American National (ANICO) Guaranteed Universal Life Insurance Review
Compare the best companies offering guaranteed universal life insurance in 2023.
Quick Summary: A very solid company with a strong GUL product. The premiums are on the low side for most scenarios but you will need to qualify and they do have some areas of underwriting that can be tricky. The included guaranteed cash out rider allows you to have your premium payments refunded later in life if you choose.
About the Company - American National
ANICO got its start in Galveston, Texas in 1905 and has been growing ever since. Originally life insurance only, they have expanded into the annuities, property and casualty, and health insurance markets as well.
If you are purchasing a life insurance policy, you want to feel safe the company is going to be around in the future to pay out any death claims. American National is a highly rated company for financial stability. Rating agency A.M. Best assigns an "A" grade which is considered excellent.
The American National insurance company carries an A+ rating with the Better Business Bureau and was also recognized by Forbes as one of it's "100 Most Trustworthy Companies"
What is Guaranteed Universal Life Insurance? (expand to learn more)
About the American National Guaranteed Universal Life Insurance Policy
Product Name
Signature Guaranteed UL
Death Benefit
$25,001 to No Set Maximum
ISSUE AGE
18 to 80
Coverage Length
To age 95, 100, 105, or 121
American National Underwriting Secrets
American National is no different than most carriers when it comes to underwriting. They are good for some health issues and a poor choice for others. Overall, we consider them to be middle of the pack in terms of lenient vs strict.
For applicants up to age 65 applying for up to $250,000 coverage, you may qualify for their Underwriting Express program which means no medical exam and a quicker approval timeline.
The secret to finding the cheapest life insurance rates is applying at the company that will view you most favorably. Just going with the one that shows the lowest rates can be a BAD idea and end up costing you more money.
Anico underwriting is competitive and forgiving for the following situations:
Anico may NOT be a good choice for:
Cost - Sample Rates
Sample American National guaranteed universal life insurance quotes:
53-year-old male at Preferred health class - pricing listed is per month
Death Benefit | to Age 95 | to Age 105 | to Age 121 |
|---|---|---|---|
$250,000 | $207 | $234 | $238 |
$500,000 | $405 | $460 | $470 |
$1,000,000 | $769 | $881 | $904 |
47-year-old female at Preferred health class - pricing listed is per month
Death Benefit | to Age 95 | to Age 105 | to Age 121 |
|---|---|---|---|
$250,000 | $123 | $145 | $151 |
$500,000 | $239 | $284 | $295 |
$1,000,000 | $468 | $559 | $583 |
Our custom quote tool on this page displays only guaranteed universal quotes so you can cut through the clutter. Please note that some carriers do not allow us to display their rates online. We will discuss if there are other options that might be a better fit.
Pros
Guaranteed cash out option to return your premiums later in life
Low priced premiums compared to many carriers, assuming you can qualify
Express underwriting program to possibly skip the need for a medical exam
Cons
Certain health issues will be rated down resulting in much higher rates
Extras, Options, and Flexibility
American National includes some benefits and features with its GUL product and then offers additional riders to enhance the policy depending on the needs of the policy owner.
Automatically Included at No Extra Cost
Late Payment Forgiveness - Premium payments can be made up to one month late without negatively affecting the lapse date. This is different from some companies who penalize you for just a few days late.
Accelerated Benefit Riders - Access a portion of the death benefit while the insured is still living. This requires a qualifying diagnosis of a terminal, chronic, or critical illness. The death benefit will be reduced by the amount distributed early. The maximum death benefit available for acceleration is $2M up to age 65 and $1M over age 65.
Guaranteed Cash-Out Rider - If life changes down the road and you no longer need the insurance coverage, turn in your policy for a portion or all your premiums returned to you. You can exercise this option during a 60-day window following the 15th, 20th, or 25th policy anniversaries.
Premium and Guarantee Flexibility - Policy is dialable for the guarantee age, annual premium, and death benefit.
Source: americannational.com
Additional Options - At a Cost
Customize the ANICO guaranteed universal policy to your need by adding these riders at a cost:
Disability Waiver of Stipulated Premium - If the insured becomes totally disabled for a period of at least 6 months, this rider will waive the monthly premiums. Available on death benefit amounts up to $2,000,000.
Children's Term Rider - Ability to add level term insurance to any children age 15 days to 18 years.
How To Make Sure You Choose the Right Universal Life Insurance Policy
The best advice I can give is to always work with an independent agent. If you call a company direct, they'll only push their products on you, and you save nothing. Rates are fixed by your state laws.
Life insurance is the ONLY thing we do. We know the ins and out of 60+ companies and can find you the lowest rates. Every. Single. Time.
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