What Is AssuranceSelect 7 Plus?
AssuranceSelect 7 Plus is a whole life insurance product offered by American Life Insurance Company, designed for adults who want guaranteed acceptance without a medical exam. The policy builds cash value over time and includes a level death benefit, which can help cover final expenses, outstanding debts, or small bequests. Because it is guaranteed issue, the underwriting is streamlined, but the premiums and coverage amounts reflect that convenience.
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American Life Insurance Company, founded in 1880, has focused on individual life products for more than a century. AssuranceSelect 7 Plus is one of the company's simplified-issue lines aimed at middle-market and senior consumers who may not qualify for fully underwritten coverage or who prefer a no-exam process.
Key Features of AssuranceSelect 7 Plus
- Guaranteed acceptance: No medical exam and typically no paramedical interview for the base product, within eligible age and coverage limits.
- Whole life structure: Level premiums and a guaranteed death benefit that builds cash value over the life of the policy.
- Coverage amounts: Face amounts are set by the company's underwriting guidelines and may vary by state and issue age.
- Riders: Depending on the state and issue age, riders such as accidental death or waiver of premium may be available.
- Cash value accumulation: A portion of each premium is allocated to cash value, which grows on a guaranteed basis and can be accessed through loans or withdrawals under the policy terms.
Eligibility and Age Range
AssuranceSelect 7 Plus is typically available for adults between the ages of 50 and 80. American Life Insurance Company sets specific issue-age limits and coverage caps to manage risk on a guaranteed-issue product. Applicants usually answer a simplified health questionnaire rather than undergoing a full medical exam, but coverage may be limited or graded during the first few years if there are undisclosed health conditions.
Because the product is guaranteed issue, the application process is short, but the premiums are higher than they would be for a fully underwritten policy of the same size. The trade-off is access to coverage for people who might otherwise be declined or rated.
Pricing and Premium Structure
Premiums for AssuranceSelect 7 Plus are level and fixed for the life of the policy. Because the product is whole life with guaranteed acceptance, the cost per thousand of coverage is higher than it would be for term insurance or a medically underwritten whole life policy. Exact premiums depend on the applicant's issue age, the chosen face amount, gender, and tobacco use where applicable.
American Life Insurance Company typically provides premium illustrations at the time of application that show how cash value grows over time and what the guaranteed death benefit will be at each milestone. These illustrations are useful for comparing the product's long-term cost against other options.
How It Compares to Other Guaranteed-Issue Products
Several insurers offer guaranteed-issue whole life policies with similar no-exam structures. The differences often come down to premium cost, coverage maximums, cash-value growth rates, and the strength of the insurer's history. American Life Insurance Company's AssuranceSelect 7 Plus competes on its long track record and the simplicity of its application, though consumers should compare premium rates and riders across carriers before deciding.
| Feature | AssuranceSelect 7 Plus | Typical Competitor Guaranteed Issue |
|---|---|---|
| Medical exam | Not required | Not required |
| Issue age range | 50–80 (varies by state) | 50–85 (varies by carrier) |
| Premium structure | Level whole life | Level whole life |
| Cash value growth | Guaranteed base rate | Guaranteed base rate |
| Graded death benefit | Per policy terms | Per policy terms |
Who Should Consider AssuranceSelect 7 Plus?
AssuranceSelect 7 Plus can be a fit for adults who are aging into retirement, have health conditions that make fully underwritten coverage difficult to obtain, or want a predictable policy to cover final expenses and modest legacy goals. It is worth considering if you value guaranteed acceptance and whole life guarantees over the lowest possible premium.
It may not be the best choice if you are young and healthy and could qualify for a fully underwritten policy at a lower cost, or if you need a large death benefit to replace income or fund a complex estate plan. In those cases, a term or medically underwritten whole life policy is likely to be more efficient.
How to Apply and What to Expect
Applications for AssuranceSelect 7 Plus are typically completed through a licensed agent or directly through American Life Insurance Company's distribution channels. The process includes a simplified health questionnaire, identity verification, and beneficiary designation. Because the product is guaranteed issue, there is no waiting for medical records or a paramedical exam, which shortens the timeline from application to policy issue.
Once issued, the policyowner can review the full contract, including the guaranteed death benefit, premium due dates, and cash-value projections. Keeping the policy in force requires timely premium payments, and the cash value can serve as a resource under the terms of the contract.