Life insurance can be a big part of most any complete financial plan. Simply because the proceeds 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.
Though, there are several key criteria to keep in mind when looking for coverage. For instance, you will want to make certain that you have the best type of policy, and the right amount of coverage in place for loved ones’ anticipated needs.
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, and also offer accident and health insurance, retirement annuities, pension plan products and services, property and casualty insurance.
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.
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 (as of October 2016)
- A (Strong) from Standard & Poor’s (as of June 2017)
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 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 duration’s offered include 10, 15, 20 and 30 years. And, the premium price will remain level 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 essentially more “customized” to fit the insured’s needs by adding various riders to the policy.
Because term life insurance only provides death benefit protection, and no 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 permanent life insurance plan. 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 death benefit amount 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.
The funds that are in the cash value component of a whole life (or any permanent) insurance plan can be withdrawn for any need that the policyholder sees fit.
Universal Life Insurance Offered by American National
Universal life is also a type of permanent coverage. It is similar in structure to a whole life policy, however, universal life is looked at as a much more flexible.
A universal life, or UL, policy can also offer more flexible benefits, in that 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 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 will not be directly invested within 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 Offered
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 such as supplemental health plans which provide specified types of coverage. Some of these are indemnity policies, that pay out cash benefits for incidents that are covered, and they can work in concurrence 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. Having an annuity will 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 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
How to Get the Best Life Insurance Premium Rates on Coverage from American National Company
When looking for the best life insurance premium rates from American National Insurance Company – or from any life insurer – it is always best to seek the help from an independent insurance representative. That way, you can review, in an unbiased manner, several different policies, companies, and rates.