Amicable Life Building

COVID-19 update from the American Amicable website:

We have taken great strides in mobilizing our teams to combat COVID-19. As always, we remain focused on two objectives during this unique and challenging time. We are committed to meeting the needs of our policy holders by maintaining the continuity of our business while taking the necessary steps to protect our community, employees and their families.

Steps we have taken for our employee’s safety:

  • 85% of our staff is working from home as recommended by local officials and health authorities
  • The staff remaining in the building are practicing reduced social contact and distancing measures as recommended by the Centers for Disease Control and Prevention (CDC)
  • We are utilizing teleconferencing and video conferencing for staff meetings
  • All business travel has been suspended
  • Increased cleaning and sanitizing guidelines at the ALICO Building are being followed

Steps we have taken for you, our Policy Holder:

  • is available 24 hours a day
  • Electronic payments, loan and withdrawal requests and many other policy updates can be completed via your policy portal on our website,


American Amicable

Ah, American Amicable…What if you could land a stellar deal on a famed gondola right through the heart of Venice?

With a wine glass in hand, you could float from Morano to Torcella, unveiling the picturesque coastline of Italy at your heart’s content.

However, there’s a caveat.

The boat only offers rides to people whose first name starts with “Z” and only goes half-way to the famous sites—hope you can swim!

Let’s switch gears, though.

What if I told you that you could land a top-notch no-exam life insurance policy that would secure your family’s financial future for years to come?

“Yes, sign me up!” you say.

Wait, though, there’s one caveat (bet you didn’t see that coming!).

The life insurance policy doesn’t genuinely fit your needs, and the payout will not even come close to securing your family’s future.

Not cool, Chris. Not cool.

But enough about too-good-to-be-true Italian boat rides or top-notch life insurance policies.

This post is all about American Amicable Life Insurance Company of Texas (ALICO), and why you should even care about these folks. We’ll swing back around to half-hearted gondolas later…

Who Is American Amicable Life Insurance Company?

From Texas-founded to Canadian-owned, ALICO has enjoyed solid momentum since its origination in 1910.

Industrial Alliance Insurance and Financial Services, Inc. acquired ALICO in 2010.

Although our neighbors to the north own it, the now historic ALICO building remains In Waco, Texas as a symbol of pride and strength, having endured violent tornadoes in the past.

Outside of its beloved Texas borders, it’s not doing too badly, either.

In terms of financial stability, its operations reach far and wide across North America.

With over 5,000 employees and administering more than $109.5 billion in assets, The Industrial Alliance is somewhat solid, although Prudential, it’s not!

AM Best—a US-based third-party credit rating service—doled out an A (Excellent) rating to ALICO, which is one of their highest marks.

Essentially, these folks are paying the electric bill.

And, they are capable of paying out life insurance policies, as well.

Like many insurance companies, however, American-Amicable Life specializes in niche insurance products.

What this means is that despite the palpable financial stability, to benefit from ALICO products, you have to fit the bill precisely.

Coverage ALICO Offers

Where financial stability (and an exceptionally tough Waco office building) may be ALICO’s strength, the incredibly specialized products are its weakness.

Here are the coverages that American-Amicable Life offers:

Final Expense Insurance

Also known as funeral insurance, final expense is one of ALICO’s best sellers, covering funeral costs and related expenses.

With a simplified underwriting procedure, this coverage waives the medical exam and available to ages 0 to 85.

After applying, you will know of approval within minutes—almost as fast as those payday loan places!

However, you will have to answer some health questions and undergo a prescription check to confirm your health status.

Although most of this is do-able online, that’s where the ease stops, and your gondola feels uncomfortable.

As a whole life policy, ALICO’s final expense coverage does accumulate a cash value, and you can borrow against the policy.

However, American-Amicable Life doesn’t list the top issue amounts online, which is highly unusual for a financial company.

Since final expense insurance policies are aimed at covering the cost of a funeral and marketed as an affordable option, the high issue amounts are probably unabashedly low.

Plus, the death benefit varies based on your health, making ALICO’s “no-exam” tout somewhat disappointing.

So, to the phone you go to talk to an agent…as long as you call 8:00 am – 4:45 pm M-F (CST).

Simplified Issue Term Life Insurance

American-Amicable Life offers two simplified issue term life insurance options: non-medical and associated term.

Despite not having to complete a medical exam or blood work for either policy, you’d better read the details before signing the dotted line.


With coverage amounts ranging from $25,000 to $250,000, this non-medical term life insurance policy offers various term durations, as well.

However, specific information on the American-Amicable Life website has seemingly fallen off the internet.

Unfortunately, nowhere does it specify term duration.

But should you (the policyholder) outlive the length of the policy, you might get your premium back. To make this bonus happen, though, you must opt into the Return of Premium option.

Another available option with ALICO is to convert this particular term policy into a lifetime policy, which is fairly standard for many carriers.

