How is American Amicable Final Expense Insurance: 2025 Review
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
Planning for end-of-life expenses is a crucial aspect of financial preparedness. American Amicable offers final expense insurance policies designed to cover funeral and burial costs, providing peace of mind for policyholders and their families.
This comprehensive 2025 review examines the features, benefits, and considerations of American Amicable’s final expense insurance offerings, helping you make an informed decision about your coverage options.
Overview of American Amicable Life Insurance
American Amicable’s final expense insurance, also known as burial or funeral insurance, is a whole life policy aimed at covering end-of-life expenses. These policies are particularly beneficial for seniors seeking to ensure their funeral costs do not become a financial burden on their loved ones.
The application process is simplified, typically requiring answers to health questions without the need for a medical exam.
Benefits:
- Immediate Death Benefit: 100% of face amount paid immediately*
- Graded Death Benefit: 30% in the 1st year, 70% in the 2nd, 100% in the 3rd
- Return of Premium Death Benefit: Premium plus 10% interest for 3 years (2 years if aged 65+)
Additional Features:
- Affordable premiums that never increase
- Death benefit never decreases
- Non-cancellable as long as premiums are paid
- Cash values accumulate for financial needs
- Terminal Illness Accelerated Benefit Rider
- Optional riders available for additional coverage
*Less any outstanding policy loans
American-Amicable Life Insurance Company of Texas
425 Austin Avenue, Waco, Texas 76701
Toll-Free: 800-736-7311
Visit Website
*Ballpark Quote
Affordability for Seniors (Sample Rates)
Can seniors afford Life Insurance on a fixed income? Absolutely. The company offers competitive rates and flexible payment plans, making it an affordable option for those on a retirement budget.
Here are sample rates for $10,000 in coverage.
Immediate, Graded, and ROP Rates by Gender
Female Rates
| Age | Immediate | Graded | ROP |
|---|---|---|---|
| 50 | $26.66 | $30.45 | $36.14 |
| 55 | $33.69 | $38.22 | $45.79 |
| 60 | $38.26 | $45.92 | $57.10 |
| 65 | $47.05 | $58.84 | $75.41 |
| 70 | $60.38 | $78.58 | $98.63 |
| 75 | $81.73 | $108.92 | $134.40 |
| 80 | $113.68 | $163.07 | $181.98 |
| 85 | $166.02 | $221.31 | $262.51 |
Male Rates
| Age | Immediate | Graded | ROP |
|---|---|---|---|
| 50 | $31.65 | $37.93 | $44.23 |
| 55 | $40.03 | $48.64 | $54.65 |
| 60 | $47.05 | $58.88 | $68.31 |
| 65 | $59.74 | $76.06 | $90.42 |
| 70 | $78.79 | $104.75 | $119.86 |
| 75 | $108.01 | $148.80 | $163.89 |
| 80 | $155.82 | $226.34 | $241.98 |
| 85 | $221.31 | $277.51 | $338.28 |
*Ballpark Quote
Coverage Options Explained
Understanding the right coverage is vital. American Amicable provides various options, from term to whole life insurance, ensuring seniors can find a policy that fits their needs. Term options from 50k – 500k. Final expense options from 3k – 50k. Both options are No Medical Exams required!
American Amicable Final Expense Insurance Plans
- Immediate Benefit Plan: Available to individuals in good health, this plan provides full death benefit coverage from the first day. Applicants must answer “no” to all health questions to qualify.
- Graded Benefit Plan: Designed for those with certain health conditions, this plan offers partial coverage during the initial period. Typically, it pays out 30% of the death benefit if death occurs in the first year, 70% in the second year, and 100% thereafter.
- Return of Premium Plan: For applicants with more significant health issues, this plan returns premiums paid plus interest if death occurs within the first two or three years, depending on age. Full coverage begins after this period.
Enrollment Process: Simplified for Ease
The enrollment process for American Amicable is streamlined and user-friendly. Seniors can easily navigate through the steps with assistance available at every stage.
Health Requirements: Inclusive Policies
Seniors concerned about their health impacting insurance eligibility can find solace in inclusive policies, some of which don’t require medical exams.
Transparent Policy Information
The company is committed to providing clear, jargon-free information about its policies, making it easier for seniors to understand their insurance plan.
Key Features
- No Medical Exam: Applicants are not required to undergo a medical examination; eligibility is determined based on health questions.
