Our American National Insurance Company reviews will cover financial strength, history, product options as well as where ANICO has an advantage over some of the best life insurance companies.
Is ANICO the right life insurance company for you? Let’s find out.
American National Insurance Company
Review Summary
ANICO is a top insurer who provides life insurance shoppers a variety of term and permanent life insurance plans at competitive prices.
American National Insurance Company Reviews
In our searches for the best life insurance companies, we discovered American National Insurance Company or ANICO. They are one of the very best companies for providing affordable life insurance coverage. ANICO also offers convenience to shoppers by providing no medical exam life insurance options as well as policies that require a medical exam.
American National has made it into our highest rated life insurance companies lists and you can’t go wrong with them. ANICO even has a good track record for final expense life insurance which doesn’t require a medical exam.
ANICO is just an incredible life insurance company and is an excellent choice due to their dedication to modernization with life insurance underwriting and applications. ANICO is also one of the most affordable life insurance companies on the market.
American National has time after time shown up in the top 10 positions with excellent insurance ratings. We have compiled the following information that will give you valuable information about ANICO.
About American National Insurance Company
This company was founded and formed by W.L. Moody, Jr. in 1905 in the state of Texas. ANICO began with only 10 employees and $100,000 in capital. ANICO and ANICO of New York have continually grown over the years and in 2017, announced a significant milestone with over $100 Billion in active life insurance policies across the United States and Puerto Rico.
In the same year, Forbes placed ANICO on their list of “Most Trustworthy Financial Companies”. Forbes companies placed on their list are based on their accounting and administrative practices. It’s another example that ANICO is one of the very best life insurance companies in the entire country!
ANICO ratings
When addressing a life insurance company’s ratings of financial strength, American National Insurance Company stands head and shoulders above many competing life insurance companies.
There are a variety of private organizations that rate the financial strength of life insurance companies. Both A.M Best and Standard & Poor’s are 2 of the most popular organizations and below are how they each rated ANICO:
- A.M. Best: “A” rating (Excellent)
- Standard & Poor’s: “A” rating
To explain A.M Best’s rating, ratings are given through careful examination into a company’s profitability, leverage, and liquidity. Giving American National an “A” rating means A.M Best believes they are in financially excellent condition.
This is a stand-up and applaud moment for anyone who is insured with American National. This rating reflects the company’s ability to pay claims as quickly as possible and this should be extremely important to you.
Standard and Poor has given added credibility to Best’s rating by also giving American National a solid “A” rating which speaks volumes about ANICO as a life insurance carrier.
Will ANICO give you the best rate?
Will American National or some other company like Protective, Progressive, Geico or CMFG Life Insurance get you the best deal? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…
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ANICO life insurance products
Because ANICO offers a full range of products and policies, it’s really important to understand the differences between the most popular policies and options when trying to make a decision.
- Term life insurance: Term Life Insurance is a temporary coverage that has a fixed premium and death benefits for the length of the term.
- Permanent life insurance: Permanent Life Insurance will last for your entire life and will build a cash value.
- No Exam life insurance: No Exam life insurance is a simplified application process where you qualify by answering questions. You still have to go through the underwriting process with No Exam, but the process and approval times are much faster.
- Medical exam life insurance: Life insurance with a medical exam is the most common way to secure coverage. You will have to participate in a quick paramedical exam (similar to a basic annual physical).
American National Life Insurance Co. provides both types of coverage as well as No Exam / Exam options. With all of these options available, ANICO is clearly one of the leading life insurance companies in the industry.
Term Life Insurance
ANICO Signature Term
ANICO Signature Term is a term life insurance product that requires a medical exam (fully underwritten policy) for policies over $250,000. So if you’re looking for $100,000 – $250,000 term life, ANICO will not require a medical exam.
With American National, you can choose from the following term lengths:
Read our review and learn more about ANICO No Exam life insurance
Whole Life Insurance
ValueGuard Whole Life Insurance
ANICO ValueGuard Whole Life insurance is a great No Exam whole life option. You can secure up to $150,000 in whole life insurance without taking a medical exam.
