Old American Life Insurance Review [2022]

If you’re in the market for life insurance, you might feel overwhelmed by your investigation of the top life insurance companies. It’s challenging to know what’s a good deal and what isn’t. And if you’re inexperienced with different types of insurance coverages and policies, you might not know where to begin. We’ve got you covered. We help you make informed decisions about insurance companies with honest reviews and free and easy quotes. In this guide, we will explore the coverage provided by Old American Insurance Company.

Are you considering an insurance plan with Old American? Perhaps you’ve heard of the company but aren’t sure if it’s a good fit for you. Follow along for insights into the insurance coverage options, financial ratings, customer reviews, and company history of Old American Insurance Company.

Old American Life Insurance Coverage

Old American Insurance Company provides whole life final expenses coverage in various policy options. With a whole life insurance plan, you pay a set premium and have coverage for a lifetime.

Old American’s whole life coverage is available in plans with personalized benefits. You can select from one of the many policy types and work with an agent to customize it to your needs.

Old American Life Insurance Whole Life Final Expenses Insurance

Old American’s final expenses insurance includes premium rates that will never increase and benefits of up to $25,000. Plans are designed to give you peace of mind, and the company guarantees that it will not cancel your coverage for any reason for as long as you continue paying premiums.

There are a few different policy types to choose from with Old American Insurance Company, but all of the plans feature a series of practical benefits, including:

• A living will. Old American provides all its policyholders access to a living will, a document that specifies the degree of medical treatment you wish to receive if you become terminally ill.
• A vital document registry form. The vital document registry form is a confidential record of your documents and accounts. Old American provides this tool so that your loved ones are not left with the burden of locating your essential documents.
• Access to the peace of mind planning guide. Old American Insurance Company provides its customers with expert guidance to help you plan your final arrangements.

As a feature of all Old American life insurance policies, you can assign a charitable organization as your beneficiary. Old American Insurance Company issues a guarantee with every plan to never decrease benefits.

Old American Life Insurance Immediate Death Benefit

Old American Insurance Company offers an immediate death benefit plan in four options. You work with an agent to locate the best policy based on your age, health, and financial situation.

Old American offers limited payment period options that depend on your plan. Premium payments are based on the specific program you select, and they may be paid over the life of your policy or paid entirely in 10-20 years.

Immediate death benefit plans are customizable and subject to the same wide range of features and add-ons as all of the coverage options provided by Old American Insurance Company.

Old American Two-Year Modified Graded Death Benefit

The two-year modified graded death benefit plan is available in three forms. An agent will work with you to determine which coverage option is best for you by considering your individual qualifications.

Coverage is designed for customers between the ages of 40 and 80 who may have existing health issues. For the first two years of your coverage, death benefits are modified. After two full years of coverage, you will have access to complete benefits.

These two-year modified graded death benefit insurance plans can be tailored to your needs with Old American’s additional coverage options.

Old American Life Insurance for Children

Juvenile insurance is available through Old American Insurance Company for children aged 15 days to 15 years. This insurance can be a wise investment for your child, and the cash value can even be used for education expenses.

Juvenile insurance plans through Old American have the same benefits as its final expenses policies, with additional features, including:

• Limited premium payment period. A children’s insurance policy with Old American features level premiums that you only need to pay for 10 years, and premiums will never exceed the total of the plan’s death benefit.
• Cash value. Juvenile insurance plans build a cash value that may be used to pay for college or other expenses.
• Guaranteed coverage. If your child becomes sick or is diagnosed with a severe illness, their Old American life insurance policy will remain in effect.
• Discount prepayment plan. This program allows you to shorten your payment term length from 10 years to a single payment, resulting in a savings of approximately two years’ worth of premiums.

Old American life insurance plans for children will pay the face amount upon the death of the insured child, and the benefits increase to $25,000.

Old American Life Insurance Ratings and Reviews

When you’re searching for a life insurance policy, it’s essential that you thoroughly research the company. Financial ratings and customer reviews are valuable tools to help you make your decision.

Old American Life Insurance Company Financial Ratings

A company’s financial ratings are third-party, unbiased estimations of its ability to meet financial obligations.

As a Kansas Life Insurance Company subsidiary, Old American Insurance Company has an A- rating and a stable outlook with A.M. Best, one of the country’s most trusted financial reviewers.

Aside from this favorable rating, Old American is not rated by any other top agencies. Therefore, financial ratings are limited.

Old American Life Insurance Company Customer Reviews

It’s essential to listen to what actual customers say about a company. This information provides valuable insight into how a company treats its customers and how well it honors its commitments.

Customer-submitted complaints and reviews for Old American Insurance Company are limited. Old American is unaccredited with the Better Business Bureau (BBB) but has an A rating based on four customer complaints. Additionally, the company has a 1/5 star rating based on three negative customer reviews. The negative submissions cite problems with the claims process and poor customer service as the causes for their dissatisfaction.

On Google, Old American Insurance Company has 3.5/5 stars based on 74 customer reviews. These reviews are more mixed than those provided by the BBB, and many customers praise their specific agents for helpfulness and kindness. However, many customers echo the complaints of the BBB and criticize the company for poor customer service and lengthy claim wait times.

What is Old American Life Insurance?

Old American Insurance Company was founded in 1939 and currently has its headquarters in Kansas City, Missouri. Since its creation, the company has specialized in policies for senior citizens and serves nearly 200,000 customers across 47 states as well as the District of Columbia.

Old American Insurance Company claims to be a fourth-generation family-oriented company, and it has been a subsidiary of Kansas City Life Insurance Company since 1991.

Old American Life Insurance: What’s the bottom line?

Old American Insurance Company offers a series of customizable whole life insurance policies. Plans are designed with seniors in mind, but valuable juvenile programs are also available in flexible options. The company does not offer online enrollment or a simplified application process. Instead, customers must speak to an agent to design and purchase their coverage.

The company is well-rated by A.M. Best but is not rated by any other top rating agencies. Customer reviews for Old American are generally mixed. Negative complaints criticize the company for poor customer service and a slow claims process, while other customers praise their individual agents as dedicated and helpful.

If a modern website with a digitized application process is crucial to you, Old American may not be the best choice. But suppose that you’re looking for a customizable life insurance plan with many add-on options, and you don’t mind working with an agent. In that case, an Old American life Insurance policy may be an excellent investment for you and your family.

Don’t choose an insurance plan blindly. Remember, you must do extensive research to find the best company to meet your needs. Always compare multiple rates and coverage options to find the best policy for you and your loved ones.