American Income Life Insurance Company

American Income Life Insurance Company (some time ago NASDAQ: AINC), situated in Waco, Texas, gives supplemental life coverage to worker's parties, credit unions, and affiliations. American Income Life (AIL) was established in 1951. The organization's official workplaces have been situated in Waco, Texas, since 1959. American Income Life is authorized in 49 states, the District of Columbia, Canada, and is enrolled to bear on business in New Zealand. Upset likewise has two completely claimed auxiliaries: National Income Life Insurance Company, authorized in the condition of New York, and Union Heritage Life Assurance Company Limited, authorized in the Republic of Ireland. Distress has more than two million policyholders (as of June 2013). With its New York backup, National Income Life Insurance Company (NILICO), the organization has consolidated resources of more than $2.6 billion, with more than $41.3 billion of disaster protection in power (as of April 2013). American Income Life is an entirely claimed auxiliary of Torchmark Corporation (NYSE: TMK), situated in McKinney, Texas. 

History

The organization's history started in 1951 under the name American Income. American Income was contracted as a shared appraisal relationship in Indiana with $25,000 of acquired capital. It was reinsured through American Standard[disambiguation needed] as another shared store organization in March 1951. American Income Insurance Company was authoritatively established in May 1951 by the organization's leader, Harold Goodman, and official VP, Bernard Rapoport (Goodman's nephew). The organization's home workplaces were situated in Indianapolis, Indiana.

American Income initially sold minimal effort clinic protection arranges. Amid its first year, the organization took in about $95,000 worth of premium pay. The organization came to $1 million worth of protection premiums in 1953. By 1954, the organization was accepting 6,000 protection arrangement applications for each month.

In September 1954, with $200,000 in capital and $100,000 of excess, Goodman and Rapoport framed another organization called American Income Life Insurance Company (AIL). American Income Life reinsured the approaches of American Income and was changed from a common store organization to a stock organization. American Standard, the organization's unique safety net provider, was converged with American Income Life, and the organization procured about $400,000 worth of premiums.

Somewhere around 1954 and 1955, AIL's benefits had multiplied, its net store had tripled, its capital and surplus dramatically increased, and it had about $15 million of protection in force In 1956, Rapoport sought to take the Indiana-based organization national. He acquired a permit in Ohio and opened a focal office in Columbus. By the end of 1956, American Income Life was working in thirteen states with 300 deals faculty in the field working out of 96 general organizations. In March 1958, the organization's home workplaces were moved from Indianapolis, Indiana, to Waco, Texas.

In 1961, AIL started giving supplemental protection to individuals from worker's guilds and serving union policyholders in routes new to the business. For instance, AIL waived installment of premiums by union individuals amid an approved strike activity, an advantage still offered in 2014. Upset likewise built up a school grant program for offspring of union individuals, and the organization added to the strike assets of unions occupied with legitimate strikes. The organization was situated as the main 100% union insurance agency, and termed the expression, "Be Union-Buy Union." In 1963, AIL's salary was about $6 or $7 million.By 1973, wage came to $31.5 million.

In June 1966, the Office and Professional Employees International Union (OPEIU) composed the Home Office staff, making AIL the main insurance agency with every union worker. In October 1973, the organization was allowed an official assignment as a Union Label organization by the AFL-CIO. Distress was one of just two insurance agencies in the whole United States with the official Union Label.

In 1994, American Income Life was sold to Torchmark Corporation for $563 million

American Income Life Insurance Co. is suing Google Inc. also, the anonymous proprietors of two sites for including unflattering website pages in the top page of list items for American Income Life Insurance.