Know more about American Income insurance company
American Income is a wholly-owned subsidiary of Globe Life serving in 49 states of the United States, Canada and the District of Columbia.
They provide high-quality whole life insurance and supplemental health plans protecting working families in the United States. Steven K. Greer is serving as the CEO of the company.
American Income got established in 1951
In 1951, Bernard Rapoport and Harold Goodman officially introduced American Income Insurance Company in the market. Initially, the company was chartered as a mutual assessment association in Indiana.
They started the business by selling out hospital insurance plans at low cost. The company grew in customer base reaching $1 million worth of insurance premiums by 1953.
In 1954, the two founders decided to start a new company by name American Income Life Insurance Company. They reinsured the policies of American Income under the new one thus tripling its capital by 1955.
They slowly made expansion in the United States making a stronger hold over
the market by providing supplemental insurance to labor unions in 1961. American Income received the union label in October 1973.
In 1994, it got acquired by Torchmark Corporation and in August 2019, it came under Globe Life as a subsidiary. The company is headquartered in Waco, Texas, United States and has got registered to do business in New Zealand.
What American Income offer as products?
American Income has developed good relationships with labor unions, associations and credit unions offering them supplemental, life, accident, and health insurance plans.
In New York, they serve through National Income Life Insurance Company with superior customer service. They also have portable insurance coverage that stays with the insurer on a job change.
Is American Income a good life insurance provider?
American Income has a 65 years old background in this business with a license to serve in 49 states, Canada and the District of Columbia.
They also have more than $4.2 billion assets and $59 billion life insurance customer base as in 2017. Aside they have strong ratings in American market A+ by AM Best, A+ by Fitch and AA- by Standard & Poors.
These all above-mentioned points bring confidence in minds of customers to purchase a policy from them but the company is non-participating. This non-participating term means that customer's money will be forwarded for investment so one can't decide to go for its whole life insurance plan.
Why American Income?
The American Income Life is trustworthy paying around 18,549 claims in the year 2017. It is experiencing growth beside its competitors downsizing.
Even they claim for status of a 100% union label company in the American market. They also offer increased commissions, bonuses and lifetime vesting with supported financial future.
What's in news?
Recently in July 2019, American Income went for a charitable donation of $10,000 to the National Crime Prevention Council contributing to the mission to help in keeping communities safe from crime.