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Last updated June 16, 2009
American Family Insurance Company’s history can be traced back to 1927. It was then that Herman Witter, an insurance salesmen, founded Farmers Mutual Insurance Company. The company’s original intent was to provide auto insurance and the main target was farmers. From then, the company has expanded its market and product line to best meet its customers changing needs. In 1963, Farmers Mutual Insurance Company became american family mutual insurance company to reflect the expanding customer base.
American Family Insurance (aka AmFam) is a private mutual company that focuses on property, casualty and auto insurance, but also offers commercial insurance, life, health, and homeowners coverage, in addition to investment and retirement-planning products. A Fortune 500 company, its revenues for 2007 were over $6.8 billion.
With a strong focus on family, American Family hopes to offer growing families a variety of products that will help them provide for the future. To do so, the company has a variety of life insurance options including term life, universal life and whole life. Term life insurances offers coverage for a set number of years, usually in 10, 20 or 30 year terms. The premiums for term life are usually relatively cheap and death benefits will be paid to the family as long as the death is within the years of the agreed term.
Whole life insurance policies remain in force for the lifetime of the insured. Premiums are to be paid on a regular, set basis in order for the policy to stay in force. The policy also allows for the accumulation of cash values.
Universal life insurance, like whole life, is a type of permanent protection. However, universal life differs with its flexibility in premium payments. Policyholders have the option to change the amount of insurance according to their changing needs. This, too, accumulates cash value.
Contact American Family Life Insurance Company at:
American Family Insurance 6000 American Parkway Madison, WI 53783-0001 Telephone: (608) 249-2111
Sources: ” American Family Insurance,” Wikipedia, June 2009; “Life Insurance ,” American Family Website, 2009.