If you are considering purchasing American Family life insurance, it must be said that you are making a pretty wise choice. Below, you will find more information about American Family Insurance, the company, along with information on the various types of life insurance policies that it offers.
American Family Insurance – Company Information
American Family Insurance was established in 1927. Thus, it has a great track record, having been profitable and successful for all these years. Currently, American Family Insurance has yearly revenues of almost $7 Billion. The company owns a number of subsidiaries, some of which are; American Family Life Insurance Company, American Family Securities, American Family Mortgage and American Family Brokerage.
Life insurance products available at American Family Insurance
Term life insurance
This is the ideal type of life insurance policy if one wants life insurance for a particular term. In other words, one can choose to have themselves covered with life insurance for a certain term, say 10, 20 or 30 years. Many people sign up for this type of life insurance policies until their mortgages are paid off or until their children graduate out of college. There is no cash value available on these types of insurance policies.
Whole life insurance
As the name suggests, this type of life insurance policy offers protection for life. Premiums for this kind of policy are generally on the higher side and will also have to be paid forever. Unlike term life insurance products that offer no cash value, whole life insurance policies will pay out a cash value that accumulates as premium payments are made on the life insurance policy.
Universal life insurance
This is a hybrid type of life insurance policy that allows for flexible insurance premium payments. People who opt for this insurance policy can sign up anywhere from birth to until they are 80 years old. The death benefits are flexible in the sense that it can be paid out in more than one way.
The life insurance needs calculator
At the American Family Life Insurance website, one can use the life insurance needs calculator to understand what kind of life insurance is best suited for their needs and future. This is a questionnaire like tool that asks the applicant various questions. The applicant will be asked about their monthly expenses, debts, home loans, childcare, educational needs and other expenses that are needed for special needs. They will then be asked about their assets, their age, their health condition and a few other factors, before a particular life insurance policy is presented as a recommendation, along with reasons.