Who Is Delaware American Life Insurance Company?
Delaware American Life Insurance Company, often referred to as Delam, is a state‑chartered insurance entity based in Dover, Delaware. Established in 1963, the company has focused on providing term and whole life policies to individuals and families across the United States. Delam is owned by the Delaware American Insurance Group, which also operates several related financial services subsidiaries.
- Who Is Delaware American Life Insurance Company?
- Product Portfolio
- Term Life Insurance
- Whole Life Insurance
- Universal Life Insurance
- Financial Strength and Ratings
- Underwriting and Eligibility
- Customer Experience and Service
- Key Benefits and Considerations
- How to Apply and Get a Quote
- Comparison with Other Delaware‑Based Insurers
- FAQs
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Product Portfolio
Delam offers a range of life insurance products tailored to different life stages and financial goals.
Term Life Insurance
- Term lengths: 10, 15, 20, 30 years
- Fixed premiums throughout the term
- Convertible options to whole life after 5 years
Whole Life Insurance
- Lifetime coverage with cash value accumulation
- Dividend‑eligible policies (subject to underwriting)
- Flexible premium payment schedules
Universal Life Insurance
- Adjustable premiums and death benefits
- Interest credited to cash value based on market performance
- Allows policyholders to adjust coverage as needs change
Financial Strength and Ratings
Delam's financial robustness is reflected in its industry ratings. As of the latest reports, the company holds a AA‑ rating from A.M. Best and an A‑ rating from Standard & Poor's. These ratings indicate strong solvency and a solid ability to meet future claims.
Underwriting and Eligibility
Eligibility criteria for Delam policies are straightforward. Applicants must:
- Be 18–70 years old (age limits vary by product)
- Provide a medical history and undergo a health questionnaire
- Pass a basic health screening (blood pressure, BMI, etc.)
Delam offers a "no exam" term option for applicants under 50, allowing a quicker application process.
Customer Experience and Service
Delam emphasizes digital accessibility. Policyholders can:
- Access a user‑friendly online portal for premium payments and claim status
- Use a mobile app for policy updates and document uploads
- Reach customer support via phone, email, or live chat during business hours
Customer satisfaction surveys consistently rate Delam's service above the industry average, particularly praising the clarity of policy explanations.
Key Benefits and Considerations
Benefits:
- Competitive rates for term policies, especially for healthy applicants under 40
- Flexible whole life options with dividend potential
- Strong financial backing and reliable claim payment history
Considerations:
- Whole life policies have higher premiums compared to term
- Dividend eligibility depends on company performance and is not guaranteed
- Policyholder's age can affect premium affordability for longer terms
How to Apply and Get a Quote
Applying is simple: visit Delam's official website, enter basic personal details, and select a product. The system provides an instant quote, which can be customized by adjusting coverage amounts or term lengths. Applicants may choose to submit a full medical exam or opt for the no‑exam route if eligible.
Comparison with Other Delaware‑Based Insurers
| Feature | Delaware American Life (Delam) | Delaware Life Insurance Co. | Delaware National Life |
|---|---|---|---|
| Year Established | 1963 | 1980 | 1975 |
| Primary Product | Term & Whole Life | Whole Life | Term Life |
| Financial Rating (A.M. Best) | AA‑ | A+ | A‑ |
FAQs
- Is Delam a reputable insurer? Yes—its long history and strong ratings support its reputation.
- Can I convert term to whole life? Yes, most term policies allow conversion after 5 years.
- What happens if I miss a premium? Missed payments may lead to policy lapse; contacting customer service can often arrange a payment plan.