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 Cheapest Life Insurance USA

Old American Insurance Company -
Life Insurance

Old American Insurance Company History

Old American Insurance Company (OAIC) was founded in 1939. For almost 60 years, Old American Insurance's mission has been to provide peace of mind to the senior market and, in turn, enhance the quality of life for both policyholders and their beneficiaries.

Old American has more than one billion dollars of life insurance in force. Old American Insurance operate in 45 states and the District of Columbia and currently have more than 300,000 policyholders.

The Old American Story
From the beginning, products and marketing efforts were directed primarily to the age group commonly designated "senior citizens."

At first, the company sold only limited accident insurance policies to men and women, ages 50 to 85. After a few years, company officials recognized their selected market also had a specific need for life insurance. As a result, on July 17, 1944, an amendment to the company’s Articles of Incorporation permitted it to write life insurance as well as accident and sickness insurance. All products were designed as supplemental coverage — insurance to supplement the basic life and/or health insurance people should already own.

The company no longer offers health care insurance products. However, a great number of these policies are still in force and being administered by Old American.

OAIC’s life insurance products have been of the "final expense" nature – smaller face amounts of life insurance to pay for final expenses.

Agency Operations Begin
From 1939 to 1966, Old American operated almost exclusively as a direct marketing company and became recognized within the industry for its considerable expertise and success in that genre. When agency operations began in 1966, soliciting consumer inquiries for agents – the "Planned Production" concept – was a natural extension of the company’s direct marketing activities.

While obtaining the various state licenses and expanding agency operations, Old American developed an idea called the "model office" which became the genesis of how they operate agency territories today. In the "model office," a territory is defined geographically and is exclusive to an individual General Agent Manager.

Major Changes
When a number of savings and loan associations nationwide suffered extreme financial difficulties in the early 90s, many of the financially-troubled associations, including Cen Trust Bank who owned Old American at the time, were closed down and taken over by the federal government.

In 1991 Old American was purchased by Kansas City Life Insurance Company, and a new chapter of company history began. Kansas City Life Insurance was established in 1895 in Kansas City, Mo. Kansas City Life markets individual life and annuity and group life and health products.

Company Retains Objectives
Old American’s objective is to be the premier provider of quality insurance and related services to seniors. The company’s strength of purpose and spirit of innovation are as strong as ever. With the strength of the Kansas City Life group of companies and with Old American's agency force now serving as their sole distribution system, Old American have the means necessary to achieve their on-going objectives as they move into the 21st century.


Old American Insurance Company Final Expense Insurance

Today, more than ever, choosing an insurance provider represents an investment in your future.

Old American, the company that brings you the Peace of MindSM* life insurance products, is backed by . . .

  • More than 50 years’ experience in understanding and serving the life insurance needs of seniors.
  • More than one billion dollars of life insurance in force.
  • More than 300,000 policyholders in 44 states.

In addition, Old American is a member of the Kansas City Life Insurance Company group of companies. Founded in 1895, Kansas City Life has more than 100 years experience in providing for the needs of its policyholders.

Real Life Concerns

If there had been a death in your family yesterday, what would you be doing today? The Peace of Mind Plan is designed to assist in planning final arrangements to minimize problems for those who remain.

Consider . . .

  • How will your loved ones handle your affairs after you’re gone?
  • Will they know what kind of arrangements to make and what your wishes are?
  • Do they know where you keep your important papers and other vital information?
  • Have you drawn up a current will?
  • How will your funeral and other burial arrangement bills be paid?
  • Who will settle up expenses incurred and associated with your final illness?

Solution

The Peace of MindSM* plan helps put your affairs in order by providing you with these valuable benefits:

  • A whole life insurance policy that can pay up to $15,000 in cash to help provide for your final or any other expenses.
  • A Peace of Mind Planning Guide to assist you in planning your final arrangements and recording your wishes.
  • A living will which is a written document of your desires regarding the degree to which you wish to receive medical attention in the event of terminal illness.
  • A vital document registry form which spares your loved ones from the difficult and frustrating task of arranging your financial affairs by providing a confidential record of all your documents, accounts and other vital information.

Guarantee

Three ways Peace of MindSM* protects you:

  • Old American guarantees that you are eligible to apply for either their Budget Master Whole Life (Issue Ages 50 - 85) or the Increasing Benefit Whole Life (Issue Ages 50 - 80). Both plans also have 10- and 20-year payment options available.
  • Old American guarantees that the regular premium on your policy, based on your present age, will never be increased as you grow older. The policy benefits will never be reduced for as long as the policy remains in force.
  • Old American guarantees that the company will never cancel your policy for any reason as long as you continue to pay your premiums. You alone have the right to keep the policy in force.


