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Serving America’s Union Families The American Income Philosophy . . . *to recognize what is and what can be *to know where we are and where we are going *to dream big and implement realistically . *to recognize responsibility and make decisions with sensitivity * We operate under the free enterprise system and are basically like other insurance companies with one difference, however. We are union through and through. Our office force and agents are union members and covered by negotiated contracts. * Of the 1,700 insurance companies in America, 15 giant companies do 85% of the business. That means that the other 1,685 fight for what’s left. Even though American Income Life has over $70 million in assets and is stable and successful, we are among the companies competing for your business. We’re living proof that a company with union contracts can compete with non-union companies. Our employees enjoy the protection of union contracts and wages, yet our policies cost no more than similar policies offered by non-union insurance companies. American Income Life Insurance Company is a union label company serving American union families. It is publicly owned with 4,800 stockholders and with assets in excess of 70 million dollars. If you would like an annual report write to Kenneth W. Phillips, Vice President and Controller, at the address below. Bernard Rapoport, President P.O. Box 208, Waco, Texas 76703 American Income Life Insurance Company