What is American Income Life and how does it work?
American Income Life (AIL) was founded in 1951 in Waco, Texas, making it one of the oldest life insurance companies operating in the United States today.
AIL is a wholly-owned subsidiary of Globe Life Inc., a $15 billion insurance conglomerate traded on the New York Stock Exchange under the ticker symbol GL.
Unlike many life insurance companies that focus on the general population, AIL specializes in providing coverage to labor unions, credit unions, and other associations, offering them exclusive group rates and benefits.
AIL distributes its products exclusively through a network of independent insurance agents, rather than having a traditional salaried sales force.
This allows the company to keep its overhead costs low.
The company's flagship product is its Whole Life Insurance policy, which provides lifelong coverage and builds cash value over time that policyholders can borrow against or withdraw.
In addition to life insurance, AIL also offers a range of supplemental health insurance products, including accident, disability, and hospital indemnity coverage.
One unique aspect of AIL's business model is its focus on the "working class" market, providing affordable insurance options to families that may not have access to coverage through their employers.
The company has a strong presence in the labor union market, partnering with thousands of unions across the U.S.
and Canada to provide insurance benefits to their members.
AIL has received numerous industry awards and recognitions over the years, including being named one of the "Best Places to Work in Insurance" by Business Insurance magazine.
The company's agents are required to undergo extensive training and licensing, ensuring they are knowledgeable about the products they sell and can provide high-quality service to policyholders.
AIL's policies are underwritten by its wholly-owned subsidiary, National Income Life Insurance Company, which is licensed to operate in New York state.
The company's financial strength is reflected in its high ratings from major industry rating agencies, including an A+ (Superior) rating from A.M.
Best.
AIL's commitment to the labor union market has earned it a reputation as a "union-friendly" insurance provider, with many union members considering the company a trusted partner.
The company's focus on the working class market has also led it to develop innovative products, such as its "Children's Life Insurance" policy, which provides coverage for dependent children.
AIL's independent agent model allows it to maintain a nimble, decentralized approach to operations, enabling it to quickly adapt to changing market conditions and customer needs.
The company's strong focus on customer service is evident in its commitment to providing 24/7 claims processing and support, as well as its robust online resources for policyholders.
AIL's international reach extends beyond the United States, as the company also operates in Canada through its wholly-owned subsidiary, National Income Life Insurance Company of Canada.
The company's corporate culture is heavily influenced by its roots in the labor union movement, with a strong emphasis on employee and community engagement.
AIL's success in the labor union market has led to partnerships with a wide range of other associations, including credit unions, professional organizations, and affinity groups.
The company's use of advanced data analytics and predictive modeling has allowed it to optimize its product offerings and marketing strategies, ensuring it remains a competitive player in the insurance industry.