- Fixed Premiums: Premiums remain level throughout the life of the policy, ensuring predictable payments.
- Cash Value Accumulation: Policies build cash value over time, which can be borrowed against if needed.
- Optional Riders: Additional coverage options, such as accidental death, children’s insurance, and nursing home premium waivers, are available for an extra cost.
*Ballpark Quote
Claims Process: Hassle-Free
Filing a claim is straightforward with American Amicable, ensuring that beneficiaries face no undue stress during difficult times.
Financial Stability: A Pillar of Trust
With solid financial ratings, American Amicable stands as a trustworthy option for seniors looking for a reliable insurance provider.
Waiting Periods and Immediate Coverage
The waiting periods for American Amicable policies are clearly defined, ensuring seniors know exactly when their coverage begins.
Policy Renewability and Longevity
Seniors can rest assured about the longevity of their policy, with clear information on renewability and term lengths.
Value for Money
When comparing benefits and costs, American Amicable stands out for providing excellent value for money, especially for senior citizens.
American Amicable Pro and Cons
Pros and Cons
Pros
- Simplified Issue: The absence of a medical exam streamlines the application process.
- Flexible Coverage Amounts: Policies offer a range of coverage amounts to suit different needs and budgets.
- Financial Stability: American Amicable holds an A (Excellent) rating from A.M. Best, indicating strong financial health.
Cons
- Limited Availability: Policies may not be available in all states; it’s important to check availability in your area.
- Graded and Return of Premium Plans: These plans have limited benefits during the initial years, which may be a drawback for some applicants.
*Ballpark Quote
Beneficiary Designations and Policy Management
Designating or changing beneficiaries is a straightforward process, giving seniors flexibility and control over their policies.
Understanding Cancellation Policies
In any insurance policy transparent cancellation and refund policies ensure that seniors can make changes to their plans without worry.
Rate Stability
The stability of premiums is a significant concern, and American Amicable is known for its transparent and stable rate policies.
Living Benefits for Seniors
The company offers living benefits for terminal illnesses or long-term care needs, adding an extra layer of security for policyholders.
Nursing Home Confinement Rider:
- Available for Immediate Death Benefit Plan only.
- Provides a monthly benefit equal to 5% of the face amount if confined to a nursing home for 30+ days.
- Care must be recommended by a licensed physician.
- Premium payments are waived during confinement after 90 continuous days.
- Not available in all states. See rider for complete details.
Terminal Illness Rider:
- Receive up to 100% of the death benefit if diagnosed with a terminal illness with 24 months or less to live (12 months in some states).
- Applies to the Immediate Death Benefit Plan.
- The accelerated benefit reduces life insurance proceeds proportionally to the amount paid.
- Tax treatment of benefits varies. Consult a tax advisor for details.
Comparative Analysis: American Amicable vs. Competitors
A comparative look at American Amicable and its competitors reveals its strengths and areas where it stands out, particularly for senior-focused policies.
Customer Feedback
Customer reviews highlight the affordability and ease of the application process as significant positives. However, some customers have noted challenges with policy delivery times and customer service responsiveness.
FAQs
They offer term, and simplified whole life policies tailored to seniors’ needs.
The company offers policies that cater to seniors with pre-existing conditions, including options that don’t require medical exams.
American Amicable has a straightforward claim process, with customer support to assist beneficiaries during the process.
Yes, policyholders can change their beneficiaries easily, ensuring flexibility in managing their policy.
Its financial stability, customer-centric policies, and commitment to providing value for money make it a reliable choice for seniors.
Related Articles
Conclusion
American Amicable’s final expense insurance policies offer a viable solution for individuals seeking to cover end-of-life expenses without the need for a medical exam. With various plan options and additional riders, applicants can tailor coverage to their specific needs. It’s advisable to consult with a licensed insurance agent to determine the most suitable plan based on individual health conditions and financial goals.
*Ballpark Quote
3 Comments
Salamatu Kamara
Can one borrow from your life insurance?
Salamatu Kamara
Can I borrow from my life insurance?
Danny Ray
Any permanent life insurance has a cash value mechanism, it just depends how you structure it. Then there is "Infinite Banking COncept" IBC, where you accelerate cash value growth. Please see this article https://www.pinnaclequote.com/blog/term-rider-infinite-banking/ . Let me know if you have any questions.