American National Insurance Review

ANICO offers a century of stable performance, but its online platform hasn’t caught up to modern customer expectations.

3.8/5 (Star Rating)

Products

  • Term
  • Universal
  • Whole
  • Indexed Universal
  • Credit

American National Insurance Company, (ANICO to its friends), earns strong financial ratings and offers a wide array of life insurance policies. However, it doesn’t provide potential customers much clarity on its product line, pricing, or policy specifics. This makes it difficult for potential customers to get the info they need unless they speak directly to an agent.

American National Insurance Company: Who is it best for?

  • Individuals who don’t want to undergo a medical exam: ANICO is widely regarded as offering some of the best-priced, no-exam term policies
  • Individuals who want a lot of policy choices: ANICO offers a variety of term, whole, and universal life policies, as well as riders to further customize the policies
  • Those who prefer stability over pizzazz: ANICO’s long history of financial strength make it a reassuring option for a long-term investment

American National Insurance Company life insurance policies

  Death benefit payout range Age range Exam required?
Term life $100K-$1M+ 18-70* Depends
Universal life $25k-No cap 0-85 Yes
Whole life $10K-No cap 0-80 Yes

Information provided courtesy of Eddy Ball at cdsinsuranceagency.com and are for illustration purposes only.
*Availability of policies depend on current age and term length of policy.

Multiple policies under one roof

The sheer size of ANICO’s product offerings can make them attractive, especially if you prefer the simplicity and efficiency of working with a single company to manage all your insurance needs. ANICO provides almost every type of insurance the average person would desire, including annuities, supplemental health, auto, homeowner, and business insurance. It even offers a few more uncommon policies, like its collector car insurance and agribusiness policy.

If you want to keep all your policies under a single umbrella, ANICO can do the trick.

No-exam term policies are a specialty

ANICO has a reputation in insurance circles for offering one of the best no-exam policies available. “American National is one of the top companies for no exam life Insurance,” said Eddy Ball, insurance agent and owner of CDS Insurance. “In fact, ANICO’s Xpress (no exam) policies usually rank in the top five, even among those that don’t offer express underwriting.”

If you’re looking for no exam life insurance, compare quotes from ANICO and a few other providers to see if this insurer comes in the lowest for you.

Look elsewhere for a high death benefit on term insurance

One notable drawback of ANICO is that its no-exam term policies max out at a $250,000 death benefit. That might not be suitable for families that feel they need a bigger financial cushion if the worst should happen.

ANICO does allow customers to convert their term policy into a permanent life insurance policy, which can be a handy benefit if you reach a point where you prefer a permanent policy and don’t want to go through the underwriting process again.


How much does life insurance with American National Insurance Company Cost?

American National’s whole life insurance and universal insurance policies land right in the middle of the pricing pack for its permanent life insurance products. Where it does race out into the lead is with its no-exam term life policies, which are some of the best-priced in the industry. Of course, those looking to save the most green on their life insurance policy should strongly consider comparing prices from multiple insurers before making their pick.

Unfortunately, ANICO doesn’t make comparing quotes easy or simple. Unlike many of its competitors, American National Insurance Company doesn’t offer online quotes. Instead, to snag a personalized American National life insurance quote, you’ll need to speak with one of the company’s agents or work with an independent agency.

American National Insurance Company sample rates

20-year term life insurance for a healthy 25-year-old

Death benefit Monthly male premium Monthly female premium
$100K $16 $14
$250K $17 $14
$500K $27 $22
$1M $48 $38

Sample quotes based on data from Eddy Ball at cdsinsuranceagency.com and are for illustration purposes only. Sample rates are monthly premiums. Sample rates are rounded to the nearest whole number. Actual quotes may vary. Data effective 7/12/19.

20-year term life insurance for a healthy 50-year-old

Death benefit Monthly male premium Monthly female premium
$100K $44 $34
$250K $52 $41
$500K $94 $73
$1M $175 $134

Sample quotes based on data from Eddy Ball at cdsinsuranceagency.com and are for illustration purposes only. Sample rates are monthly premiums. Sample rates are rounded to the nearest whole number. Actual quotes may vary. Data effective 7/12/19.


Things to consider about American National Insurance Company

Consistency and longevity are good traits to look for in your life insurance company. In these arenas, ANICO excels. The company was founded in 1905 and is currently headquartered in Galveston, Texas, where it oversees a network of over 3,000 employees, as well as agents in all 50 states and Puerto Rico.1

Quick turnaround

If you don’t want to wait a few days or weeks to hear back on whether you were approved for your term life policy, ANICO’s Signature Term Xpress and Signature Term Xpress Plus policies may be right up your ally. Both term life policies speed up the underwriting process by relying on your completed application and pulling your medical records and prescription history.

