Pan-American Life life insurance

Overview

Pan-American Life Insurance Group (PALIG) is a New Orleans life, accident and health insurer that does business across the United States, Latin America and the Caribbean. It says it serves more than 7.3 million customers through over 30 member companies in 22 countries. The group is owned by Pan-American Life Mutual Holding Company, a mutual holding company, so it has no outside shareholders.

In the U.S., its individual life insurance comes from Pan-American Life Insurance Company (PALIC) through a division based in Oak Brook, Illinois, that grew out of Mutual Trust Life. The group ranked #78 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with about $247.7 million in premiums and a 0.16% market share. Across all its businesses and countries, PALIG reported record 2025 premiums of $1.86 billion, net income of $110 million and total assets of $7.5 billion (unaudited GAAP figures released March 3, 2026).

Its U.S. life business is best known for participating whole life designed for early cash value, sold through independent agents. It also offers group health and accident benefits through Pan-American Accident & Health, and U.S. dollar life insurance for wealthy non-U.S. residents through Pan-American Private Client in Coral Gables, Florida. José S. Suquet is chairman and chief executive.

History

Pan-American Life opened for business in New Orleans in 1911. Its founders were Crawford H. Ellis, Edward Simmons, Marion Souchon and Eugene McGivney. Ellis worked for the United Fruit Company shipping goods between New Orleans and Central America, and the company was set up to meet insurance needs in Latin America. That focus still shapes the group, which operates across Central America, South America and the Caribbean.

Pan-American later reorganized under a mutual holding company. Recent milestones in the U.S.:

• 2015: Pan-American Life Mutual Holding Company agreed in April 2015 to combine with Mutual Trust Holding Company, parent of Mutual Trust Life Insurance Company of Oak Brook, Illinois. The two mutual holding companies merged later that year under the Pan-American name, and Mutual Trust kept its brand, agents and management as a subsidiary.
• 2022–2023: In February 2022 PALIG announced that Mutual Trust Life would be merged into Pan-American Life Insurance Company as a division called Mutual Trust Life Solutions. Mutual Trust moved its domicile from Illinois to Louisiana as part of the merger, which was completed at the start of 2023. Mutual Trust policies became PALIC policies, still serviced from Oak Brook.
• 2024: PALIC completed its acquisition and merger of Encova Life Insurance Company, the former Motorists life insurer, on January 3, 2024, after announcing it in May 2023. The deal added about 79,000 covered lives. Encova policies were assumed by PALIC with no change to their terms, and former Encova owners have their own policy access link on palig.com.

Life insurance products

Pan-American's U.S. life division currently sells:

• Whole life. Horizon Value is a whole life policy built for fast early cash value growth. Horizon Guarantee is a level-premium participating whole life policy with guaranteed cash values and non-guaranteed dividends. Horizon Legacy is a single premium participating whole life policy for leaving money to heirs. MTL Non-Par Whole Life offers guaranteed values without dividends.
• Term life. The SelecTerm series has level premiums for 10, 15, 20 or 30 years. After the level period, coverage can be renewed to age 98 with premiums that rise each year. It can be converted to any permanent policy during the level period or until age 70, whichever comes first.
• Indexed universal life. Vista Life is an IUL policy with flexible premiums and cash value linked to market index performance, with protection against market losses.
• Foreign national coverage. Pan-American Private Client sells U.S. dollar life insurance to high-net-worth people who live outside the U.S.

The whole life policies include an accelerated death benefit rider for critical, chronic and terminal illness at no extra premium, and they offer standard nonforfeiture options such as extended term or reduced paid-up insurance. Other riders are available through agents.

High-early-cash-value participating whole life of the kind Pan-American sells is often marketed for "bank on yourself" or infinite banking with whole life: how it works and the catch strategies. Those strategies have real trade-offs, including high premiums and policy-loan interest, and suit relatively few buyers.

Other products

Pan-American Accident & Health sells group benefits to U.S. employers, including access-based and voluntary health plans, gap insurance that pairs with high-deductible major medical plans, and accident coverage for organizations. Outside the U.S., member companies sell life, health and group insurance in Latin America and the Caribbean.

Buying and service

U.S. life policies are sold through independent agents and brokers, not online. Pan-American says it supports producers with sales training, case design and direct access to underwriters. Policy owners can use the Pan-American Life Online Policy Manager to check coverage, view statements, pay premiums on non-IUL policies, make flexible payments and repay loans. Owners of policies sold through the Private Client division use a separate portal, Client Direct. Life policy service is handled by the Pan-American Life division at 800-323-7320, PO Box 9060, Oak Brook, IL 60522-9807.

Claims

Beneficiaries of policies sold through the Pan-American Life division can file a death claim online through a claims portal run on a Swiss Re platform, or call the life division at 800-323-7320. Expect to provide a certified death certificate and a claimant statement; see how to file a life insurance claim. Pan-American offers U.S. beneficiaries free access to Empathy, a bereavement support service that helps with tasks such as planning a funeral, writing an obituary and settling financial affairs.

Ratings and reputation

Pan-American cites a financial strength rating of A (Excellent) from AM Best and A (Strong) from Fitch Ratings, most recently in its March 2026 results release. It does not publish S&P or Moody's ratings. Its A-range ratings are solid but a step below the A+ and A++ ratings of the largest mutual life insurers.

Pan-American was not among the brands ranked in the J.D. Power 2026 U.S. Individual Life Insurance Study. The group was named a U.S. Best Managed Company in 2025 and 2026, according to company announcements.

Who it suits

Pan-American suits buyers working with an independent agent who want participating whole life, especially designs that build cash value quickly, from a policyholder-owned company. It also suits families who want convertible term from a mutual, and non-U.S. residents seeking U.S. dollar coverage through Private Client. It suits less well people who want to buy online without an agent, or who put the highest weight on the top financial strength ratings.

• Strengths: Mutual holding company ownership with participating whole life; a range of whole life designs including high-early-cash-value and single premium options; term convertible to age 70 and renewable to 98; free bereavement support for beneficiaries.
• Weaknesses: Sold only through agents; A-range ratings below the largest mutuals; U.S. life business has been reshaped by mergers (Mutual Trust in 2015 and 2023, Encova in 2024), so policy names and service addresses differ; online payment is not available for IUL policies.

How to contact Pan-American Life