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{{short description |American life insurance company}}
{{multiple issues|
{{refimprove|date=March 2011}}
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{{Infobox company {{Infobox company
|company_name = American Income Life Insurance Company | name = American Income Life Insurance Company
| image = {{CSS image crop |Image=American_Income_Life_Insurance_Logo.png |bSize=250 |cWidth=220 |cHeight=45 |oTop=30 |oLeft=20 |Location=center |Description = }}
|company_logo= ]
| type = ] of ]<ref name=bell>{{cite web|title=Torchmark to Change Its Name to Globe Life|url=https://www.thinkadvisor.com/2019/07/26/torchmark-to-change-its-name-to-globe-life/|publisher=ThinkAdvisor|author=Allison Bell|date=26 July 2019|accessdate=29 July 2019}}</ref>
|company_type = ] of ]
| traded_as = (formerly NASDAQ: AINC)
|foundation = 1951
|founder = ] | industry = ]
|location = ] | foundation = {{start date and age|1951}}
| founder = ]
|area_served = ]<br />]<br />]<br />]
| location_city = ]
|key_people = Roger Smith, CEO
| location_country = United States
|industry = ]
|products = supplemental ]<br/>and ] | area_served = ], ] and ]
| key_people = Steven K. Greer (CEO)<ref>{{cite web|title=CEO Profile|url= https://www.bloomberg.com/research/stocks/people/person.asp?personId=322490050&privcapId=308916|publisher=Bloomberg|accessdate=17 January 2019}}</ref>
|homepage =
| products = Supplemental ] and ]
|S&P Rating = AA-
| subsid = ], Union Heritage Life Assurance Company Limited
| parent = ]
| homepage = {{url|ailife.com}}
}} }}
⚫ '''American Income Life Insurance Company ''' (formerly NASDAQ: AINC), based in ], provides supplemental life insurance to labor unions, credit unions, and associations. American Income Life (AIL) was founded in 1951. The company's executive offices have been located in Waco, Texas, since 1959. American Income Life is licensed in 49 states, the District of Columbia, Canada, and is registered to carry on business in New Zealand. AIL also has two wholly owned subsidiaries: ], licensed in the state of New York, and Union Heritage Life Assurance Company Limited, licensed in the ].


'''American Income Life Insurance Company ''' ('''AIL''') is an American unionized ] company that provides supplemental life insurance to labor unions, ], and associations.
AIL has more than two million policyholders (as of June 2010). With its New York subsidiary, National Income Life Insurance Company (NILICO), the company has combined assets of more than $2.2 billion, with more than $35.2 billion of life insurance in force (as of December 2010). American Income Life is a wholly owned subsidiary of ] (NYSE: TMK), based in ].<ref name="ReferenceA">Rapoport, Bernard (2002). ''Being Rapoport''. University of Texas Press. ISBN 0-292-77117-7</ref>


⚫ The company was founded in 1951 and the executive offices have been located in ], since 1959. American Income Life is licensed in 49 states, the District of Columbia, Canada, and is registered to carry on business in New Zealand. AIL also has two wholly owned subsidiaries: ], licensed in the state of New York, and Union Heritage Life Assurance Company Limited, licensed in the ].
⚫ ==History==
⚫ The company's history began in 1951 under the name American Income. American Income was chartered as a mutual assessment association in Indiana with $25,000 of borrowed ]. It was reinsured through ] as a new mutual reserve company in March 1951. American Income Insurance Company was officially founded in May 1951 by the company's president, Harold Goodman, and executive vice president, ] (Goodman's nephew). The company's home offices were located in ].


