American-Amicable Life Insurance Company of Texas(Texas)Overview; Contacts, Claims, Products, Ratings, Reviews, Affiliations and Benefits

American-Amicable Life Insurance Company of Texas has been a trusted name in the insurance industry for over a century. This article will provide you with a comprehensive overview of the company, including its history, contact details, services, premium costs, payment options, discounts, claims process, ratings, reviews, complaints, affiliations, benefits of joining, and frequently asked questions. Let’s delve into the world of American-Amicable Life Insurance.

American-Amicable Life Insurance Company of Texas

American-Amicable Life Insurance Company of Texas (American-Amicable) is an innovative insurance company. They provide special life insurance and annuity products designed to meet your specific needs for protection, building wealth, and preserving your estate.

A Brief History

American-Amicable Life Insurance Company of Texas was founded in Waco, Texas, in 1910. With over a century of experience, the company has consistently delivered quality insurance solutions to its policyholders. Its long-standing history is a testament to its reliability and commitment to safeguarding the financial futures of its customers.

Contact Details

To get in touch with American-Amicable Life Insurance Company of Texas, you can use the following contact information:

Phone Website Mailing Address
1-800-736-7311 www.americanamicable.com 425 Austin Avenue, Waco, Texas, 76701

 

Whether you have questions or need assistance, their dedicated team is ready to help.

Services and Products

American-Amicable Life Insurance Company of Texas provides a diverse range of life insurance and annuity products to cater to individuals, families, and businesses.

Life Insurance Products

  1. Term Life Insurance: It offers coverage for a specific duration, like 10, 20, or 30 years. If you pass away during this time, your beneficiaries receive the death benefit. Term life insurance is often the most budget-friendly option.
  2. Whole Life Insurance: This provides lifelong coverage as long as you pay the premiums. It also builds cash value over time, which you can use through loans or withdrawals during your lifetime.
  3. Universal Life Insurance: Universal life insurance is flexible, offering both death benefit protection and cash value growth. You can adjust your premiums and death benefit within certain limits.
  4. Guaranteed Issue Life Insurance: Available to people of all ages and health conditions, this policy doesn’t require a medical exam for qualification.

Annuity Products

  1. Fixed Annuities: They provide a guaranteed interest rate on your investment, ensuring a known future value.
  2. Variable Annuities: Your money is invested in various sub-accounts, like mutual funds. While they offer higher return potential, there’s also a risk of loss.
  3. Indexed Annuities: These combine the guaranteed growth potential of fixed annuities with the chance for higher returns of variable annuities.

American-Amicable also offers a range of add-ons, known as riders, which can be included in your life insurance or annuity policy to personalize your coverage. These riders can offer extra benefits like coverage for accidental death, chronic illness, and disability.

Other Products and Services

Apart from life insurance and annuities, American-Amicable provides various other products and services, including:

These offerings are designed to help you reach your financial objectives and protect your loved ones. American-Amicable’s skilled agents are available to guide you in selecting the right products and services to match your requirements.

American-Amicable Life Insurance Company of Texas

Financial Details

Premium Costs

The cost of your American-Amicable Life Insurance Company of Texas premium is determined by various factors, including your age, health, gender, and the type of life insurance you pick. For instance, term life insurance is usually less costly than whole life insurance.

Here are some sample premium costs for American-Amicable’s term life insurance policies:

  • Age 30, male, non-smoker: $15 per month
  • Age 30, female, non-smoker: $10 per month
  • Age 40, male, non-smoker: $20 per month
  • Age 40, female, non-smoker: $15 per month
  • Age 50, male, non-smoker: $30 per month
  • Age 50, female, non-smoker: $25 per month

Payment Options

American-Amicable Life Insurance Company of Texas provides various payment choices for its life insurance policies. You can pay your premiums monthly, quarterly, semi-annually, or annually. There’s also the option to make a single lump-sum payment.

Discounts and Promotions

American-Amicable offers a range of discounts and promotional deals on its life insurance policies. For instance, you may qualify for a discount if you select a policy with a longer term or if you’re a non-smoker. Bundling your life insurance with other American-Amicable products, like auto or homeowners insurance, might also make you eligible for a discount.

