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Purchasing a life insurance policy is recognized as a smart financial move. It should be a part of any family’s overall financial planning portfolio. Unfortunately, 41 million adults still don’t have a life insurance policy.
Why?
Because life insurance can be confusing and the options overwhelming. At No Medical Exam Quotes, we try our best to make life insurance a lot less confusing by creating helpful reviews on popular life insurance options.
One of those popular life insurance options you are likely to encounter when comparing term life insurance rates is ANICO and its term life insurance plans.
ANICO term life insurance is a competitively priced term life insurance coverage that can offer some excellent features in addition to death benefit protection. If you are trying to figure out which company and life insurance plan you should go with, ANICO is definitely worth learning about.
Our in-depth review will break down everything you need to know about this dynamic option, and by the end of this article, you’ll know whether an ANICO term life insurance policy could be the right coverage option for you.
ANICO is short for American National Insurance Company, an insurance company providing policies and products in all 50 states plus Washington D.C. and Puerto Rico. They are headquartered in Galveston, Texas, and have been in operation since 1905.
When the company first began, founder William Lewis Moody, Jr. had 10 employees and one location. By 1973, the company had grown exponentially and increased offerings to include property and casualty lines.
Today, ANICO has an extensive agent network in over 50 states offering everything from life insurance, health insurance, and farm insurance to property and casualty insurance.
In terms of life insurance, ANICO offers numerous policies, including:
While all of these products are certainly beneficial, ANICO’s signature term life insurance with accelerated underwriting is a favorite for many customers.
A company’s ratings and reviews can tell you a lot about its level of financial stability, customer service, and trustworthiness. ANICO ranks well across the board and is a company that can be trusted and relied upon for excellent products and services.
Here is a closer look at the financial ratings for ANICO:
A.M. Best, a company that rates insurance companies’ financial stability, gives ANICO a strong A rating. This is the third-highest rating out of 16 rating levels, meaning ANICO’s financial capacity to underwrite policies and pay out claims is incredibly strong.
ANICO has enjoyed it’s top-tier A rating from A.M. Best for seventy-eight years running and re-established its strong rating again in November 2020.
Standard & Poor (S&P), another company that evaluates companies’ financial strength, gives ANICO a solid A rating. With A ratings from two of the top independent rating organizations, it should provide current and future clients peace of mind that ANICO can meet its customers’ financial obligations.
In 2017, ANICO was added to Forbes’ list of America’s Most Trustworthy Financial Companies.
ANICO’s Signature Term life insurance policies come in two options – Annual Renewable Term (ART) and Level Premium Term. Both options provide excellent coverage for varying durations, and the choice comes down to which type of life insurance you need.
Whether you choose an ART or a Level Premium term option, the policies provide:
| Policy Features | Signature Term |
|---|---|
| Term Lengths: | Guaranteed Level Premium Term (1, 10, 15, 20 and 30 years) |
| Issue Ages: | Annual Renewable Term (ART): Ages 18-65 10-Year Level Term Period: Ages 18-70 15-Year Level Term Period: Ages 18-65 20-Year Level Term Period: Ages 18-60 30-Year Level Term Period: Ages 18-50 |
| Coverage Amounts: | Minimum Amount: $100,000 Maximum Amount: $1,000,000+ |
| Accelerated Underwriting: (No Medical Exam) | Xpress Plus Coverage amounts $100,000-$1,000,000: (Ages 18-50) Coverage amounts $250,000-$500,000: (Ages 51-60) |
| Simplified Underwriting: (No Medical Exam) | Xpress Coverage amounts $100,000-$249,999: (Ages 18-65) |
| Traditional Underwriting: (Medical Exam) | Applicants that are applying for coverage over $249,999 that do not meet the accelerated underwriting guidelines. |
| Policy Riders: | Accelerated Benefit Riders – (Chronic, Critical & Terminal) Children’s Term Rider Disability Waiver of Premium Rider |
| Conversion Option: | Convertible to age 65 |
| State Availability: | Available in all 50 States including Puerto Rico |
One of the benefits of purchasing an ANICO term life insurance policy is their two non-medical exam underwriting options called Xpress and Xpress Plus.
