Claim papers can be found online. If you have to claim your life insurance payout, it is simple to locate and print each necessary document digitally. This can assist in accelerating the procedure.

The online site for the administration of policies: Insurers can log into their virtual LICOA profile to have accessibility to the specifics of the insurance coverage and to make a monthly payment.

LICOA distributes life insurance coverage in 11 states due to their restricted access to certain areas.

Zero virtual quotes: You cannot get a fast internet quotation for any of the insurances offered by LICOA. Either complete the application on the website or get in touch with a representative directly.

Several different policy options: Term life and whole life are the only two options for insurance coverage that may be purchased via LICOA. In addition, the company does not include any advertisements for riders.

No user assistance is available 24/7:If you want to get in touch with the LICOA corporate office, you can either reach them by phone within office hours or fill out the enquiry form on their website.

Available Plans

Term life insurance and permanent life insurance are both products that LICOA offers for sale. Both plans involve the majority of candidates undergoing a medical assessment, while there are no plans offered that are promised to be issued. Policyholders of LICOA are not eligible to receive rewards since the organisation is not structured as a joint business.

One of the most significant drawbacks of LICOA is that the firm does not publish a large amount of data on its website on its insurance policies. For instance, you will not discover anything like insurance limitations or term durations. We strongly advise getting in touch with the provider to inquire about the details of every insurance provider in the area in which you reside.

The following is a more in-depth look at the many forms of life insurance that LICOA is licenced to sell:

Life Insurance for a Limited Time

Coverage under a term life insurance policy is provided for a predetermined amount of time, which may range from five to thirty years in length, based on the insurer. The premium for life insurance is the same throughout the policy's duration, and the death benefit is always paid out. Your recipient can claim the death benefit after your passing tax-free and utilise the money for whatever reason they want. In order to qualify for LICOA individual health insurance, most policyholders will need to submit to a physical examination.

Permanent Life Insurance

The protection provided by full life insurance is considered to be permanent and continues throughout the policyholder's lifetime. It offers fixed premiums and a death benefit not subject to taxation. A cash balance component that functions similarly to a savings account is included in entire life policies. Whenever the balance in the account exceeds a certain threshold, you will have the opportunity to take out a personal loan against the account's cash value. A standard medical exam is usually necessary for those who want to purchase life insurance coverage from LICOA.

Assistance to Customers

Customer support at LICOA is comparable to that offered by other local and regional life insurance providers. You may phone the main office at (800) 226-2371 throughout office hours, which are Monday to Thursday from 8:00 a.m. to 4:50 p.m. Eastern Time (ET), and Fridays from 8:10 a.m. to 12:15 0 p.m. ET. Alternatively, you can submit the online form.

Complaint Index

The Company Complaint Index is a grading program created by the National Association of Insurance Commissioners (NAIC). This system assigns rankings to regulated insurance firms predicated on the input received from existing clients. Complain ratings are determined by factors like the customer's overall satisfaction with the claims process, the price of the premium, and the contacts with agents.

The NAIC Complaint Index score for LICOA in 2021 was 0.0, which indicates that the company did not receive any complaints for specific life insurance.

On the other hand, the firm had a complaint score of 1.30 for all of its services in 2020, covering plans such as disability benefits and medical coverage, which is higher than the average score of 1.0 for the category. This suggests that LICOA could have problems with customer services or claims payments that are not especially connected to insurance coverage.

Third-Party Ratings

When deciding on an insurance carrier, you should consider the corporation's economic strength rankings carefully. Such results consider the overall effectiveness of the insurance's profits as well as its financial statement and debt responsibilities. The ratings provided by third parties for LICOA's financial power are above average but not exceptional. LICOA has been given a B++ rating by AM Best, which would be recognised as "good."

To put this into perspective, many of the best-rated life insurance firms have ratings of A+ or above.