Philadelphia American Life Insurance Review (2022)

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…

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Reviewed by

Rachael Brennan

Licensed Insurance Agent

UPDATED: Mar 14, 2022

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Here's the Scoop

  • Philadelphia American sells senior products
  • The New Era Life Insurance Company owns Philadelphia American
  • You can shop for free insurance quotes online

Seniors who want to provide their loved ones with funds to pay for funeral services may be interested in a Philadelphia American Life Insurance policy.

Philadelphia American is an insurance company that provides seniors with necessary insurance products. If you’re looking to purchase comprehensive coverage, you can buy Medicare supplements, disability insurance plans, and final expense life insurance through Philadelphia American.

Keep reading this review to learn more about Philadelphia American life insurance ratings, how much final expense insurance costs, and if Philadelphia American is the right insurance company for you.

Table of Contents

What is Philadelphia American?

Founded in 1978, Philadelphia American is a New Era Life Insurance Company subsidiary. Contrary to its name, this company isn’t based in Philadelphia. The address for its corporate office is 11720 Katy Fwy Ste 1700, Houston, Texas 77079.

Licensed in all 50 states, you can give your business to Philadelphia American, no matter where you live. You can visit the Philadelphia American health insurance website or send an email to [email protected] to locate available products in your state.

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Does Philadelphia American provide life insurance products?

You won’t have many choices when shopping for life insurance through Philadelphia American. This company only offers consumers a final expense policy, a type of whole life insurance. Final expense life insurance policies help your loved ones cover the expenses of a memorial or funeral service. Such services can climb above $8,000 and, without insurance, can be a financial burden to those left footing the bill.

Thankfully, you can purchase up to $25,000 in coverage through a Philadelphia American life insurance policy so your loved ones will have available funds to purchase:

  • A casket
  • Flowers
  • Transportation to a gravesite
  • Embalming procedures

While the total death benefit is small compared to other policies, you won’t have to take a medical exam to qualify for this policy.

Such policies that don’t require applicants to take a blood test or submit information from their doctor are known as simplified issue policies. These policies can make life insurance coverage more accessible to older individuals or people in poor health.

Who should buy final expense insurance?

Typically, final expense insurance policies are only available to individuals over age 50, depending on the company. If you are below the age of 50 and want to ensure your family won’t have to pay for your funeral out-of-pocket, you can look into purchasing a term, universal, or whole life insurance policy.

Individuals on a tight budget can typically purchase a lot of coverage for a low rate with a term policy, as you can see here:

30-Year Term Life Insurance Rates by Age

Age and gender Good health Average health
20, female $26 $37
20, male $36 $45
30, female $31 $41
30, male $37 $48
40, female $47 $63
40, male $57 $79
50, female $108 $144
50, male $145 $201
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While whole and universal life insurance policies can be more expensive, these insurance products come with additional benefits, like growing cash value.

How much does a final expense policy cost?

Unfortunately, sample rates for a Philadelphia American final expense life insurance policy aren’t available online, so you’ll have to request a free quote to determine how much you may pay for your coverage. If you’re not sure where to start shopping for final expense insurance, you can use online guides to find the top five final expense life insurance companies that can give you free quotes.

Once you have your free quote in hand, you can compare your rate to those offered by other major insurance companies:

Sample $25,000 Final Expense Insurance Rates for Men

Age Aetna Foresters Transamerica AIG Mutual of Omaha
60 $124.17 $108.24 $104.17 $172.22 $102.08
65 $151.25 $134.64 $135.96 $230.27 $134.59
70 $199.17 $177.54 $181.28 $268.55 $179.45
75 $265.83 $252.00 $244.72 $378.64 $244.02
80 $359.58 $362.12 $345.21 $672.87 $326.83
85 $492.92 NA $495.72 $865.38 $453.08
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Your age, gender, or riders can affect your life insurance rates. A life insurance rider is additional coverage that you can add to your policy for a higher cost.

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Does Philadelphia American provide life insurance riders?

Philadelphia American has many riders available for its final expense insurance policies. However, you can buy additional coverage through Philadelphia American to supplement your life insurance policy. You can choose to buy:

  • 24-hour accident coverage
  • Critical illness insurance
  • Disability insurance policies

If you want more information about these supplemental plans, reach out directly to a Philadelphia American agent.

Are Philadelphia American Life Insurance ratings positive?

Ratings for the Philadelphia American Life Insurance Company are subpar. For example, A.M. Best awarded this company a B++. This rating is a far cry from the high scores awarded to some of the best life insurance companies for seniors:

Company AM Best Rating AM Best Financial Outlook
Mutual of Omaha A+ Stable
Northwestern Mutual A++ Stable
Transamerica A Stable
Banner Life A+ Stable
AIG Direct A Stable
Prudential A+ Stable
MassMutual A++ Stable
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In addition, customers who appreciate good service may be reluctant to purchase from Philadelphia American since it has an F rating from the Better Business Bureau. The BBB explained that Philadelphia American earned this rating because it failed to respond to complaints filed against it, and another complaint was not resolved. The BBB website gives Philadelphia American a little under a 3/5 star customer rating on average.

If you are interested in typical customer ratings for Philadelphia American Life Insurance Medigap policies, you can read free reviews online.

What You Need to Know About Philadelphia American Life Insurance

Individuals looking for highly rated companies that sell final expense insurance may need to look beyond Philadelphia American. The BBB’s rating for Philadelphia American Life Insurance is abysmal, while Philadelphia American life insurance company A.M. Best rating may not be high enough to meet customers’ expectations.

You can shop online to find reputable and financially strong life insurance companies that offer final expense life insurance policies.