UPDATED: Mar 18, 2020
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American Amicable Life Insurance Company of Texas is part of a group of insurance companies focused on life insurance and supplemental insurance. Final expense insurance is one of the whole life insurance products offered by American Amicable across the country.
About American Amicable
American Amicable Life traces its root back to the creation of Amicable Life Insurance Company, better recognized as ALICO, in 1910. Through multiple acquisitions and mergers, ALICO now operates as a group of companies out of the well-known building located in Waco, Texas.
Because ALICO operates one website for all of its group of companies, it can be difficult to tell which products are underwritten by which company. American Amicable focuses on selling simple, straightforward insurance policies through local independent agents across the U.S.
American Amicable Final Expense
American Amicable’s final expense product offers a death benefit that is aimed at paying funeral and related expenses.
The plan can be issued from birth up to age 85 and is a basic whole life policy. The death benefit amount varies based on the health history of the applicant – the website does not state the highest issue amount available. Most final expense plans have a relatively low death benefit amount since they are meant to pay a specific expense, and those taking out this type of coverage are usually seeking an affordable option.
Medical exams are not required to apply for coverage, which makes it a simplified issue policy, and rates will stay the same for the duration of the policy.
American Amicable offers accelerated benefits riders for critical illness and confined care. The plan, as a whole life policy, includes a cash accumulation account that can be borrowed against, surrendered, or made a part of the death benefit.
American Amicable only provides rate quotes through agents and does not offer online quoting. While we see this a lot with this type of company and this particular type of product line, in this day and age we would prefer to see at least a basic online quote system.
American Amicable sells only through agents, and so they prefer to get contact information in order to have an agent be able to contact prospective clients and sell the products. This tends to result in solicitation which can put some people off and is frustrating to those that are looking to gather some rate quotes without pressure.
Claims can be filed through a toll-free number, by mail or by fax. The site does not specify whether or not the claims line is open 24 hours, but that seems unlikely given the company sells only life insurance. Life policies do not have the same urgency to claims as do home insurance or auto insurance policies, so these companies are often only available during business hours.
Under Policy Owner Services, business hours are listed as Monday through Friday 8:00 a.m. to 4:45 pm. Central time. We would assume these are also the claim filing hours.
The website does have the claims forms available for download, which can then be filled out and sent in along with the applicable documentation.
Ratings and Consumer Reviews
American Amicable has been accredited with the Better Business Bureau (BBB) since 2011, and they have an A+ rating. There are 16 complaints on file in the past three years. There is only one negative review on the BBB file, which is about a billing issue.
The company has an overall 2.2-star rating on Google. The complaints are not particularly detailed, but appear to be about denied claims as well as some bait-and-switch complaints. There is a total of 14 reviews here.
Overall, the complaint volume is low for this company, and we did not see any red flags.
The Bottom Line
American Amicable has been around for a long time but is one of those companies for which there is not a whole lot of detailed information available. They are the type of company most people run into through agent solicitation and are not likely to be on the list of the online insurance shopper. We were unable to find anything of concern with their final expense plans or reputation, but recommend speaking with a trusted agent before you buy from this company.