American Amicable Term Life Insurance: Costs, Policy Details, & More
last updated on March 25, 2021American Amicable, a highly rated life insurance company, offers term life insurance with no exam required.
Is American Amicable right for your life insurance needs? It depends.
In order to find the best no exam life insurance policy, it’s worth your time to do a little digging and researching.
American Amicable might be an excellent company to apply with, but before you do, there a 5 important product features to examine.
In this article, we will review American Amicable’s no exam life insurance policy, called Term Made Simple – including a complete product overview, sample rates, and how to apply.
Table Of Contents
- About American Amicable and Their Financial Ratings
- American Amicable No Exam Term Life Insurance Policy Review
- American Amicable Offers Additional Riders
- How Much Does No Exam Life Insurance with American Amicable Cost?
- How to Apply for Term Life Insurance with American Amicable
About American Amicable and Their Financial Ratings
Headquartered in Waco, Texas, American Amicable (ALICO) has been in business for over 100 years.
Today, ALICO is part of the American Amicable group, which includes IA American Life Insurance Company, Occidental Life insurance Company of North Carolina, Pioneer American Insurance Company, and Pioneer Security Life Insurance Company.
Financial Strength Rating: “A” from A.M. Best
Interesting fact – the ALICO building is a historical landmark in Waco, Texas.
American Amicable No Exam Term Life Insurance Policy Review
Before applying for coverage, learn the five important attributes of American Amicable’s no exam term life insurance policy.
Keep in mind, every no physical exam life insurance company varies in its products, application process, and underwriting practices.
The most important features to consider are:
- Wait time – turnaround time for your policy’s issuance
- Issue ages – the age range the carrier will provide coverage for
- Policy amount – known as face amount, the dollar amount of the life insurance policy
- Term length – the number of years your policy will last
- No exam – the specific underwriting process
How does American Amicable measure up?
1. The Wait Time for American Amicable is Quick
Your wait time can be as short as 72 hours or take as long as two weeks.
The discrepancy in wait time is usually associated with whether or not your medical records (or Attending Physician’s Statement) is ordered.
If you need term life insurance coverage in an instant, consider the following carriers:
- Foresters Financial – minutes
- Sagicor Life Insurance – minutes
- Nassau Re Life Insurance (formerly Phoenix) – 24 hours
2. American Amicable Issue Ages are from 18-75 Years Old
American Amicable issues their Term Made Simple policies to individuals between the ages of 18 – 75.
Many no exam life insurance carriers stop issuing coverage at age 60.
Note – if you are looking for coverage for an infant or child, consider all of your baby life insurance options.
On the other hand, various policies exist for no exam life insurance for seniors. If you are a senior citizen, familiarize yourself before selecting a form of coverage.
3. Policy Amounts Range from $50k – $400k
Referred to as face amount by life insurance carriers, American Amicable offers $50,000 – $400,000 in coverage via Term Made Simple.
Before selecting an amount, conduct a needs analysis to be sure your loved ones will be financially protected:
- Funeral and medical bills
- Taxes
- Debts (credit card, student loan, car loan)
- Mortgage or rent
- Monthly living expenses
- College tuition
- Retirement
At the end of the day, some life insurance is better than no coverage at all. However, your loved ones will be better off if all of their financial needs are met should the unthinkable occur.
$50,000 in life insurance sometimes provides enough coverage, but in most cases, the financial need is substantially greater.
Often, after a needs analysis is complete, those in their working years and/or raising a family discover $500,000 in coverage or more is a better fit.
4. American Amicable Offers 4 Different Policy Length Options
American Amicable offers term coverage in different policy lengths.
- 10-year term life insurance policy
- 15-year term life insurance policy
- 20-year term life insurance policy
- 30-year term life insurance policy
Be sure to purchase a term length that will provide coverage for as long as your loved ones will depend on you.
Note – if someone will depend on indefinitely, consider no exam whole life insurance.
5. No Medical Exam is Required
It’s important to know that every life insurance carrier utilizes its own specific underwriting process.
American Amicable has specific criteria in order to qualify for Term Made Simple:
- You must be between the ages of 18 – 75
- Policy must be between $50,000 – $400,000
- Your health must be decent
American Amicable Offers Additional Riders
Term Made Simple life insurance offers a number of valuable riders.
Additional features of a life insurance contract, riders can make all the difference during a difficult time. For no additional cost, American Amicable includes the accelerated benefit following riders:
Terminal Illness
Up to 100% of your death benefit if your life expectancy is 12 months or less, as diagnosed by a physician.
Note – some states allow 24 months or less of life expectancy.
Further reading – life insurance for terminally ill.
Confined Care
If you are confined to a nursing home at least 30 days after a policy’s issuance, you can receive a monthly benefit of 2.5% of the policy face amount (up to $5,000/month).
Chronic Illness
You may accelerate a portion of your death benefit if you are unable to perform at least two daily living activities (ADLs).
For an additional cost, you may opt to purchase the following riders:
Accidental Death Benefit
If death occurs as a result of a qualifying accident, an additional death benefit is paid out.
Children’s Insurance Agreement
Up to $15,000 of insurance coverage for each child, up to age 25, and then may be converted into an individual policy for up to 5 times the initial amount.
No need to demonstrate evidence of insurability.
