American Amicable Life Insurance Review for Seniors 2022

American Amicable Group offers several types of life insurance. The insurer has headquarters located in Waco, Texas. American Amicable has been around for a long time, since 1909, selling its first life policy in 1910. The company is now a subsidiary of Industrial Alliance Insurance and Financial Services, Inc., as of 2010.

Is American Amicable legit? Let’s find out. This American Amicable life insurance review will discuss its products, costs, reviews, and ratings to help you decide if this carrier is right for you.

American Amicable Life Insurance Products

American Amicable has three life insurance products to choose from: term, universal, and whole life.

American Amicable’s Term Made Simple no medical exam term life insurance policy is available in 10-, 20-, or 30-year terms. You can also choose a return of premium option on the 20- and 30-year term policies. The term policies can be converted to a permanent life policy. Coverage ranges from $25,000 to $250,000, which isn’t a lot compared to other term life insurance companies.

The insurer also has universal life, with a no exam or fully underwritten option, Simple Universal Life. Coverage maxes out at $300,000 and can be issued to seniors up to 75-years-old. This policy comes with free terminal illness and confined care riders.

American Amicable Life Insurance For Seniors

American Amicable Golden Solutions Senior Choice whole life is life insurance for seniors. This policy is for seniors aged 50 to 85 with premiums payable until age 110, which means you pay premiums until death, or age 110, whichever comes first.

Like other senior life insurance policies, Senior Choice whole life locks in your rate and builds cash value over time, which you can access for emergencies and other immediate needs.

American Amicable Life Insurance Final Expense Insurance

American Amicable has three final expense life insurance for seniors options. Although there is no medical exam, there are 8 health questions to answer on the application. 

Your answers to the yes or no questions will determine which product you’re eligible for. If you answer yes to any of the first three questions, you’re not eligible for American Amicable Senior Choice plans.

American Amicable Senior Choice Immediate Death Benefit

The American Amicable Senior Choice immediate death benefit whole life policy is available to all seniors who can answer no to all 8 health questions on the application and has no serious health concerns.

Highlights:

• Ages 50 to 75 can apply for up to $35,000
• Ages 76 to 85 can apply for up to $20,000
• 100% of death benefit available immediately
• Confined care and terminal illness riders included at no cost
• Optional riders are available for additional cost:
  • Grandchild rider
  • Nursing home premium waiver
  • Children’s insurance agreement
  • Accidental death

American Amicable Senior Choice Graded Death Benefit

The American Amicable Senior Choice graded death benefit whole life policy is for seniors who answer yes to the last question on the application. If you die in the first two years of the policy, your beneficiary will only receive part of the death benefit.

Highlights:

• Ages 50 to 85 can apply for up to $20,000
• Graded death benefit for first 2 years
  • 30% of death benefit in the 1st year
  • 70% of death benefit in the 2nd year
  • 100% of death benefit 3rd year and after
  • 100% of death benefit for accidental death all years (only if rider purchased)
• Terminal illness rider included at no extra cost
• Optional riders are available for additional cost: 
  • Grandchild rider
  • Children’s insurance agreement
  • Accidental death

American Amicable Senior Choice Return of Premium Benefit

The American Amicable Senior Choice return of premium benefit whole life policy is for seniors who answer no to the first three questions, but yes to questions 4 through 7.

Highlights:

• Ages 50 to 85 can apply for up to $20,000
• Graded death benefit for first 2 or 3 years
  • Premiums returned plus 10% interest for 3 years if under 65
  • Premiums returned plus 10% interest for 2 years if over 65
  • 100% of death benefit after the graded period
  • 100% of death benefit for accidental death all years (only if rider purchased)
• Terminal illness rider included at no extra cost
• Optional rider available for additional cost: 
  • Grandchild rider

American Amicable Life Insurance Burial Insurance

American Amicable offers burial insurance life insurance for seniors with final expense needs. However, not everyone will qualify. To get a quote from American Amicable, you have to call them directly or fill out a form online and have an agent call you.

Agents working with American Amicable are captive, meaning they only work with one company. Final Expense Direct is a broker and we work with a long list of excellent burial insurance companies.

Why does it matter if you work with a captive agent or a broker? Well, a broker can get quotes from multiple companies, while a captive agent can only get quotes with one.

The only way you’ll know if you can get a better deal is to get quotes from somewhere else to compare with the quote you get from American Amicable.

American Amicable Life Insurance Funeral Insurance

Before you buy American Amicable life insurance funeral insurance, consider the questions on the application.

If you answer yes to any of these questions, you’ll be declined:

1. Are you currently hospitalized, under bed, wheelchair, or nursing home confinement for chronic illness, on oxygen, receiving home or hospice care, have a disease-caused amputation, have any form of cancer besides basal cell skin cancer, or require ADL assistance?

