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Life Insurance Company of Alabama Reviews
The Life Insurance Company of Alabama (LICOA) is based in Gadsden, Alabama and was founded in 1952. LICOA sells life insurance in 11 states in the Southeast through a network of independent agents. Coverage is available in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Oklahoma, and Tennessee.
Life Insurance Company of Alabama
- P.O. Box 349
Gadsden, AL 35902
Advantages of Life Insurance Company of Alabama
Looking for Life Insurance Company of Alabama reviews? Because they only serve a portion of the country, you may not find as many as you'd like. But here are two key advantages of this insurer:
- Claims forms are available online, allowing you to quickly begin the process of receiving a death benefit.
- There is also an online portal for policy management, making it easy to review your policy.
Disadvantages of Life Insurance Company of Alabama
As we mentioned above, LICOA only offers coverage to 11 states, making products unavailable to anyone outside of those areas of coverage. In addition to a limited sales area, their customer service is not available on a 24/7 basis. All customer service calls must be made during their regular business hours.
Limited information online also sets LICOA back. There are no quotes available online, making it difficult to comparison shop or to understand what goes into each policy. There are only two life insurance policies listed, with no available riders. Consumers cannot research policies in a convenient manner unless they have the time to receive a quote from an agent over the phone.
Available Products
Life Insurance Company of Alabama sells two products: term life and permanent life insurance. Premium payments can be made monthly or annually. Policyholders should expect to take a medical exam to complete their application.
- Term life insurance offers coverage for a fixed period of years. Usually between five and 30 years with a level premium and guaranteed death benefit that is tax-free. Policy limits and term lengths are not listed on the Life Insurance Company of Alabama’s website. An agent can provide a quote to determine what level of coverage is available to you in your state.
- Permanent life insurance offers coverage that lasts for your entire lifetime. It comes with level premiums (that stay the same every pay period throughout the policy) and a guaranteed death benefit that is tax-free. Permanent life insurance also has a cash value component that allows you to save money and accrue interest on those savings. Later, once your cash value account has grown, you have the option to pull from that cash value. Some policy contracts also let you borrow against the actual death benefit. If you do this, you can either repay what you borrowed to replenish the full death benefit or just be aware that your beneficiary will receive less than the full face value you purchased after you pass away.
LICOA does not list any available riders, but an agent can help you determine if any are available in your coverage area. A rider is an add-on that can be used to increase or fill gaps in your policy or provide protection in specific scenarios like accidental death or critical illness. A rider generally results in an increase in premium.
If you're shopping for term or permanent life insurance, why not start here? Our quoter is fast, easy, and free - see quoted rates from 40+ of the nation's top-rated carriers. If you've been looking for Life Insurance Company of Alabama reviews, you're clearly looking for a quality insurer whose coverage you can trust. That's exactly what we can help you find, right here on our website:
Additional Coverage Options
In addition to life insurance, LICOA offers accident, cancer, critical illness, dental, disability, hospital indemnity, and vision & hearing insurance. Because we only focus on life insurance, we won't go over these options in detail. We prefer to stick to what our agents know and do best - 100% life insurance!
Life Insurance Company of Alabama Ratings
LICOA is rated B++/Good by the A.M. Best company. This is the fifth highest out of 15 rankings a company can receive and indicates that the financial security of the company is good, but could be improved upon.
Companies rated “A” and higher are regarded as the highest standard of financial security, and their ability to meet their financial obligations is strong. Being rated at B++ tells the consumer that there is a chance death benefits may be delayed slightly but will most likely be met. To learn more about the financial strength ratings and what they mean, you can read our article on how insurance company ratings work.
| Agency | Rating | Description |
| A.M. Best | B++ | Good |
| Standard & Poor´s | N/A | -- |
| Moody´s | N/A | -- |
| Fitch | N/A | -- |
Conclusion
If you're looking for Life Insurance Company of Alabama reviews, it's probably because you're wondering whether they're the right insurer for your needs. Only you can make that decision. However, the lack of information on available products from their website makes it difficult for you to comparison shop without a phone call. The limited number of policies and no listed riders means that finding the policy that meets your unique needs will be extremely difficult through LICOA. Plus, the financial strength rating of B++ does not meet our benchmark. Here at LifeQuote, we work with only the top-rated carriers with “A” ratings or higher.
Your needs are unique, and your policy should be tailored to give you the security you need. To look for the best policy for your needs, get a free quote now to start shopping. We work with 40+ of the nation's top-rated carriers. Our agents are here to help you navigate the application process and give you advice on what policy fits both your coverage needs and your budget. Sound like a plan? You can get started now:
