Allianz Life Insurance Review & Ratings (2023)
This Allianz Life Insurance Review will cover Allianz Life Insurance ratings by real users for overall satisfaction and claims, cost, billing, and service satisfaction. The Allianz Life Insurance A.M. Best rating is A+. To compare insurance rates from the best companies in your area, enter your ZIP code below.
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Laura Walker
Former Licensed Agent
Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...
Former Licensed Agent
UPDATED: May 24, 2023
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Discover the benefits of Allianz Life Insurance: comprehensive ratings, flexible coverage options, and competitive quotes. Learn about the company’s strong financial rating and range of life insurance products, including term life and fixed indexed universal life policies. With Allianz’s A+ rating by A.M. Best and positive customer reviews, you can trust in their commitment to delivering reliable protection.
Compare quotes from multiple insurance providers in your area to find the best rates and coverage. Enter your ZIP code now and make an informed decision to secure your future.
What are Allianz Life’s monthly rates?
Insurance companies use various factors to determine customer rates. These factors allow companies to assess the risk of insuring someone. Some of the common aspects used to determine rates include:
- Age
- Gender
- Personal health history
- Family health history
- Occupation
- Hobbies
Since every applicant is different, it’s impossible to determine an individual’s rates without knowing personal information. However, looking at the company’s average rates will help you determine how much you can expect to pay.
The following chart shows the average Allianz Life monthly rates for a term life insurance policy based on the policyholder’s age.
| Age | Allianz Life Average Monthly Rates |
|---|---|
| 20 | $25.09 |
| 30 | $28.58 |
| 40 | $56.51 |
| 50 | $139.17 |
| 60 | $476.87 |
As you can see from the chart, Allianz Life rates increase as customers age.
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What coverages are available from Allianz Life?
Allianz Life only provides term life and fixed indexed universal life insurance to customers. The term life plan is TermPro+, and Legal and General America underwrites the policy. As a result, the fixed indexed universal life plan is the only option offered directly from Allianz Life.
The TermPro+ policy is available in 10, 15, 20, 25, or 30-year terms for customers between 20 and 65 years of age. Coverage ranges from $100,000 to $5 million and is renewable up to 95. Additionally, customers can convert this limited-time option to a permanent life plan when the term ends.
Allianz Life’s fixed indexed universal life policy is called Pro+ Advantage. This permanent plan builds a cash value with a fixed interest rate, which the company sets at the beginning of each year.
The policy is available for customers up to 80 years old and ranges in value from $100,000 to $65 million. The company also offers an index lock that allows customers to avoid losing their 0% interest rate.
After the first year of coverage, fixed indexed universal life policyholders can choose between three types of death benefits, including:
- Level death benefit. Payout remains the same throughout the policy.
- Increasing death benefit. The death benefit increases each year.
- Return of premium. Increases the cash value equal to the amount you pay into the policy.
While the level death benefit option guarantees the amount a payout provides, the increasing death benefit and return of premium options depend on stock indexes, like the S&P 500.
In addition to life insurance options, customers can make Allianz investments through their annuity plans. These policies allow customers to build up retirement funds.
Does Allianz Life offer riders?
Most life insurance companies provide various options that customers can add to policies. These options are called riders and allow policyholders to customize their plans to meet their needs.
While Allianz Life only provides two policies, the company has several riders for additional coverage. The following table shows the riders offered by Allianz Life.
| Rider | Rider Coverage |
|---|---|
| Child term rider | Adds term coverage of between $5,000 and $10,000 for children between 15 days and 21 years old. |
| Enhanced liquidity rider | Waives part of the policy’s surrender charges if you access the cash value or cancel the policy. |
| Loan protection rider | Allows the customer to avoid a lapse in coverage due to a policy loan. |
| Premium deposit fund rider | Deposits a lump sum for multiple years of payments at a discounted rate. |
| Supplemental term rider | Provides an additional term up to 10 times the policy's base death benefit until age 75. |
| Waiver of new charges benefit | Waives surrender, expense, and enhanced liquidity rider charges if the fees increase after the 11th year. |
| Waiver of specified premium rider | Waives your premium if you become disabled. |
| Other insured term rider | Provides term coverage for up to four people, and coverage is in effect until age 100. |
| Chronic illness accelerated death benefit rider | Provides access to your death benefit before death if you become chronically ill or cognitively impaired. |
| Terminal illness accelerated death benefit | Provides access up to $1 million of your death benefit before death if you become terminally ill with 12 months to live. |
The table shows that Allianz Life has more riders than most competitors. Additionally, while customers can add as many riders as they want, each one will increase your rates.
How is Allianz Life rated?
Credit rating agencies grade insurance companies on their financial strength. Customers can use these ratings to determine if they’ll receive a payout when they file claims.
Allianz insurance has been rated A+ by A.M. Best, AA by S&P, and A1 by Moody’s. These ratings are excellent and indicate that Allianz Life customers will receive a payout when they file a claim.
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Does Allianz Life have any complaints?
The Better Business Bureau (BBB) allows insurance customers to list company complaints. At the time of this review, the BBB has received 36 complaints about Allianz Life. Additionally, customers have left 21 reviews about Allianz Life on the BBB website, with an average of 1.43 out of five stars.
The National Association of Insurance Commissioners (NAIC) also reviews insurance company complaints. According to the NAIC, Allianz Life has received 73 complaints and has a complaint index ratio of 0.33, indicating far fewer complaints than similarly-sized companies.
How can you file Allianz Life claims?
Customers can make Allianz Life Insurance claims online or by phone. In most cases, the easiest option for customers is to use their Allianz Life login to fill out an online claims form.
In addition to the online form, policyholders can also file claims by phone. The company’s toll-free number for life insurance claims is 1-800-950-1962. Representatives are available Monday through Thursday from 7 a.m. to 6 p.m. (CST) and Friday from 7 a.m. to 5 p.m. (CST).
The Allianz Life website says that the company attempts to resolve all claims within 10 days of filing. However, the processing time can vary depending on the individual claim.
How can you cancel an Allianz Life policy?
Allianz Life doesn’t provide a cancellation process on its website. However, customers can cancel a policy by calling the Allianz Life Insurance phone number at 1-800-950-5872. Representatives are available Monday through Friday from 8 a.m. to 5 p.m. (CST).
Like most insurance companies, Allianz Life has a free-look period. However, the company doesn’t state the length of the period, which usually lasts anywhere from 10 to 30 days.
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What changes can you make on Allianz Life’s website?
Customers can use their Allianz login to access the Allianz Life website. The company’s customer portal allows customers to make several changes, including:
- Contract allocations
- Beneficiary assignments
- Your address, email, username, password, or phone number
In some cases, customers can request a withdrawal from a policy or schedule a required minimum distribution (RMD) payment stream.
What are Allianz Life’s pros and cons?
Insurance companies have positives and negatives that can help customers determine whether a company is the best choice. The following table shows the pros and cons of Allianz Life.
| Pros | Cons |
|---|---|
| Good financial ratings | Few coverage options |
| High coverage limits | Must purchase through an agent |
| Several riders | Little information on website |
The pros show that Allianz Life is a good option for customers that want high coverage limits or various ways to customize a policy. However, the cons show that the company is the wrong option for customers who desire more traditional coverage options or want to buy directly from Allianz Life.
Who is Allianz Life?
The history of Allianz Life began with Allianz SE, which started in Munich, Germany, in 1890. The parent company of Allianz Life is now based in Berlin, Germany, and has more than 100 million customers worldwide.
In 1993, North American Life and Casualty and the Fidelity Life Insurance Company merged to form Allianz Life Insurance Company of North America. The company is headquartered in Minneapolis, Minnesota, and provides Allianz products to North American customers.
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Allianz Life: The Bottom Line
Allianz Life is a subsidiary of Allianz SE and provides life insurance coverage to North American customers. The company only offers two policies but several riders. Additionally, Allianz Life has been rated A+ by A.M. Best and has fewer complaints than most competitors.
Learning more about Allianz Life will help you decide if the company is the right option for you.
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Frequently Asked Questions
What is Allianz Life Insurance?
Allianz Life Insurance is a subsidiary of Allianz SE, a multinational insurance company based in Munich, Germany. Allianz Life Insurance provides a range of life insurance and retirement products to individuals and businesses in the United States.
How is Allianz Life Insurance rated?
Allianz Life Insurance is rated by major credit rating agencies such as AM Best and Standard & Poor’s. The company has a strong financial rating and a reputation for providing quality life insurance and retirement products to its policyholders.
What types of life insurance products does Allianz Life Insurance offer?
Allianz Life Insurance offers a range of life insurance products, including term life insurance, universal life insurance, and indexed universal life insurance. The company also provides retirement products, such as annuities and retirement income solutions.
How can I get a quote for Allianz Life Insurance?
You can get a quote for Allianz Life Insurance by contacting the company directly or by using the online quote request form on the company’s website. To get an accurate quote, you’ll need to provide information about your insurance needs, such as the type of coverage you’re looking for, your age, and any relevant health information.
Is Allianz Life Insurance a good company?
Allianz Life Insurance has a strong reputation for providing quality life insurance and retirement products to its policyholders. The company has a long history of success and has received high ratings from major credit rating agencies. However, as with all insurance companies, the quality of customer service and claims handling can vary depending on individual experiences. It’s a good idea to read reviews and get recommendations from other customers before choosing an insurance company.