Process of Filing Claims

To file a claim with American-Amicable Life Insurance Company of Texas, contact their claims department at 1-800-736-7311. A claims representative will guide you through the process and provide the necessary forms.When filing a claim, you must provide:

  • Your name and contact details
  • Deceased policyholder’s name
  • Policy number
  • Date of death
  • A copy of the death certificate
  • Any relevant documents like medical or police reports

Once you’ve submitted this info, the claims representative will initiate the process, including investigation if needed. They’ll keep you updated on your claim’s status. When the claim is approved, American-Amicable will issue a payment to the beneficiary, using the method preferred by the beneficiary.

Ratings, Customers Reviews and Resolutions

Ratings

American-Amicable Life Insurance Company of Texas boasts a strong financial rating, earning an “A+” (Superior) from A.M. Best and an “A-” (Excellent) from Standard & Poor’s. These ratings affirm the company’s financial stability and its ability to meet policyholders’ financial commitments.

Reviews

Customer reviews for American-Amicable are mixed. The Better Business Bureau (BBB) has awarded the company an A+ rating, the highest possible. Nonetheless, some customers have voiced concerns on the BBB platform.

Common customer complaints revolve around extended wait times for claims processing and difficulty in reaching customer service. Some customers have also expressed dissatisfaction with being sold policies they didn’t want or need.

Complaints and Resolutions

American-Amicable Life Insurance Company of Texas has a complaint index of 2.45, which exceeds the industry average. This means that American-Amicable receives a higher number of complaints compared to other companies of its size.

The company has a structured process for resolving customer complaints. Customers can report a complaint by calling the customer service department or submitting it online. American-Amicable conducts investigations and strives to resolve complaints promptly.

If a customer remains dissatisfied with the resolution, they have the option to file a complaint with the Texas Department of Insurance.

American-Amicable Life Insurance Company of Texas is a subsidiary of Industrial Alliance Insurance and Financial Services, Inc. (iA Financial Group), a Canadian life insurance and investment management company. It’s also a member of the American Council of Life Insurers (ACLI), a national trade association for the life insurance industry.

Alongside its affiliation with iA Financial Group, American-Amicable collaborates with various companies and organizations. For instance, it partners with banks and financial institutions to provide life insurance products to their clients. American-Amicable also teams up with employer groups to offer life insurance to their employees.

Here are some noteworthy affiliations and partnerships:

Benefits of Joining of American-Amicable Life 

 

There are numerous advantages to becoming a part of American-Amicable Life Insurance Company of Texas, such as:

  • Financial Stability: American-Amicable is a financially secure company, boasting an “A+” (Superior) rating from A.M. Best and an “A-” (Excellent) rating from Standard & Poor’s.
  • Wide Range of Products: American-Amicable offers a diverse selection of life insurance and annuity products to cater to individuals, families, and businesses.
  • Competitive Rates: They provide competitive rates on their products and services.
  • Experienced Agents: American-Amicable’s seasoned agents are available to help you select the right products and services tailored to your needs.
  • Customer Service Commitment: American-Amicable is dedicated to delivering excellent customer service.

Apart from these benefits, American-Amicable also extends various advantages to its employees, including:

  • Competitive Salary and Benefits: Competitive salaries and benefits, such as health insurance, dental insurance, vision insurance, life insurance, and a 401(k) plan.
  • Advancement Opportunities: Opportunities for career advancement and professional development.
  • Positive Work Environment: American-Amicable is renowned for its positive and supportive work environment.
Frequently Asked Questions (FAQs)
  1. How can I get a quote from American-Amicable?
    • You can obtain a quote by visiting their website or calling their toll-free number.
  2. What discounts are available?
    • American-Amicable offers various discounts, including multi-policy and safe lifestyle discounts.
  3. How do I file a claim with American-Amicable?
  4. What do customers say about American-Amicable?
  5. Can I change my payment plan from monthly to annual or vice versa?
    • Yes, American-Amicable offers both monthly and annual payment options, and you can switch between them as needed.

Conclusions

In conclusion, American-Amicable Life Insurance Company of Texas is dedicated to securing the financial well-being of its policyholders. With a rich history, a comprehensive range of services, and a commitment to customer satisfaction, they continue to serve their policyholders with excellence.

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