About Great American Life Insurance Company
Great American Life Insurance Company dates back to 1872 when the German American Insurance Company was founded. In 1918, the Company changed its name to Great American Insurance Company.
In 1959, Great American Life was formed as a subsidiary to offer life insurance through Great American Insurance agents. Later in the 1970s, they became a leader in the tax-deferred annuities industry.
Today, Great American Life Insurance Company are licensed to sell products in all states (except New York), the District of Columbia, the U.S. Virgin Islands and Guam. Great American Life Insurance Company is a subsidiary of Great American Financial Resources®, Inc.(GAFRI), which is publicly traded on the New York Stock Exchange (NYSE:GFR) and has assets of approximately $9 billion as of June 30, 2002. Through its subsidiaries, GAFRI markets retirement annuities, and various forms of life and supplemental health insurance.
Great American Life Insurance Company, Updated 2019
If you have been searching for a company that has been around for a long-time standing and has a great reputation in the industry, you may have come across Great American Life Insurance company. While they may not be one of the companies that finds themselves in our top-10 life insurance company list, that doesn’t mean that they are not a reliable or reputable life insurance company.
In fact, that’s exactly what they are, and they offer several different forms of life insurance coverage to the consumers. One of the primary offerings that Great American Life Insurance company is known for falls into the category of commercial risk insurance.
However, Great American is also known for offering various financial products geared towards helping individuals plan for retirement and offers a diverse group of life insurance products.
In this quick review, we are going to cover Great American’s history, financial strength and products offered.
Great American Life Insurance Company Overview and History
Currently, Great American operates as Great American Insurance Company and was originally founded in 1872. As stated before, Great American focused primarily on other areas outside of life insurance but does offer life insurance products tailored to meet their client’s needs.
Great American is also a big-time player in the property-casualty arena of insurance and currently ranks 486th on the Fortune 500 list in 2004. As of 2017, Great American currently employs more than 7,000 employees and has a net yearly income of 343 million dollars with total assets totaling nearly 37 billion dollars.
Additionally, in 2007 Great American Insurance even purchased the naming rights to Great American Ballpark which now plays home to the Cincinnati Reds in Ohio. If there is a company that you would consider very strong but tends to fly under the radar, it would certainly be Great American Ballpark.
Great American Life Insurance Company Financial Strength Ratings
One of the important factors that always need to be considered when determining which life insurance company to work with comes down to the financial strength of the company. Currently, Great American Life Insurance is supporting the following financial strength numbers from the 4 major credit rating agencies.
A.M. Best- A+
Moody’s – A1
Standard and Poor’s-A+
These are outstanding financial strength numbers and not all life insurance companies can boast the same ratings. This goes to show that Great American is financially stable and has a positive and long outlook into the future.
Products Offered by Great American Life Insurance
Currently, Great American seems to be very strong in the Annuity sector of financial planning.
When you visit their website, it’s difficult to find much else for the consumers to purchase outside of annuities when you click on “individual products. Currently, Great American Life is offering the following forms of annuities.
- Fixed-Indexed Annuities
- Fixed Annuities
- Variable Indexed Annuities
- Variable Annuities
- Immediate Annuities
- Group Annuities
It’s also apparent when you visit Great American’s website that they focus very heavily on Property and Casualty insurance.
While Great American Life Insurance Company surely appears to be a strong option in the insurance industry, we don’t feel that they are necessarily the best option you can choose for robust life insurance coverage.
The problem is that the options for pure life insurance are just too limited. We always when we can offer our clients a robust selection of term, universal, permanent and even final expense policies.
Not to mention, we love the fact that we can offer other options such as no-exam life insurance or even policies that ask no medical questions at all such as guaranteed issue life insurance.
Final Word, Great American Life Insurance Is Strong but You Can Certainly Do Better.
Like we stated before, it was very difficult to find any information about Great American Life that would be considered negative. However, we have been around the life insurance industry for a long time and we firmly believe that you have better options that you can choose from.
You should be looking for companies that are offering no-exam coverage, living benefits and giving you the full scope of options before making any decisions. Or, you can do things the easy way. At Spectrum Insurance Group, we specialize in helping individuals find the best coverage possible.
We like to ensure you aren’t only getting a life insurance policy that are tailored made to fit your needs and budget but that you also find a company that can make you finally experience peace of mind and to rest assured, you have placed the necessary protection around your family for the long haul.
As principal licensed life insurance agent Bennett Bier has helped 1000’s of people purchase life insurance online & over the phone. During his career he has become the go to expert for securing hard to place term and permanent life insurance policies for clients across the nation. With his wealth of knowledge of each life insurance carrier’s products and underwriting he provides honest answers and advice to every client. Bennett Bier and his team will work tirelessly to successfully secure the coverage your family deserves.
All content on this site has been written by life insurance experts & licensed life insurance agents.