Important: American National no longer sells new life insurance
American National (ANICO) stopped writing new life insurance policies in 2023 after being acquired by Brookfield Reinsurance in 2022. The company continues to operate in property-casualty insurance and annuities only. Existing life insurance policies remain in force. For new life insurance coverage, see Mutual of Omaha, Foresters Financial, Banner Life, or Protective.
Quick answer
American National Insurance Company (ANICO) exited the new life insurance market in 2023 after being acquired by Brookfield Reinsurance in 2022. The company continues to operate in property-casualty insurance and annuities only. Existing in-force life policies remain administered normally. For new life insurance coverage, consider Mutual of Omaha, Foresters Financial, Banner Life, or Protective.
Our Take on American National Insurance Company (ANICO)
American National is one of our favorite companies. They have amazing products, helpful employees, and are willing to work with people who have health issues.
The customer service is extraordinary.
We often consult with the company’s underwriters before applying to ensure clients get the best-priced policies.
Applications take about 30 minutes to complete over the phone, and an email signature is required.
American National products offer the best living benefit riders we have, for free The Terminal, Chronic and Critical Illness riders allow you to withdraw from the policy’s death benefit in the event of disability or significant medical expenses.
Regarding the Terminal illness rider, most companies allow access to the death benefit with a diagnosis of fewer than 24 months to live. American National products will enable you to withdrawal the death benefit with a diagnosis of fewer than 12 months. We have witnessed the joy this feature can bring a family.
The prices are not the lowest in the industry, though the free benefits that come with the policies make the products a steal.
We like this company’s ethics.
Founded in 1905 by William L. Moody, American National Insurance Company has grown to provide insurance products in all 50 states, as well as Puerto Rico.
American National (or ANICO, as it is sometimes abbreviated) does not only specialize in life insurance, but provides a variety of insurance products, such as homeowners, auto, and health insurance. When it comes to quality life insurance products, they offer term, no medical exam term, whole, and universal life insurance policies with flexible options.
Applicants will find ANICO’s rates to be quite competitive. All of their policies come with living benefits that can provide financial assistance in the event of a qualifying illness.
Because they offer a variety of products, this could also be a great option for those who are looking to purchase multiple types of insurance (car, health, etc.) from the same vendor.
| A.M. Best Rating | A |
| S&P Rating | A |
| BBB Rating | Not rated |
| Customer Service Phone | 800-899-6806 |
| Website | www.anico.com |
| Address | American National One Moody Plaza Galveston, TX 77550-7947 |
What we like
Diverse Options
Despite the fact that they don’t specialize in life insurance, ANICO offers a diverse array of customizable options for their term, whole, and universal life insurance plans.
Guaranteed Acceptance
Term life customers have the option to opt out of taking a medical exam. But ANICO also offers guaranteed acceptance on universal life policies, as well.
Included Riders
ANICO’s policies include an accelerated death benefit rider at no additional cost. This rider will pay an advance on your death benefit in the event of a qualifying illness.
What we don’t like
No Online Quotes
ANICO does not provide online quotes for their life insurance products; instead, they provide an option to contact an agent. You can get an online quote through life insurance brokers, like Insurancy.
Relies on Insurance Agents
While some may appreciate the personal touch of an agent, others may prefer the convenience of an online application, which ANICO does not provide.
Confusing Product Offerings
Understanding the difference between Xpress Term and Xpress Plus requires a careful reading, which may be confusing at first glance.
American National Life Insurance Products
Whole Life
American National offers whole life insurance that lasts until the age of 121. This policy offers cash value accumulation, as well as level premiums throughout the duration of the policy. But we also like that American National provides some flexibility and additional options that increase the value of their product.
Flexible Payment Options
While policyholders have the option of paying level premiums for the lifetime of their policy, American National provides the option to pay the policy in full by age 90 or 95. They also offer an option to pay in full over a 20-year payment period.
If you choose their 21-year, increasing benefit option, your death benefit increases by 5% per year until it doubles, at which point it remains constant for the lifetime of the policy.
Living Benefits
Like their term life policies, their whole life product offers accelerated death benefits at no additional cost.
Dividends
American National also pays dividends on their whole life policy, although there’s no guarantee that every policyholder will receive them.
No Medical Exam Option
Applicants between the ages of 45-80 can receive whole life insurance with no medical exam. After two years, the policy’s death benefit locks in for the duration of the policy.
Guaranteed Universal Life
American National offers guaranteed universal life coverage, with level premiums and a death benefit that remains constant until age 121.
Living Benefit Options
Like their other products, American National includes accelerated death benefit riders at no additional cost.
No Guarantee of Cash Value
Like other universal policies, this product has the ability to accumulate cash value, but because of the simplified nature of the policy, customers shouldn’t expect to see the same numbers as other permanent policies.
Guaranteed Cash-Out
This free rider allows the policyholder to surrender their policy for a full return of premium during years 15, 20, and 25 of their policy.
Indexed Universal Life
The benefit of any indexed universal life insurance plan is the ability to invest your cash values in popular market indexes. American National relies on the S&P 500 to determine interest rates for the crediting method of life insurance coverage.
0% Floor
Relying on market performance comes with a certain degree of risk. But American National protects your cash values with a 0% floor that protects your cash values, even if the index market performs poorly.
