ANICO Term Life Insurance Review

Table of Contents

Purchasing a life insurance policy is recognized as a smart financial move. It should be a part of any family’s overall financial planning portfolio. Unfortunately, 41 million adults still don’t have a life insurance policy.

Why?

Because life insurance can be confusing and the options overwhelming. At No Medical Exam Quotes, we try our best to make life insurance a lot less confusing by creating helpful reviews on popular life insurance options. 

One of those popular life insurance options you are likely to encounter when comparing term life insurance rates is ANICO and its term life insurance plans.

ANICO term life insurance is a competitively priced term life insurance coverage that can offer some excellent features in addition to death benefit protection. If you are trying to figure out which company and life insurance plan you should go with, ANICO is definitely worth learning about.

Our in-depth review will break down everything you need to know about this dynamic option, and by the end of this article, you’ll know whether an ANICO term life insurance policy could be the right coverage option for you.

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ANICO Life Insurance Company

ANICO is short for American National Insurance Company, an insurance company providing policies and products in all 50 states plus Washington D.C. and Puerto Rico. They are headquartered in Galveston, Texas, and have been in operation since 1905.

When the company first began, founder William Lewis Moody, Jr. had 10 employees and one location. By 1973, the company had grown exponentially and increased offerings to include property and casualty lines.

Today, ANICO has an extensive agent network in over 50 states offering everything from life insurance, health insurance, and farm insurance to property and casualty insurance.

In terms of life insurance, ANICO offers numerous policies, including:

While all of these products are certainly beneficial, ANICO’s signature term life insurance with accelerated underwriting is a favorite for many customers.

ANICO Life Insurance Ratings and Reviews

A company’s ratings and reviews can tell you a lot about its level of financial stability, customer service, and trustworthiness. ANICO ranks well across the board and is a company that can be trusted and relied upon for excellent products and services.

Here is a closer look at the financial ratings for ANICO:

A.M. Best, a company that rates insurance companies’ financial stability, gives ANICO a strong A rating. This is the third-highest rating out of 16 rating levels, meaning ANICO’s financial capacity to underwrite policies and pay out claims is incredibly strong. 

ANICO has enjoyed its top-tier A rating from A.M. Best for seventy-eight years running and re-established its strong rating again in November 2020.

Standard & Poor (S&P), another company that evaluates companies’ financial strength, gives ANICO a solid A rating. With A ratings from two of the top independent rating organizations, it should provide current and future clients peace of mind that ANICO can meet its customers’ financial obligations.

In 2017, ANICO was added to Forbes’ list of America’s Most Trustworthy Financial Companies.

ANICO Signature Term Life Insurance

ANICO’s Signature Term life insurance policies come in two options – Annual Renewable Term (ART) and Level Premium Term. Both options provide excellent coverage for varying durations, and the choice comes down to which type of life insurance you need.

Whether you choose an ART or a Level Premium term option, the policies provide:

  • Affordable term life insurance protection.
  • Guaranteed level premiums during your initial 10, 15, 20, or 30-year policy.
  • Potential for conversion to a permanent life policy with premium credits.
  • Fast approval with ANICO’s  Xpress Plus accelerated underwriting.
  • Simplified non-medical underwriting with ANICO’s Xpress underwriting.
  • Free-living benefit riders provide a cash benefit in the case of qualifying terminal, chronic, or critical illness.

ANICO Signature Term Life Insurance Overview

Policy FeaturesSignature Term
Term Lengths:Guaranteed Level Premium Term (1, 10, 15, 20 and 30 years)
Issue Ages:Annual Renewable Term (ART): Ages 18-65
10-Year Level Term Period: Ages 18-70
15-Year Level Term Period: Ages 18-65
20-Year Level Term Period: Ages 18-60
30-Year Level Term Period: Ages 18-50
Coverage Amounts:Minimum Amount: $100,000
Maximum Amount: $1,000,000+
Accelerated Underwriting:
(No Medical Exam)
Xpress Plus
Coverage amounts $100,000-$1,000,000: (Ages 18-50)
Coverage amounts $250,000-$500,000: (Ages 51-60)
Simplified Underwriting:
(No Medical Exam)
Xpress
Coverage amounts $100,000-$249,999: (Ages 18-65)
Traditional Underwriting:
(Medical Exam)
Applicants that are applying for coverage over $249,999
that do not meet the accelerated underwriting guidelines.
Policy Riders:Accelerated Benefit Riders - (Chronic, Critical & Terminal)
Children's Term Rider
Disability Waiver of Premium Rider
Conversion Option:Convertible to age 65
State Availability:Available in all 50 States including Puerto Rico

Xpress and Xpress Plus No Medical Exam Underwriting

One of the benefits of purchasing an ANICO term life insurance policy is their two non-medical exam underwriting options called Xpress and Xpress Plus.

