Allianz Life Insurance is based in Minneapolis, Minnesota, and offers life insurance to customers throughout North America. They are part of the broader Allianz network, which provides insurance to people all over the world. They have a very long history, as they were originally founded in 1896. They were originally called North American Casualty but were eventually acquired by Allianz in 1979. In addition to life insurance, Allianz Life also offers a selection of annuities.
Table of Contents:
- Types of Life Insurance Offered by Allianz
- Riders Available from Allianz
- Unique Features of Allianz Life
- Allianz Financial Ratings
- Reviews of Allianz Life
- Allianz Life Insurance Application Process
- Is Allianz Life Legit?
Types of Life Insurance Offered by Allianz
Allianz offers a mix of life insurance types, as they are a fairly large company, with 2.25 trillion dollars in assets under management. Interestingly enough, they specialize in a fixed index universal life insurance offering.
Fixed Index Universal Life
Allianz specializes in fixed index universal life insurance policies, which they call Allianz Life Pro+. This is a permanent life insurance policy, which means that it doesn’t expire at any point throughout your life. This policy accumulates cash value to increase your benefit amount over time. This type of life insurance’s value is tied to the market performance of a specific index (such as the Russell 3000) but the policyholder is not actually participating in the market. The advantage is that the company has safeguards in place to prevent losses. If the market shows a gain in a certain year, the policy is credited with positive interest according to the index crediting calculation in the policy. If the underlying index shows a loss, the policy will not lose value. Fees are still deducted, however.
One of the benefits of a universal policy is that policy owners can make flexible payments after the policy has built up a certain amount of cash value. Another advantage is that these policies also have an adjustable death benefit. The minimum death benefit for this policy is $100,000, but it can go up to $65 million in some cases. These policies are available up to age 80. While these policies are highly customizable and do not expire, they also are more expensive than term life policies.
Allianz partners with Legal & General to offer term life policies. Their term life policies are available in five-year increments ranging from 10 to 30 years. These policies are available to people between the ages of 20 and 65 years. You can opt to continue renewing your policy up until you are 95 years old, although your premiums may go up. Coverage options range from $100,000 to $5 million, depending on your needs and what you qualify for.
Riders Available from Allianz
Although Allianz doesn’t have many different types of life insurance to choose from, they do have a wide selection of riders available. You can use these riders to customize your plan to fit your unique needs. Here are some of the most popular riders that Allianz offers.
Child Term Rider
This rider essentially creates a small-term life insurance policy for your child. These riders are available for children who are under the age of 21. Once the child turns 21, they have the option to convert their term policy into a larger permanent life insurance policy if they would like. The coverage for this rider starts at $5000 and goes up to $10000.
Waiver of Specified Premium Rider
This rider essentially allows you to keep your life insurance policy without paying premiums if you become fully disabled and are no longer able to work at any point. When you select this rider, you can decide how much of the premium you would like to waive in the unlikely event of this happening. The amount you can waive starts at $25 per month and can go all the way up to 24 times your minimum monthly premium.
Supplemental Term Rider
A supplemental term rider allows you to increase your death benefit for a certain portion of your term policy. For example, you may need more coverage during the first 10 years of a 30-year term policy due to temporary expenses (such as a mortgage or student loans). A supplemental term rider allows you to increase your death benefit during this time. What is unique about Allianz’s supplemental term rider is that it is convertible to base coverage in some situations.
Enhanced Liquidity Rider
The enhanced liquidity rider gives you increased access to the cash value portion of your universal life insurance policy. It does this by waiving a specified percentage of your surrender charges, which are the fees you pay to access your cash value before the specified time. Having increased access to your cash benefit can be very helpful in an emergency.
Loan Protection Rider
If you have one of Allianz’s universal life insurance policies, you have the option to take out a loan against your policy if you need it. This rider prevents your policy from lapsing before the loan is repaid, and kicks in when you reach the age of 75. It essentially means that you won’t be penalized for paying your loan.
Convertible Term Rider
This rider allows you to add term coverage to a permanent policy or to convert your term policy into a permanent policy. If you’re unsure of what type of policy to get and you think your needs may change over time, this could be a good option for you.
Terminal Illness Accelerated Benefit Rider
This rider allows you to access your death benefit early if you are diagnosed with a terminal illness. If doctors estimate that you have less than a year to live, this rider will give you up to 100 percent of your death benefit ahead of time. This can help cover medical expenses and help your family during this difficult time. Allianz also has a similar rider that allows you to access a portion of your death benefits earlier if you are diagnosed with a chronic illness that will affect your ability to work and require additional care.
Unique Features of Allianz Life
Allianz Life is a highly established company with a long history, but they focus mainly on their fixed index universal life insurance, as well as the annuities they offer. While they don’t have many products to choose from, they stand out because they have coverage available in all 50 states. They also have high coverage limits and offer a wide variety of riders, which you can use to customize your policy.
Allianz is also very unique in that you need to handle your policy directly through your agent. While they do have a website, you cannot apply for coverage online. While you can start the claim process online, you’ll ultimately need to fill out a paper claims packet and submit it through the mail. This can be frustrating for those who prefer to handle their insurance online.
Allianz Financial Ratings
Allianz has very strong financial ratings from AM Best, an organization that evaluates the financial strength and security of insurance companies. Right now, they have an A+ rating from AM Best. This is the second-highest rating available and is considered very good. This means that you can trust Allianz Life to pay out claims regardless of the current economic climate.
Reviews of Allianz Life
According to data collected over the last several years, Allianz Life has a lower-than-average complaint rating for a company of its size. This indicates that Allianz Life customers are fairly satisfied with their policies. Allianz Life is also accredited by the Better Business Bureau and has an A+ rating. They get mixed reviews from customers on the BBB website. Most of the negative reviews complain about slow responses from customer service and long claim processing times in some instances.
Allianz Life Insurance Application Process
While Allianz Life does have a website, the application process will need to be done through an agent. They do have a life insurance calculator online, but if you are interested in getting a quote, you will need to submit a contact form online or call their customer service phone number, where they can put you in touch with an agent.
If you decide to apply for an insurance policy, you will need to complete a paper application and submit it to Allianz. This application will include a variety of personal questions to help Allianz determine the appropriate monthly premium for you. You may also need to take a medical examination in some circumstances. Knowing your medical history helps them determine the level of financial risk they are taking on, which helps them After you apply, they will get back to you with an offer and you can opt to sign the contract.
Once you have a policy in place, you can create an online account with Allianz and view your policy on their website. You can make payments and view the current cash value of your policy as well. You can even make adjustments to your policy as needed and view your riders. However, if you decide to make a claim, you will need to do so via mail. You can also contact your agent if you have any other questions about your policy and need additional support.
Is Allianz Life Legit?
Yes, Allianz Life is a legitimate company. They have been in business for over 125 years and have a long history of providing high-quality life insurance policies to people throughout the United States. While they don’t have a huge selection of products, their riders do allow you to customize your policy to suit your needs. They are available in all 50 states and are a particularly great option if you are looking for a fixed index universal life insurance policy.
|Allianz Life Company Information|
|Address||5701 Golden Hills Dr
Minneapolis, MN 55416
|Telephone Number||(763) 765-6500|
|Hours||Monday to Friday from 8:00 a.m. to 5:00 p.m. CT|