Both Xpress and Xpress Plus can speed up the traditional time it takes to process and underwrite an application for coverage. However, there are a few differences between the two programs explained below.
Xpress – Simplified Underwriting – Coverage Under $249,999
| Xpress | |
|---|---|
| Issue Ages | 18-65 |
| Face Amounts | Up to $249,999 |
| Rate Classification | Standard Substandard |
| Application | Paper or electronic |
Xpress is a simplified underwriting program designed for applicants between the ages of 18-65 who apply for $249,999 or less in term life insurance coverage.
The need for a medical exam will be determined based on responses to application questions. The best health classification is at the standard rates, and because of that, we often see most applicants qualifying without having to take a medical exam.
Xpress Plus – Accelerated Underwriting – Coverage under $1,000,000
| Xpress Plus | |
|---|---|
| Issue Ages | 18-60 |
| Face Amounts | Ages 18-50: $250,000 – $1,000,000 Ages 51-60: $250,000 – $500,000 |
| Rate Classification | Preferred Plus Preferred Standard Plus Standard |
| Application | Electronic only |
ANICO Signature Term Life policies can be applied for with Xpress Plus underwriting by applicants from age 18-65. Policy limits for this accelerated underwriting process include coverage starting at $250,000 up to a maximum of $1,000,000 for ages 18-50 and $250,000 to $500,000 for ages 51-60.
Xpress Plus is only available through a quick electronic online-based application completed with an experienced life insurance broker. Paper applications are not permitted.
Underwriting classes that can benefit from Xpress Plus include preferred, preferred plus, standard plus, and standard. Medical exams are not automatically required but could be requested if an applicant does not meet the Xpress Plus program’s underwriting guidelines.
| Signature Term Issue Ages |
|---|
| 18-70 |
ANICO Signature Term Life Insurance policies are available for those between the ages of 18 to 70.
For level premium term policies, issue ages are as follows:
For Annual Renewable Term policies (ART), issue ages are:
ART provides a level death benefit up to age 75. The premium on these plans is level for the first 10 years (if you choose to keep coverage that long) and then increases each policy anniversary year beginning the 11th year.
Those under age 65 are eligible for coverage without a medical exam, provided their answers and medical history meet Xpress and Xpress Plus underwriting requirements.
| Signature Term Coverage Amounts |
|---|
| Minimum Amount: $100,000 Maximum Amount: $1,000,000+ |
ANICO underwrites based on items such as age, application answers, and medical history.
The minimum and maximum coverage amounts with Xpress and Xpress Plus underwriting are:
A medical exam could be required for any applicant who does not qualify for an accelerated underwriting option or if the requested death benefit amount is outside the accelerated non-medical guidelines.
| Signature Term Contract Lengths |
|---|
| 10,15, 20 and 30-Years |
ANICO offers several term contracts whether you choose ART or a 10, 15, 20, or 30-year policy.
Annual Renewable Term: 1-year contract policies available for renewal at the end of each policy year. Premiums are level for the first 10 years and will gradually increase for each policy year the coverage is renewed starting the 11th policy year. An ANICO ART plan can be renewed each year up to age 75.
10-Year: The most affordable option, this policy is ideal for those who will be financially independent within a short time or want to extend term coverage after a policy ended.
15-Year: This length is ideal for families with children of elementary to high-school age whose financial obligations have been significantly diminished. Situations a 15-year policy apply to is families whose mortgage is half paid off, college funds are saved for, and significant financial obligations well on their way to being paid off.
20-Year: Families most often choose this term policy with young children who want to ensure they can pay their largest financial obligation, such as a mortgage. The policy is also generally long enough to see children through their formative years and into the first years of college.
