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Occidental Life Insurance Company of North Carolina Reviews
Looking for Occidental Life Insurance Company of North Carolina reviews? If you've already Googled them, the first thing you'll probably find is that the Occidental Life Insurance Company of North Carolina is owned by a parent company, American-Amicable Group of Companies, headquartered in Waco, Texas. Occidental Life's products are available in almost all 50 states (exclusions include Montana, Minnesota, New York, New Hampshire and Maine). They offer term, whole, and universal life policies. The catch? Policies are sold only through contracted agents – they don’t directly to consumers. Here's more about the company and what you need to know about them - and every insurer - as you shop for a policy.
Occidental Life Insurance Company of North Carolina
- P.O. Box 2549
Waco, TX 76702
Advantages of Occidental Life Insurance Company of North Carolina
Thinking of choosing Occidental Life Insurance Company of North Carolina? Reviews online point out several selling points. They offer several types of coverage, including term, whole, and universal life insurance policies. Their plans are customizable, with a long list of available riders that can ensure your policy provides the level of coverage you need. This includes common riders, like accelerated death, and less common riders, such as confined care.
After purchasing your policy, there’s a 10-day-look period where you can cancel your policy and receive a full refund. Following this initial refund period, you can still cancel your policy but there may be fees involved, or no refund available.
Premium payments can be made monthly, quarterly, or annually, which allows for some flexibility.
While you can't get a quote from Occidental online, the company has a customer portal where you can access information on your policy and download the forms to begin the claims process.
Disadvantages of Occidental Life Insurance Company of North Carolina
As you may discover if you've already read Occidental Life Insurance Company of North Carolina reviews online, there are a few reasons to consider other insurers when you're shopping for life insurance.
First, let's talk about the available coverage amounts. The amount of coverage available from the five Occidental policies we'll go over below is low in comparison to most other insurance carriers.
Secondly, the company makes it hard to comparison shop since you can't get a free quote online. Quotes are only available through an insurance agent.
Thirdly, the National Association of Insurance Commissioners (NAIC) issues complaint ratios that are used to indicate how many complaints a company has received in relation to the size of the company. The industry standard is 1.0, with fewer complaints and higher customer satisfaction being shown with a ratio below 1.0. More complaints and less customer satisfaction is indicated with a ratio above 1.0. The NAIC issued a complaint ratio of 1.89 in 2020 to Occidental Life.
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Occidental Life Insurance Company of North Carolina Products
Term Life Insurance
Term life insurance is flexible and affordable, offering coverage in terms ranging from 10 to 30 years, with options for renewal and additional riders to customize your policy. Coverage ranges from $25,000 to $500,000.
- Term Made Simple: This product provides up to $500,000 in coverage, available to applicants age 18-75 in policy terms of 10, 15, 20, and 30 years.
- Easy Term: This product provides up to $300,000 in coverage, available to applicants age 18-70 in policy term lengths of 10, 20, or 30 years. You can also opt for a return of premium option, which means that if you survive your term, you will receive a refund of premiums paid.
Universal Life Insurance
Universal life insurance provides permanent coverage, and will not expire after a specified number of years like term life insurance. It also provides some flexibility when it comes to adapting your premiums and death benefit as your needs and finances change. The maximum level of coverage is $500,000.
- Express UL: This policy is available to applicants age 15-75, with coverage amounts as high as $500,000. It offers a 15-year no-lapse guarantee.
Whole Life Insurance
Whole life insurance provides permanent coverage, but is less flexible than universal coverage. Premiums and death benefits cannot be adjusted, for example. Occidental offers 3 whole life policies:
- Family Solution: This policy provides up to $35,000 in coverage is only available to policyholders below the age of 50.
- Financial Lifeline: A modified whole life policy, this plan makes your cash value accumulations available to you in annuities that can be used to fund or supplement your retirement. Up to $150,000 is available in coverage.
- Golden Solution: Designed for people aged 50 to 85, this policy provides up to $35,000 in coverage.
Riders: Additional Coverage Options
In addition to their five life insurance products, Occidental also offers several riders that are available for a higher premium in order to provide more coverage and meet your unique needs:
- Accelerated Benefits: lets you access some of your benefit while you’re still living if you're diagnosed with a chronic or terminal illness. Accelerated benefits for chronic and terminal illnesses may be included with some plans with no additional cost.
- Accelerated Benefits for Confined Care: if you're confined to a nursing home at least 30 days after your policy is issued, this benefit allows you to receive a monthly benefit at 2.5% the policy face amount, with a maximum of $5,000. This does reduce the death benefit paid to your beneficiaries.
- Accidental Death: provides a larger death benefit to your beneficiaries if you die in a covered accident.
- Children’s Insurance: a term life insurance policy available for children below the age of 17. Once they turn 25, the policy can be converted into whole life insurance to provide lasting coverage.
- Return of Premium: may be added onto some term life plans to allow you to receive some of the premiums you’ve paid if the policy expires while you’re still living.
- Waiver of Premium: in the event you become disabled, your premiums will be waived while keeping your policy in effect.
- Waiver of Premium due to Unemployment: in the event you become unemployed, your premiums will be waived for up to six months.
Occidental Life Insurance Company of North Carolina Insurance Ratings
AM Best rated Occidental Life Insurance Co A/Excellent, which is their third highest rating. This indicates that there is an excellent probability that Occidental will be able to meet their financial obligations, such as paying a death benefit following the death of a policyholder.
Ratings of “A” or higher from any of the major rating companies indicates strong financial security, which can provide peace of mind while shopping for a policy. At LifeQuote, we work with only the “A” rated companies to provide you with only quality insurance from secure providers. To learn more about the rating process and what each rating means, you can read our article on how life insurance ratings work.
| Agency | Rating | Description |
| A.M. Best | A | Excellent |
| Standard & Poor´s | N/A | -- |
| Moody´s | N/A | -- |
| Fitch | N/A | -- |
What Have We Learned from Occidental Life Insurance Company of North Carolina Reviews?
While the company offers highly adaptable policies that can be made to fit your needs, you'll need a little help to determine if they're truly the best fit for you. That's because you need to work with a contracted agent to get those quotes - you can't get them from an online quoter. While the company has a strong financial strength rating, it also has a high customer complaint ratio. Both are important factors to consider. In addition, the relatively low coverage amounts may leave you in need of more protection, or cause you to purchase additional riders that bring up the cost of your premium payments.
If you're shopping for life insurance, it's important to compare several plans and companies to ensure you're getting the coverage you need at the best price. That's why we focus on insurers who provide fast online quotes. It's easy to start comparing - just get a free quote from LifeQuote to see rates and insurers. Our agents are ready to help you navigate the underwriting process and give you expert advice on the policy and coverage you need. Get started to today to ensure your tomorrow is protected!
Rather have a real person walk you through the process? We can do that, too! Call us at (800) 521-7873 and let one of our expert licensed agents help you get covered now.
