While you won’t find all the traditional life insurance options offered by other companies, Allianz is a leading provider of indexed universal life insurance policies with a great reputation.
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Allianz Life Insurance Company Review
- Financial security
- Brand recognition
- User experience
- Excellent indexed universal life insurance
- Additional retirement products
- Less affordable options
- Limited policy types
- No online quotes
- Indexed universal
- Accelerated death benefit
- Additional term
- Children’s term
- Enhanced liquidity
- Loan protection
- Other insured term
- Waiver of premium
One of the biggest determining factors in your choice of life insurance company is cost.
You should choose a life insurance company that offers you the most value at the lowest cost.
If you’re looking for the most budget-friendly coverage possible, Allianz may not be the right call for you as the company does not offer term life insurance.
But with a tight focus on indexed universal coverage and annuities, the company has mastered retirement-driven products.
As such, Allianz offers a lot of value to shoppers looking to add an element of investing to their life insurance policy.
Allianz does not provide online quotes. Since indexed policies are complex, you’ll need to work with a financial advisor to estimate the cost of coverage and design your policy.
Like any life insurance policy, your rates will be determined by risk factors like your age, family history, and health.
In addition to evaluating a company’s affordability, you need to take a close look at its financial standing.
To do so, we can look to their annual performance and credit ratings.
The Allianz Life Insurance division alone has more than $119 billion of assets under management.
Paired with its excellent performance, the strong financial institution behind Allianz Life has earned the company A-level ratings from three of the four major credit rating agencies:
|Standard & Poor’s||AA|
Each of these ratings suggests Allianz is capable and likely to uphold its financial commitments both now and in the future.
Comparing life insurance carriers, buying coverage, and managing your policy shouldn’t be overly complicated tasks.
To assess Allianz’ user experience, we weighed consumer reviews and ratings, the company’s website, and the application process.
Two of the biggest indicators of a life insurance company’s user experience are J.D. Power’s annual life insurance company survey and the Better Business Bureau.
Unlike many companies in the industry, Allianz Life Insurance Company of North America is BBB-accredited, and it holds an “A+” rating from the organization.
J.D. Power ranks the top life insurance and annuity companies based on user experience.
While Allianz didn’t make this year’s list of top life insurance companies, likely due to its limited policy offering, it was recognized for excellent customer service as a provider of annuities.
Indexed universal life insurance is complicated, and Allianz’s website aims to simplify matters.
The site provides extensive information regarding its policies, such as:
- Issue ages
- Risk classes
- Death benefit amounts and options
- Premium payment options
- Investment options and rates
Where many life insurance companies list vague policy details, Allianz’s thorough product descriptions shine.
Additionally, the site provides users with retirement planning and life insurance calculators.
The website also shares information on the company’s history, financial performance, and charitable efforts.
Policyholders may also make changes to their personal information, beneficiaries, and allocations on the site after creating an online account.
Since Allianz focuses on indexed universal life insurance, you’ll be required to contact a financial professional to apply for coverage.
If you don’t have a financial advisor, Allianz can help you connect with one.
After completing the application with your advisor, you’ll be contacted by a representative from Allianz to answer some questions about your application and risk factors.
Depending on your health and coverage needs, you may be required to submit to a medical exam, which you can schedule at your convenience.
Allianz may also request details about your financial status and access your records during the underwriting process.
With all of this info in hand, the underwriters will decide whether or not to approve your application and determine your rates.
Because of its hyper-focus on accumulation and retirement planning, Allianz Life isn’t like most other life insurance carriers.
Allianz offers annuities and indexed universal life insurance. Here’s an overview of what you can expect from the company’s indexed universal product.
Allianz offers one universal life product, which aims to provide policyholders with a death benefit and cash accumulation.
Allianz Pro+ Advantage is a tax-advantaged policy which gives you access to the cash value and provides your beneficiaries a death benefit.
The death benefit can range anywhere from $100,000 to $65,000,000, and coverage is available to applicants between ages 0 and 80.
It also comes with access to accelerated death benefit riders for chronic and terminal illnesses, with several additional riders.
The policy starts with a 10-year no-lapse guarantee, meaning on-time minimum payments for the first 120 months guarantees your coverage will stay in force over the same duration.
Note that you will be responsible for some monthly premium fees and additional charges.
Pro+ Advantage can operate as a fixed product that protects you from losing money due to market volatility, as an indexed policy, or a hybrid of both.
With its Index Lock feature, you can lock in indexed interest and avoid the risk of getting zero interest credit.
You can choose between the S&P 500 Index, Barclays US Dynamic Balance Index II, and other blended index options.
Interestingly, Allianz extends its life insurance coverage to high net worth foreign nationals with financial ties to the US.
Since 1896, Allianz has been helping consumers to plan their futures and mitigate their financial risks.
Born of the global company Allianz SE, Allianz Life is a part of one of the largest companies in the world.
Allianz SE operates in more than a third of all countries worldwide and assists over 100 million customers.
The company has also exhibited a commitment to community, giving over $4 million in grants and charitable gifts in 2020 and clocking in more than 8,500 volunteer hours.
Allianz donates to organizations and initiatives like Toys for Tots, PRISM, and Second Harvest Heartland, as well as hosting an annual golf tournament to benefit the Alzheimer’s Association MN-ND.
Moreover, they have set high ESG standards, with firm environmental, social, and governance criteria in place.
In partnership with the Better Business Bureau, Allianz created a program called Safeguarding our Seniors, which provides educational resources to help protect the elderly from financial abuse.
Allianz is a well-known brand due to its long history in the United States and abroad and its community involvement.
Minnesota natives may recognize the company name as it hangs above Allianz Field, home to Minnesota United FC.
Allianz also has a large presence on social media, with over 3.7 million followers on Facebook and active accounts on Twitter and Instagram.
The company also posts informational videos and inspiring stories on its Youtube account.
When you research life insurance companies, it’s wise to get a range of opinions.
In addition to ranking Allianz based on aspects like its products, financial strength, and user experience, we’ve also factored in other industry experts’ perspectives.
Allianz doesn’t always make the cut as one of the top life insurance companies on every list, but that shouldn’t necessarily deter you from applying.
The company’s exclusion is mostly due to its lack of product versatility, as most families’ life insurance needs can be met with term life insurance.
However, Allianz Life provides great potential for protection and growth for a very select group of individuals.
A trusted name and brand, Allianz lends itself to the market as a financially strong life insurance company.
If you’re in the market for an indexed universal policy, Allianz is worth your consideration.
Allianz Life Insurance Company Review
- (763) 765-6500
- 5701 Golden Hills Dr
Minneapolis, MN 55416
Company Name (and subsidiaries)
- Allianz SE (Parent)
- Allianz Group
- Allianz USA
- Allianz Life Insurance Company of North America
- Allianz Life Insurance Company of New York (NY Only)
- Allianz Life Financial Services, LLC