{{As of |2013}}, AIL had more than two million policyholders and was a wholly owned subsidiary of ], based in ].<ref>{{cite web |last1=Bowyer |first1=Denise |title=National View: How business can help us avoid the looming retirement crisis |url=http://www.southcoasttoday.com/apps/pbcs.dll/article?AID=/20130822/OPINION/308220333 |website=southcoasttoday.com |language=en}}</ref><ref name=rap>{{cite book |last1=Rapoport |first1=Bernard |title=Being Rapoport: Capitalist with a Conscience. |date=2019 |publisher=Univ of Texas Press |language=English|oclc=1057656587}}</ref><ref name=bell/>
American Income originally sold low-cost hospital insurance plans. During its first year, the company took in about $95,000 worth of premium income. The company reached $1 million worth of insurance premiums in 1953. By 1954, the company was receiving 6,000 insurance policy applications per month.


⚫ ==History==
In September 1954, with $200,000 in capital and $100,000 of surplus, Goodman and Rapoport formed a new company called American Income Life Insurance Company (AIL). American Income Life reinsured the policies of American Income and was transformed from a mutual reserve company to a stock company. American Standard, the company's original insurer, was merged with American Income Life, and the company acquired about $400,000 worth of premiums.
⚫ The company began in 1951 under the name American Income, chartered as a mutual assessment association in ] with $25,000 of borrowed capital. It was reinsured through American Standard Insurance Company as a new mutual reserve company in March 1951. American Income Insurance Company was officially founded in May 1951 by the company's president, Harold Goodman, and executive vice president, ], who was Goodman's nephew.<ref name=rap/> The company's home offices were located in ], Indiana.<ref>{{cite book | title=The Spectator: An American Weekly Review of Insurance | publisher=Spectator Company | issue=v. 88-89 | year=1912 | url=https://books.google.com/books?id=EvdYAAAAYAAJ&pg=RA3-PA4 | ref={{sfnref | Spectator Company | 1912}} | access-date=2020-03-25}}</ref>


⚫ In 1961, AIL began providing supplemental insurance to members of ] and serving union policyholders in ways unfamiliar to the industry. For example, AIL waived payment of premiums by union members during an authorized ], a benefit still offered in 2021. AIL also developed a college scholarship program for children of union members, and the company contributed to the ]s of unions engaged in lawful strikes. The company was positioned as the only 100% union insurance company, and termed the phrase, “Be Union-Buy Union." In 1963, AIL's income was about $6 or $7 million.<ref name=rap/>
Between 1954 and 1955, AIL's assets had doubled, its net reserve had tripled, its capital and surplus more than doubled, and it had about $15 million of insurance in force.<ref name="ReferenceA"/> In 1956, Rapoport desired to take the Indiana-based company national. He obtained a license in Ohio and opened a central office in Columbus. By the close of 1956, American Income Life was operating in thirteen states with 300 sales personnel in the field operating out of 96 general agencies. In March 1958, the company's home offices were moved from Indianapolis, Indiana, to Waco, Texas.


⚫ In 1994, American Income Life was sold to Torchmark Corporation for $563 million.
⚫ In 1961, AIL began providing supplemental insurance to members of ] and serving union policyholders in ways unfamiliar to the industry. For example, AIL waived payment of premiums by union members during an authorized ], a benefit still enforced in 2011. AIL also developed a college scholarship program for children of union members, and the company contributed to the ]s of unions engaged in lawful strikes.<ref name="ReferenceA"/> The company was positioned as the only 100% union insurance company, and termed the phrase, “Be Union-Buy Union." In 1963, AIL's income was about $6 or $7 million.<ref name="ReferenceA"/> By 1973, income reached $31.5 million.


As part of a company-wide rebranding of the Torchmark Corporation, American Income Life became a subsidiary of ].
In June 1966, the ] (OPEIU) organized the Home Office staff, making AIL the only insurance company with all union employees. In October 1973, the company was granted an official designation as a ] company by the AFL-CIO. AIL was one of only two insurance companies in the entire United States with the official Union Label.

