Though small, the American Amicable Life Insurance Company of Texas boasts a history of excellence. American Amicable’s humble beginnings date back to 1910 in the ALICO building, a now-famous landmark in Waco, Texas. Since then, American Amicable has continuously delivered competitively-priced life insurance products with good coverage.
American Amicable History and Highlights
In 2010, American Amicable’s centennial anniversary year, the company became a member of Industrial Alliance Insurance and Financial Services. Industrial Alliance Insurance and Financial Services was founded in 1892 and has become one of the most comprehensive insurance and wealth management groups in Canada and the United States.
American Amicable Plans and Riders
American Amicable Life Insurance Company of Texas offers term life, whole life, and universal life insurance options.
Term Life Insurance
American Amicable’s Term Made Simple life insurance plan is purchased by policyholders who want life insurance for a specific period. Features include:
- Term coverage for 10, 15, 20, or 30-year increments
- Return of premium options
- Conversion options (with no medical exam)
Whole Life Insurance
American Amicable’s whole life policy, known as the Golden Solutions Whole Life policy, is a great option for people looking to purchase a life insurance policy that lasts a lifetime and builds cash value. Features of this plan include:
- Eligible applicants 50 to 85 years of age
- Options of a graded death benefit, immediate benefit, or return of premium benefit
- Maximum death benefits:
- Immediate death benefit – $25,000 to age 75
- Graded death benefit – $15,000
- Return of Premium death benefit – $15,000
- Level premiums
- Access to the cash value as a loan or withdrawal
- No medical exam
Universal Life Insurance
Like whole life insurance, universal life insurance is a permanent product that lasts a lifetime and builds cash value. While American Amicable offers a no medical universal life insurance policy, the company also provides its Simplified Universal Life plan.
American Amicable’s no medical policy offers a death benefit of up to $300,000 and a 15-year no-lapse guarantee. The Simplified Universal Life plan’s features include the following features:
- Eligible applicants 0 to 75 years of age
- Adjustable death benefits
- No medical exam options
- Death benefits from $25,000 to $300,000
- 15-year no-lapse guarantee
- Guaranteed interest rate of 2.0%
American Amicable Riders
- Guaranteed insurability rider
- Child rider
- Waiver of premium
- Disability income rider
- Accidental death benefit
- Terminal illness accelerated benefit rider
- Accelerated benefits rider – confined care
- Return of premium
Ratings, Reviews, and Complaints
American Amicable Life Insurance received 2.7 stars out of five on Investopedia. The low rating is because American Amicable’s customer satisfaction is low. Additionally, Americo’s NAIC complaint index rating is 2.45, above the industry average. This rating means American Amicable receives more than twice the number of complaints expected for its size and industry.
Third-Party Financial Strength Ratings
Why Principled Life Trusts American Amicable
Principled Life trusts American Amicable because of its consistent financial strength and long-standing support from its incorporation into the American-Amicable Group, which Industrial Alliance Insurance and Financial Services acquired in 2010. We are confident that American Amicable is in good hands and will continue to improve and grow.
