Pan-American Life Insurance Review

Group and individual policies with customizable options

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Pan-American Insurance

Pan-American Insurance

overall rating

Our Take

Pan-American offers a great selection of term, whole, and universal life insurance policies to individuals and group policies as part of a suite of supplementary coverages. Its group plans have employer-provided and voluntary benefits options. All policies offer solid, customizable coverage without a medical exam, although if you want an online quote or higher coverage for term policies, you may need to look for another provider.

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
  • Term coverage of 10, 15, 20, or 30 years

  • Term coverage can be renewed until age 98

  • Term coverage can be converted

  • Whole life policy earns dividends

  • Group coverage is guaranteed issue, including supplementary coverage

  • Term coverage only has a level premium until age 70

  • Waiver of premium riders have limits on length of waivers

  • Group supplementary coverage is paid out like an annuity instead of a lump sum

  • Not many details online about their group policies

  • Cannot get a quote or buy a policy online

Key Takeaways
  • Pan-American group life benefits are often included as part of other supplemental coverages such as cancer or high deductible supplemental policies, accident coverages, and ancillary benefits like vision, drug, and telehealth benefits packages. 
  • It offers many rider options on its policies.
  • Pan-American sells annuities, allowing you to plan for your retirement income needs at the same time that you purchase life insurance coverage. 
  • Year Founded 1911
  • Kinds of Plans Term, whole, universal, group, group voluntary
  • Number of Plans 5
  • Payment Options Online, automated payment, credit card, payroll
  • Official Website


Pan-American is an international company with a wide variety of insurance product lines including individual whole, term, and universal policies and group life insurance policies offered as part of a suite of employer-sponsored supplementary benefits. The company offers several different ways to customize your coverage through riders.  

We reviewed Pan-American’s policy offerings, riders, pricing, customer service, industry ratings, and more to help you decide if its policies are right for you.  

Company Overview

Pan-American is headquartered in New Orleans but is made up of more than 20 companies that offer insurance coverage in 22 countries. The company has millions of customers across North America and Latin America and employs over 2,100 employees. Its group insurance coverage serves small, national, and multinational businesses and sells everything from pensions to life insurance. 

Pan-American is licensed for business in 49 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. 

Available Plans 

Pan-American offers term, whole, and universal policies to individuals and group life insurance coverage that includes an employer-paid portion and a supplementary portion. 

Term Life Insurance

Pan-American offers term coverage in a term policy called SelecTerm that offers terms of 10, 15, 20, and 30 years. The SelecTerm policy offers level premiums and can be renewed after the level premiums period ends at age 98. You can get between $100,000 and $500,000 in coverage with accelerated underwriting that allows you to get coverage without a medical exam. However, your policy premiums increase annually after the level premium term ends. 

You can convert the SelecTerm policy to any of their permanent life insurance policies at any time before age 70 or the end of your term, whichever comes first. 

Pan-American sells its individual term life insurance coverage via its subsidiary, Mutual Trust. 

Whole Life Insurance

Pan-American offers whole life insurance coverages via Mutual Trust. Because Mutual Trust is a mutual company, it is owned by policyowners and allows you to earn a dividend on your whole life insurance policy. A portion of its surplus every year gets paid out to policyholders and while dividends aren’t guaranteed, they have been paid out consistently. 

The whole life policy also includes a guaranteed death benefit, level premiums, and accumulates cash value that you can borrow against.  

Pan-American has four whole life policies: 

Horizon Guarantee 

The Horizon Guarantee offers between $50,000 and $1,000,000 in coverage with a guaranteed interest rate of 4% on your cash value. This plan has a guaranteed death benefit and a level premium and allows you to pay your policy costs annually, semiannually, quarterly, or monthly.  

Horizon Value

The Horizon Value policy allows you to purchase between $25,000 and $1,000,000 in coverage with a 4% guaranteed interest rate. This plan is designed for fast-growing cash value and by the fourth year, in many cases, the increase in cash value will be more than the premiums paid in that year. 

It has a guaranteed death benefit and level premiums. 

Horizon Legacy One

The Horizon Legacy One policy allows you to get a whole life insurance policy with one single lump-sum premium. With this policy, you can put a larger sum of money aside to begin growing your cash value right away on a tax-deferred basis. 

