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Old American Life Insurance started business in 1939, becoming a subsidiary of the Kansas City Life Insurance Group companies. The company is licensed to operate in 46 states and the District of Columbia and has over $900 million of life insurance in force with 220,000 policy holders.
The company offers an array of insurance products for families and individuals. For final expense protection, Old American Life Insurance has the Peace of Mind policy of whole life insurance. This policy pays up to $20,000 in cash in the event of a policyholder’s death to pay for any final expenses, as well as assisting with the planning of final arraignments and recording a living will. Also, a vital document registry is set up that spares loved ones from dealing with arranging financial affairs through the confidential keeping of a record of all documents, accounts and other vital information.
Also available are two other whole life insurance plans: Budget Master Whole Life is issued between the ages of 50 and 85, and the Benefit Whole Life plan is issued between the ages of 50 and 80. Both plans consist of 10- or 20-year payment options as well as guaranteed premiums and benefits.
Old American Life Insurance also provides the unique income replacement program called the Joint Security Plus Income Protector. This is a joint first-to-die income protecting program that covers two people, generally a husband and wife, paying a single death benefit in the event of one of the two policyholder’s deaths. These benefits can be tailored in the amount and the duration of monthly payments for a period of two to ten years.
Finally, Old American Life Insurance provides juvenile insurance in the form of the Peace of Mind for Tomorrow plan. This whole life insurance policy requires only ten years of premium payments while covering the child of the policyholder for life. Also offered in conjunction with this policy is the Discount Pre-Payment Plan, which shortens the ten-year payments into one single premium, saving 25% while the death benefits increase by five times.
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