About American Income Life Insurance Company || The best income life insurance company

American monetary gain life assurance Company (previously NASDAQ: AINC), mainly based in urban inside, Texas, delivers additional life assurance to labor mergers, credit unions, and associations. yank financial gain Life (AIL) was supported in 1951. The company's govt offices are settled in urban center, Texas, since 1959. yank financial gain Life is authorised in forty nine states, the District of Columbia, Canada, and is registered to hold on business in New Seeland. AIL conjointly has 2 altogether owned subsidiaries: value life assurance Company, authorised within the state of recent royal line, and Union Heritage life insurance Company restricted, authorised within the Republic of eire.

AIL has over 2 million policyholders (as of June 2013). With its big apple subsidiary, value life assurance Company (NILICO), the corporate has combined assets of over $2.6 billion, with over $41.3 billion of life assurance in effect (as of April 2013).[2] yank financial gain Life could be a altogether owned subsidiary of Torchmark Corporation (NYSE: TMK), based in McKinney, Texas.
History:
The company's antiquity instigated in 1951 below the name American Revenue. American Salary was rented as a joint impost association in Indiana with $25,000 of rented money.. It was reinsured through yank normal Insurance Company as a new mutual reserve company in March 1951. yank financial gain Insurance Company was formally supported in could 1951 by the company's president, Harold Benjamin David Goodman, and govt vp, physiologist Rapoport (Goodman's nephew). The company's home offices were settled in capital of Indiana, Indiana.

American financial gain originally sold low-priced hospital insurance plans. throughout its 1st year, the corporate took in concerning $95,000 price of premium financial gain. the corporate reached $1 million price of insurance premiums in 1953. By 1954, the corporate was receiving six,000 policy applications per month.

In Sept 1954, with $200,000 in capital and $100,000 of surplus, Benjamin David Goodman and Rapoport shaped a replacement company referred to as yank financial gain life assurance Company (AIL). yank financial gain Life reinsured the policies of yank financial gain and was remodeled from a mutual reserve company to a stock company. American Standard, the company's original insurance firm, was unified with yank financial gain Life, and also the company nonheritable concerning $400,000 price of premiums.

Between 1954 and 1955, AIL's assets had doubled, its web reserve had tripled, its capital and surplus over doubled, and it had concerning $15 million of insurance in effect.[3] In 1956, Rapoport desired to require the Indiana-based company national. He obtained a license in Ohio and opened a headquarters in Columbus.By the closed of 1956, American Revenue Life was functioning in thirteen statuses with 300 auctions workers in the field working out of 96 overall activities.

In March 1958, the company's household bureaus were stirred from Indianapolis, Indiana, to Waco, Texas.

In 1961, AIL began providing additional insurance to memberships of labor mergers and serving union policyholders in techniques in which unskilled with to the trade. as an sample, AIL surrendered expense of premiums by union members through a approved strike action, a income still open in 2014.

. AIL conjointly developed a school scholarship program for kids of union members, and also the company contributed to the strike funds of unions engaged in lawful strikes. the corporate was positioned because the solely 100 percent union underwriter, and termed the phrase, “Be Union-Buy Union." In 1963, AIL's financial gain was concerning $6 or $7 million. By 1973, financial gain reached $31.5 million.

In June 1966, the workplace and skilled workers International Union (OPEIU) organized the house staff, creating AIL the sole underwriter with all union workers. In Oct 1973, the corporate was granted a politician designation as a Union Label company by the federation. AIL was one amongst solely 2 insurance firms within the entire u. s. with the official Union Label.

In 1994, yank financial gain Life was sold to Torchmark Corporation for $563 million.

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