American Income Life is Founded
The company's history began in 1951 under the name American Income. American Income was chartered as a mutual assessment association in Indiana with $25,000 of borrowed capital. It was reinsured through American Standard as a new mutual reserve company in March 1951. American Income Insurance Company was officially founded in May 1951 by the company's president, Harold Goodman, and executive vice president, Bernard Rapoport (Goodman's nephew). The company's home offices were located in Indianapolis, Indiana.