Living Benefits
Once again, American National includes accelerated death benefits free of charge. But this policy also includes a free “overloan” protection benefit to safeguard your cash values.
Policy benefits
Riders
As we saw above, American National includes accelerated death benefits in each of their policies with no additional cost. But these policies can also be further modified with additional riders, such as:
Common American National riders:
- Disability Waiver of Premium - If you are disabled, your premiums are waived for a predetermined period without risking a lapse in coverage.
- Children’s Term Rider - Policyholders can add their children to their policies at the date of issue.
- Guaranteed Increase Option Rider - Some universal policies allow the policyholder to increase their options by paying a higher premium.
Other Insurance Offerings
It’s worth noting that American National provides a wide range of insurance products. Some customers may appreciate having their insurance coverage under one roof.
American National’s policies are some of the most affordable life insurance products in the industry. While they offer coverage for applicants as old as 80, their products offer benefits for every age bracket.
Perfect for Light Medical Conditions
Their affordable coverage may be ideal for those who have lighter medical conditions, but their accelerated benefit options ensure that applicants have guaranteed access to both term and whole life insurance.
Added Value of Living Benefits
All of American National’s policies come with accelerated death benefits. Bear in mind that these benefits can be applied not only to medical bills, but also to groceries, debts, and other end-of-life expenses.
Performance
Financial ratings
ANICO has received the following ratings from third-party reviews:
- S&P Rating: A
- A.M. Best Rating: A
Additionally, Forbes magazine has previously highlighted ANICO as one of the “100 Most Trustworthy Agencies,” indicating a high level of confidence in the company as a whole.
Frequently Asked Questions
Is American National still in business?
American National Insurance Company is still in business, but no longer sells NEW life insurance policies. The company continues to operate in property-casualty insurance and annuities. American National was acquired by Brookfield Reinsurance in 2022 for $5.1 billion, and as part of the post-acquisition strategy, the company exited the new life insurance market in 2023 to focus on its strongest product lines.
Why did American National stop selling life insurance?
American National exited new life insurance sales in 2023 as part of a strategic refocus following the 2022 acquisition by Brookfield Reinsurance. Brookfield Re prioritized American National's property-casualty insurance and annuity businesses, where the company has stronger competitive positioning. Life insurance is a separate operating discipline requiring different investment management, distribution, and underwriting infrastructure - and Brookfield chose not to continue allocating capital to that line.
What happened to existing American National life policies?
Existing American National life insurance policies remain in full force and continue to pay claims normally. The A.M. Best A (Excellent) rating remains in place for in-force life policies, and Brookfield Reinsurance has committed to honor all existing policy obligations. If you have an existing American National life policy, no action is required - your coverage continues as written.
How do I file a claim on an American National policy?
Beneficiaries of existing American National life policies can file a claim by calling 1-800-899-6806 or visiting AmericanNational.com/claims. Required documentation includes the certified death certificate, the policy number, and the beneficiary's ID. Claims are typically paid within 14 to 30 days of receiving complete documentation. American National continues to staff a dedicated claims service center for in-force life policies despite no longer writing new business.
What is the best alternative to American National life insurance?
The best alternatives depend on the product you would have purchased from American National. For mutual carrier strength and senior-focused products: Mutual of Omaha or Foresters Financial. For competitive level term: Banner Life or Protective Life. For guaranteed universal life: Protective Custom Choice UL or Banner Life Step UL. For final expense: Mutual of Omaha Living Promise or Aetna Accendo.
Can I still get a quote from American National?
No, not for life insurance. American National stopped accepting new life insurance applications in 2023. The company still provides quotes for property-casualty insurance (auto, home, business) and annuities through its agent network. For new life insurance coverage, see one of the recommended alternatives above or request a free quote through our concierge service.
Who is Brookfield Reinsurance?
Brookfield Reinsurance is a publicly-traded reinsurance and pension risk transfer specialist headquartered in Bermuda, with operating subsidiaries in Canada and the U.S. It is part of the broader Brookfield Corporation, one of the largest alternative asset management firms in the world (over $900 billion in AUM). Brookfield Re acquired American National in 2022 to expand its U.S. annuity and P&C presence, not specifically for life insurance.
What products did American National offer?
When active in life insurance (pre-2023), American National offered a broad product portfolio including term life, whole life, indexed universal life, guaranteed universal life, simplified-issue final expense (Strategic Choice and EZ Underwriter Whole Life), and accidental death insurance. The company was particularly active in fraternal-equivalent and mid-market segments. Property-casualty and annuity products continue under the Brookfield ownership.
Are American National policies still good?
Yes. Existing American National life policies remain fully in force with the A.M. Best A (Excellent) financial strength rating intact. Brookfield Reinsurance is contractually obligated to honor all existing policy commitments, and its substantial financial backing strengthens (rather than weakens) the security of existing policies. The exit from new sales affects only new applications, not in-force coverage.
How does American National exiting compare to other recent carrier exits?
American National's 2023 exit was part of a broader 2022-2024 reshuffling of the U.S. life insurance market. Other carriers that exited or significantly contracted during this period include: Haven Life (closed 2023), Ladder Life (acquired by Allstate 2024), Great Western Life (exited new final expense 2024), and Bestow Insurance (exited consumer life 2024). Reasons varied - some were strategic refocus by parent companies, others were competitive pressure. The remaining active market is more concentrated among large mutual and stock carriers.
