American Income Life Insurance Review Canada

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In This Article

Key Takeaways:

  • There are quite a few negative reviews online about American Income Life, at least in the United States.
  • Solid financial strength rating, meaning your claim is likely to be paid out.
  • Little known in Canada, has a bigger presence in the US.
  • Their life insurance products are pretty similar to their competitors, but they cost more.

American Income Life Insurance rating

1.76/5 (Based on BBB Customer Reviews)

Who is American Income Life Insurance?

American Income Life is a company that operates internationally, providing protection to working families in the United States, Canada, New Zealand and New York, and through its subsidiary, National Income Life Insurance Company.

Since 1951, American Income Life has served working-class families by offering life, accident and supplemental health products. Their goal is to help protect members of labor unions, credit unions, associations and their families.1

American Income quick facts

  • Founded in 1951
  • A subsidiary of Globe Life Inc., an S&P 500 Company.
  • Headquarters in Waco, Texas
  • A+ A.M. Best Financial Strength Rating
  • A+ BBB Rating

American Income Life insurance rates for 2023

American Income Life Insurance has similar policies to its competitors, but they tend to cost more.2

Their prices don't appear in the Canadian online life insurance quote aggregator Winquote and you can't get a quote online, so unfortunately more specific pricing data is not available at this time.

Pros and cons of American income life insurance

Pros of American income life insurance

  • American Income Life Insurance offers a variety of coverage options, including life insurance, accidental death and dismemberment (AD&D) insurance, and supplemental health insurance.
  • Terminal Illness Rider: get a payout of 50 per cent of the death benefit if a qualified doctor confirms a prognosis of only 12 months to live. The beneficiary gets the rest of the death benefit after the policyholder passes away.
  • The Terminal Illness Rider can be added to a life insurance policy for free.
  • Their policies are customizable to fit the unique needs of individuals, families, and businesses, providing comprehensive protection at an affordable price.
  • American Income Life Insurance has a strong reputation in the industry for its financial stability.

Cons of American Income life insurance

  • 499 customer complaints closed in the last three years, with 201 in the last 12 months (US BBB only, there are no Canadian complaints).
  • Bad reviews are common in insurance, but there is a greater number of negative reviews online about American Income Life, which is something to consider.
  • The company's policies have exclusions and limitations, and some policies may have limited coverage options that may not be suitable for everyone.
  • There is limited information available about policy details on the company website or anywhere online, which could make it difficult for customers to fully understand their coverage options.
  • Some U.S. customers have reported negative experiences with the company's sales tactics and aggressive marketing practices.
  • The U.S. claim process can be complicated and time-consuming, and some customers have reported difficulty in receiving payouts.

American Income Life Insurance reviews

Positive American income life insurance review

"I have had a policy with American Income for several years. The sales process was easy, two people met with me over zoom to explain their options as well as what I have through work. It was an easy and quick experience. Really appreciate it, I just updated and upgrade my coverage with them." - Customer review on Better Business Bureau US

Negative American Income Life Insurance Review

" With in 2 weeks of phone tag all the cash value was gone! That's what happens when you try to reduce a policy. Don't waste your hard earned money or time with this company!" - Customer review on Better Business Bureau US

American Income life insurance products

1. Term Life Insurance

  • Guaranteed rates throughout the entire term
  • Option to review the policy and convert it to permanent life insurance (terms and conditions apply)
  • Terminal Illness Rider at no extra cost
  • Monthly Income Protection option: term insurance to replace income
  • Mortgage Protection Insurance: cover your mortgage with term insurance
  • Education Protection: cover your children's college bills with term insurance

2. Whole Life Insurance

  • Guaranteed payout
  • Has a cash value component
  • The monthly premium is guaranteed for life
  • Your coverage stays in place even if there's a change in your health
  • Terminal Illness Rider at no extra cost

3. Head Start Program

  • Permanent life insurance for children aged 0-17
  • Initial coverage of up to $25,000 is available, with the option to purchase up to $150,000 in coverage in the future.
  • The premium for each increase in coverage is based on the standard rate for that age, no matter the child's health status.
  • Policies cannot be cancelled unless premium payments are missed
  • The death benefit will stay the same even if the child's health condition changes.

4. Final Expense Insurance

  • The payout can help your family pay off debt, pay for final expenses or pay the mortgage when you pass away.
  • A whole life policy with a small death benefit.
  • Usually intended to take care of funeral costs.
  • Option to have the death benefit paid right to the funeral home.

Other American Income insurance products

1. Accidental death insurance

The American Income Life accidental death insurance plan offers benefits for accidental death, dismemberment, hospital confinement, and intensive care treatment resulting from an accident.

This insurance plan provides you with the freedom to utilize the benefits as you see fit.

You can cover out-of-pocket expenses related to your accident, explore alternative treatments not covered by your medical insurance, supplement lost income during your inability to work, handle daily or monthly household expenses etc.

2. Critical illness insurance

The American Income Life critical illness policy provides a one-time lump sum payment when an insured person is diagnosed with a covered critical illness.

This policy covers the first diagnosis of critical illnesses such as heart attack, stroke, end-stage renal failure, major organ transplant (heart, lung, liver, kidney, pancreas, or bone marrow), and total loss of eyesight and/or hearing.

3. Cancer insurance

American Income Life offers two types of products related to cancer: one that provides specific coverage for cancer treatment and another that offers a lump sum benefit upon a cancer diagnosis.

Cancer patients frequently discover that their primary health insurance doesn't cover all expenses, such as hospital deductibles, coinsurance, copays, or out-of-town lodging for specialized treatment centres. Thankfully, American Income Life's supplemental cancer plans can help alleviate the financial burden.

Bottom Line: Not the first choice for life insurance in Canada

American Income Life Insurance shouldn't be your first choice for life insurance in Canada. There isn't much to differentiate them from other insurers, though they do reportedly offer a free terminal illness rider and legacy will kit.

FAQ: American Income Life Insurance

What types of insurance policies does American Income Life Insurance offer?

American Income Life Insurance offers a range of customizable policies, including life insurance, accidental death and dismemberment (AD&D) insurance, and supplemental health insurance.

How much coverage can I get with American Income Life Insurance?

There is, unfortunately, no information available online as to the coverage amounts American Income Life Insurance offers.

What is the process for applying for American Income Life Insurance?  

To apply for American Income Life Insurance in Canada, you need to find a local agent on their website. You can search by province and see the location of local agents on a map with their contact details. The agent will lead you through the process of applying for American Income life insurance.

Does American Income Life Insurance offer any additional benefits or riders?

Yes, American Income Life Insurance offers additional riders, including a terminal illness rider and a legacy will kit at no additional cost for some policies. They also provide flexible payment plans to help customers manage their premiums easily.

Who owns American Income Life Insurance?

American Income Life Insurance is a subsidiary of Globe Life Inc., a publicly traded holding company that specializes in providing life and supplemental health insurance. The headquarters of Globe Life Inc. is located in McKinney, Texas.


Sources:

1 https://www.ailife.com/about

2 https://www.policyarchitects.com/american-income-life-insurance-company/


Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

PolicyMe Editorial Team

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