American National Insurance Company (ANICO) Review

Written by Jeff Root

American National Insurance Company (ANICO) was founded back in 1905. When it was founded it had $100,000 in capital and only 10 employees.

Since that time, it is grown substantially and has reached over 100 billion dollars in life insurance policies. They were listed in 2017 as the most trustworthy financial company by Forbes.

American National has very strong ratings from A.M. Best and the Standard & Poor rating. This is clearly a reflection upon their ability to repay claims as soon as possible and for their excellent customer service.

Company Financial Rating
A.M. Best A
Moody’s N/A
Fitch N/A
Standard & Poor’s A

American National offers a wide range of insurance policies for life insurance needs including term life insurance, whole life insurance, universal life insurance, indexed universal life insurance, variable universal life insurance, and credit life insurance.

Advantages of American National Life Insurance Company

Accelerated Underwriting

American National is known for having one of the best accelerated underwriting processes for life insurance on the market. There are four life insurance policies where the face amount is up to $1,000,000, American National offers an express automated underwriting option.

The requirements for you to qualify for their Xpress Plus coverage are that you are between 0 and 50, your coverage is up to 1 million dollars, or if you are between 51 and 60, your coverage is up to $500,000.

If everything else checks out on the electronic application, you are able to bypass the medical exam and take advantage of this accelerated underwriting.

Underwriting niches for smokers and diabetics

Another thing ANICO is best at is their ability to underwrite with very flexible health classifications and ratings for people who are 61 or older. American National allows for people in this age group who have a higher body mass index (BMI) than normal, as well as higher blood pressure numbers and higher cholesterol ratios to be underwritten in the best risk classification possible for their age and health.

American National also place cigar smokers with tobacco users in the preferred plus rate class if they smoke two times per month or less.

Anyone who suffers from  sleep apnea can also qualify for the preferred plus rating, provided that their condition is under control.

People who suffer from situational anxiety or depression can fall into this category as well. If you are diabetic but you have a history of controlling it, you can qualify for standard plus rating.

Eagle Advantage Rate Class Improvement

American National offers what is called the Eagle Advantage Program which helps the company to offer a better rate class for people they identify to fit this category. In these cases, you can qualify for lower life insurance rates even if you have an existing health condition or a risky lifestyle activity if you are working to improve your health.

This is available for anyone between the ages of 20 and 60. It applies to permanent life insurance coverage and term life insurance coverage. It is available for face amount between $250,000 and five million dollars.

American National Term Life Insurance Policies Review

ANICO Signature Term

The underwritten level term life insurance policies are available in increments of 10 years, 15 years, 20 years, or 30 years. The company is best known for the no medical exam policies and they offer competitive pricing that is significantly better than other life insurance companies.

This is not only beneficial when you sign up immediately but long-term because the policy payments you make will not change or the duration of the policy term.

Freedom term life insurance

There is no medical exam required for this term policy. It is available in face amount up to $250,000. You can get a 10 year, 20 year, or 30 year policy approved in 15 minutes or less.

Anyone who needs fast life insurance for a current divorce proceeding or to cover an SBA loan can take advantage of this option.

American National Term Life Insurance Rates

Term life insurance rates for a 40 Year Old Male, preferred health, non-smoker:

Coverage Amount Term Length Applicant Underwriting Class Monthly cost
$500,000 10 years Male—40 years old Preferred Plus, Non-smoker $21
$500,000 20 years Male—40 years old Preferred Plus, Non-smoker $34
$500,000 30 years Male—40 years old Preferred Plus, Non-smoker $55

Term life insurance rates for a 50 Year Old Male, preferred health, non-smoker:

Coverage Amount Term Length Applicant Underwriting Class Monthly cost
$500,000 10 years Male—50 years old Preferred Plus, Non-smoker $45
$500,000 20 years Male—50 years old Preferred Plus, Non-smoker $82
$500,000 30 years Male—50 years old Preferred Plus, Non-smoker $134

American National Permanent Life Insurance Policies Review

Value guard whole life insurance

This life insurance policy is available for face amount up to $150,000. You get approval in 15 minutes or less and there is no medical exam required.