⚫ In 1994, American Income Life was sold to Torchmark Corporation for $563 million.<ref name="ReferenceA"/>

In 2003, the company developed the free child safety kit program to get into people's houses to sell them life insurance. Agents leave boxes promising free child safety kits in stores where parents request the kits. The agents then call the parents and set up an appointment to deliver the kits and do not mention that they will trying to sell them life insurance once they are inside their houses.<ref name="ReferenceA"/>


The total Lay-Off Waiver of Premium paid in 2010 was $1.3 million. This Lay-off Waiver of Premium provides for a waiver of premiums while the insured is on a qualified lay-off and is actively seeking work. American Income Life also paid a total of $124.4 million in life and health claims for 2010.<ref>"2011 Labor Advisory Board Report" http://www.ailife.com/Main/forms/2011-LAB-Report.pdf Accessed on March 15, 2011.</ref>

American Income Life Insurance Co. is suing Google Inc. and the unnamed owners of two websites for featuring unflattering web pages in the top page of search results for American Income Life Insurance. <ref>http://insurancenewsnet.com/article.aspx?id=323908</ref>


==References== ==References==
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Latest revision as of 16:24, 23 December 2024

American life insurance company
American Income Life Insurance Company
Company typeSubsidiary of Globe Life
Traded as(formerly NASDAQ: AINC)
IndustryLife insurance
Founded1951; 73 years ago (1951)
FounderBernard Rapoport
HeadquartersWaco, Texas, United States
Area servedUnited States, Canada and New Zealand
Key peopleSteven K. Greer (CEO)
ProductsSupplemental health and life insurance
ParentGlobe Life
SubsidiariesNational Income Life Insurance Company, Union Heritage Life Assurance Company Limited
Websiteailife.com

American Income Life Insurance Company (AIL) is an American unionized life insurance company that provides supplemental life insurance to labor unions, credit unions, and associations.

The company was founded in 1951 and the executive offices have been located in Waco, Texas, since 1959. American Income Life is licensed in 49 states, the District of Columbia, Canada, and is registered to carry on business in New Zealand. AIL also has two wholly owned subsidiaries: National Income Life Insurance Company, licensed in the state of New York, and Union Heritage Life Assurance Company Limited, licensed in the Republic of Ireland.

As of 2013, AIL had more than two million policyholders and was a wholly owned subsidiary of Globe Life, based in McKinney, Texas.

History

The company began in 1951 under the name American Income, chartered as a mutual assessment association in Indiana with $25,000 of borrowed capital. It was reinsured through American Standard Insurance Company as a new mutual reserve company in March 1951. American Income Insurance Company was officially founded in May 1951 by the company's president, Harold Goodman, and executive vice president, Bernard Rapoport, who was Goodman's nephew. The company's home offices were located in Indianapolis, Indiana.

In 1961, AIL began providing supplemental insurance to members of labor unions and serving union policyholders in ways unfamiliar to the industry. For example, AIL waived payment of premiums by union members during an authorized strike action, a benefit still offered in 2021. AIL also developed a college scholarship program for children of union members, and the company contributed to the strike funds of unions engaged in lawful strikes. The company was positioned as the only 100% union insurance company, and termed the phrase, “Be Union-Buy Union." In 1963, AIL's income was about $6 or $7 million.

In 1994, American Income Life was sold to Torchmark Corporation for $563 million.

As part of a company-wide rebranding of the Torchmark Corporation, American Income Life became a subsidiary of Globe Life.

References

  1. ^ Allison Bell (26 July 2019). "Torchmark to Change Its Name to Globe Life". ThinkAdvisor. Retrieved 29 July 2019.
  2. "CEO Profile". Bloomberg. Retrieved 17 January 2019.
  3. Bowyer, Denise. "National View: How business can help us avoid the looming retirement crisis". southcoasttoday.com.
  4. ^ Rapoport, Bernard (2019). Being Rapoport: Capitalist with a Conscience. Univ of Texas Press. OCLC 1057656587.
  5. The Spectator: An American Weekly Review of Insurance. Spectator Company. 1912. Retrieved 2020-03-25.
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