Is Ameritas Life Insurance Trustworthy?

If you are in the market for life insurance, Ameritas Life Insurance is one of many providers to keep on your radar. Ameritas offers a range of insurance products, so you may also be able to fill some of your other policy needs by working with this company. In this article, we are going to focus on the life insurance products available through Ameritas to help you determine whether or not this brand is the right pick for you and your family.

As a quick introduction, this is one of the longest-standing insurance companies in the country. It was founded in 1887 under the name Old Line Bankers Life Insurance Company of Nebraska. While there have been plenty of changes over the years, including the move to the current Ameritas name, the long history that this company can claim provides life insurance shoppers with some peace of mind that they are dealing with a known entity in the industry.

Types of Life Insurance Offered from Ameritas

The basic concept of life insurance is the same from policy to policy. If the individual named in the policy dies while the policy is in effect, there will be a payout to the beneficiaries named on that policy. However, there are various types of life insurance available, so you’ll want to consider your options carefully.

Five different types of life insurance are offered by Ameritas. Let’s take a moment in this section to walk through those five options and the basics of what they provide.

• Index Universal Life. This life insurance option is a permanent policy, meaning it is guaranteed to pay out a benefit when the insured individual dies. In addition, this policy gives you the opportunity to accumulate value within the policy over time. The combination of a life insurance policy and investment strategy will be appealing to many buyers.
• Universal Life. Similar to the previous option, this policy also offers permanent coverage and a cash value or savings element. The cash value of the policy is based on the performance of the Ameritas general account. This type of policy allows for changes over time as your needs evolve.
• Variable Universal Life. Another version of the same theme we’ve seen with the previous two products. This is also a permanent life insurance policy, but in this case, you have a choice of investment options. Depending on what you are trying to accomplish with this account, and how much risk you are comfortable taking on, you can pick and choose the right investment options within the policy, while always maintaining your underlying life insurance coverage.
• Whole Life. This is a standard whole life policy, similar to what you will find with most other insurance providers. The death benefit is guaranteed and will not decrease, and the premium will not increase. Also, the interest rate on this policy is guaranteed, so the cash value will grow at a predictable rate. Ameritas offers custom coverage with their whole life plans, so you can secure a policy that matches up with your needs.
• Term Life. The only product on this list that has an expiration date is their term life coverage. A term life policy is not guaranteed to pay out, as it will only offer a death benefit if the covered individual dies during the term of the policy. This is a particularly affordable way to cover your family against an unexpected event.

With so many life insurance products available, Ameritas is able to meet the needs of a wide range of individuals. Whether you just want to have some coverage to care for your family like what a term life policy provides, or you want to use a whole life policy as part of your overall financial planning picture, Ameritas can help.

Available Riders from Ameritas

You can think of a rider as an add-on to a life insurance policy. These are features that are typically not offered as standard benefits with a life insurance policy but are available to add on if you so choose (likely with an added cost). The use of riders is a great way to customize your policy so that it perfectly lines up with what you and your family need.

Let’s take a look at some of the riders available when you take out a life insurance policy with Ameritas. Please note that this is not an exhaustive list, and available riders may change over time.

• Care4Life. This rider available from Ameritas makes it possible to access the death benefit portion of a life insurance policy while you are still alive. When some serious medical situations arise, it may become possible to accelerate the death benefit in order to cover those costs. If you think that the Care4Life rider may be a worthwhile benefit for your situation, be sure to ask specifically about this addition before confirming your policy.
• Children’s Insurance. Paying an additional cost on your policy can provide you with term insurance for children under 18. Those children will be able to opt to convert this policy into a permanent policy when they reach 25 years of age if they so choose.
• Waiver of Monthly Deduction. With this rider, the monthly deduction due under the policy will be waived if the insured becomes totally disabled. This rider is only available when the insured is age 55 or younger at the time the policy is issued.
• Accidental Death. This is a rider that is available from many life insurance companies. The concept is simple – if the insured individual dies in an accident, there is an additional death benefit that is paid out along with the standard amount included in the policy.

Adding the right riders to your policy can transform a basic policy into something that is truly suited to your lifestyle, so it’s worth the time and effort to find the right ones for your situation.

Notable Features of Ameritas Life Insurance

There are a couple of notable features offered by Ameritas for those who are shopping for life insurance. The first is simply the variety of policies that are available from this provider. More than just offering traditional whole life and term life, Ameritas also makes policies available that can serve as both insurance and an investing tool. That won’t be a selling point for everyone, but it might appeal to you.

The commitment Ameritas shows to financial well-being as a whole is another important feature. They will help you connect with a financial professional who can not only help you on the life insurance front but also can help you address other areas of your financial life. If you are interested in working on all aspects of your financial life to put your family in a good position moving forward, making this kind of connection could be valuable.

Ameritas Financial Ratings

Checking out the financial ratings of any potential insurer is just part of doing your due diligence. If you look into the ratings assigned to Ameritas, you will find a solid company that is worthy of your consideration. They have received an A+ rating from Standard & Poor’s, and an A rating from AM Best. And, with nearly five million total customers, you will be in good company if you opt for Ameritas.

Ameritas Company Reviews

The reviews available online for Ameritas are largely positive. Some of the important points to be pulled from those reviews include the range of insurance options available – which we have already discussed – as well as the available riders. There are always some negative reviews around for any company you are considering working with, but the overall sentiment regarding Ameritas seems to be quite positive.

Ameritas Life Insurance Application Process Overview

The application process for life insurance through Ameritas will depend on what kind of policy you are hoping to secure. For a term life insurance policy, you can provide information directly on the website to request a quote. You’ll only need to fill out a small form and answer a few simple questions to get your quote.

The process is different if you’d like to acquire a whole life policy. In that case, you will need to work with a financial professional to get your quote and confirm the policy. Also, unlike some other life insurance providers, you will need to have a medical exam to get your policy (this applies to all policies). That is an extra step that you will need to take to put your policy in place, but given the importance of life insurance in the bigger financial planning picture, a medical exam is probably worth your time.

Final Word – Is Ameritas Life Insurance Legit?

Yes – this is a well-known brand of life insurance that is worthy of your consideration. A company with a history that dates back into the 1800s should get your attention if for no other reason than the amount of time they have been in business. As you work toward finding the right life insurance policy for you and your family, take some time to carefully review the options available from Ameritas, as well as those offered by other companies. With a little bit of effort and some help from the information above, you should be able to locate the perfect policy at the right price.