Life insurance is an essential investment that will protect your family’s financial future after you pass away. Shopping for life insurance can be challenging, as there are so many different providers to choose from. American Memorial is an underwriting company that offers a range of life insurance products. While American Memorial underwrites the insurance and pays out claims, they sell their products through sister companies that offer marketing. While you cannot purchase insurance through American Memorial directly, you can purchase them through Assurant Global Preneed, which is their parent company. Here’s what you need to know about American Memorial life insurance before you buy.
About American Memorial Life Insurance
American Memorial Life Insurance was founded in 1955 and was purchased by Assurant in 1996. They were previously known as Prairie States Life Insurance. They are one of many subsidiaries that Assurant has purchased over the years. They are currently based in New York City, with offices in Rapid City, SD, and Atlanta, Georgia. Assurant themselves have been around since 1892 and have a long history of selling insurance products. In addition to providing life insurance directly to customers, Assurant partners with funeral service providers to offer financial solutions. Assurant also has a broad scope of other operations. They sell financial products for a variety of industries, including housing, retail, and more. In the life insurance industry, it is very common for an underwriter to work with a parent company to market their products to their target customers.
What Types of Products Does American Memorial Offer?
American Memorial offers a selection of unique insurance products through Assurant. They are most well-known for their final expense insurance policies. Final expense insurance is a very specific type of life insurance that is designed to cover funeral expenses. These policies have a lower death benefit than term or whole life insurance policies, but they are also much more affordable. They also are typically very easy to qualify for, as they don’t require a medical exam.
American Memorial also sells preneed insurance, which essentially allows you to plan your funeral in advance. In this case, you’ll make arrangements with a funeral home of your choice and determine the overall cost of your preferred funeral and burial needs. Then, you can go through Assurant to get a preneed plan from American Memorial that will cover your funeral. Instead of having a family member be the beneficiary of the plan, the funeral home will be the beneficiary. When you pass away, the money will be sent directly to the funeral home to cover the costs.
Is American Memorial Financially Stable?
When choosing a life insurance company, it is very important to make sure that they are financially stable. They need to be able to pay their claims regardless of the current economic climate. A good way to gauge this is by checking the company’s AM Best ratings. AM Best is an independent organization that rates the stability and trustworthiness of financial institutions like insurance companies. American Memorial has an A- rating from AM Best. While this is not the highest rating possible, it is still a very strong rating and indicates that the company is financially trustworthy.
Does American Memorial Offer Good Customer Service?
Another key factor to consider when choosing a life insurance company is their customer service. You’ll want to make sure that you can really trust the company in an emergency and that they can offer reliable communication and processing times. American Memorial’s customer service process can be somewhat time-consuming, as you have to go through Assurant to get to American Memorial’s staff. However, it is fairly easy to file a claim via email or fax when you need one. American Memorial’s customer service phone line is open from 7 AM to 6 PM Monday through Friday, MST. They also currently have an A rating from the Better Business Bureau, which indicates generally consistent customer service without any egregious complaints.
What Are the Advantages of American Memorial Life Insurance?
If you’re looking specifically for final expense insurance, American Memorial provides a number of advantages. American Memorial’s policies are very simple and easy to understand, and they’re also very easy to qualify for. Most people can qualify for their policies without a medical exam. Their preneed policies are also very unique because they allow you to work directly with your funeral home, essentially cutting out a step in the funeral planning process.
Additionally, American Memorial is very financially stable and has generally good customer service. They are available in almost every US state, and their parent company, Assurant, also has operations overseas. Their overseas operations can be very helpful if you are planning to move abroad. You may not necessarily get to keep your existing policy, but you’ll likely be able to transfer to something similar.
What Are the Disadvantages of American Memorial Life Insurance?
While there are many advantages to having an American Memorial life insurance policy, there are also some disadvantages to be aware of before you sign up. The biggest disadvantage is that they only offer final expense and preneed insurance. If you’re looking for a more comprehensive term or whole life policy, you’ll need to look for another provider. If you opt for a preneed policy, there also may be some limitations on the type of funeral provider you can use. It’s important to be aware of these potential downsides before working with Assurant.
Who Should Use American Memorial?
Older adults who are interested in covering their funeral expenses can really benefit from American Memorial’s insurance offerings. Final expense and preneed insurance are designed only to cover funeral expenses, but it is generally very affordable when compared to other types of life insurance. This means it is a great option for those who are on a budget. Final expense policies also don’t require a medical exam – they’ll just ask a few questions about your health and lifestyle. This means that it’s much easier for older adults to qualify, particularly those who have chronic health conditions.
Who Should Not Use American Memorial?
If you’re looking for a more comprehensive term or whole life insurance policy, American Memorial is likely not going to be the best fit for you. Their policy options are very simplistic and limited to covering funeral expenses. The death benefit on these plans is typically not high enough to pay down existing debts or provide ongoing income for your loved ones. In this case, you should consider a more comprehensive policy with a higher death benefit.
American Memorial Company Information
|American Memorial Life Insurance Company Info|
|Address||440 Mt Rushmore Road
Rapid City, SD 57701
|Customer Service Phone Number||1-800-533-2220|
|A.M. Best Rating||A|