The Associated Term

The associated term life insurance plan is similar to the non-medical, except that it’s even more niche. This policy has a 10-year renewable option, and the applicant must fall between ages 18 and 65.

The tricky part about this particular policy is that it’s only available to the following individuals:

  • Hospital employees
  • Railroad employees
  • All government employees
  • First responders (i.e., police, firefighters, and emergency medical staff)
  • State-funded educational institution employees
  • Spouses of qualified individuals

As with any pure life insurance policy, this one doesn’t have an investment component, and it can’t accumulate any cash value.

Universal Life Insurance

Again, American-Amicable Life offers two options for its universal life insurance.


This universal policy parades flexible premiums, offering the death benefit as well as an investment component, too. With coverage ranging from $25,000 to $250,000, ALICO sticks to the no-exam promise.

Mainly, you won’t need to do any blood work or have a medical exam. Plus, if you pay your premiums regularly, the non-medical option offers a 15-year no-lapse guarantee.

Fully Underwritten

Like most fully underwritten universal life insurance plans, ALICO’s policy also requires blood work, a medical exam, and a health questionnaire. But it does have many of the same benefits as the non-medical including:

  • No-lapse guarantee as long as you pay your premium
  • Flexible premiums
  • Adjustable benefit life insurance contract (accumulates cash value tax-deferred)

However, ALICO’s website doesn’t divulge a maximum coverage amount.

Modified Life

American-Amicable also offers retirement annuities and modified life insurance. However, not much information exists concerning the modified life insurance option—23 words to be exact. The summary describes this plan as life insurance with a cash accumulation option.

 American Amicable Ratings & Reviews

With modern technology bolstering most insurance carrier’s momentum, it’s unfortunate that American-Amicable doesn’t provide more information online. Not only are many of the product descriptions lacking, but there’s not even a standard online quote system. And we’re not the only ones noticing this gaping hole in customer service.

Expert Insurance Reviews backed up our insight with this statement:

“American Amicable only provides rate quotes through agents and does not offer online quoting.

 While we see this a lot with this type of company and this particular type of product line, in this day and age, we would prefer to see at least a basic online quote system.”

Otherwise, American-Amicable Life has been accredited with the Better Business Bureau (BBB) since 2011—shortly after the Canadian acquisition—with an A+ rating.

On Google, they have a 2.2-star rating and very few customer complaints listed online.

Mainly people are griping about billing issues, denied claims, and some alleged bait-and-switch situations.

Trouble Areas

ALICO’s isn’t flying any red flags, and this company is unlikely to pull a fast one on you.

However, it’s crucial to remember that even with secure financials, they have a few trouble areas.

Niche Products

American-Amicable Life offers only niche products.

If you don’t fall into line with their specialized approach, then you certainly don’t benefit from this company.

The problem is that most people choose only to see ALICO’s solid financial record without considering how incredibly specialized their products are.

Think back to the Italian gondola ride from earlier, and ask yourself if your first name begins with “Z.” If so, great!

You may be able to secure the coverage you need and have a pleasant ride.

If not, you’ll likely be one of the customers complaining online to the BBB or Google.

Small Benefits

Another weak area in the ALICO chain is that most benefit plans top out at $250,000.

Of course, you have to qualify for this amount, too, which may be tough since this is their high end for payouts.

When figuring how much life insurance to get, financial experts typically recommended 10-12 times your annual income for a 15-20 year policy term.

This approach will cover final expenses, leave your family with some cushion to rebound, and supply them with enough to invest.

At the top end of the benefit spectrum, only a $25,000-year salary works for the $250,000 payout.​

Otherwise, you’re not adequately protected.

Besides, ALICO’s benefits start at $25,000. This amount will barely cover final expenses, let alone secure your family’s financial future.

Lanny Peavy, CEO

One last thing… If you want to get a feel for how down-to-earth American Amicable can be, you can watch a short clip of a video from a sales conference where CEO Lanny Peavy speaks about his 52 years with the organization.

You can watch the video from Vimeo…


If you’d like help to figure out how much life insurance you need, use our instant calculator CLICK HERE.

Take the Next Step

Whether American Amicable is the right choice for you or not, we know it’s tough knowing how to protect your family after you’re gone, especially with such a vast amount of information out there. But we can help!

To support you as you safeguard your financial security, I’ve created an up-to-date guide for parents who need life insurance. My guide can help you with your long-term life insurance goals, especially with little kids at home!

Here at CB Acker Associates, we want to help you take care of your family. If you’re ready to find a policy that fits your needs and your budget, we can help!

With access to all the top-rated life insurance companies, we work extra hard to get you the best life insurance rates possible. You can even compare rates and benefits from over 40 providers with no obligation to buy here. Plus, it’s fast—under 60 seconds kind of fast.

Please, give us a call today at 650-969-5844 or email [email protected].