30-Year: These policies are best for families who want complete financial coverage and generally have a large amount of long-term financial risk that needs protection for a longer period of time. 30-year policies aren’t for everyone, but those who have just bought a house, are just married and starting a family, or those who have significant loans from college will benefit the most from this policy.
| Signature Term Policy Riders |
|---|
| Accelerated Benefit Riders – (Chronic, Critical & Terminal) Children’s Term Rider Disability Waiver of Premium Rider |
Accelerated Benefit Rider (Included at no additional cost)
Accelerated benefit riders (commonly referred to as living benefits) provide the insured a partial or full acceleration of the life insurance death benefit upon diagnosis with a qualifying medical condition. If the accelerated benefit becomes available due to qualifying illness, the money received from the death benefit can be used for any expense medical or non-medical related, and it doesn’t need to be paid back.
There are three types of accelerated benefit riders.
Children’s Term Rider (Available at an extra cost)
Adding a child term rider provides temporary life insurance protection to every child in the family in addition to subsequent children born or adopted during the life of the rider.
The amount of coverage purchased with the children’s term insurance rider is $1,000 up to $25,000. The child term rider expires for each child when they reach 25 years old and can be converted into their own permanent policy for up to 5x the amount of coverage received as a child rider.
Disability Waiver of Premium Rider (Available at an extra cost)
This rider provides a waiver of insurance premiums if the insured becomes seriously injured and is considered totally disabled. The disability rider will waive premiums up to age 65 as long as the total disability remains.
| Signature Term Conversion Option |
|---|
| Convertible to age 65 |
ANICO term life insurance plans offer a conversion option that can allow the term insurance coverage to be switched to permanent life insurance.
Converting an existing term insurance policy might be needed for several reasons, including a change in health that would prevent getting new coverage, the need for permanent protection, or the desire to build cash value.
ANICO term life insurance policies can be converted into permanent policies, and ART policies can be converted into a longer term duration.
Converting level premium term into permanent insurance
ANICO level premium term life insurance plans are convertible into any of the permanent life insurance plans offered by ANICO. Permanent options include:
When a term insurance policy is converted, it does not require any new medical underwriting. Conversions are considered guaranteed approval. You will keep the same original rate classification, but your premium will change to reflect the new coverage.
Here are several things to note when converting term into permanent policies:
Converting ART into a longer term contract
An ART plan is not convertible to permanent life insurance. Instead, you will have the option to convert coverage to either a 20 or 30-year term contract. The following information applies to converting ART policies:
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Have a few more questions about ANICO Signature Term Life Insurance policies? Hopefully, we can answer them here in our Frequently Asked Questions section, but if we missed one of yours specifically, please be sure to let us know so we can get you an answer to your question.
In addition to the death benefit protection, the ANICO term life insurance plan’s most unique feature is the living benefits included with the coverage at no additional cost.
While the main benefit of a life insurance policy is to provide financial protection due to an unexpected passing, a life insurance policy with living benefits can protect your savings due to an unexpected illness. It is considered life insurance that you can use while you’re alive.
Living benefit riders combined with life insurance have become very popular. However, not every company offers these benefits, and some even charge an extra fee to add them as a policy rider.
ANICO term life insurance plans offer three potential living benefits payout options should you become sick with either a chronic, critical or terminal illness. Depending on the severity of the illness, up to 100% of the full death benefit can be withdrawn to be used as needed.
Eligibility in underwriting depends on several factors that remain consistent with insurance companies nationwide. Information you’ll need to provide ANICO includes:
Beyond these items that you’ll answer on the application, ANICO uses consumer data to collect information on your insurability. This part of the process is handled entirely by ANICO and includes:
ANICO offers no-medical applications through Xpress and Xpress Plus accelerated underwriting. As a result, most applicants won’t be required to take a medical exam. In general, however, the healthier your lifestyle, the better chance you have of insurability with no medical exam being required.
Thanks to ANICO’s unique Xpress and Xpress Plus, you can be approved nearly instantly upon submitting your application. Xpress Plus provides the fastest approval for the widest variety of insured classes and automates part of the underwriting process.
If you require a medical exam as part of the approval process, then your application could take several weeks to a month or more to complete depending on the overall health of the individual that is applying. This is typical of all insurance companies and is one reason why no-medical policies are so sought after.
Term life insurance is for generally healthy applicants who have no serious or chronic health conditions. You may not be eligible for term life insurance if:
There may be other reasons why ANICO might reject an applicant. However, the above medical concerns are often the most significant and serious factors for rejection.