Both Xpress and Xpress Plus can speed up the traditional time it takes to process and underwrite an application for coverage. However, there are a few differences between the two programs explained below.

Xpress – Simplified Underwriting – Coverage Under $249,999

Xpress
Issue Ages18-65
Face AmountsUp to $249,999
Rate ClassificationStandard
Substandard
ApplicationPaper or electronic

Xpress is a simplified underwriting program designed for applicants between the ages of 18-65 who apply for $249,999 or less in term life insurance coverage.

The need for a medical exam will be determined based on responses to application questions. The best health classification is at the standard rates, and because of that, we often see most applicants qualifying without having to take a medical exam.

Xpress Plus – Accelerated Underwriting – Coverage under $1,000,000

Xpress Plus
Issue Ages18-60
Face AmountsAges 18-50: $250,000 - $1,000,000
Ages 51-60: $250,000 - $500,000
Rate ClassificationPreferred Plus
Preferred
Standard Plus
Standard
ApplicationElectronic only

ANICO Signature Term Life policies can be applied for with Xpress Plus underwriting by applicants from age 18-65. Policy limits for this accelerated underwriting process include coverage starting at $250,000 up to a maximum of $1,000,000 for ages 18-50 and $250,000 to $500,000 for ages 51-60.

Xpress Plus is only available through a quick electronic online-based application completed with an experienced life insurance broker. Paper applications are not permitted. 

Underwriting classes that can benefit from Xpress Plus include preferred, preferred plus, standard plus, and standard. Medical exams are not automatically required but could be requested if an applicant does not meet the Xpress Plus program’s underwriting guidelines.

Who is eligible to apply for ANICO Signature Term Life Insurance?

Signature Term Issue Ages
18-70

ANICO Signature Term Life Insurance policies are available for those between the ages of 18 to 70.

For level premium term policies, issue ages are as follows:

  • 10-year policies: 18-70 years old
  • 15-year policies: 18-65 years old
  • 20-year policies: 18-60 years old
  • 30-year policies: 18-50 years old

For Annual Renewable Term policies (ART), issue ages are:

  • Annual renewable term: 18-65 years old

ART provides a level death benefit up to age 75. The premium on these plans is level for the first 10 years (if you choose to keep coverage that long) and then increases each policy anniversary year beginning the 11th year.  

Those under age 65 are eligible for coverage without a medical exam, provided their answers and medical history meet Xpress and Xpress Plus underwriting requirements.

ANICO Signature Term Minimum and Maximum Coverage Amounts

Signature Term Coverage Amounts
Minimum Amount: $100,000
Maximum Amount: $1,000,000+

ANICO underwrites based on items such as age, application answers, and medical history. 

The minimum and maximum coverage amounts with Xpress and Xpress Plus underwriting are:

  • Xpress policies for ages up to 65: $100,000 – $249,999
  • Xpress Plus policies for ages 18-51: $250,000 – $1,000,000
  • Xpress Plus policies for ages 51–60: $250,000 – $500,000

A medical exam could be required for any applicant who does not qualify for an accelerated underwriting option or if the requested death benefit amount is outside the accelerated non-medical guidelines.

ANICO Signature Term Contract Lengths

Signature Term Contract Lengths
10,15, 20 and 30-Years

ANICO offers several term contracts whether you choose ART or a 10, 15, 20, or 30-year policy.

Annual Renewable Term: 1-year contract policies available for renewal at the end of each policy year. Premiums are level for the first 10 years and will gradually increase for each policy year the coverage is renewed starting the 11th policy year. An ANICO ART plan can be renewed each year up to age 75.

10-Year: The most affordable option, this policy is ideal for those who will be financially independent within a short time or want to extend term coverage after a policy ended.

