Who is American Memorial?
If you’re older than 50 and you have shopped for final expense life insurance, chances are likely American Memorial is a company you’ve heard of. American Memorial is the underwriting entity for Assurant Global Preneed. In other words, American Memorial is the sister company that you’ll work with and speak with to buy life insurance from parent company Assurant. While this may sound shady, it’s perfectly normal in the life insurance industry.
Through its American Memorial Life channel, Assurant Preneed provides the insurance products and support services for the largest funeral provider in North America based on total revenues, SCI. As of September 30, 2004, SCI operated over 1,200 funeral service locations and over 400 cemeteries in North America.
The company’s independent channel is comprised of 3,000 funeral firms in the U.S. and Canada. Assurant Preneed began operating with the acquisition of United Family Life Insurance Company in 1980. American Memorial Life Insurance Company was purchased in 2000. Assurant Preneed offices are located in Atlanta, Georgia and Rapid City, South Dakota.
What does American Memorial offer?
American Memorial offers multiple financial products, however, final expense insurance (also known as funeral insurance) is their largest source of income. It’s a type of life insurance available to people ages 50 to 85. Since it’s a whole life insurance product, you will remain insured as long as you pay the premium. In other words, if you get insured at age 68, you will still be insured at age 92, as long as you paid your monthly premium.
Final expense does not require a medical examination to qualify you. Instead, they will ask you some health questions, and check your public records. For instance, prescription medication records, health records, even driving records can be used in order to qualify you.
The best alternatives to American Memorial
While American Memorial has a great performance record, we do not quote their rates for various reasons. Such reasons are underwriting speed, customer feedback, and cost. However, we do quote other great companies.
The best alternatives to American Memorial are Mutual of Omaha, United Home Life, Royal neighbors of America and Gerber.
Final expense company comparison: