For those who are in good health, it is usually the case that life insurance will be approved.
But, if you suffer from certain types of health conditions, then obtaining the life insurance protection that you need may be a bit more challenging.
The good news is that there is no exam life insurance available in the marketplace. As its name suggests, there is no requirement for an applicant to take a medical exam to qualify for the policy.
Therefore, individuals with certain health issues will be able to obtain the coverage that they need.
Before making a final decision on a life insurance policy, it is important to ensure that you thoroughly review both the coverage that you intend to purchase, along with the insurance company that is offering the policy.
One company that meets these parameters is American National Income Company – also referred to simply as ANICO.
The History Of ANICO
American National Insurance Company (ANICO) has offered insurance products for more than 110 years. This company’s primary mission is to make life insurance protection as affordable as possible.
The company also strives to make the purchase of life insurance easy and convenient, so that those who need the coverage are able to obtain both the financial protection that they need, and peace of mind.
ANICO is also known for delivering excellent customer service to its policyholders, and prospective policyholders. This includes not just help during the time of policy ownership, but also making the claims paying process as fast and convenient as possible for those they work with.
American National Insurance Company is headquartered in Galveston, Texas. There is also American National Life Insurance Company of New York. This company division is located in Glenmont, New York.
ANICO Company Review
Over the past 110 years, American National Insurance Company has grown and expanded. Today, this company has more than 11 million insurance policyholders. ANICO offers life insurance protection that is geared towards any number of different needs, which may be purchased by individuals, retirees, couples, singles, parents, and adults who have aging parents. Life insurance protection can also be geared towards the best solution, whether needs are long or short term.
American National Life Insurance Company is today considered to be a leader in the insurance industry, and it is ranked among the largest life insurance carriers in the United States. ANICO’s wide product line in the area of life insurance allows its customers to choose the option that may most closely fit their needs. The company has a strong and stable financial foundation, which has allowed it to withstand any market and / or economic condition throughout the past century.
Insurer Ratings and BBBGrade
- A.M. Best Company Grade: A
- Better Business Bureau (BBB): A+
No Exam Life Insurance
There are several different policy options that are offered through ANICO that do not require a medical examination. One product is the company’s ANICO Signature Term Express policy. Depending on your current age at the time of application, you may be able to choose from a variety of different term lengths, including:
- 10 years
- 15 years
- 20 years
- 25 years
- 30 years
This policy offers coverage amounts that can range between $50,000 and $250,000, and it is available to anyone between 17 and 65 years old.
This policy can be applied for via a traditional paper application, or alternatively, interested applicants can choose to apply for coverage electronically. If approved, the policy rating may be either as a Standard Non-Smoker or as a Standard Smoker, depending on whether or not you are (or you recently were) a smoker.
If an applicant has various health issues that require additional information, a telephone interview with a paramedical professional may be required. There is, however, no medical examination that is needed to qualify for this coverage.
Depending on the applicant’s overall health, approval for this policy can be very fast – in many cases within just a 72-hour period following the submission of the application. The underwriters at ANICO may wish to obtain additional details, though, via a review of the applicant’s MIB (Medical Information Bureau) information, as well as a check of any prescription medications that are taken.
A term life insurance policy can be a good option for someone who may have “temporary” needs to cover, such as:
- The payoff of a mortgage
- Funds for a future college education
ANICO also offers a guaranteed issue graded benefit whole life insurance policy option. This Legacy Life insurance policy is available to anyone ages 50 thru 80 – and you cannot be turned down for the coverage, regardless of your health condition, as long as the premium is paid.
Because ANICO’s Legacy policy is whole life coverage, it means that the protection is permanent, and it cannot be canceled by the carrier other than not paying your premium. It also means that the amount of the coverage will be locked in, and the premium payment amount cannot go up – even as the insured ages over time, and even if health condition worsens.
This whole life insurance policy also offers a cash value component which can act as a savings option. Here, the funds that are within the cash value portion of the policy are allowed to grow and compound over time on a tax deferred basis. This means that there is no tax due on the gain until the policyholder makes a withdrawal.
These funds may be borrowed or withdrawn for any reason – including:
- Payoff of debt
- Supplement of retirement income
- Taking a nice vacation
(While a policy loan is not required to be repaid, if there is an unpaid portion at the time of the death of the insured, then this amount will be charged against the amount of the death benefit that is paid out to the policy’s beneficiary.)
The whole life products that are offered via American National Life Insurance Company may also include an automatic premium loan provision. With this provision, the policy holder can be protected from having his or her whole life insurance policy canceled due to non-payment of the premium. With the automatic premium loan option, the premium will automatically be paid by taking a loan against the policy’s cash value – provided that there is enough cash value that has built up and is able to cover this policy loan.
The Legacy guaranteed issue whole life insurance policy might be a good option for those who need some additional life insurance coverage for paying off funeral and other related expenses. It can also be a good choice for those who may not wish to answer any health-related questions on the application for coverage, and who do not want to go through a medical exam. In addition, because the premiums on this plan are guaranteed not to go up, and is a good option for those who are on a fixed budget and want to know that they can keep their coverage without worry that the amount of premium will rise over time.
Because there are no exam results or health questions to look over, coverage is approved and issued right away – so for those who are in need of protection quickly, this could solve that need. There is also a 30-day money back guarantee, so if you purchase a policy and later decide that it isn’t the right coverage for you, then the policy can be sent back to ANICO, and all premium dollars will be returned.
Other Available Products
Term Life Insurance
With a term life insurance from ANICO, coverage can range between 10 and 30 years – and, during the lifetime of the policy, the amount of coverage will not decrease. These plans also offer affordable, fixed premium rates throughout the lifetime of the plan.
Whole Life Insurance
ANICO also offers a whole life insurance option. This permanent type of protection will last throughout the insured’s lifetime – as long as the premium is paid. The amount of the premium that is charged is locked in, and it is guaranteed never to increase.
The death benefit is also fixed and level. Because whole life insurance also offers cash value, this policy has a savings component that is attached, where the funds inside are allowed to grow on a tax-deferred basis.