
American Income Life has a policy that covers your final expenses and funeral called The Freedom of Choice plan. This is a life insurance policy intended for someone who doesn’t necessarily want (or cannot afford) to offer their survivors any kind of payout for their own expenses. Instead, the policy is designed to strictly cover the costs associated with a funeral, burial, and other “final expenses” related to one’s own death.
Supplemental and Accident Health Insurance
Accident Protection: AIL's Accident Protection policy provides a cash payout for injuries caused by an accident.
Hospital Indemnity: AIL's Hospital Indemnity policy provides a cash payout for hospital bills due to sickness or accidents.
Cancer Protection: AIL's Cancer Protection policy provides a cash payout to help offset the high cost of cancer treatment.
Critical Illness: AIL's Critical Illness policy provides cash to help offset the high cost of various critical illnesses such as a heart attack or stroke.
American Income Life Ratings
Of the various rating agencies, A.M. Best is considered the flagship company. With that in mind, know that American Income Life has had pretty good ratings from the three major independent rating agencies. Those three major ratings agencies gave American Income Life the following ratings:
- AM Best: A+ (Superior) as of July 20192
- Standard & Poor’s: AA- (Stable) as of October 20193
- Fitch: A+ as of November 20194
Drawbacks of American Income Life
American Income is but one company among many (see our list of life insurance companies). It may be the best fit for you. However, there might be a better alternative in the market. As a result, you should consider all of your options before making a decision on who to choose for your life insurance. Speak with an independent agent or use our quote tool to find the right life insurance for your needs.