Allianz Life Insurance Review & Ratings (2024)

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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What You Should Know About Allianz

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.

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.

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.

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 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.

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.

Allianz Insurance Coverage Options

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.

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

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.

Allianz Insurance Rates Breakdown

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

As you can see from the chart, Allianz Life rates increase as customers age.

Allianz Discounts Available

Allianz Life Insurance Company of North America primarily focuses on life insurance policies, and life insurance policies typically do not offer discounts in the same way that auto or home insurance might. Instead, life insurance premiums are typically based on factors such as age, health, coverage amount, and policy type.

However, insurance companies may offer discounts or reduced rates based on certain factors. In the case of life insurance, discounts might be available for:

• Healthy Lifestyle: Some insurers offer lower rates for individuals who maintain a healthy lifestyle, such as non-smokers, those with healthy BMIs, or individuals who regularly exercise.
• Multi-Policy Discount: Some insurance companies might offer discounts to customers who have multiple insurance policies with them, such as life insurance along with other types of insurance.
• Bundling Options: While not traditional discounts, insurance companies may offer bundled policies or riders that provide additional coverage at a reduced rate compared to purchasing them separately.

It’s important to note that the availability of discounts and their specifics can vary between insurance providers. Therefore, it’s advisable to directly inquire with Allianz Life Insurance or any specific insurance company to understand if they offer any discounts or reduced rates and the eligibility criteria for such benefits.

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Allianz Life Insurance offers a convenient and user-friendly claims process. Policyholders have the flexibility to file claims both online and over the phone, ensuring ease of access to their services. For tech-savvy customers, Allianz also provides a mobile app that simplifies the claims submission process, making it a hassle-free experience.

Average Claim Processing Time

One of the key factors that sets Allianz Life Insurance apart is its commitment to prompt claim processing. While individual claim processing times may vary depending on the nature of the claim, Allianz aims to resolve claims efficiently. On average, they strive to complete the claims process within 10 days from the date of filing, providing customers with the peace of mind they need during challenging times.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is a crucial indicator of an insurance company’s performance, especially when it comes to claim resolutions and payouts. Allianz Life Insurance has received positive reviews from satisfied policyholders who have experienced smooth and fair claim resolutions. This positive feedback reflects Allianz’s dedication to providing reliable protection and financial support when it matters most.

Transforming Insurance: Allianz Life Insurance Technological Features

Mobile App Features and Functionality

Allianz Life Insurance offers a feature-rich mobile app that empowers policyholders with convenient access to their insurance accounts. The app allows users to manage their policies, file claims, and track the status of existing claims on the go. With user-friendly interfaces and intuitive navigation, the mobile app enhances the overall customer experience.

Online Account Management Capabilities

Policyholders can take full control of their insurance accounts through Allianz’s online account management platform. This digital tool enables users to view policy details, make payments, update personal information, and even request policy changes with ease. Allianz’s commitment to online account management ensures that customers have a seamless and efficient way to stay connected with their policies.

Digital Tools and Resources

In addition to mobile apps and online account management, Allianz Life Insurance provides a range of digital tools and educational resources. These resources include calculators, FAQs, and informative articles to help policyholders make informed decisions about their coverage.

Allianz’s commitment to digital empowerment ensures that customers have the information and tools they need to navigate the world of insurance confidently.

How Allianz Ranks Among Providers

Allianz Life Insurance Company of North America operates in the life insurance sector and competes with several other insurance companies that offer similar life insurance products and services. Some of its main competitors in the life insurance industry in the United States include:

• Prudential Financial: Prudential offers various life insurance products, including term life, universal life, and variable life insurance policies. They also provide retirement planning and investment solutions.
• New York Life Insurance Company: New York Life is one of the largest mutual life insurance companies in the United States, offering a range of life insurance options, including term life, whole life, and universal life insurance policies.
• Northwestern Mutual: Known for its financial planning services, Northwestern Mutual offers various life insurance policies, including whole life, term life, and universal life insurance, along with investment and retirement planning options.
• MassMutual (Massachusetts Mutual Life Insurance Company): MassMutual provides a diverse portfolio of life insurance products, retirement plans, and investment services, catering to individuals and businesses.
• State Farm Insurance: State Farm offers a range of insurance products, including life insurance, focusing on term and whole life policies, as well as investment and retirement planning services.

These competitors, along with other major insurance companies, compete with Allianz Life in the life insurance market by offering similar types of life insurance policies, investment-linked products, retirement planning solutions, and other financial services.0

Each competitor may have its unique strengths, market positioning, and policy offerings that appeal to different customer segments.Allianz Life Insurance Claims Department: A Detailed Overview