Is American Income Life Insurance worth it? 2024 Review
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Discover the methodologyIn a sea of over 150 life insurance providers in Canada, finding the perfect fit for your family's financial security can be a daunting task. Enter American Income Life Insurance Company, a trusted company making its mark in Canada.
In this comprehensive review, we delve into the depths of American Income Life's policies and services, aiming to empower you with the information you need to see if it fits your needs and budget.
Once you know what American Income Life Insurance offers, you can use our free comparator to see how it fares against other providers and also get free quotes for Canada's best life insurance plans in seconds.
American Income Life Insurance: Key takeaways
- Has an "A" Financial Strength rating, signifying financial stability and reliability.
- Specializes in serving working families and supporting labor unions, credit unions, associations, and non-profits.
- Offers whole life and term life insurance policies, catering to various coverage needs and preferences.
- Covers a range of expenses: mortgages, final expenses like funerals, survivor's income, and more.
- Free terminal illness rider: Get 50% upfront for certain critical diagnoses
Our American Income Life Insurance review: Good option for working-class families
American Income Life Insurance, though less known in Canada, has earned a solid "A" Financial Strength rating from A.M. Best, ensuring financial stability. It distinguishes itself by specializing in services for working families and maintaining a pro-labor commitment, working with various organizations, labor unions, and credit unions.
Policyholders benefit from a terminal illness rider at no extra cost, providing upfront access to up to 50% of coverage if facing a terminal diagnosis. Additionally, the policy includes a free legacy will kit and a program ensuring a child's insurability.
It offers two primary types of life policies: Whole Life and Term Life. While this provider excels in these offerings, it lacks universal life insurance plans, limiting the flexibility of certain individuals' insurance needs. Some American Income life insurance reviews from customers online say the lack of online quotes makes it less accessible.
Before deciding that American Income Life Insurance is the right choice for you, we recommend you compare multiple policies. You can do it right here using our comparator below and get over 20 free tailor-made life insurance quotes in seconds.
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Is American Income Life Insurance legitimate?
Yes, American Income Life Insurance is a legitimate company. While it may not be as popular in Canada and you may have seen searches for "American income life insurance scam", it has been operating since 1951, holds a strong "A" Financial Strength rating from A.M. Best, and offers a range of insurance products to customers.
It is headquartered in Waco, Texas, and serves customers not only in the United States but also in Canada and New Zealand. Throughout its history, American Income Life has been recognized for its pro-labor approach and steadfast dedication to serving its clients' insurance needs.
Pros of American Income Life Insurance Company
- Terminal illness rider included without any additional cost
- Policyholders with a diagnosis giving <12 months to live, can receive 50% coverage amount upfront.
- Free legacy will kit for American Life Income holders.
- Head Start Children's Life Insurance Program: Guarantee future insurability for a child.
Cons of American Income Life Insurance Company
- No online quotes, one must speak with an agent for quotes from American Income Life Insurance Company.
- Agents paid 100% on commissions
- Online policy information is limited
- No universal life insurance is offered
How much does American Income Life Insurance cost?
Unfortunately, American Income gives no indications of price on its website, making it difficult for prospective buyers looking to compare quotes. You must contact an agent by telephone at 1800 433 3405 to get American Income Life Insurance quotes. The lack of this online feature has been criticized in several American income life insurance company reviews.
To find an agent specific to your location, you must go to their website and navigate to the "Find a Local Agent" that you will find under the FAQs option in the "About AIL" menu.
Before settling on an American Income policy, we recommended comparing the competition. Canada has many life insurance providers. You can get free quotes and compare options from many of the leading insurers right here using our comparator below.
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Like any provider, the price for your American Income life insurance will vary depending on the following factors:
- Policyholder’s age: In general, younger buyers are usually in better health than older buyers so they get cheaper insurance rates.
- Health status: A person with excellent health can purchase life insurance for a more affordable price than those with pre-existing conditions or tobacco use.
- The type of coverage: whole life insurance policies are typically more expensive than term life insurance.
