The reputation of the American memorial life insurance company exceeds many of its contemporaries in the market. It is essentially an underwriting entity for a much-acclaimed preplanning funeral insurance company called – Assurant Global Preneed. That is, it is a sister company of Assurant. There are few other companies in the market and this sector with a similar reputation as American memorial in the North American market. Therefore, if you’ve purchased life insurance or have looked for a burial insurance policy offered by companies in the insurance industry, then you must have heard about American Memorial insurance already.
Service Corporation International or SCI is the largest partner of American Memorial. SCI is the biggest cremation and funeral service company in North America and is also partnered with Assurant Preneed Global. In addition, Assurant provides SCI with support services and insurance products. Assurant purchased American Memorial insurance company in 2000, and since then, the company has only grown further in momentum and magnitude. Its offices, along with its parent company’s offices, are located all across America. Moreover, like every other intelligent company in the market, it has a diverse set of policies and insurance plans that they offer to their customers.
Policies and Insurance Plans American Memorial Insurance Company offer
Level Benefit Preferred Plan
American Memorial has designed two separate sets of policies for those in good health and those whose health conditions are not very favourable. The preferred plan offers different level benefits for each insurance policy. Insurance coverage is presented as follows.
| Age Range | Minimum Coverage | Maximum Coverage |
|---|---|---|
| 25-60 | $5,000 | $50,000 |
| 61-70 | $3,000 | $25,000 |
| 71-80 | $3,000 | $20,000 |
| 81-85 | $3,000 | $20,000 |
Whatever coverage plan that the applicant agrees upon is received only in person. Over the phone, a plan can be purchased, but limited coverage is offered.
Modified Plan
This plan is for individuals who suffer from health conditions that can be managed well or minor in their effects, such as type-2 diabetes and minor hypertension. Insurance coverage for a modified plan is as follows.
| Age Range | Minimum Coverage | Maximum Coverage |
|---|---|---|
| 40-60 | $5,000 | $15,000 |
| 61-70 | $3,000 | $15,000 |
| 71-80 | $3,000 | $10,000 |
The modified plan comes with a shorter age range. Note that it is also a graded benefit plan. Therefore, full death benefits will only be available in a third policy year. In addition, the beneficiaries will only get 10% of interest value and return premiums during the initial two years.
American Memorial Burial Insurance
American Memorial Life Insurance offers a specialized burial insurance policy, often referred to as final expense insurance. This policy is designed to cover the costs associated with a funeral, burial, or other end-of-life expenses. It’s a popular choice for individuals who want to ensure that their loved ones are not burdened with these expenses after their passing.
American Memorial’s burial insurance is available in two main plans: the Level Benefit Preferred Plan and the Modified Plan. These plans cater to both healthy individuals and those with manageable health conditions, providing coverage tailored to their specific needs. The plans offer coverage ranges from $5,000 to $15,000, depending on the chosen plan and the age of the insured.
What sets American Memorial apart in the burial insurance market is its association with Service Corporation International (SCI), the largest cremation and funeral service company in North America. This partnership enhances the reliability and accessibility of American Memorial burial insurance.
Assurant Burial Insurance
As mentioned above, this company is closely affiliated with Assurant Global Preneed, a renowned pre planning funeral insurance company. This affiliation positions American Memorial as a sister company of Assurant, allowing them to leverage Assurant’s extensive expertise in preneed insurance.
Assurant Preneed Global partners with Service Corporation International (SCI), the largest funeral service company in North America. This partnership extends to American Memorial as well, ensuring that policyholders receive comprehensive support services and insurance products. The collaboration with Assurant has only strengthened American Memorial’s presence in the insurance market.
Assurant’s involvement in American Memorial’s operations brings a level of professionalism and experience that policyholders can trust. This affiliation ensures that American Memorial is well-equipped to meet the needs of individuals seeking pre-need insurance, making it a reliable choice for those considering this type of coverage.
American Memorial’s Rating in Market
In terms of Policy benefits
The initial 30-days free trial period for refunding the purchased policy has become a part of permanent policy in this industry. It is rarely looked upon as a benefit anymore. Moreover, unlike other insurance companies in this industry, American Memorial offers no riders that can assist you in modifying and customizing your policy. This absence of riders decreases the value of their insurance policy significantly. Many companies in the market are offering competitive benefits, along with customized policies, as well. The rating according to policy benefits they offer in the market is:2.5/5
Cost
American Memorial’s policies substantially favour healthy applicants and beneficiaries. Policies offer low coverage amounts, as the purpose is narrower than whole life insurance coverage. Consider a 50 years old man who purchases a $15k policy for $30 per month. His coverage rate is expected to grow up to $120 per month at age 80. Such a policy coverage will find many other better and affordable plans in the market. Therefore, if you are suffering from an underlying health condition that stops you from purchasing insurance policy from elsewhere, then American Memorial is a reliable policy option. But if you have more time to look into options, there are better policies in the market with better options and lower premium costs. The rating according to the cost they offer is as follows:3.5/5
Also Read :Open care final expense plans 2021
Customer reviews
American Memorial’s market value and its customer reviews are top-notch. According to the National Association of Insurance Commissioners (NAIC), the complaint index of the American Memorial is 0.26. This validates that they receive less of a ratio of complaints than other companies in the market. Thus, we’re obliged to give it a rating of:5/5
Why Choose an American Memorial Life Insurance Company?
You should choose American Memorial because of its solid reputation in the market and the overall industry. Thus, you can rely on it in case of a financial setback in the stock market. Secondly, compared to other companies in this market, American Memorial has the fewest customer complaints and offers policies like pre-need insurance, so that will not be a problem. Furthermore, American Insurance provides a window for making flexible payments over several years. Hence, it resolves many immediate financial problems of beneficiaries.
However, there are certain matters that you keep in mind before purchasing a life insurance policy from American Memorial. Foremost, they have fewer policy options as compared to other companies in the industry. Moreover, its modified plan is also relatively more costly than average in the market. Other than these minor shortcomings and lags, there’s nothing that can beat the American Memorial life insurance policy.