Last Updated: March 2020
Choosing a life insurance company can seem daunting, as there are many options. But with research and support, you can find the right company for you and your family’s needs.
This is a review of Allianz life insurance company and it’s benefits.
Below, we will provide company ratings, a brief history, policy options, and other companies to compare.
- Allianz Life Insurance Company History and Ratings
- Allianz Fixed Index Universal Life Insurance Policies
- Allianz’s Basic Term Life Coverage
- Compare Allianz Life Insurance to Other Companies
Allianz Life Insurance Company History and Ratings
Allianz Life Insurance Company of North America traces its roots to 1896. The company is based in Minnesota.
Now a subsidiary of Allianz SE, a large Munich, Germany-based global financial firm, Allianz Life is best known in the United States for its fixed index universal life policies. Allianz also issues simpler term life policies.
Soccer fans may recognize the company’s logo from a series of sports stadiums around the world, including a stadium now under construction for a Major League Soccer team in Minneapolis.
Here are the ratings for Allianz:
- A.M. Best: “A+” (superior) rating
- Affordability Index: 9.3
- Ease of Applying: 9.1
- Customer Service: 9.5
- COMDEX Ranking: 94
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Allianz compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Learn more about our process for reviewing life insurance companies here.
Allianz Life may be a good fit for your life insurance needs, especially if you want your policy to serve several purposes in your future financial planning. Let’s take a closer look at the company’s policies to get a better idea.
Allianz Fixed Index Universal Life Insurance Policies
One of Allianz’s most popular products is a fixed index universal life insurance policy. These whole life policies will accrue cash value over time, and the cash value can grow depending on the performance of specific market indices.
It is wise to work with a personal financial advisor if you would like to unlock the potential of this kind of policy. You can learn a lot online, but only a personal advisor can help you weigh options as they relate specifically to your future plans.
Allianz Life’s fixed index universal coverage comes in two forms.
Option 1: Allianz Life Pro+
Allianz Life Pro+ offers an income tax-free death benefit, like most other kinds of life insurance policies. Since it’s a whole life policy that accrues cash value over time, you can also use it as a vehicle for savings.
This cash value can also grow or decline along with the stock market which technically can make the policy a vehicle for investing.
Here are several features of the policy:
- Available for people 80 years old and younger. 75 and younger for tobacco users.
- It allows riders that can help you customize the coverage to your specific needs.
- The face value must be at least $100,000, but because of the investment component, the policy can grow in value.
The relationship between the death benefit and the policy’s invested cash value component can fluctuate with these kinds of policies. This is another reason to work with a professional advisor.
If you’re looking for simple, term life coverage, this isn’t the policy for you, but Allianz may still be a good fit as we’ll see below.
Markets Available for the Policy
An Allianz Life Pro+ policyholder can choose to connect the policy’s cash value to several indices which include:
- Barclay’s U.S. Dynamic Balance Index ll
- Barclay’s Capital U.S. Aggregate Bond Index
- The S&P 500 Index
- A blended index that includes the Dow Jones Industrial Average (DJIA)
- Russell 2000 Index
- Euro Stoxx 50 Index
Option 2: Allianz Life Pro+ Survivor
This policy can help ensure two people at once. The death benefit would be paid after both policyholders have died.
This kind of policy appeals to couples who can save money compared to buying two separate policies. You should make policy’s beneficiary someone other than one of the two policyholders.
Here are features of the Pro+ Survivor policy:
- People from age 30 to 80 can apply.
- The policy requires at least $100,000 in face value, but the added cash value can increase or decline based on market performance.
- The death benefit is tax-free.
- These policies can be amended to allow for a partial accelerated payout if one of the two policyholders is diagnosed with a terminal illness
Because of the fluctuating cash value, payout options with these policies can vary, making them even more flexible:
- Level: The level option is the payout will be the specific amount that was listed on the policy when you purchased it regardless of what happens with the cash value. You could still access the cash value, but its performance wouldn’t affect the death benefit.
- Increasing: The increasing option allows your coverage amount to grow over time. This growth would be funded by the performance of the cash component.
- ROP: You can also choose a return-of-premium option that pays out the face value plus the premiums you have paid. This return of premium is also funded by the cash value portion of the policy.
Allianz offers these options to give its customers the flexibility to change their coverage as time passes and life changes.
Be sure to compare Allianz alongside other top life insurance carriers like Phoenix Life Insurance before purchasing a policy. You can also find reviews on over 50 companies and agencies here, before making your decision.
Allianz’s Basic Term Life Coverage
Many of our life insurance clients need a simpler solution. Specifically, they want coverage in case they die unexpectedly, leaving behind family members who depend on them financially.
Term life insurance exists to fill this need. Term life does not include any added cash value or an investment component. You can simply pay your premiums and, in exchange, have coverage in force for a specific amount of time, also known as a term.
Allianz works with Banner Life, which is one of the top life insurance companies in the nation, to provide its Term Pro+ policies, which are available in every state except New York.
Compare Allianz Life Insurance to Other Companies
Allianz Life Insurance Company has provided quality insurance products for decades.
That said, we always recommend comparing multiple life insurance carriers, after you know what type of policy and coverage amount you need. Allianz may have the lowest rates for your neighbor, but they might not be the best company for you.
Use our free quote tool to compare all the top-rated companies, or read our other reviews below to compare to Allianz Life Insurance:
- Phoenix Life Insurance
- HSBC Life Insurance
- Voya Life Insurance
- Genworth Life Insurance
- Assurity Life Insurance