The results of a recent survey of over 2,200 adults showed that 51 percent either do not have life insurance or are unsure of whether or not they have it. Do you fall into this group? Are you looking to change that and make sure you’re covered?
When it comes to shopping for life insurance, there are many different options out there for you to choose from. One insurance provider you might want to consider is American National Insurance. Read on for some American National Insurance reviews that will help you decide if this is the right insurance company for you.
American National Insurance Company: The Basics
Before we dive into the specific pros and cons of choosing American National Insurance (sometimes abbreviated as ANICO) over another insurance provider, let’s go over some of the basics.
American National Insurance Company began in 1905. It operates in all 50 states and is a publicly-traded company. The most recent data shows that the company’s total assets were worth $28.5 billion. The company also had $118 billion in life insurance in force (meaning active and paid policies).
American National prides itself on its robust set of values. The company’s five values are financial strength, integrity, respect, service, and teamwork.
American National Insurance Company Reviews
Now that you know a little more about what American National offers, let’s get down to business. Based on the American National Life Insurance reviews circulating throughout the internet, we’ve come to the following conclusions about this company and its life insurance policies:
The Good
There are a lot of positives that American National has to offer its customers. Here are some of the best aspects of this insurance provider:
Financial Stability
One of the most important factors to consider when choosing an insurance provider (for life insurance or any other type of coverage) is the company’s financial stability. You want to know that the company will be around long enough to provide you with the benefits you’ve paid for, right?
Experts say American National Insurance Company is considered a financially stable insurance provider. The company’s current debt ratio is .79. This means that 79 percent of their assets are funded by debt.
They’ve decreased their debt ratio from .80 in 2018, showing that their taking fewer risks and have enough assets to cover their debts if necessary. In addition, the company has withstood many recessions in its more than 100 years in business, which is a good sign for shoppers looking for a company they can trust.
The credit rating agency A.M. Best has also given ANICO an “A” or excellent rating for more than 75 years in a row.
High BBB Rating
American National has an A+ rating from the Better Business Bureau. This indicates that they offer good customer service and resolve complaints quickly.
National Recognition
ANICO has received some positive national recognition over the years. For example, it received the Missouri Quality Award (MQA) for its organizational performance management and customer service in 2003.
Forbes Magazine has also recognized the company on more than one occasion. In 2009, it received a place on Forbes’ “100 Most Trustworthy Companies” list. In 2019, Forbes recognized ANICO on its “Best Mid-size Employers” list.
Positive Ratings
The majority of American National customers appear to be happy with the service they’ve received. More than three-fourths of customers say that they’re planning to renew their policy, recommend the company to a friend, and rate their claim-filing experience positively.
Diverse Offerings
American National offers a wide range of insurance products. In addition to life insurance, the company also offers the following types of coverage:
- Auto insurance
- Farm and ranch insurance
- Health insurance
- Renters insurance
- Homeowners insurance
- Business insurance
You can see a complete list of offerings on the company’s website.
The Not so Good
Of course, there are also some aspects of American National Insurance that are less-than-stellar. Here are some potential downsides to working with ANICO over another insurance provider:
Not BBB Accredited
American National does have a high BBB rating. However, the company is not BBB accredited. This might be a red flag to some shoppers, mainly because the company has been around for so long.
Limited Discounts
The company does not appear to offer as many discounts as other insurance providers. Companies like State Farm, for example, are known for providing better discounts to help make premiums more affordable.
How Does American National Insurance Compare?
Now that you’ve had a chance to look over an American National Insurance Company review or two, you might be wondering how ANICO stacks up against other life insurance providers.
American National is on par with other well-known insurance providers, such as State Farm, when it comes to its financial strength and specific insurance offerings. However, it also is a pretty close competitor of lesser-known providers like Securian insurance and National Life.
ANICO does fall short, though, regarding the amount of information available regarding the company’s strengths. The company does not have as many national ratings and recognitions as other insurance companies, so it’s harder to compare directly.
Compared to more robust providers, American National also doesn’t provide as many details about its insurance policies. This makes it hard for shoppers to determine whether or not they’re getting a good deal when trying to decide between ANICO and another company.
The fact that American National has been around for so long works in its favor. Some people have questions, though, about why there isn’t more information available on such a long-standing company.
Shop for Life Insurance Today
Now that you know more about American National Insurance, are you interested in purchasing a life insurance policy through this company? Would you prefer to learn more about your other options before you make a final decision?
When it comes to something as important as life insurance, it’s a good idea to compare before buying. Keep the information outlined above in mind, and feel free to reach out to us if you want to learn more. We can help you get a free quote in no time so you can make the right choice for yourself and your loved ones.
