American National Insurance Company (ANICO) Company Review
Posted in Company Reviews last updated on April 14, 2020American National Insurance Company (ANICO) was founded in 1905 and offers prospective customers a variety of financial services that include:
- Life Insurance
- Annuities
- Health insurance
- Pension plan products
- Property & Casualty insurance
- Agribusiness
- Other commercial products
As a well established national insurer, ANICO offers their financial products in all 50 states through a distribution system of independent agents and career (company) agents. The company uses various subsidiaries to market insurance products and other financial services throughout the United States. Headquartered in Galveston, Texas, ANICO employs more than 3,000 dedicated workers in offices located in Texas, Missouri, and New York. ANICO is pleased to maintain an “A Excellent” rating from A.M. Best rating services.
Life Insurance Products
- Signature Term Life Insurance
Signature Term by ANICO is fully underwritten life insurance available in 10, 15, 20, and 30-year term periods. The available issue age is predicated on the term selected with a maximum age of 70 for the 10-year term. There are several very important riders that can be added to broaden the coverage of the policy. ANICO’s Signature Term is one of the most competitive term products available in the market.
- Freedom Term
Freedom Term is ANICO’s offering in the No Exam Life Insurance category. Policies are issued for 10, 20, and 30-year terms, and are available to applicants who are between 18 and 64-years-old. In most cases, Freedom Term can be issued quickly, and there is always a 30-day free look period provided. Although Freedom Term is in the no exam category, the product is very competitive in the term insurance market.
- ValueGuard Whole Life
The ValueGuard Whole Life product is a no-exam life insurance policy that provides permanent coverage for the lifetime of the policyholder. The policy provides a guaranteed death benefit if periodic premiums are paid and have a guaranteed level premium for the life of the policy. ValueGuard also builds cash value over time that the policyholder can access through policy loans.
- Legacy Whole Life
As an excellent solution for final expenses, the Legacy Whole Life product is a guaranteed issue whole life insurance policy. Face amounts are available up to $25,000, and applicants between age 50 and 80 are eligible for coverage. As a guaranteed and simple issue product, Legacy Whole Life can be issued in a matter of minutes rather than weeks.
Because the policy is guaranteed issue, policyholders will have a 2-year waiting period for death from natural causes. If the policyholder dies from natural causes during the 2-year waiting period, the death benefit will be reduced to 110% of the total premiums paid.
- Signature Whole Life
ANICO’s Signature Whole Life policy is a fully underwritten and participating policy. It is available for applicants between age 0 and 80 and offers face amounts from $10,000 to $1million plus. The product offers a guaranteed death benefit for the life of the insured with a level premium that cannot be increased because of age or illness. The policy builds cash value that can be accessed by the policyholder through policy loans. Since this is a participating policy, the cash value can be increased by dividends paid by the company.
- Executive Universal Life
The Executive Universal Life product from ANICO is a flexible insurance policy with a guaranteed interest rate of 3 percent credited to the cash value account. It is available in face amounts of $25,000 to $1million + and is available to applicants that are age 0 to 70-years-old. The company has an additional six riders that can be added to the policy that will broaden coverage and help meet the financial needs of the policyholder. Although interest rates are guaranteed at 3 percent, ANICO paid an average of 4 percent in 2016 because of the performance of the company
- Indexed Universal Life
Indexed Universal Life is a flexible universal life insurance policy that offers fixed and indexed crediting options. This product is available to ages 0 to 85 and face amounts from $25,000 to one million and over. This product is targeted at individuals who prefer a more aggressive insurance policy that can deliver higher cash accumulation while offering the death benefit selected. The policy is available with seven riders that will broaden the coverage to meet your individual needs.
Other Insurance Products from ANICO
American National Insurance Company also offers additional products such as Medicare Supplements and supplemental health products. They also offer annuity products that can be used for retirement planning and property and casualty insurance for businesses.
Our Review
Positive: The majority of independent agents give ANICO a high rating because they are very easy to do business with and offer fully underwritten policies along with guaranteed and simple issue policies. ANICO’s rates are very competitive, and the company takes an aggressive view on competing in the marketplace.
Negative: We do not have any negative points about this company but remind clients and prospective clients that all companies should be considered when shopping for insurance products to meet their individual needs.
