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What is Old American Insurance?

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Quick Answer

Old American Insurance is a final expense life insurance company that serves close to 200,000 policy servers in 47 states in the United States and the District of Columbia, according to its company website. It is headquartered in Kansas City, Missouri, with more than $1 billion of life insurance in force. Apart from final expense insurance products, the company also offers life and juvenile insurance services.

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Full Answer

Other companies refer to final expense insurance as burial expense or funeral expense insurance. As its terms imply, this type of insurance provides coverage for the funeral needs of the policy holder. Its coverage usually include funeral services, headstones, caskets, cemetery plot, funeral procession and other miscellaneous costs, according to Investopedia.

Final expense insurance provide coverage to policy holders until they reach the age of 100. Unlike typical life and health insurance plans, final expense insurance does not require applicants to undergo health assessment to obtain a policy. It is also a cash policy, which means that it grows in value in time.

Old American Insurance provides policies under the philosophy that no one should be considered as uninsurable, according to its website. The company commenced business in 1939 and it has since become licensed to offer policies in most states in the United States. Old American Insurance became a subsidiary of Kansas City Life Insurance Company in 1991.

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