If you are looking for American National Insurance Company Reviews, you are in the right place! American National, also known as ANICO Direct, is a top rated no medical exam life insurance company and currently in both our best rated life insurance companies , our best no medical exam life insurance companies and even our best final expense companies list. There is no denying, ANICO is an awesome life insurance company. Keep reading to find out why.
Review of American National Insurance Company (ANICO)
ANICO is one of our primary choices because of the company’s dedication to innovation. In addition, American National also ranks as one of the most affordable life insurance companies, consistently ranking in the top ten for various life insurance rates by age, face amount, and term brackets. The following article focuses on the pros and cons of American National Insurance Company’s life insurance products.
American National Company Review for 2017
American National Insurance Company’s Ratings
Any good review of American National Insurance Company (ANICO) will need to address the company’s strong ratings. Both A.M. Best and Standard and Poor’s rates American National an “A” rating.
A.M. Best’s ratings are given after thorough analysis into American National’s profitability, leverage and liquidity. An “A” rating from A.M. Best means that Best considers American National to be in excellent condition financially. This is great news for anyone who is insured by American National as it reflects the company’s ability to pay a claim as soon as possible.
Standard and Poor’s also offers an “A” rating to American National, adding further credence to its excellent rating from A.M. Best, the premier rating agency for life insurance companies.
ANICO’s Life Insurance Policies
ANICO Signature Term
(fully underwritten 10, 15, 20, 30 year terms)
ANICO’s fully underwritten term life insurance product is popping up more and more for the most competitive price, especially for longer terms such as 30 years. Although the Company is best known for its no medical exam policies discussed below, ANICO is making waves in the fully underwritten world as well. Don’t you just love the free market system?
For example, a 45 year old male in perfect health would pay just $85.97 a month for a $500,000 30 year term with ANICO. That is priced ahead of other great companies, such as Protective and American General.
American National’s Eagle Advantage is a program offered by ANICO that helps identify cases that deserve rate class improvement. A client that would typically qualify for a lower rate due to an existing condition due to health or lifestyle may receive an improved health rate class (and lower premium).
Freedom Term Life Insurance
- This is a no medical exam term life insurance policy
- Available for face amounts up to $250,000.
- No exam term life insurance for 10, 20 or 30 years.
- Approval in less than 15 minutes.
- Great option for fast life insurance for divorce and to cover SBA loans.
Business Loan Requirements
- Typically cover face amounts up to 75% of the loan.
- Terms of loan typically must be 5 years or more.
- Proposed Insured must be a key person
ValueGuard Whole Life Insurance
- This is a no medical exam whole life insurance policy.
- Face amounts up to $150,000.
- Approval in less than 15 minutes.
Legacy Whole Life Insurance
- No exam and no health questions guaranteed issue whole life insurance.
- Coverage available up to $25,000.
- Available for ages 50-80.
- 2 year Graded Death Benefit (If you die in the first 2 years policy returns 110% of premium paid).
- You can have coverage in as quickly as 5 minutes.
- Fixed premiums and fixed death benefit.
- Excellent for burial or final expenses.
ANICO Signature Term
- Level premium term for 10, 15, 20 and 30 years.
- No blood work, labs, or exams
ANICO Signature Whole Life Insurance
- Guaranteed Death Benefit
- Guaranteed Cash Value
- Participating whole life insurance (i.e. dividends)
- Can be used for cash, premium reduction, accumulate at interest and paid up additions
- Available riders: Accelerated benefit rider, Guaranteed insurance rider, Disability premium waiver, child term rider, Paid up additions rider
ANICO Signature Plus Indexed Universal Life Insurance
- Offers four One-Year Indexed Interest Crediting Strategies and a Fixed Account.
- No blood work, labs, or exams
- Advantages of Indexed Universal Life
Buy Sell Life Insurance Requirements
- For amounts over $1,000,000, an Inspection Report with a Business Beneficiary Report
- For amounts over $3,000,000, an Inspection Report with a Business Beneficiary Report and business financial statements from the last 2 years.