15-Year: This length is ideal for families with children of elementary to high-school age whose financial obligations have been significantly diminished. Situations a 15-year policy apply to is families whose mortgage is half paid off, college funds are saved for, and significant financial obligations well on their way to being paid off.

20-Year: Families most often choose this term policy with young children who want to ensure they can pay their largest financial obligation, such as a mortgage. The policy is also generally long enough to see children through their formative years and into the first years of college.

30-Year: These policies are best for families who want complete financial coverage and generally have a large amount of long-term financial risk that needs protection for a longer period of time. 30-year policies aren’t for everyone, but those who have just bought a house, are just married and starting a family, or those who have significant loans from college will benefit the most from this policy.

ANICO Signature Term Policy Riders

Signature Term Policy Riders
Accelerated Benefit Riders - (Chronic, Critical & Terminal)
Children's Term Rider
Disability Waiver of Premium Rider
  • ANICO offers few different policy riders for their term policies to supplement the death benefit protection provided with the traditional policy. These include:

Accelerated Benefit Rider (Included at no additional cost)

Accelerated benefit riders (commonly referred to as living benefits) provide the insured a partial or full acceleration of the life insurance death benefit upon diagnosis with a qualifying medical condition. If the accelerated benefit becomes available due to qualifying illness, the money received from the death benefit can be used for any expense medical or non-medical related, and it doesn’t need to be paid back.

There are three types of accelerated benefit riders.

  • Terminal Illness: If the insured has a terminal illness or chronic condition where death is expected within 12-24 months.
  • Chronic Illness: If the insured has a chronic illness that prohibits their ability to perform two of six daily living activities, including bathing, continence, dressing, using the toilet, eating, or moving. (Chronic illness rider is not available in California)
  • Critical Illness: If the insured is diagnosed with a critical illness as specified by ANICO. There are sixteen covered critical illnesses except in California, where there are thirteen. (Critical illness rider is not available in New York)

Children’s Term Rider (Available at an extra cost)

Adding a child term rider provides temporary life insurance protection to every child in the family in addition to subsequent children born or adopted during the life of the rider. 

The amount of coverage purchased with the children’s term insurance rider is $1,000 up to $25,000. The child term rider expires for each child when they reach 25 years old and can be converted into their own permanent policy for up to 5x the amount of coverage received as a child rider.

Disability Waiver of Premium Rider (Available at an extra cost)

This rider provides a waiver of insurance premiums if the insured becomes seriously injured and is considered totally disabled. The disability rider will waive premiums up to age 65 as long as the total disability remains.

ANICO Signature Term Conversion Option

Signature Term Conversion Option
Convertible to age 65

ANICO term life insurance plans offer a conversion option that can allow the term insurance coverage to be switched to permanent life insurance.

Converting an existing term insurance policy might be needed for several reasons, including a change in health that would prevent getting new coverage, the need for permanent protection, or the desire to build cash value.

ANICO term life insurance policies can be converted into permanent policies, and ART policies can be converted into a longer term duration.

Converting level premium term into permanent insurance

ANICO level premium term life insurance plans are convertible into any of the permanent life insurance plans offered by ANICO. Permanent options include:

  • Universal Life
  • Indexed Universal Life
  • Guaranteed Universal Life
  • Whole Life Insurance

When a term insurance policy is converted, it does not require any new medical underwriting. Conversions are considered guaranteed approval. You will keep the same original rate classification, but your premium will change to reflect the new coverage.

Here are several things to note when converting term into permanent policies:

  • Conversion options expire upon the conclusion of the level premium term period or the policy anniversary after the insured’s 65th birthday, whichever occurs first.
  • If a conversion is completed before policy year five, ANICO will provide a full year premium credit equal to the original term insurance coverage’s annual cost. 

Converting ART into a longer term contract

An ART plan is not convertible to permanent life insurance. Instead, you will have the option to convert coverage to either a 20 or 30-year term contract. The following information applies to converting ART policies:

  • Conversion options ANICO Signature Term 20 or 30-year level premium policies.
  • Conversion is only available during the first 3 policy years.
  • Conversion from ART to another term policy is not eligible for conversion credits.
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ANICO Signature Term Frequently Asked Questions

Have a few more questions about ANICO Signature Term Life Insurance policies? Hopefully, we can answer them here in our Frequently Asked Questions section, but if we missed one of yours specifically, please be sure to let us know so we can get you an answer to your question.