Critical Illness
Provides a lump sum payment if you are diagnosed with one of the following illnesses:
- Heart attack
- Stroke
- Invasive cancer
- Blindness
- Terminal illness
- Kidney failure
- Paralysis
- Major organ transplant surgery
- Coronary artery bypass graft (10%)
Note – the rider can be purchased in a 25% or 50% acceleration of the base policy face amount, not to exceed $100,000.
Disability Income
Provides income protection during a qualifying disability.
If used, you may receive a monthly benefit of up to $1,500 per month for a maximum of two years.
Waiver of Premium
Your premiums are waived if you become totally and permanently disabled. Your policy remains active and disability diagnosis.
Waiver of Premium for Unemployment
You may waive your premium payments for up to six months, should you become unemployed for a period of four consecutive weeks.
Important – your policy also includes a conversion privilege. If your policy is in force, you may convert to any permanent plan offered by American Amicable at the time of conversion.
How Much Does No Exam Life Insurance with American Amicable Cost?
Here, you will find sample quotes for Term Made Simple.
Keep in mind, rates are examples only and represent healthy, non-tobacco individuals for a 10-year term policy.
American Amicable No Exam Quotes Male
| $50,000 | $250,000 | $400,000 | |
|---|---|---|---|
| 20 year old | $10.89 | $26.33 | $38.34 |
| 30 year old | $9.68 | $20.48 | $28.98 |
| 40 year old | $10.89 | $27.68 | $40.50 |
| 50 year old | $15.30 | $51.08 | $77.94 |
| 60 year old | $31.28 | $128.93 | $202.50 |
| 70 year old | $78.62 | $356.18 | $566.10 |
American Amicable No Exam Quotes Female
| $50,000 | $250,000 | $400,000 | |
|---|---|---|---|
| 20 year old | $8.78 | $15.98 | $21.78 |
| 30 year old | $8.96 | $16.88 | $23.22 |
| 40 year old | $9.99 | $22.50 | $32.22 |
| 50 year old | $12.96 | $37.80 | $56.70 |
| 60 year old | $23.40 | $88.88 | $138.42 |
| 70 year old | $47.48 | $207.68 | $328.50 |
If you run free instant quotes, you will see that American Amicable is usually not the most affordable choice.
However, they are a highly-rated carrier with excellent riders.
How to Apply for Term Life Insurance with American Amicable
Whether American Amicable or another carrier is the best option for your life insurance needs, we recommend you do two things.
- Partner up with an independent life insurance agent.
- Why? Independent agents have your best interest at heart and are not held captive to a particular life insurance company. That way, you will receive multiple quotes from multiple carriers to find the best policy at the best price.
- Prepare.
- Conduct a needs analysis to determine how much coverage you need. And, write down your important information, like your health history, so that you are ready for the application process.
Application Process for No Exam Term Life Insurance with American Amicable
You will want to understand the application process before moving forward. That way, you’re prepared and know what to expect.
Step 1
Collaborate with an independent life insurance agent (that’s us) to submit your application.
The process is quick and online or over the phone, with no need to meet face-to-face with an agent.
Step 2
An American Amicable representative will get in touch with you to conduct a health/lifestyle interview.
Plan to have an approximately 20-minute phone conversation.
You will be asked questions about:
- Name, date of birth, address, U.S. citizenship status
- Social security number
- Height/weight
- Occupation
- Annual income
- Beneficiary information
- Note – you cannot list a funeral home as a beneficiary
- You must demonstrate insurable interest
- Tobacco use
- Your physician’s contact information
- Prescribed medications
- Your medical history, including
- Heart disease
- High blood pressure
- Cancer
- Depression
- HIV status
- Digestive, liver, or kidney disorder
- History of stroke
- High cholesterol
- Pending medical diagnoses
- Medical history of close blood-related family members (parents, siblings)
- International travel plans
- Criminal history, including DUI
- Hobbies
Why do underwriters ask so many personal questions? In essence, risk.
Their job is to determine just how much risk your present, like with a health condition or risky hobby.
Then, based on your answers, a decision is made on whether to approve you for coverage and if so, how much to charge you in premiums.
Important – always be truthful during the interview. Dishonesty could equate to a declined application.
Step 3
Online databases are checked to further information and to verify some of your interview’s answers.
Like most life insurance carriers, American Amicable accesses:
- Medical Information Bureau (MIB)
- Pharmaceutical database
- Motor Vehicle Report (MVR)
Step 4
Your underwriter will review your application, phone interview, and online databases to determine if you are a good candidate for Term Made Simple.
If needed, your medical records may be ordered, possibly extending the application turnaround time to about two weeks.
Step 5
Application decision.
American Amicable determines if you qualify for the policy you applied for.
Term Made Simple uses an accept/decline process, meaning that table ratings are not available. A preferred rating is available, however.
- Preferred Non-Tobacco
- Standard Non-Tobacco
- Standard Tobacco
Most applicants are approved. If, by chance, you are declined for coverage, do not fret. A decline with one carrier does not mean a decline across the board. Plenty of coverage options exist.
However, if you have a serious medical condition, – let’s say, for instance, you are a cancer patient, you may need to look at other forms of life insurance, like guaranteed issue life insurance.
To get started, simply fill out a free quote.
