American Amicable Burial Insurance Review (Golden Solution)

American Amicable Burial Insurance Review
American Amicable Burial Insurance Review (Golden Solution)

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When looking into life insurance to cover funeral costs, the due diligence process is an important aspect in making an informed purchasing decision.

Countless companies claim to have great burial insurance plans, but there is just a handful that offers top-tier coverage.

Our industry experts have reviewed the American Amicable Life Insurance Company.

American Amicable Burial Insurance Review

American Amicable was established in 1910 in Waco, Texas. Over the years, they have acquired multiple companies.

American-Amicable Group of Companies:

  • American-Amicable Life Insurance Company of Texas
  • IA American Life Insurance Company
  • Occidental Life Insurance Company of North Carolina
  • Pioneer American Insurance Company
  • Pioneer Security Life Insurance Company

Company Details

  • Established: 1910
  • Financial A.M. Best Rating: A (excellent)
  • Headquarters: Waco, TX

Plan Types: Golden Solution Series

  • Plan 1: Immediate Death Benefit
  • Plan 2: Graded Death Benefit
  • Plan 3: Return of Premium Death Benefit

Each burial insurance plan comes with three permanent whole life benefits.

Coverage Never Decreases: The death benefit will never decrease or terminate. This is a major benefit for families preparing for inevitable funeral costs.

Price Never Increases: The monthly premiums will never increase. This allows seniors on a fixed income to budget out their costs and be confident they can afford the coverage.

Builds Cash Value: With every payment made, a portion will go towards the cash value. Over time this amount will grow and can be borrowed from.

Immediate Death Benefit

Plan 1: Immediate Death Benefit

Quick Facts

  • Age Eligibility: 50 – 85
  • Coverage Amount: $2,500 – $35,000 (depending on age)
  • State Availability: 41 states & DC (excluding IA, MA, MI, MT, NH, NJ, NY, RI, VT)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Immediate Coverage & Maximum Death Benefit

There is no waiting period associated with this whole life plan. This means as soon as the policy is issued, the beneficiary will have full financial protection if the policyholder were to pass away.

Depending on the age of the applicant, the maximum death benefit available will vary.

  • Ages 50-75: $35,000 maximum death  benefit
  • Ages 76-85: $20,000 maximum death benefit

American Amicable Final Expense Insurance Quotes

The American Amicable Immediate Death Benefit plan has competitive premiums. They have lower prices than Liberty Bankers Life. The rates shown are American Amicable non-smoking quotes.

$10,000 of coverage

Monthly Premiums

Age Female Male
50 $27 $32
55 $34 $40
60 $38 $47
65 $47 $60
70 $60 $79
75 $82 $108
80 $114 $156
85 $166 $221

Graded Death Benefit

Plan 2: Graded Death Benefit

Quick Facts

  • Age Eligibility: 50 – 85
  • Coverage Amount: $2,500 – $20,000
  • State Availability: 41 & DC (excluding IA, MA, MI, MT, NH, NJ, NY, RI, VT)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: Yes
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Two-Year Waiting Period (Graded)

This Graded Death Benefit whole life plan has a two-year waiting period. If the policyholder were to pass away during the waiting period, the beneficiary would be awarded a percentage of the coverage amount.

Included with this plan is an accidental death benefit. If you were to pass away from an accident during the first two years of the policy, the entire coverage amount would be paid to your beneficiary.

Payout Structure Breakdown

  • Year 1: 30% of the coverage amount
  • Year 2: 70% of the coverage amount
  • All other years: Full coverage amount

American Amicable Funeral Insurance Quotes

When compared to other graded plans, like Sentinel Security Life, this product costs more than the competition. The rates shown are non-smoking quotes.

$10,000 of coverage

Monthly Premiums

Age Female Male
50 $30 $38
55 $38 $49
60 $46 $59
65 $59 $76
70 $79 $105
75 $109 $149
80 $163 $226
85 $221 $278

Return of Premium Death Benefit

Plan 3: Return of Premium Death Benefit

Quick Facts

  • Age Eligibility: 50 – 85
  • Coverage Amount: $2,500 – $20,000
  • State Availability: 41 (excluding IA, MA, MI, MT, NH, NJ, NY, RI, VT)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: Yes
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Two or Three-Year Waiting Period (Modified)

The American Amicable Return of Premium plan has a waiting period attached to this plan. Depending on the age of the applicant, the waiting period will vary. For example, seniors over 70 will only have a two-year waiting period.

The beneficiary would be awarded the entire coverage amount if the insured were to pass away from an accidental death during the waiting period.

3-Year Waiting Period: Age 50 – 64

  • Year 1: all paid premiums returned plus 10%
  • Year 2: all paid premiums returned plus 10%
  • Year 3: all paid premiums returned plus 10%
  • All other years: Full coverage amount

2-Year Waiting Period: Age 65 – 85

  • Year 1: all paid premiums returned plus 10%
  • Year 2: all paid premiums returned plus 10%
  • All other years: Full coverage amount

American Amicable Quotes

The American Amicable Return of Premium plan has higher prices than the competition. Look into the Gerber Guaranteed Acceptance plan for less expensive coverage. The quotes shown are non-smoking rates.

