Is Old American Insurance A Good Company?
UPDATED: Dec 31, 2012
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Asked December 31, 2012
In 1895, Kansas City Life Insurance Company was founded in Kansas City, Missouri. Over the years, Kansas City Life Insurance expanded, purchasing smaller companies, including the Sunset Financial Services Company, which handles Variable life, mutual funds and similar investments for customers of the conglomerate. One such acquisition, Old American Insurance Company, is focused on providing end-of-life insurance such as final expense coverage.
Read life insurance reviews.
Old American Insurance Company is not rated individually by the A.M. Best financial ratings company. Instead, the company shares a rating of "B++ (Good)," the rating given for the Kansas City Life Insurance Company. The AM Best Company also gives a long term outlook of "bbb+" and describes the company's long term outlook as stable. This indicates honest business practices overall and coverage choices insured clients like.
Do You Need Specialty Policies from Old American Insurance Company?
Old American Insurance Company is focused on a specific type of insurance, but not on a specific age group. Final expense coverage is available for seniors as well as juveniles, and the company offers a variety of policy packages designed to fit the needs of a wide range of potential applicants. Independent agents can run the numbers and generate a quote.
In some areas, life insurance agents sell policies only meant to pay for funerals and related costs. In other cases, life policies offer the families extra money for living expenses and more. With the right agent, clients make confident insurance decisions.
Old American Insurance Company is licensed to sell final expense life insurance throughout the continental United States, including Washington D.C. Policies are not available in Alaska or Hawaii, but is represented in the other 48 states by a network of more than 1400 agents. Customers looking for other types of insurance or annuities are served by the same agents, with policies underwritten by other subsidiaries of the Kansas City Life Insurance Company.
Do You Need A Medical Exam for Life Insurance?
Because Kansas City policies are generally small, parties can generally get away without a medical examination. Prices are affordable, and the policy can be activated quickly. The drawback of final expense insurance is that it does not include the financial aspects of a whole life policy, such as accrued cash value or a tax-deferred savings vehicle. Families depending on a primary breadwinner who passes away may end up in dire straights as their policy doesn't cover potential living costs.
If you're looking for life insurance, always get a quote from more than one insurance provider. While Old American's policies are largely stripped down, other companies offer more comprehensive options.
Answered December 31, 2012 by Anonymous