Life insurance can be a big part of most any complete financial plan. This is because the proceeds from a life insurance policy can be used by beneficiaries for many different purposes, such as paying off debt(s), continuing to pay for monthly living expenses, and/or for ensuring that a child or a grandchild will have the money they need for their future college education.
Before you purchase a life insurance policy, though, there are several key criteria to keep in mind. For instance, you will want to make sure that you have the proper type of policy, as well as the right amount of coverage in place for loved ones’ anticipated needs.
In addition, it is also highly important to ensure that the insurance company that you are buying the coverage through is strong and stable financially and that it has a positive reputation for paying out its claims to policyholder. One insurance carrier that meets these parameters is American National Insurance Company.
The History of American National Company
American National Insurance Company was founded more than 112 years ago, in 1905. Over time, this company has evolved into a very well-respected member of the life insurance industry, offering both stability and longevity to its policyholders.
This company offers a wide range of life insurance coverage to choose from, as well as accident and health insurance, retirement annuities, pension plan products and services, property and casualty insurance for personal lines, agribusiness, and targeted commercial exposures.
The products offered by American National Insurance Company are sold via captive career agents, as well as through independent marketing organizations, and multiple line exclusive agents. There are also direct distribution channels that provide this company’s products.
American National Insurance Company is the parent company of the American National family of companies, which are collectively referred to as “American National.” These companies include the following:
- American National Life Insurance Company of New York
- American National Property and Casualty Company
- Farm Family Companies
- Specialty Companies
Currently, the company coordinates primarily with its subsidiaries in offering products and services, however, it also has a limited number of agreement with other companies in order to market specific products and services.
American National Insurance Company is headquartered in Galveston, Texas. The company is licensed to conduct business in all of the U.S. states, except for New York. (Business in the state of New York is done through American National Insurance Company of New York, Glenmont, NY).
American National Company Review
Today, American National Insurance Company provides services to more than 5 million policyholders. As a stock insurance company, American National trades on the NASDAQ stock exchange, under the trading symbol of ANAT.
As of year-end 2016, American National held assets under management of more than $24.5 billion and had life insurance in force of more than $96 billion. For that year, the company achieved record levels of assets, stockholders’ equity, and life insurance in force. In addition, 2016 marked the 106th consecutive year in which dividends have been paid out to stockholders.
Insurer Ratings and Better Business Bureau Grade
Due in large part to its strong financial footing, and its timely payment of policyholder claims, American National has received high ratings from the insurer ratings agencies. These include a(n):
- A (Excellent) from A.M. Best Company (as of October 2016)
- A (Strong) from Standard & Poor’s (as of June 2017)
In addition, even though American National Insurance Company is not an affiliated company of the Better Business Bureau (BBB), nor has the BBB provided American National with a grade, the company has closed out a total of 16 customer complaints through the Better Business Bureau within the past three years (of which 6 have been closed out within the past 12 months). Of these, 11 complaints centered around problems with the company’s products and/or services, and another five had to do with billing and/or collection issues.
Life Insurance Products Offered By American National Company
There are numerous types of life insurance coverage that are offered through American National Insurance Company. These include both term and permanent coverage, such as:
- Term Life – Fixed-rate coverage and a level benefit that are for a defined period
- Whole Life – Permanent life insurance protection, as well as level payments and the accumulation of cash value
- Universal Life – A type of permanent life insurance coverage that also offers flexible premium options
- Indexed Universal Life – Another very flexible type of life insurance policy that also offers fixed and indexed crediting options for the cash value’s return
- Variable Universal Life – Permanent life insurance with investment potential, offering the opportunity for higher returns in the policy’s cash value
- Credit Life – A type of benefit that can pay off or reduce credit obligations upon the death of the insured
Term Life Insurance Offered by American National
There are many different term life insurance options that can be purchased through American National Insurance Company. The term life durations offered include ten years, 15 years, 20 years, and 30 years. And, the premium price will remain level throughout the entire 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 essentially more “customized” to fit the insured’s needs by adding various riders to the policy.
Because term life insurance provides only death benefit protection, without any cash value or investment build up within the policy, these plans can typically be very affordable – especially if the applicant for coverage is young and in good health at the time that he or she is applying for such coverage.
Whole Life Insurance Offered by American National
Whole life is a type of permanent life insurance coverage. As its name suggests, these policies are 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 amount of the death benefit is locked in, and it cannot decrease. Nor can the amount of the premium go up. In addition, with whole life insurance, there is also a cash value component in the policy. Here, cash can build up over time, on a tax-deferred basis. This means that there is no tax due on the growth of these funds unless or until they are withdrawn.
The funds that are in the cash value component of a whole life (or any permanent) insurance plan can be either borrowed or withdrawn for any need that the policyholder sees fit. These could include the payoff of higher interest debts, the supplementing of retirement income, or even for taking a nice, long-awaited vacation.
Universal Life Insurance Offered by American National
Universal life is also a type of permanent life insurance coverage. It is similar in structure to a whole life policy, however, universal life is considered to be much more flexible. One reason for this is because the policyholder can vary their premiums (within certain limits, and as long as the policy retains a sufficient amount of cash value in it).
A universal life, or UL, policy can also offer more flexible benefits, in that the plan may allow the policyholder to either increase or decrease 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 may also be further customized by adding various riders that are available.
Indexed Universal Life Insurance Offered by American National
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 is not directly invested in the stock market, the risk can be reduced.
Variable Universal Life Insurance Offered by American National
Variable universal life is also a type of permanent life policy. Here, the cash value returns are based upon the performance of underlying investments, such as mutual funds. Here, however, while three is the opportunity for gain, there is also the possibility of market risk.
Credit Life Offered by American National
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 the insured has, and the premiums are typically included in the individual’s monthly loan re-payment.
Other Products and Services Offered
In addition to life insurance protection, 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
American National provides several different health insurance options that can cover a wide range of necessities, such as supplemental health plans that provide specified types of coverage. Some of these are indemnity policies, meaning that they pay out cash benefits for covered incidents, and they can work in conjunction with another personal medical plan that the insured has.
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
Today, people are living longer than ever before in history (on average). So, having enough money in retirement is a primary concern. An annuity can help with this, as 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 time of withdrawal.
American National offers several different types of retirement annuities, such as:
- Fixed Deferred Annuity
- Index Deferred Annuity
- Variable Deferred Annuity
- Single Premium Immediate Annuity
How to Get the Best Life Insurance Premium Rates on Coverage from American National Company
If you are seeking the best life insurance premium rates on coverage from American National Insurance Company – or from any life insurer – it is typically recommended that you work in conjunction with an independent life insurance representative. That way, you will be able to review, in an unbiased manner, several different policies, companies, and premium rates – and from there, you can choose which will work the best for you and your budget.
When you are ready to move forward, we can help. We are an independent life insurance brokerage, and we work with many of the best life insurance carriers that are in the industry today. We can assist you with getting all of the key details that you’ll need for making a well-informed life insurance buying decision – and we can do so for you very quickly and easily, directly from your own computer. If you are ready to begin the life insurance policy comparison process, then all you have to do is just simply take a minute to fill out the quote form on this page.
After you have reviewed the coverage, should you still have any additional questions or concerns, our experts are here and available to chat with you. We can be contacted directly via phone, toll-free, at 334-380-4188.
We do understand just how overwhelming it can seem when you are shopping and searching for the right life insurance coverage. There are so many different variables to choose from – and you want to be sure that you are headed in the right direction. The good news is that this process can be made so much easier when you have an ally on your side. So, contact us today – we’re here to help.