Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Written by Jeffrey Manola
Founder & Licensed Agent Jeffrey Manola

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 30, 2022

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Life insurance companies like American Income Life Insurance offer a wide range of life insurance policies that allow you to protect your family.

The right life insurance policy can protect your family and your business from financial hardship in the event of a death. Who would take over your debts? If you have a business, what would happen if something happens to you?

That’s why it’s important to choose a company that will take care of your family in an unexpected death.

American Income Life Insurance has grown into one of the leading life insurance companies out of the 814 Life insurance companies in the U.S.

Here’s a brief review of American Income Life Insurance, the policies they offer and the pros and cons of signing with the company.

Looking to compare life insurance prices? We can help. Enter your ZIP code to get free quotes from multiple insurers.

History of American Income Life Insurance

American Income Life Insurance (AIL) was created in 1951 by Harold Goodman and Bernard Rappaport. He started the company with $25,000 of outside capital. At the time, the company was based out of Indianapolis, Indiana and simply called American Income.

The company grew exponentially in the first couple of years, and by 1954, the company was getting over 6,000 insurance applications every month. In that year Goodman and Rappaport created a new company called American Income Life Insurance (AIL).American Income Life Insurance Logo

Over the next 8 years, the company expanded into Ohio and 12 other states. In 1958, the company moved its headquarters from Indianapolis to Waco, Texas.

AIL’s service to labor unions began in 1961, and it so became the premier company for unions because the company waived the premiums during strikes, and created a scholarship program for the children of union workers. By 1966, it was the only insurance company with all union employees.

The company grew over the years and was sold In 1994 to Torchmark Corporation for $563 million.

Today, the company is headquartered in Waco, Texas and supplies supplemental life insurance to organizations such as labor unions, credit unions. It ranks among the leading supplemental life insurance companies, supplying policies in 49 states, Canada and New Zealand.

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The Pros and Cons of American Income Life Insurance

When you’re looking at the pros and cons of a life insurance company, it’s best to start with a company’s credit ratings. Life insurance company credit ratings are a good indication of the current and long-term health of the company.

After all, you’re signing up for a long-term commitment to life insurance. You want to be sure the company will stick around.

A.M. Best rates Torchmark Corporation and its subsidiaries (AIL included) as A+ for financial strength and aa- for long-term credit ratings. Both ratings reflect a financially sound company.

Another item to consider is the customer experience. The Better Business Bureau (BBB) has accredited AIL since 1952 and the company is rated A+. However, if you were to look at the customer reviews, they tell a different story.

For example, there are 64 customer reviews on the BBB website for AIL. Out of those reviews, 75% are negative.

Most of the reviews are about the insurance reps, being pushy and insist on meeting with clients and prospective clients in person. On the positive side, AIL is very quick to respond to every negative review.

The company’s overall score is 3.99 out of 5. This number is based on the BBB’s rating and customer reviews.

The BBB does indicate that while there are customer complaints, the company does work to resolve them.

The Difference Between Term Life and Whole Life Insurance

There are many types of life insurance. AIL offers two primary types of insurance:

Which product is right for you?

Term Life Insurance is a policy that provides coverage for a certain period of time. If you want to continue that coverage, you’ll probably have to pay a higher premium to continue. Term life is usually has a lower premium than whole life.

Whole life insurance provides coverage for your entire life. The premiums are fixed and they do not go up like term life insurance.

You may also hear about permanent life insurance as you shop around. This means that it’s a policy designed to last your entire life. Whole life insurance is a type of permanent policy.

American Income Life Insurance Products

Aside from whole life insurance and term life insurance, AIL product offerings include features that can fit any situation and budget.

For example, AIL’s Freedom of Choice Plan covers your burial and funeral expenses.

This policy is structured only to cover those expenses. With this policy, your survivors can designate for the death benefit to be paid directly to the funeral to cover expenses.

AIL does offer an accelerated death benefit. This provision is necessary if there is a terminal illness and the policyholder has less than 12 months to live. Your family can start to have financial relief during this time by having access to as much as 50% of your death benefit.

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Supplemental Accident and Health Insurance

AIL also has supplemental policies that cover accident protection, cancer, critical illness, and hospital indemnity.

These policies can help pay for or offset the costs of medical bills due to illness or injuries.

Shop Around Before You Buy

With 814 life insurance companies providing countless insurance products, how can you be sure you’re getting the best policy to protect your family?

Start by assessing what you need coverage for. Also, check for how much coverage you’ll need. Assess your current finances and needs. Consider how much you owe on your home, paying for education. If you’re the only earner in your household, it would make sense to take out a larger policy.

Using an independent life insurance agency such as Top Quote Life Insurance, can give you several options and usually much better pricing.

Get a Life Insurance Quote

Rather than contacting all 814 life insurance policies yourself, save time and energy by having a team who has already done the work for you. That’s true if you decide to sign up with American Income Life Insurance.

We’ve already whittled the list down to the top 25 companies and can provide you with an online quote in 1 minute.

Our team is available to answer your questions and help you choose the policy to best protect your family’s financial future.

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