American Bankers Life Assurance of Florida

American Bankers Life Assurance Co. of Florida, under the heading of Assurant Solutions, offers a specific type of life insurance known as Preneed Life. Payments made toward a Preneed Life insurance policy are used to cover a predetermined funeral, cremation or burial expense. The policy also covers the cost of funeral merchandise. Unlike traditional life insurance where the policy may cover the cost of the lost income, pay off a mortage, or provide other financial relief, a Preneed Life policy concentrates on funeral costs. One of the benefits to buying a Preneed Life insurance policy is the ability to lock in costs. Assurant Solutions partners with various funeral homes that agree to a set price for the funeral arrangements.

History Of American Bankers Life

American Bankers Life Assurance Co. of Florida is a subsidiary of Assurant Solutions. It was acquired in 1999 by the then-known Fortis Inc. At the time of its acquisition, American Bankers Life Assurance Co. was known as American Bankers Insurance Group and was considered one of the top two credit-related insurers in the country. As part of its acquisition, it merged with American Security Group to form the Assurant Group, which later became known as Assurant Solutions.

American Bankers Ratings

According to the most respected and widely regarded insurance rating service, A.M. Best, American Bankers Life Assurance Co. of Florida received an "A-" (Excellent) rating on their financial and operating performance in November 2008. In January 2007 (the most recent year available), the company received an "A3" (Good) in Moody's Financial Strength rating. In that same month, it received a "A-" (Strong) from Standard & Poor.