American National Life Insurance Review
Posted in Life Insurance Companies last updated on February 9, 2021Life insurance is a big part of any complete financial plan. A policy can be used for many different purposes such as paying off debt(s), living expenses, or ensuring that a child or a grandchild will have money for a college education.
There are several key criteria to keep in mind when looking for coverage.
You will want to make certain that you have the best type of policy, the right amount of coverage, and a financially stable and reliable provider.
Find out if American National has the best life insurance policy for you in this complete American Nation Insurance Company review.
In this review:
American National Insurance Company
Since its founding more than 112 years ago, in 1905, American National Insurance Company has evolved into a very well-respected member of the life insurance industry.
American National Insurance Company is the parent company of a family of companies collectively referred to as “American National”.
These companies include:
- American National Life Insurance Company of New York
- American National Property and Casualty Company
- Farm Family Companies
- Specialty Companies
As a stock insurance company, American National trades on the NASDAQ stock exchange, under the trading symbol of ANAT.
Today, the American National Insurance Company provides services to more than 5 million policyholders.
Insurance Company Ratings
Due to its outstanding financial footing, and its timely payment of policyholder claims, American National has received high ratings:
- A (Excellent) from A.M. Best Company
- A (Strong) from Standard & Poor’s
American National Life Insurance Products
There are numerous types of life insurance coverage available through American National including term, whole, and universal policies.
American National Term Life Insurance
There are many different term life insurance options with American National Insurance Company. The term life duration’s offered include 10, 15, 20, and 30 years with level premiums through the term of the policy.
In addition, these term life insurance plans can be converted over into a permanent life insurance policy in the future. They can also be “customized” to fit an individual’s needs by adding various riders to the policy.
Because term life insurance only provides protection for a limited-term with no cash investment value, these plans can typically be very affordable. This is especially true if the applicant is young and in good health at the time that he or she is applying for such coverage.
American National Whole Life Insurance
Whole life insurance, as the name suggests, is designed for providing coverage for the “whole” of the insured’s lifetime – provided that the premiums are paid.
Once approved for a whole life insurance policy, the coverage is locked in. In addition, with whole life insurance, there is a cash value component to the policy where cash can build up over time, on a tax-deferred basis.
The funds that are in the cash value component can be withdrawn for any need that the policyholder sees fit.
American National Universal Life Insurance
Universal life is also a type of permanent coverage. It is similar in structure to a whole life policy, however, universal life is much more flexible.
The plan may allow the policyholder to change up the death benefit, based on their changing needs (also within certain guidelines).
Universal life insurance policy values are interest-rate sensitive, and the interest crediting rates are set by the insurance company.
These policies can further be customized by adding various riders that are available.
Indexed Universal Life Insurance
With an indexed universal life insurance policy, the return on the cash value is based on the performance of an underlying market index, such as the S&P 500.
This can allow for additional growth, depending on how the index performs. Because the policy will not be directly invested within the stock market, the risk can be reduced.
Variable Universal Life Insurance
Variable universal life is also a type of permanent life policy.
Cash value returns are based upon the performance of underlying investments, such as mutual funds.
However, while there is the opportunity for gain, there is also the possibility of market risk.
American National Credit Life
A credit life plan is designed for paying off or reducing an individual’s credit obligations.
These benefits will pay out in addition to any other life insurance policy. And the premiums are typically included in the individual’s monthly loan re-payment.
Other American National Products
There are many other products and services that are offered through American National Insurance Company. These include:
- Health Insurance
- Property and Casualty Insurance
- Retirement Annuities
Health Insurance
American National provides several different health insurance options such as supplemental health plans which provide specified types of coverage.
Some of these are indemnity policies that pay out cash benefits for covered incidents and work in concurrence with any other personal medical plan.
The health insurance plans that are offered via American National include the following:
- Medicare Supplement Insurance
- Supplemental Health Insurance
- Credit Disability Coverage
- Employer Stop Loss Coverage
Property and Casualty Insurance
American National Insurance Company also offers a range of different property casualty coverages, including:
- Personal Property Insurance
- Business Insurance
- Agribusiness Insurance
Retirement Annuities
Today, people are living longer than ever before in history (on average). So, having enough money in retirement is a primary concern.
Having an annuity will help with this. These products can pay out a guaranteed lifetime income for as long as someone needs it.
Deferred annuities can also allow the build-up of cash inside of the account to grow on a tax-deferred basis. This means that there is no tax due on the growth of these funds until the funds are withdrawn.
American National offers several different types of retirement annuities, such as:
- Fixed Deferred Annuity
- Index Deferred Annuity
- Variable Deferred Annuity
- Single Premium Immediate Annuity
Is American National the Best Insurance Company for You?
It is always best to compare quotes when looking for the best life insurance premium rates from American National Insurance Company. Or from any life insurer for that matter.
That way, you can review, in an unbiased manner, several different policies from top life insurance companies.