The company does not list the maximums or minimum coverage amounts online or whether there is a guaranteed interest rate, so be sure to contact them for more information.  

Horizon Blend

The Horizon Blend policy allows you to get 50% whole life coverage and 50% term life coverage all in one plan. It has a guarantee that you’ll grow your cash value with a guaranteed term death benefit for 20 years, and the guarantee that you can convert that coverage without further evidence of insurability. 

You can get between $100,000 and $1,000,000 in coverage, and there is a guaranteed interest rate of 4.5% on the cash value part of your policy. 

Universal Life Insurance

Pan-American offers universal life insurance but there are few details about their coverage options online. Universal life insurance policies offer you more customization around your premium levels and benefit amounts over the life of your policy. 

For more information about Pan-American’s universal life coverage, contact them directly or reach out to an agent who sells their products. 

Group Life Insurance

Pan-American provides group coverage to employers via broader group supplemental insurance coverage plans. This employer-paid life insurance coverage is a term policy that includes rider options like accelerated death benefits and has conversion and portability options. 

It also offers a voluntary group life insurance called the Paycheck Provider plan which provides guaranteed monthly income to beneficiaries instead of a lump sum death benefit and includes a waiver of premium benefit if you become disabled. 

All group coverage is guaranteed issue

For more information on Pan-American’s group plans, contact your HR representative.  

While Pan-American’s group coverage is guaranteed issue, it’s unclear whether its individual coverages are guaranteed issue, simplified issue, or fully underwritten. Contact your HR administrator for more information.

Available Riders

Pan-American allows you to choose from a wide variety of life insurance riders that allow you to add protection and customize your coverage. 

Accelerated Death Benefit—Chronic Illness

This rider allows you to get up to 24% of your policy up to a maximum of $240,000 of the death benefit annually if you become permanently chronically ill. 

Accelerated Death Benefit—Terminal Illness

With this rider, you can get up to half of your death benefit up to a maximum of $250,000 if you are diagnosed with a terminal illness with 12 months left to live. 

Accidental Death Benefit Rider

This provides you with an additional benefit if you die by accidental death before age 70 and within a year of the accident. 

Applicant Waiver of Premiums Rider 

The waiver of premiums rider allows you to have the premiums waived on a policy you purchase for a minor who is under 15 years of age if you die before the insured party reaches the age of 25. If you become totally disabled, your premiums on this policy will also be waived until they turn 25. 

Disability Benefits Rider 

With this rider, you can get your death benefit paid out to supplement your income over a specific period or with a benefit amount selected by the policy owner. You can opt for coverage that protects you for either two or five years if you become unable to work in the occupation you worked in prior to your disability. However, after the chosen period of time, your benefits are stopped if you are not then declared totally disabled in any "reasonable profession."

Flexible Premiums Paid-up Rider 

This rider allows you to increase the amount of the guaranteed death benefit or cash value in your policy. It allows you to choose the maximum premium you want to pay or reduce the amount of premium you pay to just $100 per year.

Guaranteed Purchase Option Rider

The guaranteed purchase option rider allows you to purchase additional permanent life insurance at policy anniversaries when you are nearest to ages 22, 25, 28, 31, 24, 37, and 40. 

Single Premium Paid-up Rider 

With this rider, you can increase your death benefit and cash value by paying a lump sum amount into your policy when it is issued. The minimum amount is $1,000 and the maximum is $500,000. 

10-Year Term Rider 

This rider allows you to supplement your permanent life insurance policy with some additional term coverage. 

Waiver of Premium With 2- and 5-year Occupation Rider

These are two separate riders that allow you to waive your premiums if you become disabled. They work similarly to the disability waiver in that you can choose coverage that protects you for either two or five years if you become unable to work in the occupation you worked in prior to your disability. However, after the selected time frame, your premiums resume if you are not declared totally disabled in any "reasonable profession." 

Not all of Pan-American’s riders can be added to every policy. To find out more about rider availability and cost, contact Mutual Trust or Pan-American for individual policies or your HR representative for group coverage. 

Customer Service: Good Phone and Email Options

Pan-American has a contact number for policyholders or people interested in learning more about its individual products (1-877-939-4550) which you can call Monday through Friday 8:00 a.m. to 5:00 p.m. CT. There is a separate number for its group plan (1-877-569-3075) which you can call Monday through Friday from 7:30 a.m. to 5:00 p.m. CT.  Mutual Trust also has a number for inquiries (1-800-323-7320 ext. 5060). 

