Buying life insurance is no fun. Unless you are persuaded to buy protection for your family or loved ones, there should be many things between your purchase decision and the actual purchase of your insurance. You are probably thinking of shopping nearby to get better, if not the best, prices. To do this, you must of course choose one of several names of life insurance companies. In that case the American Life Insurance Company could be on your list.
Useful information about the American Income Insurance Company
Heard: Goble Life Inc.
Founder: Bernard Rapoport
Key person: Steven K. Greer (CEO)
Philosophy: Defend workers’ rights; campaign for financial reform and campaign for a fair economy.
Main office: Waco, Texas, United States
Subsidiary company: National Income Life Insurance Company (for New York), American Income Marketing Service, Inc., AIL New Zealand LTD, Union Heritage Life Assurance Company Limited (for Ireland)
Financial assets: 4.4 billion
Life insurance in force: Over $ 63 billion as of 12/2018
Number of policyholders: More than 2 million
Number of representatives: More than 61.00
connected: More than 20,000 organizations
Phone: (800) 433-3405
Presence on social websites:
An international company
Although the company is rather bleak (compared to some others), it’s worth taking a look at the American Life Insurance Company if you want to take out life insurance. The company provides insurance coverage in 49 states in the United States and in the District of Columbia. It serves beyond the borders of the United States – Canada and New Zealand. AIL also sells life insurance in Ireland through its subsidiary. They started in 1951 and have never looked back since. Your financial growth has continued to grow.
American Income Life Insurance has the best ratings
When it comes to reviews of American Income Life Insurance Company by independent agencies, that sounds pretty good. Excellent could probably be a better word. America Best (A.M. Best) has a high rating for the company. You award it with an A +. For Fitch it’s A + again. Better Business Bureau (BBB) also has A + for the company. Comdex delivers a score of 96 for the company. Standard & Poor’s (S & P) has a rating of AA-, which is also not a good thing.
AIL insurance products available
Products in the life insurance category
Life insurance: American Income Life Insurance life insurance is valid for as long as you live. Whenever you die insured, your beneficiaries receive a fixed amount of cash as death benefits to take care of themselves. Insurance costs never increase over time.
Final cost insurance: AIL offers two types of funeral insurance products. Your freedom of choice is a policy specifically designed for this purpose. As a policyholder, you choose a certain amount of death benefit to manage your funeral expenses so that your relatives have no financial stress when they die. Many companies require you to wait at least 48 to 72 hours to get the benefit. Even longer periods of time are not impossible. But if you are with AIL, you do not have to worry about paying for the last rites immediately. You submit the company’s FOC certificate to a funeral home of your choice and you’re done. AIL is responsible for paying the costs to the funeral director.
However, you can also buy a regular end cost insurance product from them. It comes without the privilege of the Freedom of Choice certificate.
Term life insurance: If you need protection for a short or fixed period of time, you can rely on AIL through risk insurance. These policies are cheap and the premiums or monthly payments do not increase during the contract years. If you pass on within the period of validity of the policy, your beneficiaries will receive a death benefit from the company.
You can also convert your policy into life insurance.
Mortgage protection: If you have a mortgage house and are worried about the stress that your loved ones might face if something happened, AIL has a solution for you. You can buy a mortgage protection policy to prevent your home from being taken away.
Monthly income protection: American Income Insurance Company’s monthly income protection helps you replace your death income. You can choose several years so that the income flows into the hands of your family members and survives.
Kids Insurance: AIL offers life insurance for children between the ages of 0 and 17. You can buy it for your own child or your child of your son or daughter. Protection remains valid as long as the premiums are paid. The prices of the policy never change. The company can cancel the policy without giving a reason as long as the premiums are current. Your policy is known as the Head Start Program.
Protection of child rearing: The American Income Life Insurance Company sells childcare protection to customers so they can be sure that their children are in college. If you don’t want your death to affect your child’s college education, you can choose AIL for that purpose.
Accident and health insurance
Accident insurance: If you have been amputated, locked up in a hospital, taken to the intensive care unit or, in the worst case, dead after an accident, your candidates will receive a benefit. You can use the money as you like.
