Pan American Life Insurance Review

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Edited byScott Strandberg
Edited byScott Strandberg

Updated: May 22, 2024

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MoneyGeek’s Take: Is Pan American Right for You?

Given that Pan American Life Insurance mostly offers dividend-eligible whole life policies, this company may be a good fit for adults who want cash value savings along with fixed premiums and death benefits. It also may be a solid option for insurance buyers who want customizable policies since Pan American offers a variety of riders.

On the other hand, Pan American’s lack of senior-specific and final expense policy options make it a mediocre choice for seniors. State Farm may be preferable, as it’s MoneyGeek’s pick for the best overall provider for this age group.

Browse through our Pan American Life Insurance review to find out if this company is suitable for your specific needs and situation.

At a Glance: Pan American Life Insurance

Pan American



A (Excellent) rating from AM Best


Receives fewer complaints than the average life insurer


Variety of riders to choose from



Limited information on its website


No final expense life insurance


No online quotes


Started in 1911, Pan American Life Insurance offers life insurance solutions in 49 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and throughout Latin America and the Caribbean. According to the National Association of Insurance Commissioners (NAIC), Pan American receives fewer complaints than average by a significant margin, with a complaint index of just 0.27 (1.0 is the industry average).

This company offers five life insurance products through Mutual Trust Life Solutions:

  • Horizon Value™
  • Horizon Guarantee™
  • Horizon Legacy™
  • SelecTerm
  • Universal life insurance

Most of Pan American’s life policies are whole life, meaning they have level premiums, fixed death benefits and cash value savings that you may borrow against. It’s worth noting, however, that this insurer provides little information on its website, making it difficult to learn more about its life insurance offerings.

Key Takeaways

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Pan American offers life insurance policies through Mutual Trust Life Solutions, which has consistently paid dividends to policyholders for over 100 years.

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If you value the growth of your cash value, you may benefit most from Pan American’s Horizon Value whole life product.

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Pan American’s term life policies are renewable up to age 98, with premiums increasing every year.

Pan American Policy Options Explained

A 2022 Insurance Barometer Study from the Life Insurance Marketing and Research Association (LIMRA) discovered that 44% of American adults would experience financial hardship within six months if their home’s primary wage earner died without life insurance. Pan American can help prevent this with its life insurance products. Explore each option to determine the best fit for you and your family’s needs.

Term Life Insurance Options From Pan American

Term life insurance provides coverage for a specified number of years. Although the policy can be renewed after it expires, the premiums may increase as the policyholder ages.

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    Pan American's SelecTerm offers guaranteed level premiums for 10, 15, 20 or 30 years. You can renew your term coverage after the level premium period until age 98, but you should expect regular premium increases. Additionally, you can convert your policy to whole life during the level premium period or until age 70, whichever is earlier.

Overall, term life insurance offers a cost-effective solution to financial hardships that your family may experience in case of your unexpected death. This policy type can be a great fit for buyers with short-term needs, such as paying off outstanding debts.

Whole Life Insurance Options From Pan American

For permanent coverage, consider getting whole life insurance. This type of policy comes with level premiums and death benefits, as well as a cash value savings account that accumulates on a tax-deferred basis.

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    Horizon Value™

    Horizon Value includes guaranteed cash value and nonguaranteed dividends that grow early and rapidly, which you can access for various purposes like funding your child’s education or supplementing your income. This policy also provides nonforfeiture benefits along with fixed premiums and death benefits.

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    Horizon Guarantee™

    With Horizon Guarantee, you can get a level premium that’s often cheaper than other whole life premiums. Unlike Horizon Value, Horizon Guarantee’s cash value and dividends grow in later years. Thus, this policy may be a better fit for those who value the death benefit more than the cash value.

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    Horizon Legacy™

    Horizon Legacy is Pan American’s single premium whole life policy. You only have to pay one premium at the time of policy inception to get a guaranteed tax-free death benefit and tax-deferred cash value.