$10,000 of coverage

Monthly Premiums

Age Female Male
50 $36 $44
55 $46 $55
60 $57 $68
65 $75 $90
70 $99 $120
75 $134 $164
80 $182 $242
85 $263 $338

American Amicable Underwriting Guide For Final Expense Insurance

There are three sections to the health questions. If you answer “no” to all 8 questions, you will qualify for the Immediate Death Benefit plan.

American Amicable health questions 1

1. Are you currently hospitalized, confined to a bed or nursing facility, or using oxygen equipment to assist in breathing, or receiving Hospice Care?

2. Have you had or been medically advised to have an organ transplant, or have you been medically diagnosed as having a life expectancy of 12 months or less, Alzheimer’s, dementia, mental incapacity, or have you been diagnosed, treated (including dialysis) or taken medication for kidney or liver failure, or respiratory failure?

3. Have you been medically treated or diagnosed by a medical professional as having Acquired Immune Deficiency Syndrome (AIDS), AIDS-related complex (ARC), or any immune deficiency related disorder or tested positive for the Human Immunodeficiency Virus (HIV)?

American Amicable health questions 2

4. Have you ever been treated for insulin shock, diabetic coma, had an amputation caused by disease, or taken insulin shots before age 50 or been medically diagnosed with diabetes combined with a medical history of any of the following: stroke, TIA, heart disease, or circulatory disease?

5. Have you ever been medically diagnosed, treated, or taken medication for congestive heart failure, cardiomyopathy, Lou Gehrig’s disease, or Huntington’s disease?

6. Have you had more than one occurrence of cancer (excluding basal or squamous cell skin cancer) in your lifetime?

7. Within the past 12 months have you:

  • been medically diagnosed, treated, or taken medication for angina, stroke or TIA, cirrhosis, chronic hepatitis, chronic pancreatitis, chronic obstructive pulmonary disease (COPD), emphysema, or required oxygen equipment to assist in breathing?
  • had or been medically advised to have surgery for brain or heart disorders (including catheterization or a pacemaker insertion), or any procedure to improve circulation?
  • had a heart attack, aneurysm, heart valve surgery, coronary artery bypass surgery, angioplasty, or stent implant?
  • been medically diagnosed, treated, or taken medication for internal cancer, lymphoma, melanoma, leukemia, or systemic lupus (SLE)?
  • had or been recommended to have treatment or counseling for alcohol or drug use, or abused alcohol or drugs, or any diagnostic testing or surgery recommended by a medical professional which has not been completed or for which the results have not been received?

American Amicable Health Questions 3

8. Within the past 24 months have you been medically diagnosed or treated, or taken medication for:

  • stroke, angina (chest pain), heart attack, aneurysm, heart or circulatory surgery, or any procedure to improve circulation?
  • internal cancer, leukemia, melanoma, emphysema, chronic obstructive pulmonary disease (COPD), ulcerative colitis, cirrhosis, liver disease?
  • paralysis of two or more extremities or any neuro-muscular disease (including cerebral palsy, multiple sclerosis, grand mal seizures, or Parkinson’s disease)?

If all Questions 1 – 8 are answered “no” the proposed insured should apply for the Immediate Death Benefit plan.

Woman outside smiling

American Amicable Life Insurance FAQ’s

Is the American Amicable Life Insurance Review Good?

The American Amicable life insurance rating is favorable due to the positive customer reviews and a strong financial rating. The offered products are both competitive and affordable, making this company a viable life insurance option for seniors.

Who Owns American Amicable Life Insurance Company?

In 2010 the American Amicable life insurance company was acquired by Industrial Alliance Insurance and Financial Services, Inc. Since 1892, IA Financial Group has been helping individuals with their financial and health needs.

Headquartered in Quebec City, Quebec in Canada, this company has insured over 4 million individuals and oversees 5,000 employees at IA Financial Group. If you add up all of the companies under their control, they manage and administrate over $109 billion of assets.

Is American Amicable Legit?

The company from Texas has been in business for over 110 years. American Amicable has the financial backing of IA Finacial Group, which will give policyholders peace of mind that their claims will be paid.

What is the American Amicable A.M. Best Rating?

With an A.M. Best financial rating of A (excellent), the American Amicable company can be trusted to pay their claims.

What is the American Amicable Phone Number?

For American Amicable cancellation questions or customer service, contact 800-736-7311

Person thinking

Final Thoughts About American Amicable Funeral Insurance

a. The American Amicable burial insurance review has shown that this carrier has viable coverage. The Immediate Death Benefit plan is a top option for those who are in good health. This plan offers immediate coverage and competitive premium pricing.

b. The Graded Death Benefit and Return Of Premium plans should be used as secondary options if the applicant cannot qualify for immediate coverage.

c. Working with an independent agent will be the best option for seniors looking for funeral insurance.

At Willamette Life, our only focus is on finding seniors final expense insurance coverage. This allows our agents to be product experts and find the best plans at the lowest prices.

Call us at 844-576-0019

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