American Income Life Whole Life Insurance Review

American Income Life Insurance Company sounds like a company that would provide high-quality whole life insurance coverage to a large audience.

While it does have several products to choose from, these continually come up short when compared to the competition.

Here are some crucial details and statistics associated with the company:

  • American Income Life Insurance Company was founded in 1951 and is currently based in Waco, Texas.
  • A wholly-owned subsidiary of Torchmark Corporation (NYSE: TMK)
  • The company is licensed in 49 states, the District of Columbia, and Canada.
  • American Income Life, along with our New York subsidiary National Income Life, has combined assets of more than $4.2 billion with more than $59 billion of life insurance in force in 2017 (as of 3/18).

With numbers like these, it’s only natural for some consumers to navigate toward American Income Life Insurance Company.

However, it’s also important to compare all the finer details to other providers, as this is the only way to fully understand what’s available. (data from AIL Website). 

The Good 

Strong Financial Rankings

While some companies fall short in this area, American Income Life Insurance Company has been able to remain relatively strong over the years.

Consider the following:

  • AM Best: A+
  • Fitch: A+
  • S&P: AA-

With this in mind, you can confidently purchase a policy from the company, knowing that it’s likely to be around in the future. 

Solid Customer Base 

There is no denying the fact that American Income Life Insurance Company is smaller than some of the leaders in the whole life insurance industry.

Even so, the company has grown to more than two million policyholders throughout the United States and Canada.

When you take into consideration its $59 billion of life insurance in force, you have a company with a solid customer base.

American Income Life Insurance Company sells more than just whole life insurance. For example, its term life policies are very popular.  

The Not So Good 

Non-Participating Whole Life Insurance

When shopping for whole life insurance, it’s best to avoid non-participating companies.

Although there is a 4.5% guaranteed rate, which is enough to attract many consumers, however, it’s important to note that there is no dividend on top of this. 

Here’s why this is a big deal: many other companies offer both a guaranteed rate and a dividend. With this, it’s easier to see that your policy will grow much faster with each passing year.

To compare a historical dividend read this article: Historical Whole Life Dividend Rates

This one pitfall alone is reason enough to shy away from American Income Life Insurance Company whole life policies and instead chose a participating company

Bait And Switch 

Unfortunately, there have been many instances of clients complaining about a bait and switch on the sale of Child Safety Kits. These kits seem like a fantastic idea: 

The problems come with a salesperson trying to pressure you into buying life insurance.

Check out some of the bad reviews on Yelp:

Here are some other bad comments on the marketing tactic:

The kits can be a great idea if sold properly. But this strange way of selling can leave customers feeling cheated, and that’s why they call it a scam. 

Bad Customer Service

In today’s day and age, there is nothing more important than keeping customers happy. It only takes a few bad online reviews to have a negative impact on a company.

Unfortunately, American Income Life Insurance Company finds itself in this position. There are hundreds upon hundreds of online reviews, both from individual policyholders and employers, who are not happy with the company.

Some people complain that it takes entirely too long to purchase a policy. You may be disappointed with the customer service. Some customers say that they are unable to get in touch with a company representative when they have questions or concerns.

 

Better Business Bureau Logo

Don’t take our word for it read more directly from the Better Business Bureau: Click Here to read more…

It’s good that American Income Life Insurance Company has strong financial ratings, but this doesn’t do anything for the company in regards to its online reviews. 

Final Word 

If there is one thing you should know about whole life insurance, it’s this: there are many reputable companies selling high-quality policies while providing the best possible customer service.

Our American Income Life Whole Life Insurance Review is not positive.

American Income Life Insurance Company has been around for more than 65 years, but it’s not a good choice for whole life insurance buyers for two reasons:

  • It is a non-participating company, meaning your money will go further elsewhere.
  • It doesn’t have positive reviews from other consumers.

With so many choices, you should never settle when buying a whole life insurance policy. This is an important purchase that you need to get right the first time around. American Income Life Insurance Company doesn’t allow you to purchase with peace of mind. 

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Join the discussion 12 Comments

  • D says:

    You are not even putting the right information. Do you research properly before giving the wrong picture of the company to people who are looking for the right whole life Insurance. Guarantee rate is 4.5%, it’s a big difference

  • Matt Russell says:

    Actually, American Income Life pays a 4.5% guaranteed interest rate on its Whole life policies… check your facts and don’t believe everything you read until you fact check for yourself.

  • Michael Harold says:

    Stating that folks are sold the child safety kits shows that you didn’t do proper research. Those kits are free. And for anyone who needs to call a corporate office, there’s an easy to find 1800 number right on the company web page.

    There’s something questionable about a review followed up by links to other life insurance companies. Biased much? Perhaps AIL didn’t pay you a fee like the ones you advertise?

    • WholeLifeExpert says:

      Hi Michael, thank you for your comment. The “selling” part comes from the selling life insurance after you present the kit. We do not represent AIL, as we only work with the best whole life carriers. And yes we would recommend other companies specifically for whole life insurance.

  • Wilmarie Bonilla says:

    I need to contact you guys for 5 years you guys taking money from my account and I need to know what I’m a pain for, please.

  • Aracelis Andrews says:

    Whole Life Expert
    I understand that you don’t represent AIL but there are a lot of innocent people left holding the bag- I still don’t have a policy- We are on auto-pay and asked for the AIL to be cancelled still response. I am not asking for help but I only want to post this so AIL “agents” can see the other side of the business-

  • Karen says:

    I get tired of your agents or who ever they are to keep calling and calling wanting to set up an appointment and then when you do setup an appointment with them they always show up late when you set an appointment you agents need to keep them and not show up an hour or so later some people don’t stay up all hours of the night when you have to go to work the next day. They really need to do scheduling better.

    • Hi Karen, we do not represent American Income Life, and we do not meet people in person. However, if you need help with your life insurance, we will be happy to assist you.

    • Heather J Musa-Francis says:

      They hound you to death with phone calls and their agents just show up at your house wanting to come in and “explain” things to better your policy. They dont leave you alone. They tell you they cant send things through the mail. Well guess what, I get stuff from Prudential about my life ins policy. DONT GET INVOLVED WITH THEM!!

      • Terry Worthy says:

        I have been with these people since 2015, I had no interaction with them until now! I was told I can draw a loan off my policy so I started the process I spoke with the representative, after answering lots of questions, being put on hold, discussing repayment and an interest rates I thought it was a done deal! After waiting a while I call back just to hear whole different story I had no idea that our form was to be mailed or emailed to me and then once it goes to the loan officer it would take 7 to 10 days or if direct deposited 3 days! So I opted for form to be emailed to me, which the representative act like she’s going to email it out right then, will 5 days later still no email! Highly agitated and disappointed kind of makes me think, is this how it’s going to be, in the case of something happening to me, in my family tries to collect my benefits on my behalf??

  • Marcela A says:

    To everyone that has had a crappy experience with AIL let me just say I’m sorry. I’ve been an agent for a little less than a year now and I can tell you that I’ve NEVER pressured anyone into buying anything. I’ve encouraged enrollment into our cheaper programs ($15 and less) but never pressured. It’s so heartbreaking to hear how people have been treated in the past. I make sure my clients feel comfortable and regularly keep in contact with them. People can be awful but don’t blame the company for the greed of others.

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