Old American Insurance Company - Income Replacement Protection

In the beat of a heart, a wife becomes a widow, a husband a widower.

Almost every one of life’s great changes, except this one, gives us time to prepare. But who among us is really ever prepared for all the changes that occur with the loss of a spouse?

Real Life Challenges

Replacing Social Security Benefits and other lost income, paying funeral and other expenses.
When a spouse dies, most survivors face two major challenges:

  • How to get by on a reduced monthly income.
  • How to pay funeral and other expenses.

Being widowed is a tragic experience, both emotionally and financially. While only the passing of time erases the emotional trauma, advance planning can help you avoid financial shock or hardship.

Deep down, everyone knows that if they are married and live long enough, they will likely become widowed. But, did you know that your combined Social Security retirement income could be reduced by at least one-third and possibly up to one-half upon the death of either spouse? Monthly income could be reduced even further if you were also to lose part of a retirement pension.

Which of the following statements best describes what you would face:

  • I could handle a reduced income without any problem.
  • I would need to make some adjustments in my spending.
  • I would have to change my current lifestyle.
  • I would face a significant financial hardship.

Today, living on Social Security or a fixed retirement income has become increasingly difficult. It’s even harder to live with reduced monthly income. That’s why Old American developed Joint Security Plus Income ProtectorÒ *, a first-to-die whole life insurance policy that helps provide for the one who is left behind.

*Product may not be available in all states.

Solution

Joint Security Plus Income Protector
Joint Security Plus Income Protector is a joint first-to-die life income protector insurance contract covering two people (generally a husband and wife). In other words, you own one policy that insures both of you. Regardless of who dies first, the insurance pays a single death benefit to the named beneficiary.

The life insurance proceeds may be used to cover funeral or any other expenses, such as unpaid medical bills, or to provide replacement income for lost Social Security and other retirement benefits. You can tailor the amount and duration of monthly benefits for a period of two to 10 years to best meet the income needs of the survivor.

For couples who depend on Social Security benefits for the majority of their monthly retirement income, Old American can help fill the gap and provide security for you and your loved one.

Other Valuable Policy Features

Accelerated Death Benefit Payment Option
In addition to meeting income replacement, funeral and other expense needs, Joint Security Plus Income Protector also provides benefits when you may need them most — during a terminal illness of either insured. If that happens, you can elect to receive a one-time payment of up to 50 percent of the life insurance proceeds, while you’re still living, to use for medical expenses or other needs.

Personal Growth Account
At death, the beneficiary may elect to take a lump-sum payment. If the proceeds qualify, Old American will place them in an interest-bearing money market account called the Personal Growth Account. The PGA offers the surviving spouse:

  • Immediate check-writing privileges to pay funeral expenses and other obligations;
  • Competitive interest earnings on funds left in account;
  • The flexibility to use and/or close the account as he/she sees fit; and
  • The time to make long-term financial decisions.


Old American Insurance Company - Juvenile Insurance

When it’s for your children or grandchildren, choosing an insurance provider represents an investment in their future.

Real Life Challenge

Children . . . a gift . . . a treasure . . . a responsibility
Our children and grandchildren are the promise of tomorrow. They bring us both joy and concern. One major concern is the child’s health and welfare; another is good education. You want to keep them happy and healthy and provide them with every possible benefit. But higher education comes at a high cost and a tragic accident or illness could result in financial hardship. To cover these and other expenses, some life insurance policies require a lifetime of payment. Some also raise premiums when the child reaches adulthood. Over the years, all those premiums could add up to far more than the death benefit.

Solution

Peace of Mind for TomorrowSM* is a whole life insurance policy requiring only 10 years of premium payments that will never total more than the death benefit. With this policy, premiums are limited to just 10 years, but the child is covered for life. Should the child’s death occur during the payment period, the benefit is paid in full.

This policy also can help pay the cost of education. Once cash value is sufficient, you can borrow against that amount for college or other expenses. If unexpected future health problems occur making the child uninsurable, this policy will always provide protection.

Plus, Old American offer their Discount Pre-Payment Plan. With this plan, you can shorten the 10 years of premiums to one single payment, which equals seven and one-half years of premiums. You could save nearly 25 percent. And the death benefit equals nearly five times the premiums paid. For example, if you insured a two-week-old child for $5,000, 10 years of payment would equal $1,290. Your discount single premium would be just $976.63, saving you $313.37!

With Peace of Mind for Tomorrow, you have benefits that last a lifetime. Lifelong insurance coverage is paid up in no more than 10 years. A death benefit that will never be less than the sum of premiums paid. Cash values available for policy loans.

 

 

 

3520 Broadway,
Kansas City,
MO 64111

http://www.oaic.com

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