American National Insurance Company (ANICO) Review

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American National Insurance

Overall Rating

9

Bottom Line

American National is generally considered one of the best life insurance companies in the country, so they are definitely worth your consideration.

Pros

  • Strong Financial Ratings
  • Niche Underwriting Process
  • Living Benefits Included

Cons

  • Lower Death Benefit for No Exam
  • No Online Quoting

Financial Strength

9.5

Underwriting Process

9.5

Quote Process

8.5

Death Benefit Amounts

8.5

Life insurance is a financial product that is overlooked by many. A life insurance policy can help your family maintain their standard of living in the case that you pass away unexpectedly.

Whether it be because of a medical exam or because they perceive it to be too expensive, many people pass on life insurance altogether.

American National Insurance Company, also known as ANICO, has for decades, helped people find life insurance that meets their needs. They are one of the most well-known life insurance companies in the nation, and their independent agents are available in every state. Best of all, they have policies available that allow you to skip a medical exam if you want.

Find out if American National life insurance is the right choice for you and your family.

About American National Insurance

Founded in 1905 by the Moody family in Galveston, TX, American National has a long history in the insurance industry as a whole.

As a whole, American National can best be described as a family of companies that offer a variety of insurance and financial products. This includes personal insurance, commercial insurance, annuities, pension services, and more.

American National is primarily known for their personal lines operations, such as home, life, and auto insurance. They also have a property and casualty division, called ANPAC, that handles the commercial side of their business.

American National is made up of independent insurance agencies across the country. They are headquartered in Galveston, but they also have major operating centers across the country.

Financial Ratings

Financial ratings are important when reviewing life insurance companies. They help customers know how stable an insurance company is.

Insurance rating bureaus review insurance company holdings and determine if they have substantial assets to pay claims to their policyholders. If they do, they are awarded high marks. If not, they will receive a lower rating.

A.M. Best, an esteemed insurance rating bureau, gave American National an A rating. Standard and Poor’s, another top insurance rating bureau, also gave American National an A rating. These ratings signify that both bureaus believe American National to be financially stable and able to pay customers’ claims.

Additionally, American National has been rated A+ by the Better Business Bureau. This rating reflects American National’s positive customer reviews and overall sound business practices. In fact, Forbes rated them as one of America’s top 100 most trustworthy companies.

Life Insurance Products Offered

American National offers a range of term, whole, and universal life insurance policies. Here is a breakdown of the different life insurance policies that you can get through American National.

Signature Term Life (Fully Underwritten)

The Signature Term Life policy is American National’s standard term life insurance product. Term life insurance is meant to cover individuals that only want life insurance for a certain period of time.

The insured purchases the policy in a term, and their beneficiary will receive a death benefit if they pass within the term. If not, the policy simply lapses or can be converted into a permanent policy.

This product is fully underwritten, which means it involves standard underwriting and a medical exam.

American National offers this product in terms of 10, 15, 20, and 30 years. They also offer an annual renewable term option for those who want to review their life insurance policy on a year-by-year basis.

American National gives you the option to convert your policy to a permanent policy at the end of your term. They incentivize people to do this by offering premium payback. This means that they will actually pay back 100% of your premiums if you convert between the second and fifth year of your policy.

You have the option to customize this coverage by adding a disability premium waiver rider or a children’s term policy.

Signature Term Life (No Exam)

The Signature Term Life no-exam policy uses American National’s accelerated underwriting system to allow applicants to skip a medical exam.

American National underwrites this product using a self-response questionnaire about your health. The underwriter will also pull your motor vehicle record (MVR), prescription data, and information from the Medical Information Bureau (MIB.)

The MIB is a bureau that collects all the data volunteered to insurance companies and it compiles them in one place. That means that if you’ve taken a medical exam before, American National will have access to that information. It also means that if you lie about your information, you may be found out.

American National allows a maximum of $250,000 in coverage for their no-exam term policy. It is available to Insureds up to 65 years old. You have the same term and rider options as the fully underwritten term life product.

Signature Whole Life

The Signature Whole Life product pays out a death benefit when the insured passes away, no matter when that may be. This means that the beneficiary will receive a guaranteed payout.

In addition, whole life insurance gives insureds a cash value component that they can borrow against while they’re still alive.

American National also offers dividends to their whole life insurance customers. These dividends can be paid out in cash, premium deductions, or cash value accumulations.

The Signature Whole Life product is available to insureds up to 80 years old. The minimum coverage limit is $10,000, and there is no upper limit for coverage.

This policy includes an accelerated benefit rider for critical, chronic, or terminal illness. You also have the option to add a disability premium waiver rider, a children’s term rider, a term rider, a paid additions rider, or a guaranteed increase option rider.

Executive Universal Life

Universal life insurance allows more flexibility than whole life or term life policies, as it is a permanent policy that has no fixed death benefit or premium payments. You can change them as your financial circumstances change throughout your life.

Much like whole life insurance, universal life insurance has a cash value component that can be borrowed against. American National has a guaranteed interest rate of 3% on cash value growth. This means that your cash value will grow at a steady amount throughout the life of the policy.

The Executive Universal Life policy is available to insureds up to 85 years old. The minimum coverage limit is $25,000, and there is no upper limit specified.

Similar to the whole life policy, the Executive Universal Life policy includes an accelerated benefit rider for critical, chronic, or terminal illness. It also offers the same riders to customize your coverage.

