Old American Life Insurance: A Comprehensive Guide to Help You Choose the Right Plan

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Life insurance provides a secure way to protect your loved ones from financial hardship in case of your untimely death. Choosing the right policy can be a daunting task as there are various types and options available in the market. One such option is Old American Life Insurance.

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What is Old American Life Insurance?

Old American Life Insurance is a subsidiary of Kansas City Life Insurance Company, a reputed insurance provider in the US. Old American is known for its affordable life insurance policies that cater to the needs of seniors and retirees.

The company offers a range of policies, including term, whole life, and final expense insurance. Its policies come with flexible premiums, benefit amounts, and coverage periods.

Term Life Insurance

Old American offers term life insurance, which provides coverage for a specific period, usually between 10 and 30 years. The premiums for term policies are affordable, and the coverage amount can range from $50,000 to $1 million. The policyholder can renew the policy at the end of the term or convert it into a permanent policy.

Term life insurance is suitable for those who need temporary coverage for a specific period, such as paying off a mortgage or funding their children’s education.

Whole Life Insurance

The whole life insurance offered by Old American is a permanent policy that provides coverage for the policyholder’s entire life. The policy comes with a fixed premium, and the coverage amount can range from $10,000 to $50,000. The policy also accumulates cash value over time, which the policyholder can use as a loan or surrender to receive the cash value.

Whole life insurance is suitable for those who want lifelong coverage and a policy that can build cash value over time.

Final Expense Insurance

Old American’s final expense insurance is a type of whole life insurance that provides coverage for the policyholder’s final expenses, such as funeral costs, medical bills, and outstanding debts. The policy comes with a fixed premium, and the coverage amount can range from $2,500 to $25,000.

Final expense insurance is suitable for seniors and retirees who want to ensure that their final expenses are covered without burdening their loved ones.

Why Choose Old American Life Insurance?

Old American Life Insurance is a reliable and trusted insurance provider that offers affordable policies with flexible options. It has an A- rating from A.M. Best, a leading credit rating agency in the insurance industry, which indicates its financial stability and ability to pay claims.

The company also offers a simple and hassle-free application process, with no medical exam required for most policies. This makes it easier for seniors and retirees to get the coverage they need without undergoing a physical exam.

FAQ

Question
Answer
What types of life insurance does Old American offer?
Old American offers term, whole life, and final expense insurance.
What is the coverage amount for Old American’s policies?
The coverage amount can range from $2,500 to $1 million, depending on the policy.
Does Old American require a medical exam?
No, a medical exam is not required for most policies.
Is Old American financially stable?
Yes, Old American has an A- rating from A.M. Best, indicating its financial stability and ability to pay claims.
How can I apply for Old American’s life insurance?
You can apply online or by contacting an Old American agent.

Conclusion

Old American Life Insurance offers affordable and flexible life insurance policies that cater to the needs of seniors and retirees. Its policies come with a range of options and coverage amounts, making it easier for policyholders to choose the right plan for their needs. With its financial stability and hassle-free application process, Old American is a reliable choice for those looking for life insurance coverage.

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