Occidental Life Insurance Review (2024)
Occidental is an American Amicable subsidiary providing term life and permanent life insurance to customers throughout the United States. The company doesn't list its rates, but its multiple riders lower costs. Additionally, it's been rated an A by A.M. Best. Learning more about Occidental Life Insurance will help you determine if it's the right fit.
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Justin Wright
Licensed Insurance Agent
Justin Wright has been a licensed insurance broker for over 9 years. After graduating from Southeastern Seminary with a Masters in Philosophy, Justin started his career as a professor, teaching Philosophy and Ethics. Later, Justin obtained both his Property & Casualty license and his Life and Health license and began working for State Farm and Allstate. In 2020, Justin began working as an i...
Licensed Insurance Agent
UPDATED: Dec 12, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Dec 12, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Occidental Life Insurance is a subsidiary of American Amicable.
- Occidental Life Insurance offers term life and permanent life insurance.
- Occidental Life Insurance has been rated an A by A.M. Best.
When looking at a life insurance company, you might have questions like what coverage is available and how much does life insurance cost? Knowing these facts helps customers decide on the best option.
Occidental is an American Amicable subsidiary providing term life, whole life, and universal life insurance. The company does not offer online prices, but its multiple riders lower rates. Additionally, the company has been rated an A by A.M. Best and an A+ by the Better Business Bureau.
Let’s take a closer look at Occidental Life Insurance.
How much does Occidental Life Insurance cost?
Life insurance prices are a common way of choosing a company. While many customers can find affordable rates, others might ask, “Why is insurance so expensive?” Companies base rates on several factors, including:
- Age
- Gender
- Health
- Occupation
- Hobbies
Customers considered riskier, like smokers or those in high-risk jobs, are more likely to experience higher rates.
The best way to determine the most cost-effective option is by comparing multiple companies. Unfortunately, Occidental Life Insurance does not disclose its rates. However, knowing the average industry rates will help you determine if Occidental has competitive prices when you receive a quote.
The following charts show the average monthly rates for a 10-year term at $250,000 by age and gender.
Occidental Life Insurance Average Male Monthly Rates for a 10-year term at $250,000 by Age
| Age | Average Monthly Life Insurance Rates |
|---|---|
| 20 | $13.48 |
| 30 | $13.48 |
| 40 | $16.31 |
| 50 | $32.84 |
| 60 | $74.82 |
The following chart shows the same information for females.
Occidental Life Insurance Average Female Monthly Rates for a 10-year term at $250,000 by Age
| Age | Average Monthly Life Insurance Rates |
|---|---|
| 20 | $12.17 |
| 30 | $12.40 |
| 40 | $15.22 |
| 50 | $29.36 |
| 60 | $56.98 |
As you can see, rates are lower for females than males. Additionally, rates increase as customers age.
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What coverages are offered by Occidental Life Insurance?
Occidental Life Insurance provides term life, whole life, and universal life coverage. While there is only one universal life policy, the company offers multiple term life and whole life options.
Occidental’s term life policies are available in 10, 20, and 30-year terms and range in value from $25,000 to $300,000. All term life policies are renewable and convertible to a permanent life plan when the term expires.
The company’s universal life plan features flexible rates, lasts for the remainder of the insured’s life, and customers can choose their death benefit. However, the maximum value of this plan is $250,000.
Occidental offers three different whole life plans that feature fixed rates. Unfortunately, these policies don’t have flexible death benefits but accumulate a cash value.
The Family Choice plan is available for customers younger than 50 years of age. The maximum value for most customers is $35,000, but older buyers might have a lower maximum benefit. The low value makes this an affordable option but not ideal for those looking for long-term coverage.
The Financial Lifeline plan is a modified whole life policy. As a result, policyholders experience lower rates for the first two or three years and higher rates over time. However, the cash value is available in annuities to save towards retirement. The maximum value for this plan is $150,000.
The Senior Choice option is a final expense plan that pays for funerals and burials. Customers between the ages of 50 and 85 can buy coverage up to $35,000. This plan enables customers to pay for their final expenses before death, taking the burden off of loved ones.
Does Occidental Life Insurance offer riders?
Life insurance companies provide multiple options that customers can add to their policies. These options are called riders and enable policyholders to increase their coverage.
Occidental Life Insurance offers six riders that customers can add to a policy. The following table shows the riders offered by Occidental Life Insurance.
Occidental Life Insurance Riders
| Rider | Rider Coverage |
|---|---|
| Accelerated death benefit | Provides a portion of the death benefit early if the insured has a critical, chronic, or terminal illness. |
| Accelerated benefit for confined care | Provides a portion of the death benefit early if the insured is confined to a nursing home for at least 30 days. |
| Accidental death | Provides a larger death benefit if the insured dies in an accident. |
| Children’s insurance | Provides term life insurance for children under 17, and customers can convert the plan to a whole life policy at 25. |
| Return of premium | Can receive a return of some premiums paid if the insured outlives a term. |
| Waiver of premium | Waives payments if the insured has a disability. |
| Waiver of a premium due to unemployment | Payments waived for up to six months if the insured becomes unemployed. |
The accelerated death benefit rider is included free of charge with the company’s permanent life options. However, all other riders are available for an additional fee, and adding these optional riders will increase your monthly rates.
