American Memorial life insurance review

American Memorial Life Insurance Company Review 2020

By James Tobin, CFP®

 

Critical Takeaways

  • A.M. Best Rating :  B++
  • No Exam Simplified Issue Product
  • Best known for "Final Expense" Product
  • Expensive compared With Other Final Expense Carriers
American Memorial life insurance review

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American Memorial Life Insurance Company Review Review 2020
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Expert Review Of american Memorial Life Insurance Company

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Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

American Memorial Life Insurance Company is a South Dakota based  financial services company that specializes in simplified issue pre-need or "final expense" life insurance policies.

American Memorial Life Insurance is a subsidiary of Assurant Solutions.

This review will address company history, financial ratings, and the positives and negatives of American Memorial Life Insurance.

Additionally it will address some specific  situations where it may make more sense to go outside the American Memorial Life Insurance  family of products. 

The goal is to make sure that you get the policy that provides you the most value.

American Memorial Life Insurance History

Founded in 1959 as the Prairie States Life Insurance ,American Memorial Life Insurance would take it's current name 35 years later. 

Since it's humble beginnings, the group has expanded it's reach in the financial services market to just under $200,000,000 in annual premium 

American Memorial insurance Company Ratings

American Memorial insurance Company received stellar ratings for financial stability. This indicates that the company is in strong position to meet it's obligations going forward.  

  1. A.M. Best Company: The American Memorial insurance Company rating given by A.M. Best was an A-(Superior). This is the  fourth best possible out of 16 total ratings.
  2. Fitch Ratings: American Memorial insurance Company  is not covered by  by Fitch.
  3. Comdex Score- American Memorial insurance Company  is not covered by Comdex.

American Memorial insurance Company  Life Insurance

American Memorial Insurance Company only offers small whole life policies that are simplified issue. There are no traditional term policies available through this carrier.

The highlight of these policies is that underwriting is instant (done while you wait on the phone). This process is both convenient and more expensive than traditional coverage.

American Memorial insurance Company Rates and Quotes

Because American Memorial insurance Company  is not not carried by most independents at this time you will need to contact the American Memorial insurance Company  to get a American Memorial insurance Company quote.

You can then take that quote and compare with the major carriers quotes that are available by using the quote tool on this site.   

Are American Memorial Insurance Company Rates Competitive?

No.

Maybe not the answer you were looking for, I know. It is however, the truth. 

Carriers that are distributed through independent brokers, but are not carried by those same brokers are usually disregarded for one reason: Price.

When it comes to pricing of Final expense insurance price busters,  Liberty Bankers, RNA and Mutual of Omaha are usually  less expensive. 

Cases Where American Memorial Insurance Company  Is Not A Great Choice

There are no situations that we see where American Memorial insurance Company is a competitive choice for final expense insurance.

This may sound harsh, but it is the reality.

However, for people who have had their policies for some time now, it is likely that you would not be best served by leaving. The fact is that although there is less expensive insurance out in the market, if you are now older and in poorer health than you were when you took the policy, you probably won't do better elsewhere.

American Memorial insurance Company  Suicide Exclusions

The 2 year suicide clause that is part of all life insurance policies in the United States, is the same. (Note that some states use a 1 year exclusion) 

American Memorial insurance Company  Customer Service

The National Association of Insurance Commissioners reports a complaint index of .16 for American Memorial insurance Company . This is well below the national average of 1 percent

Additionally, while American Memorial insurance Company  is not rated by JD Power & Assoc., it has a BBB rating of A+.

American Memorial insurance Company Contact Info 

Address:440 Mount Rushmore Road Rapid City, SD 57701

Phone:(1-800-533-2220

Web: www.assurantpreneed.com

The American Memorial Insurance Company Review Final Verdict

Is American Memorial insurance Company right for you?It really all depends on your situation.

If you are looking for coverage and have notable health impairment(s), you will likely be better suited by shopping around on the open market where it is convenient to make apples to apple comparisons. 

Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that American Memorial insurance Company can't offer.

However, if you already have coverage through American Memorial insurance Company, it may be worthwhile to keep things in place.

Thank you for choosing the Life Insurance Help Desk to shop for life insurance.

Bonus: The most common mistakes people make buying life insurance and how to avoid them

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