Old American Insurance Company Reviews: What 144 Customers Say About This Life Insurer

Choosing the right life insurance is a big decision. You want a reputable company that will be there when your family needs them. With over 80 years in business, Old American Insurance Company (OAIC) is one of the more established providers in this space. But are they the right fit for you?

In this comprehensive review, we’ll dive into OAIC’s history, financial strength, products, ratings, complaints, and real customer feedback If you’re considering Old American for life insurance, read on to learn everything you need to know to make an informed decision

About Old American Insurance Company

Founded in 1939, OAIC has over eight decades of experience providing final expense and mortgage protection insurance to American households. The Kansas City-based company has nearly $1 billion in coverage in force and operates in 46 states plus D.C.

OAIC specializes in selling simplified issue life insurance to seniors through independent agents, Their focus is providing budget-friendly burial coverage and easy-to-understand policies

Today the company is rated “A” (Excellent) by industry expert A.M. Best and holds an accredited A+ rating from the Better Business Bureau. With a track record spanning over 80 years, OAIC has established itself as a stable player in the life insurance market.

Old American Life Insurance Products

OAIC offers an array of term, whole, and final expense life insurance options with streamlined underwriting (no medical exams required)

Graded Death Benefit Whole Life – Permanent cash value coverage with a graded death benefit during the first two years.

Level Death Benefit Whole Life – Cash value coverage with level death benefit that starts immediately.

10, 15, 20, & 30 Year Term Life – Affordable temporary life insurance policies with coverage terms of 10 to 30 years.

Simplified Issue Whole Life – Cash value permanent coverage with easy yes/no health questions.

Guaranteed Acceptance Whole Life – Permanent coverage (up to $25k) guaranteed with no health questions.

Final Expense Whole Life – Small cash value policies to cover burial costs from $5k to $35k.

OAIC also offers annuities and medicare supplements tailored for retirees. Their sweet spot is simple, no-frills life insurance for older Americans or those with health conditions.

Old American Insurance Ratings

With any life insurance carrier, it’s important to consider their financial strength. Here are the current ratings for OAIC from leading independent analyzers:

• A.M. Best – A (Excellent)
• BBB – A+ Accredited
• Comdex – 90 (Top 10% of Insurers)
• Standard & Poor’s – Not Rated

The “A” or “Excellent” ratings from A.M. Best and “A+” from the BBB indicate OAIC has sufficient financial strength to pay out claims. While not the highest ratings available, these grades do suggest long-term stability.

What Do Customers Say in Old American Reviews?

Old American reviews on sites like BBB and Birdeye give us insights into real customer experiences. Here’s an overview of common pros and cons mentioned:

Pros

• Affordable premiums
• Policies are easy to understand
• No medical exams required
• Excellent customer service
• Fast and smooth claims payouts

Cons

• Persistent sales calls after inquiry
• Limited policy customization options
• Stricter underwriting for health conditions
• Difficulty canceling unwanted policies

Reviews range from 1 to 5 stars, averaging around 3 stars overall. Satisfied policyholders praise the affordable pricing and helpful agents. Less pleased customers complain of minimal coverage and persistent sales calls. Reviews seem to depend on individual circumstances.

Cost of Old American Life Insurance Policies

As a budget life insurer, OAIC offers some of the lowest premiums in the industry. Here are some sample monthly costs for a 50-year-old male, non-smoker in good health:

• $25,000 whole life – $43 per month
• $50,000 whole life – $63 per month
• $100,000 term life – $26 per month
• $15,000 final expense – $38 per month

Of course, your own rates will depend on factors like age, health, and coverage amount. OAIC tends to have lower pricing for older applicants or those with medical conditions. But healthy buyers may find even cheaper rates from “preferred” insurers.

How Do I File an Old American Insurance Complaint?

If you need to file a complaint against OAIC, you have a few options:

• Call 1-800-701-0171 or write to Old American Corporate Offices, PO Box 7177, Kansas City, MO 64116-2177

• File a complaint with your state insurance department

• Submit a complaint to the Better Business Bureau

• Post a negative review online explaining the issue

According to complaints on the BBB site, the most common problems involve sales and underwriting issues. But OAIC responses show they work to resolve problems when contacted.

Is Old American Insurance Right for You?

Old American Insurance Company has withstood the test of time with 80+ years in business and consistent financial ratings. For older or unhealthy applicants needing simple, affordable life insurance, OAIC policies can make sense.

But those seeking more flexible permanent life coverage may prefer a highly-rated insurer like New York Life or Northwestern Mutual. For term insurance, companies like Banner Life and SelectQuote offer customized policies with better rates for healthy buyers.

At the end of the day, it depends what you want from your life insurance. Read Old American reviews thoroughly, compare policies, and consult an independent agent to determine if their straightforward approach aligns with your needs.