American National Life Insurance Company is a reputable provider of life insurance products that offers a variety of options for customers to choose from. However, as with any insurance provider, there are pros and cons to consider when choosing a policy. In this blog, we'll review the pros and cons of American National's life insurance products to help you make an informed decision.
Competitive pricing: American National Life Insurance Company offers competitive pricing on its life insurance policies. This can be particularly beneficial for individuals who are on a tight budget but still want to secure their financial future.
Wide range of options: American National Life Insurance Company offers a variety of life insurance products, including whole life, guaranteed universal life, and indexed universal life insurance. This allows customers to choose the policy that best suits their needs and budget.
Strong financial ratings: American National Life Insurance Company has consistently received high ratings from financial rating agencies such as A.M. Best, Moody's, and Standard & Poor's. These ratings are a testament to the company's financial strength and stability.
Riders and add-ons: American National Life Insurance Company offers a variety of riders and add-ons that can be added to policies for an additional fee. These include accidental death benefit riders, accelerated death benefit riders, and disability income riders.
Limited availability: Not all of American National’s life insurance products are available in all states. This can be a drawback for individuals who live in states where the company does not offer certain coverage options. On December 1, 2022, the company discontinued sales of all term life insurance as a standalone policy. However, term coverage is still available through them as an add-on rider to their whole life insurance policies.
No online quotes: American National Life Insurance Company does not offer online quotes, which can make it difficult for customers to compare pricing and coverage options.
Underwriting can be strict: American National Life Insurance Company has strict underwriting guidelines, which can make it difficult for individuals with pre-existing medical conditions to qualify for coverage. While this may be discouraging, individuals with diabetes and high blood pressure can still qualify for coverage through them, as long as it is under control.
Lengthy application process: American National Life Insurance Company's application process can be lengthy and require a lot of documentation. This can be a drawback for individuals who want to secure coverage quickly. However, they have implemented an accelerated underwriting process that can make it easy for individuals who are very healthy to obtain coverage faster than normal.
In summary, American National Life Insurance Company offers a variety of life insurance products that come with their own set of pros and cons. While the company offers competitive pricing, a wide range of options, and strong financial ratings, its products may not be available in all states, does not offer online quotes, has strict underwriting guidelines, and requires a lengthy application process. By considering these factors and weighing the pros and cons, you can make an informed decision when choosing an American National life insurance policy.
There is no better time to re-evaluate your current situation than the present. Connect with a licensed financial professional to assess where you are on your financial journey, and get the financial keys to a worry-free life.
Get started today and book a call.