Indexed Universal Life

This is another form of a universal life insurance policy. The difference is that the cash value component is tied to an index, such as the S&P 500. This means that the performance of cash value is tied to the index. It is riskier because it is an investment, but your flexibility remains the same as the standard universal life insurance.

The age requirements and coverage requirements are the same as the Executive Universal Life product. With indexed universal life insurance, you also have the option to add a disability premium waiver rider, a children’s term rider, a term rider, a paid additions rider, a guaranteed increase option rider, and an overload protection benefit.

Signature Guaranteed Universal Life

The Signature Guaranteed Universal Life Insurance policy is a permanent policy that allows you to select the age that you receive your death benefit until waiting until you pass.

You have the opportunity to cash out your death benefit partially or in full during the 60 days following the 15th, 20th, and 25th year anniversary of your policy. This is something that is completely unique to American National.

The age and coverage requirements are the same as the other two universal life policies.

This policy includes an accelerated benefit rider for critical, chronic, or terminal illness. You have the option to add a disability premium waiver rider or a children’s term rider.

Quotes

American National has one of the best priced no-exam term life policies in the industry. They are consistently considered one of the best life insurance companies to buy from if you want a no-exam policy.

As for their other products, American National generally ranks in the middle of the pack. They aren’t considered to be overly expensive for what you get.

Unfortunately, American National does not offer online quoting on any of their products. You must speak with an agent in order to get a quote. This will involve finding out who your local ANICO agent is and contacting them directly.

The application itself for an ANICO policy takes about 30 minutes over the phone. This isn’t terrible, but it will take much longer to get an actual offer on a policy. You can expect a turnaround time that is anywhere from 48 hours to several weeks.

Here are some sample life insurance rates to give you an idea of what you can expect from American National:

20 Year Term Life Insurance Rates for Men

Age

$250K(no exam)

$500K

$1M

30

$28.94

$22.03

$38.88

40

$40.61

$33.70

$61.34

50

$88.78

$82.08

$156.38

60

$230.69

$221.18

$435.46

 

20 Year Term Life Insurance Rates for Women

Age

$250K(no exam)

$500K

$1M

30

$24.62

$19.44

$32.83

40

$35.64

$30.24

$52.70

50

$66.96

$63.07

$116.64

60

$158.54

$166.32

$326.59

Customer Support

American National is known for having helpful and knowledgeable independent agents across the country. Much of their business is conducted directly through independent agents, but there are other ways to contact American National’s team as well.

You can contact American National’s customer service team through their toll-free number (409-763-466) or email address. Their team is notorious for assisting quickly and politely.

Their website also provides a lot of resources for new and existing American National customers. You can find information about each of their life insurance products and find an agent near you.

Pros and Cons

Still wondering if American National is your best option for life insurance? Here are some things you should know before you sign on the dotted line.

Pros

  • Financial ratings: American National has received glowing ratings from both A.M Best and Standard and Poor’s. This indicates that they have a strong, stable financial future. It also means that you don’t have to worry about your claims not being paid.
  • Niche underwriting: American National uses a unique set of underwriting rules, which means that they can offer coverage to people with a variety of health issues. People with a history of depression, diabetes, and even HIV can still be approved for coverage.
  • Living benefits included: American National includes living benefit coverages as riders in each policy. This adds enormous value to American National’s policies. Usually, you would have to purchase this separately from another company.

Cons

  • Lower death benefit for no exam: American National only offers up to $250,000 in coverage for no-exam term life insurance. For some people, this may not be enough coverage for their families in case of the worst. If you are looking for more coverage than this without a medical exam, you will need to look elsewhere.
  • No online quoting: In the age of fintech, many life insurance companies have leaned into online quoting for their products. Unfortunately, American National is very old school and still requires reaching out to an agent to get a quote. This also means that you will have to wait a while for them to turn around an offer.

Alternatives to American National

Even though American National has great rates for no-exam life insurance, they aren’t your only option. Here are some other companies that you should consider if you’re interested in American National.

Sagicor

If you are looking for even more coverage options, Sagicor has plenty.

Sagicor is a Caribbean-based life insurance company that offers just about every type of life insurance that you can think of. They offer term life, whole life, universal life, and final expense insurance. They also have a variety of riders that you can use to dress up your coverage. Whatever your needs are, Sagicor has a policy for it.

Learn More: Read our full Sagicor Life Insurance Review.

Bestow

If you are looking for a no-exam policy quickly, look no further than Bestow.

Bestow is an online life insurance company that offers term life insurance with absolutely no medical exam. Their online application only takes a few minutes to complete, and you can be approved in mere minutes. This is an excellent choice for people that are looking for quick, easy coverage.

Learn More: Read our full Bestow Life Insurance Review.

Nassau Re

Nassau Re is one of the few life insurance companies out there that offer all of their products with the option to skip the medical exam.

Before you get too excited, they only offer a term life insurance policy and a final expense whole life insurance policy. However, it is pretty rare that a major life insurer offers no-exam policies at all, so this is a great deal.

Learn More: Read our full Nassau RE Life Insurance Review.

Is American National Insurance For You?

American National is generally considered one of the best life insurance companies in the country, so they are definitely worth your consideration.

They have a very strong no-exam life insurance policy, which is a great option for those that don’t want to undergo a medical exam. They are also incredibly financially stable, so you don’t have to worry about them being here one day and gone the next.

We suggest doing your homework before committing to a life insurance company. A life insurance policy is a big investment, so you want to make sure that you are choosing the right company.

Check out some of our other reviews to make sure that you are choosing the best life insurance company for you.

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