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GenAmerica Life Insurance
About the Company
In 1999 GenAmerica Financial Company, the former parent company of General American Life Insurance, became a subsidiary of Metropolitan Life Insurance. MetLife first went into business in 1863 New York.
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Term Life Insurance Products
Genamerica Life Insurance Company offers the following term life insurance policies:
One Year Term Insurance
- This product provides protection for a period of one year.
- It is guaranteed renewable. You can renew your policy each year, regardless of your health, up until you are 95 years of age.
- You have the same amount of coverage from one year to the next.
- Your premiums will generally increase every year or so. The premiums will never exceed the maximum stated in the policy.
- You can exchange your one year term policy for a permanent policy before you turn 60 or at the end of the fifth year of your policy. For example, if you purchase your policy at 59, you can exchange it for a term policy at 64.
Scheduled Term Insurance
- This plan can be purchased for ten, fifteen, twenty, twenty-five, or thirty years.
- Regardless of the term you choose, the policy must be renewed on an annual basis.
- Evidence of insurability is not required for renewals.
- The policy may be exchanged for a permanent plan until you reach age 60.
- Premiums change annually, and generally increase.
Level Term Insurance
- Insurance coverage remains level for the life of the policy.
- The terms can be either ten, fifteen, twenty, or thirty years with this policy.
- Once the term period is selected, it cannot be changed.
- You may renew your policy every year up until the sage 90.
Franklin Life Financial Ratings
Moody's Investor Service: Aa2 (Excellent)
Standard & Poor's: AA (Very Strong)
A.M. Best: A+ (Superior)
Fitch Ratings: AA (Very Strong)
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