ANICO term life insurance rates are competitive compared to the top 10 national providers, but they are rarely the most affordable option. We often see ANICO make a strong appearance right in the middle of the pack when it comes to overall pricing.
Keep in mind, with ANICO you are receiving free living benefits and the potential for a no medical exam underwriting process, which for many may be worth the few extra dollars.
If you are below the age of 65 and require less than $250,000, and are in excellent health, we will admit that ANICO will not be your best choice. The reason is that any coverage under $250,000 is an automatic standard rate classification.
The standard rate classification is the fourth-best classification. It will not result in getting the best coverage rates, especially if you can qualify for the preferred or preferred plus rate classification.
On the other hand, if you have a history of some minor health risks, ANICO’s simplified non-medical underwriting can be a great option to apply for term life insurance without a medical exam being required.
ANICO utilizes five underwriting risk classes, including:
| Male | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| Age 30 | $12.27 | $10.58 | $15.12 | $24.19 |
| Age 35 | $12.53 | $11.02 | $15.55 | $25.06 |
| Age 40 | $15.64 | $13.39 | $19.44 | $32.83 |
| Age 45 | $21.08 | $18.14 | $29.38 | $50.11 |
| Age 50 | $28.51 | $25.27 | $43.20 | $76.90 |
| Age 55 | $41.64 | $40.61 | $73.01 | $134.78 |
| Age 60 | $62.12 | $64.37 | $116.64 | $217.73 |
| Age 65 | $100.40 | $110.59 | $203.47 | $381.89 |
| Age 70 | $165.54 | $189.43 | $356.40 | $629.86 |
| Female | $100,000 | $250,000 | $500,000 | $1,000,000 |
| Age 30 | $11.32 | $10.15 | $13.82 | $21.60 |
| Age 35 | $11.66 | $10.37 | $14.26 | $21.60 |
| Age 40 | $14.34 | $12.31 | $18.14 | $28.51 |
| Age 45 | $18.49 | $16.63 | $25.92 | $44.06 |
| Age 50 | $23.85 | $22.90 | $37.58 | $66.53 |
| Age 55 | $31.02 | $30.67 | $54.43 | $98.50 |
| Age 60 | $42.85 | $44.50 | $80.78 | $146.02 |
| Age 65 | $65.49 | $70.85 | $129.60 | $235.87 |
| Age 70 | $113.01 | $123.55 | $224.64 | $438.91 |
*Monthly Male/Female premium rates current as of 03/12/2021 representing the cost of a 10-year ANICO term life insurance policy. The rate classification used in the table is at Preferred Plus, except $100,000, which is at the Standard classification.
ANICO Signature Term policies may be converted into permanent policies during the life of a term policy before the insured’s 65th birthday. Conversions between the 2nd and 5th year of term policy qualify for conversion credits applied to a new permanent policy.
ART policies may be converted into a permanent policy or a 20 or 30-year term policy during the first 3 years of the ART policy. The insured must be less than or equal to 55 for ART conversion to a level premium policy of at least 20 years.
Did we miss answering your question about the Signature term life insurance coverage? No worries! Use the form below to send us your question, and we will get you an answer. Plus, you will be helping out others who may have the same question as we will add your question and our response to this article.
ANICO provides a range of insurance options meant to provide families and individuals with the level of coverage they need. Their accelerated no-medical term life insurance options are popular. Here are a few pros and cons of the company:
When you apply with a life insurance broker like No Medical Exam Quotes, you’re able to compare your rates across multiple insurance companies, including ANICO and their term life insurance coverage. This means that you’ll find the best rate for the coverage you want every time.
There are two ways to get a quote. First, to get a quote from ANICO directly, you’ll have to call an agent and talk to them directly. Unfortunately, this leaves you with only one price-point and a single option.
The other option is to compare no-medical and fully underwritten quotes across multiple insurance companies by completing a quick application on our site. We’ll provide instant comparisons to policies for the level of coverage you need so you can make an informed decision about which policy is best for you.
