Coverage remains in force without premiums being paid. Premiums need to be paid during that time, but the policy remains in force and beneficiaries still receive the remaining death benefit when the insured passes away.Ī waiver of premium rider lets you temporarily pause the payments on a life insurance policy if you become disabled or unable to work. The terminal illness rider pays out 50% of the expected death benefit when someone is diagnosed with a terminal illness and expected to live less than one year (or two years in Illinois, Massachusetts, or Washington).
American Income Life riders include the following:Īmerican Income Life lets insured customers add this rider to their life insurance policies at no cost. Additional Coverage Options From American Income LifeĪmerican Income Life keeps its policies fairly simple, but there are a few waivers you can add in order to beef up your coverage or provide more options when you need to file a claim. This type of coverage is typically offered in relatively low amounts, usually up to $25,000 or $50,000 at most. This type of life insurance plan is meant to help families pay for final expenses, including debt repayment, burial costs, and more. Children covered with this plan will have the option to purchase up to $150,000 in coverage later in life, and the premiums for this policy are set at a standard rate regardless of health.įinal expense coverage is also available through American Income Life.
This program lets families purchase up to $25,000 in lifetime coverage for dependents, and the policy can never be canceled unless premiums lapse. Whole life also comes with set premiums that will not change over time, and you have the option to borrow against the value of the policy in the future.Īmerican Income Life also offers whole life coverage for children through its Head Start Children's Life Insurance Program. The company also offers whole life insurance that builds cash value and is meant to last your entire life. While American Income Life does not specify the available terms for plans, it's common to purchase term life insurance protection that lasts for 10 to 30 years. At that point, American Income Life says you may be able to pay increased premiums in order to maintain coverage. When the term ends, however, life insurance coverage stops being in force. You get the chance to pay set premiums that will not increase during the term of the policy, and you can tailor your coverage to your needs. The chart below provides an overview of the coverage offered through American Income Life and how each type of life insurance works:Īmerican Income Life offers term life insurance that provides a death benefit for a fixed term. Customers can also add a terminal illness rider to one of their traditional life insurance policies at no additional cost. In addition to having term life insurance and whole life insurance, American Income Life also offers final expense insurance that aims to cover burial costs and other expenses relating to end of life care. Types of Life Insurance Plans from American Income Life If you're curious about products offered by American Income Life and wondering if this is the right company for you, read on to learn more. While the company also offers supplemental health insurance and final expense insurance, American Income stands out for its term life and whole life insurance products. This means you can't apply for a life insurance quote through American Income Life online, nor can you find out pricing for its products without speaking with someone in person or over the phone. Like many other life insurance providers, American Income Life offers its products through a network of agents. Also note that you can't get a quote online.Īmerican Income Life was founded in 1951, and it is a wholly owned subsidiary of Globe Life Inc. The company also offers accident and supplemental health insurance coverage, but compared to other insurers it offers fewer add-ons and more customer complaints. Read Our Review A looong arrow, pointing rightĪmerican Income Life offers term life insurance, whole life insurance, and final expense coverage through a network of local agents.
0 kommentar(er)