How is Occidental Life Insurance rated?
Credit rating agencies grade insurance companies on their financial strength. These grades allow customers to determine if a company is likely to provide a payout when customers file claims.
A.M. Best is the only credit rating agency to review Occidental Life Insurance. The highly-respected agency has rated Occidental an A, indicating that the company will provide a payout in most situations.
The Better Business Bureau (BBB) has rated Occidental an A+ for its business practices. This rating indicates that the company is transparent and trustworthy when dealing with customers.
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Does Occidental Life Insurance have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) allow customers to list complaints about insurance companies on their websites. These complaints enable potential customers to determine a company’s quality of service.
At the time of this review, the BBB has received three complaints about Occidental Life Insurance during the past three years. Additionally, three customers have left reviews on the BBB website with an average of 3.55 out of five stars.
The NAIC shows that Occidental has four complaints and a complaint index ratio of 2.06. These numbers show that the company has double the complaints of the average similarly-sized competitor.
How can you make Occidental Life Insurance payments?
Like filing claims, American Amicable handles Occidental Life Insurance payments. The company offers two quick ways to make payments, which include:
- Express Pay
- Automatic bank draft
The Express Pay option is on the American Amicable website. Customers can access the payment page by entering their policy number and zip code. Once entered, you can select your payment method or set up a payment schedule. Payment methods include:
- Credit card
- Debit card
- Electronic check
The American Amicable website also has an automatic bank draft form that customers can fill out and send to the address on the form. This option enables the company to automatically draft money from your checking or savings account, ensuring you don’t have to remember to make payments.
Who is Occidental Life Insurance?
Occidental Life Insurance began in 1906 in Albuquerque, New Mexico. In 1926, the company moved its headquarters to Raleigh, North Carolina, and changed its name to the Occidental Life Insurance Company of North Carolina.
Occidental was later acquired by American Amicable Life Insurance, becoming the larger company’s fourth subsidiary, joining:
- Pioneer Security Life Insurance Company
- Pioneer American Insurance Company
- IA Life Insurance Company
After the acquisition, Occidental moved its headquarters from North Carolina to Waco, Texas, joining American Amicable and its subsidiaries. Today, Occidental provides coverage to customers in all 50 states.
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Claims Process at Occidental Life Insurance: A Comprehensive Review
Ease of Filing a Claim (online, over the phone, mobile apps)
Occidental Life Insurance, a subsidiary of American Amicable, offers a straightforward claims process for its customers. To initiate a claim, policyholders can print out the claims form from the American Amicable website and complete it. The completed form can be submitted via fax, email, or mail.
While the company does not offer online claim filing or a dedicated mobile app for claims, the process is relatively simple and accessible through traditional means.
Average Claim Processing Time
Information regarding the average claim processing time for Occidental Life Insurance is not explicitly provided. Customers interested in knowing the typical duration for processing claims may need to contact the company directly for more precise details.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback regarding claim resolutions and payouts for Occidental Life Insurance is not explicitly provided in the available information. Individuals considering this insurer may want to research customer reviews and testimonials to gauge customer satisfaction with the claims process and the resolution of their claims.
Navigating Digital and Technological Features at Occidental Life Insurance
Mobile App Features and Functionality
Occidental Life Insurance does not appear to offer a dedicated mobile app with specific features for policyholders. As of the available information, customers may need to access their accounts and manage their policies through other digital means, such as the company’s website.
Online Account Management Capabilities
Occidental Life Insurance provides online account management capabilities, enabling policyholders to access their policy information, view coverage details, and make necessary updates or changes through the official American Amicable website. While specific features are not detailed, the online platform likely allows users to manage their policies efficiently.
Digital Tools and Resources
Although specific digital tools and resources are not outlined in the provided information, Occidental Life Insurance offers online access for policyholders to manage their accounts and access policy-related information.
These digital resources may include educational materials, policy documentation, contact information, and other helpful tools accessible through the American Amicable website.
Occidental Life Insurance: The Bottom Line
Occidental Life Insurance is a subsidiary of American Amicable, providing term and permanent life insurance to customers in all 50 states. The company offers multiple riders and has been rated an A by A.M. Best. Discovering more about Occidental Life Insurance will help you decide if it is the best option.
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Justin Wright
Licensed Insurance Agent
Justin Wright has been a licensed insurance broker for over 9 years. After graduating from Southeastern Seminary with a Masters in Philosophy, Justin started his career as a professor, teaching Philosophy and Ethics. Later, Justin obtained both his Property & Casualty license and his Life and Health license and began working for State Farm and Allstate. In 2020, Justin began working as an i...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.