2. Have you been diagnosed or medically advised for organ transplant, kidney dialysis, congestive heart failure, Alzheimer’s, dementia, ALS, liver or respiratory failure, mental incapacity, or been diagnosed with end-stage disease or terminal illness in the last year?

3. Have you been diagnosed or medically treated for AIDS, HIV, AIDS-related complex, or other immune deficiency disorder?

Answering yes to any of these health conditions will make you eligible for return of premium coverage.

• Have you ever been medically diagnosed or treated for diabetes complication, retinopathy, neuropathy, diabetic coma, nephropathy, renal insufficiency, kidney failure, chronic kidney disease, had cancer more than once in your lifetime, or used insulin before age 50?

• In the last 2 years, have you had diagnostic testing, surgery, or hospitalization not completed or results received, or been medically diagnosed or treated for angina, stroke, systemic lupus, cardiomyopathy, cirrhosis, chronic hepatitis or pancreatitis, COPD, emphysema, chronic bronchitis, had a heart attack, aneurysm, brain or circulatory surgery, used illegal drugs or advised for treatment or counseling for drugs or alcohol abuse?

American Amicable Life Insurance Costs

Now that you know more about American Amicable life insurance, are you wondering how much it costs? 

We compared rates for $10,000 in immediate death benefit senior life insurance with American Amicable and two other carriers. Rates are for healthy non-smokers and are paid monthly.

As you can see, Liberty Bankers Life and Mutual of Omaha have slightly lower rates than American Amicable. The older you are, the more savings you can see, especially with Mutual of Omaha. 

And while the rates are close, consider how long you could own your life insurance policy. Over a decade or more, the cost savings could really add up to be substantial savings you can use elsewhere.

If you want a family policy to cover your children or grandchildren, Liberty Bankers Life has a cheap rider you can add that will rival American Amicable. They also have generous underwriting guidelines, which means you could get an even better rate with Liberty Bankers if you have some health issues, including being overweight.

Mutual of Omaha offers up to $40,000 in funeral insurance and is one of the cheapest senior life insurance companies around. MoO has a simplified issue and guaranteed issue option, just like American Amicable.

Ready to get a quote for senior life insurance? Call us today at Final Expense Direct. We can help you find the best rate based on your health, age, and coverage needs. Almost everyone ends the call with an approved life insurance policy. Our goal is to provide you peace of mind, making the life insurance process quick and easy.

American Amicable Life Insurance Reviews and Ratings

Checking out customer reviews and third-party ratings can help you decide if you want to buy life insurance from a company like American Amicable. Keep in mind, unhappy customers are much more likely to create an online review than happy customers.

American Amicable Life Insurance Reviews and Ratings: BBB

American Amicable Life Insurance Company of Texas has an A+ rating with the Better Business Bureau (BBB) and has been accredited since 2011. The insurer has 28 complaints filed with BBB in the last 3 years, which is fairly low for an insurer of this size. Of those 28 complaints, 15 have been closed in the last year.

After 16 customer reviews, American Amicable has a 2.81 out of 5 stars with BBB. Those with low star scores are mostly agent complaints and being inundated with too many phone calls about life insurance.

American Amicable Life Insurance Reviews and Ratings: Yelp

With 8 reviews, American Amicable life insurance has 2 stars on Yelp. While there are 2 positive reviews, most are complaints about taking advantage of young service members with high fees and surrender charges. There are also at least 2 reviews from customers thinking they received one product type but actually receiving another.

American Amicable Life Insurance Reviews and Ratings: Google

There are 64 Google reviews, giving American Amicable 2.7 out of 5 stars. While some are satisfied with their service and price, many complain about the inability to get claims processed, long processing times, higher prices for policies than quoted, and thinking they got one policy but actually getting another.

American Amicable AM Best Rating

American Amicable has an A rating with AM Best. This financial strength rating shows that the carrier has an excellent ability to satisfy its financial obligations, including paying life insurance claims. 

American Amicable Life Insurance NAIC Complaint Index

The National Association of Insurance Commissioners complaint index shows how many complaints a life insurance company receives compared to competitors. American Amicable’s NAIC complaint index is 2.45, which means the carrier gets over two times the complaints of other life insurance companies.

Although some people seem to be happy with American Amicable, the overwhelming majority have legitimate reasons for concern.

Conclusion

While American Amicable has a longstanding reputation in the life insurance industry, its reviews and ratings suggest there may be better options out there. If you’re looking for the best final expense life insurance for seniors at a great rate, contact Final Expense Direct. We work with a long list of the best final expense life insurance companies in the industry, helping people just like you get the best rates for senior life insurance.