A focus on providing peace of mind to the senior market has kept Old American Insurance Company in business for over eight decades now. This family-run insurance company based in Kansas specializes in final expense life insurance for the senior population. It currently has over 220,000 policyholders and has a presence in 47 states and the District of Columbia. Here is its brief history, how big it is, and its claims number.
At a time when there weren’t many options for senior citizens, Old American was founded to bridge the gap. On 11th December 1939, the company was incorporated before commencing business on 30th December 1939. It was founded on the belief that no one should be considered uninsurable based on their age.
Thomas McGee and his three sons founded the company. It was run from just a desk within the McGee and Sons Insurance Agency offices at first. Their first product was limited accident insurance policies for the senior market.
You may be probably wondering how a small company offering limited accident insurance for seniors became the preferred final expense life insurance company. Rapid growth over the years is what put the company on the map.
In 1944, Old American started offering life insurance. Over the years, this product has come to be at the core of the company.
Expansion beyond the State of Missouri began in 1966. The following years saw it cover almost every state. As of now, it is licensed to offer insurance in 47 states and the District of Columbia. Texas is among the states served by this insurance provider.
Changes in Ownership
CenTrust Bank Corporation purchased the Old American Insurance Company in the 1980s. However, prevailing nationwide financial difficulties in the 1980s within the savings and loans industry resulted in the insurance provider being taken over by the federal government.
In 1991, Kansas City Life Insurance Company, a life insurance provider since 1895, purchased Old American. This insurance provider has remained a subsidiary of Kansas City Life Insurance Company till date.
Old American sells its products through independent agents and subsidiaries like Old American County Mutual Insurance. It currently has over $1billion of life insurance in force. Products on offer include:
- Final expenses
- Income replacement
- Juvenile insurance
Market Cap of Old American Insurance Company
Will Old American Insurance Company be able to pay out your claim when that day finally comes? To objectively answer this question, there is a need to look at its financial strength, a factor mainly determined by the market cap. However, Old American is not a publicly-traded company and therefore has no market cap. But not to worry, its A.M. Best rating of A- (Excellent) in terms of financial strength is good enough to prove it is able to meet the ongoing obligations of its policyholders.
Additionally, it receives the backing of Kansas City Life Insurance Group that has a market cap of 428.49million by March 2021. It has had relatively tremendous growth, rising from a low of 246.98million in 2020 when the coronavirus pandemic hit.
Claims Number in Texas
It is important to note that this company does not provide auto insurance. However, if you are related to someone who is a policyholder, and they have passed on, you can file the claim through 1-800-733-6242. Additionally, you can enquire about the status of your claim through this number.
We understand that you must be going through a tough time after the passing of your loved one. That is why we are ready to file the claim for you at no-out-of-pocket expenses. Our lawyer will do all the follow-up for you to ensure your claim is paid out and your loved one is given the send-off they deserve.
Old American Insurance Company has been giving senior citizens peace of mind for over 80 years now with their end of life, income replacement, and juvenile insurance services. It is quite a financially strong company that is more than able to pay out your claim. You can file the claim at 1-800-733-6242 or have our lawyer do all the heavy lifting for you.