Allianz life insurance review June 2019 | finder.com

Allianz life insurance review

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Allianz
  • Robust Universal Options
  • Accelerated Death Benefit Included In Policy
  • Convertible Term Policies

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Leave a legacy to your loved ones by purchasing universal life insurance up to $65 million.

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  • You’re leaning toward universal life insurance.

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  • You want to apply online now, or if you need to purchase term life insurance but you live in New York.
Free QuoteApply via phone or email
Insurance ProductsTerm, Universal
Issue Age20 to 80
Coverage Amount$100,000 to $65,000,000
Term Lengths10, 15, 20, 25, or 30 years
Ways To File A ClaimFill out a form online then mail in the claim.
Ratings, Accreditation and MembershipsA.M. Best: A+, Standard & Poor's: AA, Moody's A1
State AvailabilityNot available in New York
Customer Service OptionsPhone, email
Policy Riders OfferedYes

What types of life insurance does Allianz offer?

Allianz specializes in retirement and income planning, and its life insurance products reflect this focus. It doesn’t sell policies directly, but offers two types of life insurance through agents across the US: term life and universal life.

Term life

The Term Pro+ Life Insurance Policy is underwritten and issued by Banner Life Insurance Company. It provides protection for a set period of time: 10, 15, 20, 25 or 30 years. The premiums stay the same for the life of policy and the policy can cover policyholders until their 95th birthday.

You can purchase a policy with a face value between $100,000 and $5 million.

The term you can buy depends on your age and health profile:

  • 10-, 15- and 20-year policies are open to those ages 20 to 65.
  • 25-year policies are available to nonsmokers aged 20 to 60 and smokers aged 20 to 55.
  • 30-year policies are available to smokers and nonsmokers aged 20 to 55.

If you outlive your term, you have the option to upgrade to a permanent policy, purchase another term or let the policy lapse. There’s a $60 annual policy fee and Term Pro+ isn’t available in New York.

Universal life

There are two fixed universal life policies on offer, both are tied to an index and have an investment component that accumulates cash value over time.

Pro+ Elite Fixed Index Universal Life Insurance

This option pays out a tax-free death benefit and offers an interest bonus on certain index allocation options. This means you may be able to build cash value quicker. Once you’ve accumulated enough cash value, you can borrow against your policy, and if you fall ill, you can access the death benefit through the Chronic Illness Accelerated Death Benefit and Terminal Chronic Illness Accelerated Death Benefit Riders.

With this policy, you can also adjust your premium payments as needed.

To take out a policy, you must be 80 or younger. The minimum death benefit is $100,000 and the maximum is $65 million.

Pro+ Survivor Fixed Index Universal Life Insurance

Pro+ Survivor Fixed Index Universal Life Insurance has the same provisions — except it covers two lives, typically spouses. This policy pays out a death benefit after both policyholders have died, though you can add a death benefit when the first policyholder dies by purchasing the First-to-Die Rider.

To buy this policy, you both must be between 30 and 80 years old. The maximum death benefit is a little higher at $200,000 and the maximum is $65 million.

What riders can I add to my policy?

You could customize your coverage with the following riders:

Term life insurance

  • Accelerated Death Benefit (included with base policy)
Universal life insurance

  • Chronic Illness Accelerated Death Benefit (included with base policy)
  • Terminal Illness Accelerated Death Benefit
  • First-to-Die
  • Waiver of Specified Premium
  • Enhanced Liquidity
  • Additional Term
  • Other Insured Term
  • Child Term
  • Loan Protection
  • Supplemental Term
  • Waiver of New Charges

How much does Allianz life insurance cost?

The premiums vary between states, products and rate classes. Although, Allianz confirms that the minimum initial premium for universal life insurance is never less than $25 a month or $300 a year. The best rates are reserved for young, healthy nonsmokers. To find out how much you’ll pay, contact an Allianz agent or work through the Life Insurance Calculator on the site.

Pros and cons of Allianz life insurance

Pros

  • High face values. You can purchase a policy with a face value between $100,000 and $5 million (term life) or $65 million (universal life).
  • Collection of riders. The insurer allows you to enhance your coverage with a range of riders.
  • Financial strength. Allianz has an A+ (Superior) rating with A.M. Best, which points to its ability to pay out claims.
  • Life insurance calculator. Though the website is simple, it has a handy life insurance calculator that will give you an idea of the premiums you’ll pay.
  • Promotions. From time to time, Allianz offers cash back bonuses for things like signing up for eStatements.

Cons

  • No online application. To apply for a policy, you’ll need to pick up the phone or fill out the email form on the website.
  • Limited product line. Allianz sells term policies and one permanent product: universal life insurance.
  • Short customer service window. Agents are only available on weekdays from 8 a.m. to 5 p.m. CT.
  • Term policies not available in NY. These policies are underwritten by Banner Life, which doesn’t operate in New York.

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Allianz reviews and complaints

Allianz has been accredited with the Better Business Bureau since 1972 and holds an A+ rating. The BBB has recorded 39 complaints over the last three years, which is low for a company this size. Allianz has a 1-star customer rating based on 12 reviews — though it’s worth noting that these reviews reflect the company as a whole, including its annuities and retirement planning divisions.

How does Allianz protect my data?

Allianz safeguards your personal information with end-to-end encryption. It also monitors customer accounts for suspicious requests or transactions and sends periodic statements so policyholders can comb through their activity.

How do I sign up?

To apply for a policy, you’ll need to contact an agent.

  • Phone. Call 800-950-5872 weekdays from 8 a.m. to 5 p.m. CT.
  • Email. Send a secure message via the Contact Us page. To direct your email to the right department, check the box that says ‘I would like to purchase Allianz products.’

I’ve signed up. What happens next?

An agent will be assigned to your application. Typically, they’ll contact you within two business days to discuss the next steps.

More about Allianz

Allianz Life Insurance Company is a subsidiary of Allianz SE, which is the fifth largest asset manager in the world. Based in Germany, the financial giant services 85 million customers around the globe.

In the US, Allianz has been active for 120 years. Headquartered in Minneapolis, it specializes in life insurance and retirement solutions and is known for its diversified and conservative approach to investing. Thanks to this careful approach, it has held consistently high financial ratings from agencies like A.M. Best, Moody’s and Standard & Poor.

Bottom line

Because of its focus on retirement and income planning, Allianz could be a solid choice for those interested in purchasing life insurance with an investment component. However, with such a limited product line, this insurer is not for everyone.

Explore your options by comparing life insurance providers.

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