You can also contact the company via mail, their online portal, or via an agent at a local office. 

Customer Satisfaction: Fewer Complaints Than Average 

The National Association of Insurance Commissioners (NAIC) helps customers determine which companies are easier to do business with by giving out complaints ratings. If a company gets a rating of 1, then the company receives an average number of complaints relative to its competitors, and the lower the number, the better. 

Pan-American received an NAIC complaint index of 0.54 which means that the company fields fewer complaints than other companies. Overall, these complaints represent 0.01% of the national complaint market share. Many of the complaints received were for things like bad customer service and issues with billing. 

Financial Strength: A (Excellent)

AM Best is a rating agency that helps the public understand the financial strength of companies by looking at fundamentals like its balance sheet, activity, assets, and debts. This helps you better understand how likely a company will be to meet its financial obligations in the future. 

Pan-American has an A (Excellent) rating from AM Best. Mutual Trust also has an A (Excellent) rating from AM Best. 

Cancellation Policy: 10-Day Free Look

Pan-American’s cancellation policies include a 10-day free-look period. During these 10 days, you can cancel your policy at any time, receive a refund of your premiums, and pay no penalties or fees. 

After this period is over, you are still able to cancel, but Pan-American does not say online whether it charges fees or penalties or how much notice you have to give. Be sure to contact them to ask about its cancelation policies.

With Pan American’s permanent life insurance coverage, understand how the company calculates your policy’s surrender value before purchasing a policy. This is the amount that a company must pay out to you from the cash value portion of your policy if you decide to cancel your plan. 

Price Of Pan-American Life Insurance: Varies by Policy Type

Pan-American doesn’t provide online quotes or premium examples for its group or individual policies online. To learn more about their policy premiums, you will need to contact Mutual Trust, an agent who sells Mutual Trust, or your HR administrator.

How Pan-American Compares to Other Life Insurance

Pan-American provides good options for term, whole, universal, and group coverage with highly customizable riders and many policy options. However, a competitor like Kansas City Life might be a better option.

Pan-American vs. Kansas City Life Review

Pan-American and Kansas City Life are both insurers who offer significant add-on customizations on policies. Both companies have good AM Best ratings and low NAIC complaints ratings, although Kansas City Life’s complaint rating is lower. However, Kansas City Life has more details online, making it easier to understand its policy options. 

These are some other key differences between Pan-American and Kansas City Life:  

  • Kansas City Life offers universal index coverage, but its policies only guarantee a return of 1% to 2% whereas Pan-American guarantees up to a 4.5% return. 
  • Kansas City Life has Cashback term options that pay you back all your premiums at the end of your term if you do not use your death benefit. 
  • Kansas City life offers you term coverage that starts at $100,000 or $250,000 and Pan-American’s term policies offer between $100,000 and $500,000. 
  • Kansas City Life offers riders that allow you to get coverage for your children and Pan-American does not. 

Read the full Kansas City Life Insurance review.

  Pan-American Kansas City Life
Types of Plans  Term, whole, universal, group Term, whole, universal, universal variable, universal index, return of premiums
Customer Service  Phone, email Phone, online, email
NAIC Complaint Index  0.54  0.16
Optional Riders Available  Yes Yes
AM Best Rating  A A

While an indexed policy might give you more possibility for the growth of your cash value, a high guaranteed interest rate is a good way to add predictability and security to your insurance investment.

Final Verdict

Pan-American offers an array of term, whole, and universal life coverage options to individuals and both employer-paid and voluntary group coverage. Its individual coverage has a significant number of riders to choose from and its whole life insurance coverage allows you to access a guaranteed rate of return up to 4.5%. The company does not, however, share many details about its universal coverage online. 

Pan-American’s group coverage features the unique option of being able to purchase a voluntary supplemental coverage that provides monthly income to your beneficiaries, but there are few details of the plan online.  

Pan-American is a good choice for people looking for whole life coverage with significant customizations and a high guaranteed return and might be a good choice for those whose employers offer group coverage, depending on the details of the policy, the coverage options, and the premium costs.


All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.