Established in 1910, American Amicable Life Insurance Company of Texas has over a century of experience in the insurance industry. As part of the American-Amicable Group, which includes companies like iA American Life Insurance Company and Occidental Life Insurance Company of North Carolina, American Amicable offers a range of life insurance and annuity products tailored to individual needs.
Financial Stability and Ratings
Financial strength is a critical factor when evaluating an insurance company’s legitimacy. American Amicable holds an “A” (Excellent) rating from A.M. Best, the third-highest rating out of 15 categories. This rating reflects the company’s strong financial stability and its ability to meet ongoing policyholder obligations.
Additionally, American Amicable is accredited by the Better Business Bureau (BBB) and maintains an A+ rating. This accreditation indicates a commitment to resolving consumer complaints and upholding high business standards.
Customer Reviews and Complaints
Customer feedback provides valuable insights into an insurance company’s service quality. On platforms like Yelp, American Amicable has received mixed reviews. Some customers express satisfaction with their policies and the company’s responsiveness, while others cite concerns about policy cancellations and customer service challenges.
The BBB records a limited number of complaints against American Amicable, primarily related to billing or product issues. The company’s proactive approach to addressing these complaints contributes to its A+ rating.
Product Offerings
American Amicable provides a diverse portfolio of life insurance products, including:
-
Term Life Insurance: Offers coverage for a specified period, with policies starting as low as $12 per month.
-
Whole Life Insurance: Provides lifelong coverage with fixed premiums and cash value accumulation.
-
Final Expense Insurance: Designed to cover end-of-life expenses, these policies are particularly popular among seniors.
The company also offers various riders, such as Critical Illness and Disability Income, allowing policyholders to customize their coverage.
Financial Backing
In 2010, American Amicable was acquired by Industrial Alliance Insurance and Financial Services, Inc., a Canadian insurer founded in 1892. This acquisition has bolstered American Amicable’s financial foundation, contributing to its stability and growth.
Conclusion
Based on its long-standing history, strong financial ratings, and comprehensive product offerings, American Amicable Life Insurance Company of Texas is a legitimate and reputable insurer. While some customer reviews highlight areas for improvement, the company’s overall performance and commitment to policyholders underscore its credibility in the insurance industry.
