Your Guide to Life Insurance Company of Alabama

Finding the right life insurance to protect your loved ones is a major financial decision You want a reputable company with a long history of providing excellent service and paying out claims. That’s why so many Alabama residents have relied on Life Insurance Company of Alabama (LICOA) since 1952

In this comprehensive guide, we’ll explore LICOA’s history, financial strength, product offerings, customer service, how to get a quote, and more. Read on to see why this trusted Alabama life insurer has served generations of families.

Overview of Life Insurance Company of Alabama

Life Insurance Company of Alabama is a family-owned life insurance company based in Gadsden, AL. They have provided various life insurance products specifically for Alabama residents for over 70 years.

LICOA is known for:

• Local and personal customer service
• Giving back to Alabama communities
• Financial strength and prompt claims payment
• Affordable rates on term, whole, and final expense life insurance

As a local company focused solely on life insurance, LICOA aims to make getting covered simple and hassle-free. Their in-state agents help Alabamans determine their needs and select the right policy.

Company History and Foundation

Life Insurance Company of Alabama was founded in 1952 in Gadsden by a group of local business leaders. Their goal was to provide affordable life insurance specifically designed for Alabama families with personalized service.

Some key facts about LICOA’s origins and growth:

• Founded in 1952 in Gadsden, AL

• Mutual company owned by policyholders

• Wrote first policy in 1954 after receiving state license

• Built headquarters in 1956 in downtown Gadsden

• Surpassed $1 million of life insurance in force in 1959

• Grown to over $2 billion of life insurance in force today

• Paid over $760 million in benefits historically

LICOA has maintained their original mission of serving Alabama with integrity and financial strength for over 70 years.

Strong Financial Ratings

As an insurance buyer, you want reassurance that your life insurer will remain solvent and able to pay future claims. LICOA maintains strong financial ratings year after year:

• A rating from A.M. Best
• Certificate of Authority in Alabama

Year after year, LICOA receives excellent reviews for their financial strength from rating agencies like A.M. Best. This gives policyholders confidence in their ability to pay out benefits.

LICOA is also regulated by the Alabama Department of Insurance to ensure compliance with financial requirements within the state.

Products Offered in Alabama

LICOA focuses on providing life insurance solutions tailored specifically to Alabama residents. They offer:

Term life – Affordable temporary life insurance with flexible 10, 15, 20, and 30 year terms.

Whole life – Permanent life insurance with level premiums and living benefits.

Final expense – Simplified issue burial insurance to cover funeral costs.

Children’s plans – Coverage for kids and grandkids.

Their in-state agents work with you to evaluate your financial situation and goals, then recommend the right LICOA policy to protect your loved ones.

Why Alabama Residents Choose LICOA

There are many great reasons generations of Alabama families have entrusted LICOA with their life insurance needs, including:

• Longevity – In business for over 70 years since 1952.

• Local reputation – Well-known and involved in communities across Alabama.

• Tailored products – Policies designed specifically for Alabama residents.

• Personalized service – Local agents provide customized guidance.

• Prompt claims payment – Long history of paying out benefits quickly when needed.

• Financial strength – Consistent A rating from A.M. Best for over 20 years.

• Giving back – The LICOA Charitable Foundation supports Alabama causes.

How to Get a Quote and Purchase a Policy

It’s quick and easy to get a quote and apply for coverage through LICOA:

• Visit their website and use the quote tool.

• Call 800-226-2371 to discuss your needs with a representative.

• Meet with a local LICOA agent in your community.

• Choose the type and amount of coverage that’s right for you.

• Fill out an application online or with your agent.

• Complete underwriting requirements if needed.

• Provide your initial premium payment to activate coverage.

Purchasing a policy only takes a few minutes online or through an agent’s office. LICOA aims to make the process fast and simple.

Customer Service Offered

LICOA provides several options for policyholders to easily reach customer service for assistance:

• Call 800-226-2371 to speak with a representative.

• Email [email protected] for help.

• Log in to their online Policyholder Portal to manage your policy.

• Connect with your local agent for personalized support.

Customer service hours are Monday to Friday from 8am to 5pm Central Time. An answering service is available after hours.

Why LICOA Has Served Alabama for 70 Years

There are many great life insurers, but few have LICOA’s longevity and loyal Alabama customer base. For over 70 years, they have provided customized coverage, excellent service, local expertise, and reliable claims payments to Alabama families.

Their financial strength ratings allow Alabama residents to purchase LICOA’s life insurance with confidence. They aim to continue serving their home state with integrity for generations to come.

So when you’re looking to protect your loved ones with life insurance tailored for Alabama, LICOA is an excellent choice with a long track record you can trust. Contact a local agent to discuss your needs today.