What makes ANICO term life insurance unique?

In addition to the death benefit protection, the ANICO term life insurance plan’s most unique feature is the living benefits included with the coverage at no additional cost.

While the main benefit of a life insurance policy is to provide financial protection due to an unexpected passing, a life insurance policy with living benefits can protect your savings due to an unexpected illness. It is considered life insurance that you can use while you’re alive. 

Living benefit riders combined with life insurance have become very popular. However, not every company offers these benefits, and some even charge an extra fee to add them as a policy rider.

ANICO term life insurance plans offer three potential living benefits payout options should you become sick with either a chronic, critical or terminal illness. Depending on the severity of the illness, up to 100% of the full death benefit can be withdrawn to be used as needed.

What Information is Used to Determine Eligibility?

Eligibility in underwriting depends on several factors that remain consistent with insurance companies nationwide. Information you’ll need to provide ANICO includes:

  • Age: The younger the applicant, the better quote. It’s always beneficial to apply for insurance at the youngest age possible.
  • Health History: If applicants have existing medical conditions, a no-medical underwriting process may not be possible. Those with significant health issues or pre-existing health conditions will have a higher premium, and some could be ineligible. 
  • Occupation and Hobbies: What you do for work or play matters. If your job or hobbies put you at any amount of serious risk, you’ll face higher premiums, and ANICO may even deny you coverage.
  • Tobacco Use: Smokers always have higher premiums than non-smokers.

Beyond these items that you’ll answer on the application, ANICO uses consumer data to collect information on your insurability. This part of the process is handled entirely by ANICO and includes:

  • Motor Vehicle Report: This tells ANICO how risky or safe of a driver you are.
  • Medical Information Bureau: This supplies information about any past insurance applications.
  • Pharmaceutical Database: Information on any prescribed medications. It will also show the most recent to date to when the prescription was last refilled.

ANICO offers no-medical applications through Xpress and Xpress Plus accelerated underwriting. As a result, most applicants won’t be required to take a medical exam. In general, however, the healthier your lifestyle, the better chance you have of insurability with no medical exam being required.

How quickly can you be approved?

Thanks to ANICO’s unique Xpress and Xpress Plus, you can be approved nearly instantly upon submitting your application. Xpress Plus provides the fastest approval for the widest variety of insured classes and automates part of the underwriting process.

If you require a medical exam as part of the approval process, then your application could take several weeks to a month or more to complete depending on the overall health of the individual that is applying. This is typical of all insurance companies and is one reason why no-medical policies are so sought after.

Who is Not Eligible for ANICO Signature Term Life Insurance?

Term life insurance is for generally healthy applicants who have no serious or chronic health conditions. You may not be eligible for term life insurance if:

  • You are currently undergoing cancer treatment, or treatment has been recommended.
  • You are currently in a hospital, psychiatric center, or care unit. 
  • You are receiving treatment for Alzheimer’s or dementia, liver disease, heart disease, or COPD.
  • You have recently had a heart attack, stroke, heart valve replacement, or been diagnosed with congestive heart failure.

There may be other reasons why ANICO might reject an applicant. However, the above medical concerns are often the most significant and serious factors for rejection.

How affordable are ANCIO term life insurance plans?

ANICO term life insurance rates are competitive compared to the top 10 national providers, but they are rarely the most affordable option. We often see ANICO make a strong appearance right in the middle of the pack when it comes to overall pricing.

Keep in mind, with ANICO you are receiving free living benefits and the potential for a no medical exam underwriting process, which for many may be worth the few extra dollars.

If you are below the age of 65 and require less than $250,000, and are in excellent health, we will admit that ANICO will not be your best choice. The reason is that any coverage under $250,000 is an automatic standard rate classification.

The standard rate classification is the fourth-best classification. It will not result in getting the best coverage rates, especially if you can qualify for the preferred or preferred plus rate classification.

On the other hand, if you have a history of some minor health risks, ANICO’s simplified non-medical underwriting can be a great option to apply for term life insurance without a medical exam being required.

