Old American Insurance Company Review & Complaints: Life Insurance (2023)

Old American Insurance is a decades-old life insurance option for seniors.

Seniors looking to invest in life insurance know what they often want from their coverage: For their family not to worry about finances after their passing. Old American Insurance Company focuses on seniors’ needs and provides final expense life insurance across a majority of states.

They are approaching 80 years in business and have a basic lineup of products. This review hopes to shed insight into these products and company subsidiaries to help you choose in your search for life insurance. Below, you will also find reviews from Old American insurance customers.

Before you buy Old American life insurance, enter your ZIP code to speak to see what Old American life insurance rates look like in your area.

What is Old American Insurance Company?

The Old American life insurance company was founded in 1939, and they have always been focused mainly on providing life insurance to seniors seeking final expense coverage. They have been a member of the Kansas City Life Group of Companies since being acquired in 1991, and, not surprisingly, have their headquarters in Kansas City, Missouri. The family-run company is in the fourth generation of the founding family at the executive level.

Old American serves more than 200,000 policyholders in 47 states and the District of Columbia, and it has more than $1 billion of life insurance in force. Their products are sold through independent agents across their service area.

What is Old American County Mutual?

One of Old American Insurance’s subsidiaries is Old American County Mutual is owned by its policyholders but managed by the Old American Services under the parent company. It was formed in 1946 in Texas and specializes in nonstandard car insurance.

Contact them on the company website, or call via the Old American insurance company’s phone number at 866-233-7091.

What products are offered by Old American?

Old American writes only life insurance policies, their focus since the beginning. Although final expense insurance for seniors is their main product, they also offer a policy for the opposite end of the spectrum – juvenile life.

Can you get final expenses insurance with the company?

Old American’s final expense (burial insurance) products are a whole life insurance policy designed to pay for funeral costs and other final expenses. The maximum death benefit offered on the policy is $25,000.

Premiums are guaranteed, and the policy is guaranteed to remain in force for as long as they are being paid.

Check out the chart below to get an idea of what final expense may cost.

Although the plan requires that the applicant answer some health questions and is rated accordingly, there is no medical exam required to get coverage. The amount of the death benefit that is offered is based on the applicant’s health. They offer a graded policy and limited benefits in the first two years, and 100 percent of the death benefit offered thereafter.

Is juvenile life covered?

Juvenile policies can be issued between the ages of two weeks and 15 years old. These plans offer a ten-year payment plan, after which the policy is considered to be paid up in full, and no further premiums are charged, although the policy remains in force for life. It can also be pre-paid in a single premium or shortened to eight years.

This is a whole – life policy with a cash accumulation account; that account can be accessed later in life if needed.

Are Old American insurance rates competitive?

Old American Insurance Company does not offer online quoting. This is pretty standard and not surprising for a company of this sort – with a long history of agent-focused sales.

Final expense life insurance is usually fairly affordable due to the low death benefit amount, but how this company will compare to other similar companies is difficult to say.

Find what works for you, enter your ZIP code to start comparing insurance providers.

How are claims handled?

What about Old American insurance company auto claims? Old American’s website is quite limited and basic and does not offer information regarding claims.

The contact page offers a toll-free customer service number and a contact form that can be filled out for a reply. This form can be used to inquire about claims, but they cannot be filed this way.

Are the financial strength ratings and consumer reviews positive?

Ratings are a great way to judge a company. Below, we have Old American insurance company ratings, so you can be informed before you make a decision.

Old American has an A- rating with the Better Business Bureau (BBB) and nine complaints on file in three years. The BBB seems to find this volume high enough to dock the company’s rating, but with only three closed in the past 12 months, we would not think it is a matter for concern at all.

Google has 16 reviews with a 2.8-star overall rating. There are several positive reviews – notably, at least one is from an agent that works with them and not a customer, and several negative reviews citing denial of claims and poor customer service.

We did not find any major red flags with Old American, and the complaint volume is not high for the company’s size.  Old American enjoys some of the highest financial strength ratings in the industry.

We read through customer reviews, walked through the process of getting a quote, and looked at available support options to evaluate the overall customer experience.

How can you learn more about Old American Insurance?

So is Old American Insurance Company a ripoff? That decision is up to you. Old American is a very focused company with minimal policy options. Without rate information, it isn’t easy to compare them to other companies, but they might be worth considering if presented as an option by an insurance agent with rates provided.

Old American Insurance Company Review & Complaints: The Bottom-line

Old American County Mutual specializes in insuring people who may be considered a ‘non-standard’ motorist. This may be a driver with multiple accidents, a driver with a DUI charge, a driver with a high credit score, or a variety of other factors that may make it harder for an individual to get coverage. Old American County is dedicated to providing these individuals with quality insurance coverage.

For affordable Old American life insurance, enter your ZIP code for Old American life insurance quotes from local providers.