Legacy whole life insurance

This is a guaranteed issue whole life insurance with no health questions asked and no medical exam required. Anyone who is having trouble qualifying for other policies or who only needs coverage for final expenses would be best served with this option.

It has a two-year graded death benefit so if you die within the first two years of your policy they return 110% of the premiums you have paid.

Moreover, it is available for coverage amounts up to $25,000 for anyone between the ages of 50 and 80. Coverage is available within 5 minutes and there are fixed premiums alongside a fixed death benefit.

ANICO Signature whole life insurance

This policy has guaranteed level premiums. So, they will not change. It also has a guaranteed death benefit and guaranteed cash value. This whole life insurance policy can be used for cash or to reduce your premiums. You can even use it to pay down a loan.

Because it is a policy that gains cash value, that cash value above and beyond your initial death benefit can be used like a loan. You can use it for unexpected expenses and repay it whenever possible. Should you pass away before it is repaid that loan amount is simply taken out of your death benefit total.

There are many features that you can add such as a guaranteed insurance rider, disability premium waiver, child term rider, or accelerated benefit rider.

ANICO Signature plus indexed universal life insurance

This is an index universal life insurance policy that requires no blood work, no labs, and no medical exam. You can enjoy strategic help with your indexed interest crediting for one year with your fixed account.

This is a great policy for people who want to use their life insurance to generate cash value growth. Similar to the other whole life insurance policies this one has the opportunity to gain higher interest cash value accumulation because the cash funds associated with the policy are allocated to the performance of an indexed account.

So, the money in your index account participate in any games you see from different indices like the NASDAQ 100 or the S&P 500. You can also choose to put that cash value into a fixed account which will grow at a fixed rate over the life of the policy.

These accounts both be fixed accounts and indexed accounts have a guaranteed minimum amount of cash value accumulation, so you are protected from substantial losses if there is a market loss.  There is also a maximum amount of cash value you can gain.

With these life insurance policies, there are three different types of death benefits that you can choose from:

  • Level Death Benefit- death benefit stays the same throughout the life of the policy
  • Increasing Death Benefit- death benefit increases in value throughout the life of the policy, usually, it is 100% face amount by year 2
  • Return of Premium- if you outlive the term of your life insurance policy, your premiums will be returned

If you choose the return of Premium this simply means that if at any point you cancel your policy all of the premiums you have paid up until that point get returned to you.

This is tax-free because it is not considered income but rather a refund. The premiums are going to be higher comparatively.

Tips for Finding the Best Life Insurance Policy for You

The right policy is based on individual needs. Your age and health play a huge role in the premiums you will pay, but choosing the right company is based on your financial needs and the benefits they have to offer.

You want to calculate the exact amount of coverage you are going to need for your beneficiaries and loved ones, perhaps even your business partners. After that, you should compare over a dozen insurance company side-by-side to see which ones offer the most affordable quotes based on your situation.

The exact amount of coverage you need is just one factor. Some companies differ in what coverage amounts they provide especially when it comes to the policy types. You might want a Term Policy or a permanent policy and the companies you want could only offer the coverage you need with one versus the other, not both.

Which Life Insurance Policy is Best for Me?

If you have family members dependent upon you and your income, you might need something more permanent. If you have only temporary needs, such as children at home who are dependent upon you for child care and educational costs but later may not be, a Term Policy will be better.

If you want a permanent policy that you can use as a financial tool, then an indexed Universal plan might be a better option for gaining cash value. You should review your personal situation and compare multiple insurance providers with the help of a third-party broker or agent so that you see what financial options you have at your disposal.

Again, health and age play a significant role in the cost of your premium so reviewing your options based on personal situations and comparing them to your options should you change some of your lifestyle habits or your health, is in your best interest.

How to Get the Best Life Insurance Rates 

To find the best life insurance rates on the market, you should do some shopping around.  For this, it is best to use a quoting engine in order to compare life insurance rates fast and easy.

Once you have done this, it is best to talk to an independent life insurance agent, who can help you understand the types of life insurance coverage available to you, and how each of them helps to cover your loved ones.

Compare life insurance rates from some of the best life insurance companies on the market now with our life insurance quoting engine.  Then, give one of our agents a call to find out your coverage options and where you can find the best life insurance rates for your specific situation.

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