Older individuals are out of luck with ANICO

ANICO doesn’t offer individuals over the age of 70 its Signature Term policy. Older Americans who wish to leave a financial legacy to their family will have to search elsewhere for coverage. Fortunately, a wide range of competitors offer insurance specifically designed for seniors.

Don’t let your credit card debt outlive you

ANICO offers a unique type of life insurance called credit life insurance 2 that might entice customers who have a fondness for giving their credit cards a good workout. Upon the death of the insured, the policy pays out a benefit (up to a pre-set limit) directly to credit card lenders to pay off some or all of the deceased’s credit card debt.


How American National Insurance Company stacks up

ANICO is a big player in the United States insurance market and has earned solid marks from top ratings agencies. However, the company doesn’t often receive high praise and has not historically made it onto our list of top ten life insurance companies.

One area where ANICO does have bragging rights, however, is its impressive ratings from the major agencies.

Is American National Insurance Company financially stable?

American National Insurance Financial Ratings
AM Best (FSR)3 A
S&P4 A

American National life insurance ratings from both AM Best and Standard & Poor’s are excellent for the company’s financial strength. The ratings agencies also rate the company’s outlook as “stable.” These positive marks are important for potential customers to take into consideration, especially when purchasing a product that, hopefully, won’t pay out for several decades.

American National life insurance complaints

The National Association of Insurance Commissioners (NAIC) offers us a revealing glimpse into ANICO’s treatment of its customers. The NAIC records complaints against most major insurance companies and provides a complaint ratio for each. The median complaint ratio is 1. Companies with a lower-than-average number of complaints will have a complaint ratio below 1. ANICO has an enviable complaint ratio of 0.425, putting it far below the industry average. The NAIC recorded only 12 life insurance-related complaints against ANICO in the year 2018. That’s a notably low number considering that the company claims over 5 million policyholders.6

Such numbers indicate that American National’s life insurance customer service is relatively good, or at least that its customers are not motivated to submit complaints.


The Bottom line:

If you want a reliable life insurance company, American National Insurance Company is worth your consideration. It’s known for its no-exam Signature Term policies, which may prove a good choice, especially if you don’t want to go to the doctor’s office. The company’s permanent life insurance policies aren’t the cheapest on the block, and one potential drawback is that ANICO pushes potential customers toward its network of agents rather than offering a robust online platform.

Before signing on with ANICO or any other insurance company, make sure you do your homework. Get quotes from multiple life insurance companies to find the best deal and best life insurance plan for you.

Want to find the best life insurance company for you? We’ve done the research:


American National Insurance Company FAQ

Does American National have term life insurance reviews?

It is difficult to find accurate American National term life insurance reviews. The company is not accredited by the Better Business Bureau, and many of the reviews on its BBB page address its other insurance products.

Does American National offer guaranteed issue life insurance?

No, American National doesn’t offer guaranteed issue life insurance. With this type of life insurance, applicants can’t be turned down even if they have preexisting conditions.

While American National doesn’t sell guaranteed issue life insurance, it does offer guaranteed universal life. With a guaranteed universal life policy, you aren’t guaranteed a policy and you can be turned down for health reasons. Instead, you’ll have a no-lapse guarantee, so no matter how low your cash value drops, you’ll still have coverage as long as you pay your premiums.


Sources

1. American National, “About American National,”https://www.americannational.com/wps/portal/amnat/about

2. American National, “Credit life insurance,” https://www.americannational.com/wps/portal/amnat/home/products/lifeinsurance/creditlife

3. AM Best Rating Services, “American National Life Insurance Company of Texas” http://ratings.ambest.com/CompanyProfile.aspx?ambnum=7417&URatingId=2906836&bl=0&AltSrc=9&PPP=&AltNum=0&Ext_User=&Ext_Misc=&Portal=0&Site=

4. S&P Global Ratings, “American National Insurance Co.” https://www.standardandpoors.com/en_US/web/guest/ratings/entity/-/org-details/sectorCode/INS/entityId/121655

5. National Association of Insurance Commissioners, “American NATL Ins Co Complaint Ratio Report, https://eapps.naic.org/cis/indexReport.do

6. American National, “About American National,” https://www.americannational.com/wps/portal/amnat/about

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