Allianz Life Insurance Review (2022)

Allianz is a German company that provides life insurance to North American customers through Allianz Life Insurance Company of North America. The company only offers two types of coverage but several riders. Additionally, Allianz Life has few complaints and has been rated A+ by A.M. Best. Learning more about Allianz Life will help you determine if it’s a good fit.

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Chris Tepedino is a feature writer that has written extensively about home, life, and car insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Flow Words, Healing Law, WIBW Kansas, and C...

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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...

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Reviewed by Laura Walker
Former Licensed Agent Laura Walker

UPDATED: Feb 25, 2022

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Company Details
Address: 5701 Golden Hills Drive
City: Minneapolis
State: Minnesota
ZIP Code: 55416
Phone Number: 800-950-5872
Year Founded: 1896
AM Best Rating: A+
Company Rating 0 (0 reviews)

Allianz provides life insurance to North American customers through the Allianz Life Insurance Company of North America. The company only offers two policies but several riders. Additionally, Allianz Life has been rated A+ by A.M. Best and has few complaints.

Knowing more about Allianz Life will help you decide if it’s the best choice for you.

Before starting this Allianz Life review, enter your ZIP code to get free life insurance quotes in your area.

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.

Allianz Life Insurance TermPro+ Average Monthly Rates by Age
AgeAllianz Life Average Monthly Rates
20$25.09
30$28.58
40$56.51
50$139.17
60$476.87
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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.

Allianz Life Riders
RiderRider Coverage
Child term riderAdds term coverage of between $5,000 and $10,000 for children between 15 days and 21 years old.
Enhanced liquidity riderWaives part of the policy’s surrender charges if you access the cash value or cancel the policy.
Loan protection riderAllows the customer to avoid a lapse in coverage due to a policy loan.
Premium deposit fund riderDeposits a lump sum for multiple years of payments at a discounted rate.
Supplemental term riderProvides an additional term up to 10 times the policy's base death benefit until age 75.
Waiver of new charges benefitWaives surrender, expense, and enhanced liquidity rider charges if the fees increase after the 11th year.
Waiver of specified premium riderWaives your premium if you become disabled.
Other insured term riderProvides term coverage for up to four people, and coverage is in effect until age 100.
Chronic illness accelerated death benefit riderProvides access to your death benefit before death if you become chronically ill or cognitively impaired.
Terminal illness accelerated death benefitProvides access up to $1 million of your death benefit before death if you become terminally ill with 12 months to live.
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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.

Allianz Life Pros and Cons
ProsCons
Good financial ratings Few coverage options
High coverage limitsMust purchase through an agent
Several ridersLittle information on website
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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.

Now that you know about Allianz Life, enter your ZIP code to find free life insurance rates in your area.

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