OneAmerica Whole Life Insurance Review

American United Life Insurance Company, which is part of the OneAmerica organization, offers consumers a variety of whole life insurance policies.

Overall, OneAmerica has some of the best whole life insurance policies in the industry. However, the company is often overlooked as its brand is not as well known as many competitors.

Here are some key facts associated with the company:

  • Founded in 1877 and is currently headquartered in Indianapolis, Indiana.
  • OneAmerica had revenue of approximately $1.5 billion in 2014.
  • OneAmerica has total assets of $45.6 billion as of 2014.
  • The company has approximately 1,900 employees.

As you can see, despite the lack of brand recognition, OneAmerica is a huge player in the life insurance industry. This is particularly true among those who are interested in whole life coverage.

The Good

Variety

Regardless of what type of coverage you’re interested in buying, OneAmerica has something for you.

This variety goes a long way in helping the company attract consumers from all parts of the United States.

Furthermore, all of its whole life policies offer the following:

  • Lifetime coverage. When you buy from this company, your coverage stays with you throughout your entire life.
  • Guaranteed premium. Along with lifetime coverage, the premium you pay will never change. Regardless of what happens in the market, you can be rest assured that what you pay in year one is what you will pay for the rest of your life.
  • Access to cash value. Regardless of your reason, you can access the cash value of your whole life insurance policy.

Dividend Earning

There are many companies that pay dividends to whole life insurance policyholders. For this reason, it’s hard to believe that some people end up buying from a company that doesn’t pay dividends.

Fortunately, with OneAmerica, you never have to worry about this. Although there is no guarantee that a dividend will be paid each year, OneAmerica has paid one in the past. With the company growing year over year, this may continue in the future.

The Not So Good

No Name Recognition

You aren’t going to see OneAmerica commercials during your favorite television show. You aren’t going to see the company’s logo plastered all over the internet and newspapers.

While this has nothing to do with you, the consumer, it does lead to a lack of name recognition.

Some people only want to purchase life insurance from a company they’ve heard of. This often means they don’t turn to OneAmerica for a quote. In reality, they are not a household name like MassMutual, New York Life or StateFarm.

Small Network

Unfortunately, if you want to buy a OneAmerica whole life insurance policy is easier said than done. The reason for this is simple: the company has appointed a small number of general agencies throughout the United States to sell policies and provide service.

At this time, there are approximately 50 agencies in the company’s network, with many states having no presence.

Note: if you don’t find an agent in your local area, you can always contact OneAmerica by phone or email to discuss your options for buying a policy.

Final Word

Buying whole life insurance can be a challenge when you take into consideration the many companies vying for your business.

OneAmerica may not have the biggest name in the industry, but the statistics above prove that the company is doing things the right way. With assets in excess of $45 billion, there is no reason to question the legitimacy of this operation.

OneAmerica is definitely an option to consider, as the variety of policies and ability to earn dividends will put you in position to find the coverage that is best for you, your family, and your bank account.

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