- Completion of ANICO’s Business Financial Questionnaire should be completed.
Key Man Life Insurance Requirements
- ANICO allows up to 10X annual income to determine face amount.
For amounts over $1,000,000, an Inspection Report with a Business Beneficiary Report should be included.
For Amounts over $3,000,000, an Inspection Report with a Business Beneficiary Reportand business financial statements from the last 2 years should be included.
Completion of ANICO’s Business Financial Questionnaire should be completed.
Sample American National Life Insurance Quotes
Monthly Signature term and Valueguard whole life insurance rates for a 40 year old male at a preferred plus rate as of December 2015. Rates subject to change and must be qualified for.
|Face Amount||10 Year||20 Year||30 Year||Whole Life|
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No American National Life Insurance reviews article would be complete without a pros and cons section. Like we mentioned above, American National is one of the best no medical exam life insurance companies available. With no medical exam term life, whole life, and guaranteed issue life insurance, ANICO makes getting life insurance fast—easy. In fact, that is probably the main point of this American National Life Insurance review—ANICO delivers the goods on no medical exam life insurance.
With a no medical exam term policy for up to $250,000 and a no medical exam whole life policy for up to $150,000, ANICO Direct offers clients an excellent alternative to a more traditional medical exam term or whole life policy.
Another ANICO insurance review pro would be the Company’s aggressive move to be the low price leader in certain key term lengths and face amounts. American National not only offers competitive rates on no exam life insurance but also on fully underwritten policies as well. Therefore, don’t be surprised if we recommend this Company to you for exam and no exam coverage.
Great add on life insurance riders
Life insurance riders are a great way to maximize your policy. Below are a few of the riders offered:
Accelerated Death Benefit: Pays the owner of the policy a portion of the death benefit if the insured is diagnosed as terminally ill.
Terminal Illness Rider: If the insured is diagnosed as terminally ill with less than 12 months to live, up to 50% of the death benefit or up to $250,000 will be available to the policy owner.
Chronic Illness Rider: provides an accelerated benefit payout if the insured is unable to perform two out of six activities of daily living (bathing, continence, dressing, eating, toileting, or transferring) or is cognitively impaired.
Paid Up Additions: Paid up additions allow you to purchase paid up life insurance, increasing your cash value and death benefit.
Other riders, such as a Child Rider and Waiver of Premium, are also available. For a complete list of riders please contact your TermLife2Go agent.
We love this Company and do not have any specifics cons for it. However, as with any company, its very unlikely that American National will be able to meet the need of every imaginable client.
When you apply for life insurance with American National Insurance Company, you are choosing to go with one company. If you make the decision to buy life insurance through ANICO Direct, then you have just limited yourself to one, and only one company.
Where this could be an issue is for certain health or lifestyle issues, such a those looking for no exam life insurance with diabetes. ANICO may not be the best choice for these clients.
Another thing clients should consider is that with a no medical exam life insurance policy, the premiums are always going to be higher than a life insurance policy with a medical exam.
Therefore, if you are looking for the lowest premium for your life insurance, a no medical exam policy is not the best route to take. Instead, assuming nothing pops up on the medical exam, taking the exam will provide you with a lower premium on your life insurance policy. For more on this, please see our article Life insurance: Exam v. No Exam.
We at TermLife2Go have a recommendation for anyone considering a life insurance policy from American National Insurance Company (ANICO). Give us a call and let us see if ANICO Life Insurance is the best company with the best price for your life insurance needs. If they happen to be the best offer, we will let you know. However, with dozens of top rated life insurance companies to choose from, you might save thousands of dollars going with another life insurance provider.
We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you!
For a free life insurance consultation and for free quotes from American National Insurance Company and dozens of other top rated life insurance companies, please call us today.
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