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 Insurance Company 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).^[4] The company's home offices were located in Indianapolis, Indiana.^[5]

In 1961, AIL began providing supplemental insurance to members of labor unions and serving union policyholders in ways unfamiliar to the industry. For example, AIL waived payment of premiums by union members during an authorized strike action, a benefit still offered in 2021. AIL also developed a college scholarship program for children of union members, and the company contributed to the strike funds of unions engaged in lawful strikes. The company was positioned as the only 100% union insurance company, and termed the phrase, “Be Union-Buy Union." In 1963, AIL's income was about $6 or $7 million.^[4]

In 1994, American Income Life was sold to Torchmark Corporation for $563 million.

As part of a company-wide rebranding of the Torchmark Corporation, American Income Life became a subsidiary of Globe Life.