Life Insurance Company of Alabama, Alabama: Overview, Contacts, Services, Finances, Coverage, Claims, Compliance, Renewal & Cancellations, Reviews

Life Insurance Company of Alabama: A Trusted Partner for Your Insurance Needs.

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Your partner for a secure tomorrow. Life Insurance Company of Alabama.

Are you seeking a dependable and budget-friendly insurance provider in Alabama?

If you are, consider the Life Insurance Company of Alabama (LICOA). It’s one of the oldest and largest insurance companies in the state.

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.

Company Details

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.

Company Contacts

For those interested in contacting LICOA or learning more about its policies, here is some essential contact information:

Information Contact Details
Phone Number (256) 543-0224
Address 302 Broad Street, Gadsden, AL 35901
Customer Service Contact (800) 226-2371 or customerservice@licoains.com
Policy Details Access your policy details online at www.licoains.com
Email Address info@licoains.com
Fax Number (256) 543-0228
Operating Hours 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:

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.

Financial Details

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:

Coverage Details

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.

Claims

LICOA offers a quick and straightforward claim process, ensuring a hassle-free and prompt claim experience.

Our friendly and dedicated claim team is here to assist you.

Follow these steps to file a claim with LICOA:

  1. Notify LICOA: The first step is to inform us of your claim promptly. Call our customer service number or use the online claim form.

Provide basic information, including your name, policy number, date of loss, and claim type.

  1. Submit Documents: The next step is to submit the required claim documents, such as proof of loss, medical records, a death certificate, or a police report.

You can send these documents via mail, fax, email, or online. Make sure to adhere to the time limit specified in your policy to avoid any delays or claim denials.

  1. Receive Payment: Once LICOA reviews and approves your claim, you’ll receive your claim payment according to your policy terms.

You can choose to receive your payment via check, direct deposit, or electronic funds transfer. We’ll also send you a confirmation letter and a statement of your claim.

Legal & Compliance

LICOA is a licensed and regulated insurance company that complies with all relevant laws and regulations in the states where we operate.

We prioritize customer privacy and security and adhere to industry best practices and standards.

Here are the key legal and compliance aspects we uphold:

  • Privacy Policy: Learn how LICOA collects, uses, shares, and safeguards your personal information, such as your name, address, phone number, email, social security number, medical history, and financial data.
  • Terms and Conditions: Our terms and conditions govern your relationship with LICOA when you purchase a policy or use our website or services.

Renewals & Cancellations

LICOA maintains a straightforward and equitable policy for renewals and cancellations, offering flexibility to align with your needs and circumstances.

Here are the main renewal and cancellation details:

  • Policy Renewal Process: Renew your policy by paying your premium online, by phone, by mail, or through automatic payment.
  • Cancellation Policy and Fees: You can cancel your policy at any time for any reason by notifying LICOA in writing via mail, fax, email, or online. LICOA only applies a $25 administrative fee for short-term policies.

Company Culture

LICOA fosters a positive and supportive company culture rooted in integrity, excellence, service, and innovation.

Our culture is characterized by:

  • Teamwork: We promote collaboration, communication, and feedback, ensuring a cooperative environment where employees work together to meet company goals.
  • Diversity: We celebrate diversity, respecting and valuing differences and promoting inclusion and equality while rejecting discrimination or harassment.
  • Learning: We invest in employees’ personal and professional development, offering opportunities for skill enhancement and recognition for achievements.
  • Giving: We engage in charitable and social activities, encouraging employees to make a difference in the communities we serve.

Customer Experiences and Reviews

LICOA enjoys high customer satisfaction and loyalty, reflected in our ratings and reviews from trusted sources like BBB, NAIC, Trustpilot, and Google.

Customers appreciate our products, services, prices, and staff.

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