Purchasing whole life insurance is a smart way to get lifetime coverage. This policy type may be the best option for you if you are doing estate planning or supporting a lifelong dependent.

Universal Life Insurance Options From Pan American

Whole life and universal life insurance have a lot in common, but when it comes to flexibility, the latter is specifically designed to adapt to any changes in a policyholder’s situation.

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    Pan American offers universal life insurance with a savings component that accumulates and preserves wealth. However, it doesn’t provide any policy details on its website. You will have to contact an insurance agent to learn more about this specific product.

If you’re interested in investments, a universal life insurance policy may be a good option for you. This policy type often provides options for investing your cash value savings, including an equity index strategy or a general interest account.


Pan American Life Insurance Riders

Riders can help you customize your life insurance and add value to your base policy. Pan American offers a variety of life insurance riders, including the following.


Accidental Death Benefit

This offers additional benefits if the policyholder dies within one year of
an accident and before the age of 70.

Children Insurance Rider

This provides coverage for children under the age of 20 and those who
are born or adopted after the rider is in effect.

Guaranteed Purchase Option Rider

With this rider, you can buy additional permanent policies without proof
of insurability before each policy anniversary nearest the ages of
22, 25, 28, 31, 34, 37 and 40.

Flex Pay Paid-Up Additional (PUA) Rider

This allows you to increase your whole life policy’s guaranteed death
benefit and cash value up to age 90.

Single Premium PUA Rider

With this rider, you only need to pay one lump-sum premium into your
base policy at the time of issuance to increase your death benefit and
cash value.

How to Get Pan American Life Insurance

Buying life insurance coverage can be challenging, and there are some instances where you may be denied coverage. Let’s go into detail and break down how to purchase a policy and what to do if your application is denied.

How to Buy Life Insurance From Pan American

Getting life insurance can help your family avoid financial hardship in the event of your death. We simplified the entire buying process into these four important steps:

Do Your Research

Before purchasing a life insurance policy, make sure to do your research. Look into each provider’s policy offerings and find out their terms, coverage amounts and requirements. Because Pan American has limited information on its website, it’s best to call an insurance agent to learn more details.

Compare Quotes

Insurers will offer you varying rates depending on your individual characteristics. These include your age, gender, height and weight, medical history and lifestyle. For this reason, you must always compare quotes from multiple providers to ensure you’re getting coverage you can afford.

Health Check

When you apply for life insurance coverage, you may be required to undergo a health check. This often involves a phone interview and an in-person medical exam. With Pan American, you will have to consult with your agent to find out if you need to take a medical exam for a specific policy.


After your application for coverage gets approved, you will be issued your policy. You may get in touch with your agent or broker to review the details of your policy.

What to Do if Pan American Denies You Coverage

If you get denied life insurance, it’s critical to explore other options to obtain coverage. We outlined some steps you can take in this situation.

Contact Your Broker

If you are denied coverage, reach out to your agent or broker and find out the reason. Some insurers may refuse to insure applicants due to a chronic illness or dangerous lifestyle.

Lifestyle Changes

Consider making some changes to your lifestyle to improve your health. Doing so can increase your chances of getting approved with favorable rates.

Explore Other Options

Make sure to research other types of life insurance and find out the best alternative for your needs. A final expense policy may be ideal if you want lower rates without having to undergo a medical exam, although Pan American does not offer this type of life insurance.

Frequently Asked Questions About Pan American Life Insurance

Find out if Pan American is the best insurer for your life insurance needs by reading our answers to some frequently asked questions.

Can you borrow from your Pan American life insurance policy?
What’s the maximum amount of life insurance coverage available from Pan American?
Do life insurance policies from Pan American pay dividends?
Can you get life insurance from Pan American if you have cancer?
Do life insurance policies from Pan American cover death by drug overdose?
Do life insurance policies from Pan American cover death by suicide?