The American Fidelity Life Insurance Company focuses on offering life insurance to military members and veterans.
However, it also provides various life insurance options to everyone. They have a reputation for their quick and straightforward application process.
Additionally, they provide life insurance policies without the need for a medical examination.
American Fidelity Life Insurance Company (Florida)
American Fidelity Life Insurance Company (AmFi) operates as a privately held life insurance firm based in Pensacola, Florida.
Charles Woodbury, a decorated World War II Marine pilot who survived multiple downed planes in the Pacific, established it in 1956.
AmFi specializes in offering life insurance to military members and veterans, while also providing various life insurance options to the general public.
The company is renowned for its quick and simple application process, and it offers life insurance policies without requiring a medical examination.
AmFi is in excellent financial health and has a strong history of fulfilling claims. It holds an “A-” (Excellent) rating from A.M. Best, one of the foremost credit rating agencies in the insurance industry.
Products offered by American Fidelity Life Insurance Company (Florida)
- Term life insurance: Term life insurance provides coverage for a specific period of time, such as 10, 20, or 30 years. If the policyholder dies during the term of the policy, their beneficiaries receive a death benefit.
- Whole life insurance: Whole life insurance provides coverage for the policyholder’s entire life. In addition to providing a death benefit, whole life insurance policies also accumulate a cash value, which can be borrowed against or withdrawn tax-free by the policyholder.
- Universal life insurance: Universal life insurance is a type of whole life insurance that offers more flexibility than traditional whole life policies. Policyholders can adjust their death benefit and premium payments within certain limits.
- Final expense insurance: Final expense insurance is a type of life insurance that is designed to cover the cost of funeral expenses and other end-of-life costs.
American Fidelity Life Insurance Company (Florida), or AmFi, is a privately held company.
This means it doesn’t have to tell everyone about its money matters. But, some financial info is public.
In 2022, as per the Florida Office of Insurance Regulation:
- Total assets: $1.8 billion
- Total liabilities: $1.3 billion
- Surplus: $500 million
- Net income: $100 million
Dealing with Claims at American Fidelity Life Insurance Company (Florida)
To file a claim with AmFi, you can reach out through phone, fax, email, or mail. You’ll need to give the following details:
- Your name and policy number
- The name of the insured individual
- The date and cause of death or disability
- Any relevant medical records or other documentation
Cancellations and Renewals
To cancel an American Fidelity Life Insurance Company (AmFi) policy, contact them through phone, fax, email, or mail. You must give your name, policy number, and the date you want to cancel the policy.
Once your policy is canceled, AmFi will send you a confirmation letter. Your policy stays active until the current period ends, and you still have to pay premiums during this time.
For policy renewal, you’ll get a notice by mail a few weeks before your policy ends. This notice will have the new premium amount and the start date of the new policy period.
If you don’t want to renew, you can simply ignore the notice, and your policy will end on the date mentioned in the notice.
Things to keep in mind about AmFi cancellations and renewals
- If you cancel your policy before the end of the policy period, you may be eligible for a refund of any unearned premiums.
- If you renew your policy, your new premium rate may be higher or lower than your previous premium rate.
- If you let your policy lapse, you may have to re-apply for insurance and may be subject to higher premiums due to your age or health.
Benefits of American Fidelity Life Insurance Company (Florida)
- Security for Your Loved Ones: If you pass away while your policy is active, your beneficiaries get a death benefit. This money can help with funeral costs, debts, and their financial well-being.
- Cash Value Growth: Some AmFi policies build up a cash value. You can borrow from or withdraw this money without paying taxes.
- Tax Benefits: Life insurance policies offer tax perks, like tax-free death benefits and tax-deferred cash value growth.
- Peace of Mind: Knowing your loved ones will be financially protected if something happens to you can bring peace of mind. It lets you focus on living your life.
AmFi holds a strong reputation with its customers. They have a Trustpilot rating of 4.5 out of 5 stars from more than 2,000 reviews.
Here’s what some AmFi customers have said:
- I’ve been with AmFi for over a decade, and I’ve always been impressed by their excellent customer service and smooth claims process. I highly recommend them.”
- “AmFi came through for me when I needed to file a claim. It was a quick and easy process, and I received my payment within a few weeks.”
- I’m really satisfied with my AmFi life insurance policy. The rates are competitive, and the coverage is top-notch.”
FAQs about American Fidelity Life Insurance Company
What types of life insurance does AmFi offer?
AmFi offers a variety of life insurance products, including term life insurance, whole life insurance, universal life insurance, and final expense insurance.
How much does AmFi life insurance cost?
The cost of AmFi life insurance depends on a number of factors, including your age, health, and the type of policy you choose. You can get a quote from AmFi to get an idea of how much your policy would cost.
Nick Greenlight is an experienced individual in the financial sector, with knowledge spanning from investment management to income tax preparation.
He has been writing informative essays on personal finance for over a decade and holds several credentials.