Universal Life Insurance
Signature Guaranteed Universal Life
Signature Guaranteed Universal is a GUL life insurance policy that is made to be flexible. It will offer you a guaranteed life time protection as well as the option to cash-out your GUL life insurance policy if your needs happen to change in the future.
Signature Guarantee UL is a guaranteed universal life insurance policy that provides a guaranteed death benefit just as long as you pay your premiums as scheduled. You may select a guaranteed length anywhere from age 95 to age 121. This will make sure that you do not out live your life insurance policy.
ANICO Accelerated Underwriting
American National is one of the very best accelerated underwriting life insurance companies anywhere. For large policies up to a million dollars of insurance, American provides their “Xpress Plus”. This is an automated underwriting for all individual life insurance policies they offer.
Xpress Plus
The basic requirements for Xpress Plus are as follows:
Must be between the ages of 0 to 50 for up to $1,000,000 coverage
Must be between the ages of 51 to 60 for up to $500,000 coverage
Also, if everything checks out on your electronic app, you will be allowed to bypass the life insurance medical exam. You may qualify for non-medical underwriting for face amounts of $250,000 or less for ages between 17 to 65 with the following policies:
- Signature Guaranteed UL
- Signature IUL
- Signature Plus IUL
- Affinity 7 Whole Life
- ANICO Executive UL
- Signature Term
They may check the Medical Information Bureau database and motor vehicle records of a given applicant during the underwriting process.
Underwriting advantages
Also, American National has an underwriting that is a great deal more flexible regarding health for those who are 61 years of age and older. They allow for a higher body mass index (BMI), blood pressure, and cholesterol levels.
There are some other underwriting policies that could help lower a customer’s rate class including:
- Cigar and smokeless tobacco used 2 times a month
- Controlled sleep apnea
- Situational anxiety/depression
- Well controlled diabetes
Other clients that may have preexisting conditions may qualify for a better rate and lower premiums:
- Ages between 20 and 60
- Face amounts of $250,000 to $5,000,000
- Both Term and Permanent Coverage
American National Pros
ANICO has a lot going for it. Let’s look into their advantages:
- One of the best companies for high face amounts. If you’re looking for $1 million to $5 million life insurance policy, ANICO is a great option.
- No Exam: Due to their no medical exam term life, whole life, and guaranteed issue life insurance, ANICO makes it so much easier to get life insurance. They are putting their money where their mouth is on no medical exam life insurance.
- Options: With no medical exam term policy up to $250,000 and no medical exam whole life policy up to $150,000, ANICO Direct offers an excellent alternative to the traditional medical exam term life and whole life policies.
- Great Rates: American National Life Insurance is not only offering very competitive rates for no exam insurance but also on their fully underwritten policies. Without a doubt, American National is the leader in low pricing for certain term lengths.
American National Cons
There really is not a specific disadvantage about ANICO. American National is just one of many life insurance companies in the marketplace. Not one company is a perfect fit for all situations. There are always factors that can make one company a better fit compared to another.
Factors such as:
- Age
- Gender
- Coverage length
- Benefit amount
- Heath
- Tobacco use
- Lifestyle
These are just a handful of factors that will help decide if a specific company is the right or wrong choice for you.
Conclusion
Thank you for reading our post, American National Insurance Company Reviews. We hope this information has given you some good ammunition for finding the life insurance policy that is best for you.
To learn more about life insurance, make sure to visit our page Life Insurance 101 or our life insurance rates by age page.
American National Insurance Company Details
Name(s): American National Insurance Company, American National Life Insurance Company of Texas, Garden State Life Insurance Company, American National Life Insurance Company of New York, Standard Life And Accident Insurance Company
Address:
One Moody Plaza
Galveston, TX 77550
Phone: (409) 763-4661
Website: www.anico.com
Ratings: A.M. Best (A), Standard & Poor’s (A), Comdex (79)