- Coverage amounts: The higher the death benefit, the higher the insurance premiums
- Riders: Additional protections can be worthwhile, but purchasers should assess their needs as they can drive up the cost.
What does American Income Life Insurance cover?
American Income Life Insurance Company Canada covers Canadians who want to protect their families and loved ones from the potential financial burden of their passing. Life insurance policies typically cover all causes of death from natural to accidental including homicide and suicide after two years of continuous coverage.
An American Income life insurance policy is a solid choice for providing financial security when planning for family protection including the following needs:
- Mortgage and rent payments
- Final expenses such as funeral costs
- Survivor’s income
- Higher education and tuition fees
- Charitable donations
What types of life insurance does American Income Life offer?
American Income Life Insurance Canada offers term and whole life insurance policies. Here’s a table highlighting what they have to offer and how they differ:
| Characteristics | American Income Life’s Whole Life | American Income Life Term Life |
|---|---|---|
| Coverage | For life | For a specific term |
| Premiums | Level premiums | Premiums increase after a term expires |
| Value vs Price | Builds a cash value | Typically more affordable than whole life insurance |
| Terminal Illness Rider | ||
| Legacy Will Kit |
Both policy types allow policyholders to include a free Legacy will kit: including a will, power of attorney, and advance health care directive forms.
Good to know
A Terminal Illness rider is available too. Get 50% of your death benefit If you are diagnosed with a terminal illness with less than 12 months of life remaining.
American Income Term Life Insurance
Term life insurance pays out if the policyholder passes away during the term of the coverage. Once that term is up, there is usually the option to either renew coverage or let the policy lapse. In some cases, it's possible to convert a term policy into a whole one.
Term life insurance is less expensive when compared with permanent life insurance. It is an excellent option for buyers who need financial protection for a specific period of their lives.
Term life insurance is recommended for the following profiles:
- Young families
- Homeowners with a mortgage
- Someone whose debt would be inherited by their beneficiaries in the event of their passing
American Income Whole Life Insurance
American Income Life's whole life insurance offers protection for life. The coverage cannot be canceled because of your age or health developments and premiums are guaranteed to never go up throughout the policy.
Because there is a definite payout, permanent life insurance plans are more expensive than term life insurance policies. Additionally, whole life insurance accrues a cash value that can serve as a resource during financial hardships.
Whole life insurance can be a good fit for buyers interested in:
- Estate planning
- Building cash value and diversifying their investments
- Buyers who want to lock in coverage for life
Final Expense American Income Life Insurance
Final expense coverage from American Income Life is a policy created to cover end-of-life expenses. This is a type of guaranteed whole-life insurance with a lower benefit. These policies are often referred to as funeral or burial insurance. Your family receives the death benefit directly, and they are free to select the funeral director and the particular services they prefer.
To allow your family to grieve without worrying about preparations, you can have the payout issued directly to your funeral home with the Freedom of Choice Program.
While it does not offer Universal Life Insurance, there are several providers in Canada that offer this option. You can find them right here using our comparator below, compare multiple Universal Life Insurance policies, and get free quotes based on your unique preferences and needs in seconds.
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How to contact American Income Life Insurance?
American Income Life Insurance Login
An American Income Life login is available for their customers and agents. To know exactly how to connect to your profile and get more information about your life insurance follow the steps below.
- Navigate to the company website
- On the top of the page, select “Customer Login”
- Fill up the information requested
- All done, you are now logged in.
American Income Life Insurance customer service
The American Income Life Customer Service can be reached in three ways: by telephone, email, and social media.
| Contact | Contact information |
|---|---|
| American Income Life Insurance phone number | 800-433-3405 Monday to Friday 8:00 am to 5:00 pm Central time zone |
| Through an online form on their website | |
| Social Media |
How to cancel American Income Life insurance?
If you want to make an American income life insurance cancel policy request, you must contact a company agent directly. You can also fill out an online contact form on the company's website and a representative will call back. Alternatively, you can also call the company's offices at 800-433-3405 during their working hours.