Health insurance: You will receive a lump sum as a service if you are diagnosed with one of the following 5 critical diseases for the first time:
End stage renal failure
Important organ transplantation of the heart, lungs, liver, kidney, pancreas or bone marrow
Total loss of vision and / or hearing
Cancer insurance: The company’s products are intended to assist policyholders diagnosed with cancer: specific coverage for treatment or a lump sum payment.
Praiseworthy Aspects of the American Income Insurance Company
AIL deserves recognition for the following reasons and stands out from the hood in a spectacular way:
Waiver of bonuses for work up to one year
The company founder, Bernard Rapoport, was very sensitive to the working class. He said, “I have deep-rooted empathy for the labor movement, which is shaped by a lifelong experience.” In keeping with the spirit of the founder, AIL has served the interests of the working class like no other. When a strike is approved by the union, policyholders who work receive a one-year waiver of the premium. You never have to pay the premiums.
Similarly, employees have up to 3 months to waive bonuses for qualified layoffs.
Free Life Partners Free program
AIL offers its customers medical support through the program known as the Life Partners Program. In this way, you receive between 10% and 60% discount on the following health services from certain providers:
Eye care plan
Prescription Drug Plan
Free Terminal Illness Rider
If your doctor predicts that you have a critical illness and should not survive for more than a year, you can claim half of your death benefit from the company. Many companies sell this as a by-product or driver that you have to pay for on a regular basis. With American Income, however, this is a free standard feature.
Term conversion option
Not all insurers can convert your term insurance into a full life plan. Some also offer it for a conversion driver that you still have to pay for. AIL deserves recognition in this regard. Similarly, with this company, you can extend your term policy for some time. This is something you cannot miss.
Free safety kits for children
As part of its social engagement, American Life Insurance Company offers you a free child protection kit recommended by leading law enforcement agencies and the International Union of Police Associations.
Weaknesses in American income life insurance
Despite noteworthy things that speak for American income, there are criticisms.
For example, the company is fairly experienced, but has not produced any innovations. While other companies regularly develop customer-oriented products, their product list has not changed that quickly. They are pretty conservative when it comes to product creations. For example, they don’t have universal guidelines. They also have no exam guidelines.
Another weak feature that is easy to notice is the lack of information on the website that customers would normally search for. The company’s website still looks like an 80s version. You do not have enough product descriptions that a customer would like to receive.
There is also no tool for life insurance offers. Nowadays, customers are always trying to get an idea of the likely cost of the policies they want to buy. To do this, they use the quotation mark tool. AIL lacks this function.
Many life insurance companies offer their customers dividends for life insurance. You come as an extra to what you get as a guaranteed interest. Although AIL’s interest rate is competitive, the lack of dividends makes the company worse than its competitors.
How To Buy Life Insurance From American Income
You cannot buy your life insurance directly from the company. You need to find a company agent to get a policy. If you don’t know an agent, you can find an agent for yourself using his local agent finder tool. However, finding the tool can be a bit difficult since it is not directly available on the website’s home page. To do this, visit the company website and click on “Customer registration” at the top of the page. This will take you to their e-service page. Now click under the picture on “Local Agent Finder” under “Protection of working families”.
Or you can go straight to the page by clicking this link: Find local agents
Concluding thought about the American Income Life Insurance Company
American Income Insurance leaves some of its customers unsatisfied with customer service. This can be a damp blanket for you. However, this should not result in you excluding the company from your list of 10 people affected. There are major reasons for this.
As early as 1951, the company started with just borrowed $ 25,000. In just two years in 1953 it reached $ 1 million and in ten years (1963) it reached $ 7 million. Ten years later, in 1973, the company still made a profit of $ 31.5 million. In 2013, forty years later, the company sold policies worth $ 130 million with 2 million customers who trusted AIL. You can’t really ignore this growth. This is an indication that most customers were happy with them.
In addition, they favored 18,549 claims in 2017 alone.
So the statistics could be enough to carry out further research into whether the American Income Life Insurance Company is good or not.
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