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.
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.
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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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.
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.
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:
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:
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.
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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!
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