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Pan American Life Insurance Company
About the Company
Crawford H. Ellis, a native of New Orleans, Louisiana, came up with the idea for Pan American Life Insurance Company when he was on a ship that was delivering produce to the United States from Central and South America. Ellis wanted to create a company that offered the people of Latin America personal and business insurance protection. In 1911, Ellis shared his idea with Dr. Edward G. Simmons, Dr. Marion Souchon, and Eugene J. McGivney, and the four of them founded the company together.They sold their first life insurance policy in March 1912. Today, the company has life insurance policies with thousands of customers in the Americas. They are licensed to operate in 43 states, the District of Columbia, and Puerto Rico. They have affiliates in Columbia, Guatemala, and Panama and have branch offices in Ecuador, El Salvador, and Honduras.
In addition to offering term life insurance, Pan America also offers universal life and whole life products.
Term Life Insurance Products
Pan America's term life products offer the following features and benefits:
- Premiums generally rise during the life of the policy.
- If the policyholder passes on while the policy is in effect, the insurance company pays the face value of the policy to the beneficiary. If the policy expires before the policyholder passes on, the benefit is not paid.
- These policies do not have a cash accumulation value.
- Term life is the most affordable type of life insurance Pan America offers.
- These policies offer a transferable waiver of premium.
- These policies offer a conversion credit during the first five years of the policy.
Pan American Financial Ratings
A.M. Best: A- (Excellent)
Fitch: A (Strong)
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