What underwriting classes are available?

ANICO utilizes five underwriting risk classes, including:

  • Preferred Plus (non-nicotine)
  • Preferred (nicotine and non-nicotine)
  • Standard Plus (nicotine and non-nicotine)
  • Standard (nicotine and non-nicotine)
  • Substandard (nicotine and non-nicotine)

ANICO Term Life Insurance Sample Rates

Male$100,000$250,000$500,000$1,000,000
Age 30$12.27$10.58$15.12$24.19
Age 35$12.53$11.02$15.55$25.06
Age 40$15.64$13.39$19.44$32.83
Age 45$21.08$18.14$29.38$50.11
Age 50$28.51$25.27$43.20$76.90
Age 55$41.64$40.61$73.01$134.78
Age 60$62.12$64.37$116.64$217.73
Age 65$100.40$110.59$203.47$381.89
Age 70$165.54$189.43$356.40$629.86
Female$100,000$250,000$500,000$1,000,000
Age 30$11.32$10.15$13.82$21.60
Age 35$11.66$10.37$14.26$21.60
Age 40$14.34$12.31$18.14$28.51
Age 45$18.49$16.63$25.92$44.06
Age 50$23.85$22.90$37.58$66.53
Age 55$31.02$30.67$54.43$98.50
Age 60$42.85$44.50$80.78$146.02
Age 65$65.49$70.85$129.60$235.87
Age 70$113.01$123.55$224.64$438.91

*Monthly Male/Female premium rates current as of 03/12/2021 representing the cost of a 10-year ANICO term life insurance policy. The rate classification used in the table is at Preferred Plus, except $100,000, which is at the Standard classification. 

Does ANICO allow policy changes to Signature Term Policies?

ANICO Signature Term policies may be converted into permanent policies during the life of a term policy before the insured’s 65th birthday. Conversions between the 2nd and 5th year of term policy qualify for conversion credits applied to a new permanent policy.

ART policies may be converted into a permanent policy or a 20 or 30-year term policy during the first 3 years of the ART policy. The insured must be less than or equal to 55 for ART conversion to a level premium policy of at least 20 years.

Submit a question

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ANICO Term Life Insurance Pros and Cons

ANICO provides a range of insurance options meant to provide families and individuals with the level of coverage they need. Their accelerated no-medical term life insurance options are popular. Here are a few pros and cons of the company:

ANICO Signature Term Pros

  • Accelerated underwriting provides a fast and painless application process.
  • ANICO has strong ratings from A.M. Best and Standard and Poor’s meaning their financial health is excellent and they’ll be able to pay out claims for years to come.
  • No-medical policies for applicants up to 65 years old.
  • No-cost living benefit riders provide access to the death benefit due to a qualifying chronic, critical or terminal illness.
  • Conversion option with potential premium credits applied to a permanent plan.

ANICO Signature Term Cons

  • No preferred option for coverage amounts under $250,000.
  • ANICO riders and some insurance options may not be available in all states. 
  • The application can be lengthy.

How Do You Apply for Coverage?

When you apply with a life insurance broker like No Medical Exam Quotes, you’re able to compare your rates across multiple insurance companies, including ANICO and their term life insurance coverage. This means that you’ll find the best rate for the coverage you want every time.

How to Get an ANICO Signature Term Life Insurance Quote

There are two ways to get a quote. First, to get a quote from ANICO directly, you’ll have to call an agent and talk to them directly. Unfortunately, this leaves you with only one price-point and a single option. 

The other option is to compare no-medical and fully underwritten quotes across multiple insurance companies by completing a quick application on our site. We’ll provide instant comparisons to policies for the level of coverage you need so you can make an informed decision about which policy is best for you.

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Jeffrey Manola - Life Insurance Expert

Jeffrey Manola - Life Insurance Expert

Jeffrey Manola is the founder of No Medical Exam Quotes, an online insurance broker with a strong focus on helping people shop for the perfect life insurance policy. Jeffrey is both a licensed life insurance expert and content creator for the website. Before becoming a licensed life insurance agent, he served in the United States Marine Corps. He transitioned from serving his country to helping families find affordable life insurance coverage since 2009. No Medical Exam Quotes is licensed to offer life insurance coverage in all 50 U.S. States.

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