Life Insurance Company of Alabama: A Trusted Partner for Your Insurance Needs.
Are you seeking a dependable and budget-friendly insurance provider in Alabama?
LICOA has served Alabama residents since 1952, offering a range of insurance products and services to meet diverse needs.
Whether you require life, health, disability, or dental insurance, LICOA has you covered.
In this blog post, we’ll provide an overview of LICOA, including its history, products, financial strength, customer service, and company culture.
We’ll also share customer reviews and address common questions about LICOA.
By the end of this post, you’ll have a clearer understanding of whether LICOA is the right choice for you and your family.
History and Founding Year:
LICOA was established in 1952 by a group of businessmen who aimed to offer affordable, high-quality insurance to Alabamians.
The company began with just 12 employees and $25,000 in capital but quickly grew to become a leading insurance provider in the state.
Today, LICOA boasts over 200 employees and more than $300 million in assets.
It is headquartered in Gadsden, Alabama, and operates in 11 states across the Southeast and Midwest regions of the US.
CEO and Leadership Team:
John D. Johns, who has been with the company since 1984, currently serves as the CEO and president of LICOA.
He is backed by a team of experienced and dedicated executives, managers, and staff who share his vision of delivering excellent service and value to customers.
LICOA’s board of directors comprises 12 members who oversee the company’s strategic direction and governance.
LICOA holds a robust market share and reputation in the insurance industry.
Market Share and Company Size:
According to the latest data from the National Association of Insurance Commissioners (NAIC), LICOA ranked as the 6th largest life insurance company in Alabama, with a 3.7% market share.
In addition, LICOA ranked as the 10th largest accident and health insurance company in Alabama, with a 2.1% market share.
The Better Business Bureau (BBB) has awarded LICOA an A+ rating, signifying high customer satisfaction and trustworthiness.
For those interested in contacting LICOA or learning more about its policies, here is some essential contact information:
302 Broad Street, Gadsden, AL 35901|
Customer Service Contact|
(800) 226-2371 or email@example.com|
Access your policy details online at www.licoains.com|
Monday to Friday, 8:00 AM to 4:30 PM (Central Time)|
Services & Products
LICOA offers a wide range of insurance products and services to suit your needs and budget.
Here are some of the main types of insurance provided by LICOA:
Life Insurance: LICOA offers both term and permanent life insurance policies to protect your loved ones in case of your passing.
Health Insurance: LICOA’s health insurance plans feature affordable premiums and comprehensive benefits like copayments, coinsurance, deductibles, and out-of-pocket limits.
Disability Insurance: LICOA offers disability income insurance to replace a portion of your income if you become disabled due to an illness or injury.
Dental Insurance: LICOA provides dental insurance plans to cover dental care costs like exams, cleanings, fillings, crowns, and implants.
LICOA also offers bundled services like:
LICOA Advantage: This package combines term life insurance, disability income insurance, and dental insurance into one affordable plan for comprehensive life, health, and dental coverage.
LICOA Plus: This package combines universal life insurance, health insurance, and dental insurance into a customizable plan for permanent life, health, and dental coverage.
LICOA is a financially stable and secure insurance company with a strong track record of profitability and growth.
It has maintained a positive net income and surplus for the past decade, indicating its ability to meet its claims and obligations.
LICOA has also increased its total assets and premium income over the years, demonstrating its ability to expand its business and customer base.
Independent rating agencies like A.M.
Best and Demotech have awarded LICOA high ratings, such as A- (Excellent) and A (Exceptional), indicating superior financial stability and security.
LICOA also offers discounts and promotional offers for customers:
Multi-Policy Discount: Save up to 10% on premiums by bundling multiple insurance types with LICOA.
Loyalty Discount: Save up to 5% on premiums by renewing your policy with LICOA or being a long-term customer.
Referral Discount: Save up to 5% on premiums by referring friends or family to LICOA.
LICOA provides comprehensive coverage for its insurance products and services.
However, there are policy exclusions, coverage limits, and optional add-ons or riders to be aware of:
Policy Exclusions: These are situations or events not covered by your policy, such as suicide, war, criminal acts, pre-existing conditions, substance abuse, and hazardous activities.
Coverage Limits: These are the maximum amounts LICOA will pay for claims, influenced by factors like the type and amount of coverage, age, health, inflation, and interest rates.
Add-ons or Riders: Optional features or benefits can be added to your policy for an extra cost to enhance or customize your coverage.
Insurance Writer, Insurance Blob
Former Insurance Writer, New York Times
JOINED INSURANCE BLOB
Benson Clyde, an experienced Insurance Writer at Insurance Blob, brings a wealth of knowledge and expertise to the realm of insurance. With a distinguished background as a former Insurance Writer at the New York Times, Benson’s writing journey has been marked by a commitment to providing valuable insights and information to a wide audience.
Benson’s writing career took a significant turn when he joined the esteemed New York Times as an Insurance Writer. During his tenure, he honed his skills in producing insightful and informative content related to the insurance industry, gaining recognition for his ability to break down complex concepts for readers.
In May 2023, Benson Clyde transitioned to Insurance Blob, marking a new chapter in his commitment to delivering high-quality and engaging insurance content. His experience and expertise contribute to the platform’s mission of educating and empowering readers with valuable insurance insights.