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According to its website, the company sold only limited accident insurance policies to seniors at first, but added life insurance after five years. It has experienced some difficulty through its history—including being taken over by the federal government in the 1980s. But the company was purchased by Kansas City Life in 1991, and remains a wholly owned subsidiary of Kansas City Life, and has enjoyed a sound financial backing since.
All states except Alaska, Hawaii, and New York.
Old American has a unique niche coverage known as final expense insurance. It offers whole-life insurance in three different packages, including an immediate death benefit, a two-year modified graded death benefit for clients who have current health problems, and a juvenile plan. The whole life is generally available up to age 80, and typically does not require a physical examination although customers in questionable health may be offered only the graded benefit policy.
It also offers term life insurance for individuals up to age 65.
With the whole life policy, Old American can also assist with a living will, vital document registry, and a guide to plan final arrangements according to the customer’s wishes.
Online quotes are not available, nor is there a search engine to find agents. To get a quote, call 800-733-6242 and ask to be directed to the nearest agent, or make the request via the website.
Claims can be initiated online, by calling 800-733-6242, or by calling the client’s local agent.
Old American is not accredited by the Better Business Bureau, however the company is given an A- rating. There have been six complaints against the company in the last three years, two of which have been closed in the past 12 months. The BBB states that the six complaints have affected the rating downgrade, as it was A+ in our last review.
Results from the National Association of Insurance Commissioners Center find that some customers have had issues with Old American, but the score is near the national median complaint ratio of 1.00, Old American Insurance received the following scores from the NAIC Center 2016:
- Individual life: 0.68 (four complaints)
- Individual accident & health: 0.00 (zero complaints)
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Old American Insurance, as its name implies, is geared toward seniors who may have difficulty finding insurance because of health issues or age. In those situations, Old American may offer competitive rates, however their products are generally not competitive with customers who can qualify for a preferred rate.
For a list of companies that we recommend, visit our Best Insurance Companies page.