Allianz Life Insurance Review

Allianz may be a good alternative for people interested in obtaining life insurance with an investing component due to its focus on retirement and income planning. However, due to the insurer’s restricted product offering, it is not suitable for everyone. Check out Allianz Life Insurance Review to know more about their options.

Allianz Details

Allianz Life Insurance Review - Allianz Life Insurance Logo
  • Policies. Term, Universal
  • Coverage maximum. $65,000,000
  • Term lengths. 10, 15, 20, 25, or 30 years
  • Available states. Not available in NY
  • Issue age. Not Mentioned

Pros and Cons of Allianz Life Insurance

Pros

  • Face values that are rather high
  • Riders’ collection
  • Financial fortitude
  • Calculator for life insurance Promotions

Cons

  • There is no online application.
  • Limited product assortment
  • A brief window of client service
  • In New York, term policies are not available.

Allianz life insurance rates

Premiums vary according to state, product, and rate class. Allianz, on the other hand, affirms that the starting price for universal life insurance will never be less than $25 per month or $300 per year. The most competitive prices are available to young, healthy nonsmokers. To determine your premium, contact an Allianz representative or use the site’s Life Insurance Calculator.

How to get a quote from Allianz life insurance?

To obtain a policy, you must contact an agent.

  1. Phone. Call 800-950-5872 weekdays from 8 a.m. to 5 p.m. CT.
  2. Email. Use the Contact Us page to send a secure message. To ensure that your email is routed to the appropriate department, check the box labeled ‘I wish to purchase Allianz products.’

I’ve signed up. What happens next?

Your application will be allocated to an agent. They will typically contact you within two business days to discuss next actions.

What types of life insurance coverage does Allianz offer?

Allianz’s focus on retirement and income planning is reflected in its life insurance products. It does not sell policies directly, but via agents throughout the United States, it offers two forms of life insurance: term life and universal life.

Term life

Banner Life Insurance Company underwrites and issues the Term Pro+ Life Insurance Policy. It offers coverage for a certain time period: 10, 15, 20, 25, or 30 years. The premiums remain constant during the policy’s duration, and the insurance can cover policyholders up to their 95th birthday.

You can obtain an insurance policy with a face value of up to $5 million.

The duration that you can purchase is determined by your age and health profile:

  • Individuals between the ages of 20 and 65 can purchase 10-, 15-, or 20-year coverage.
  • Nonsmokers aged 20 to 60 and smokers aged 20 to 55 can get 25-year plans.
  • Smokers and nonsmokers aged 20 to 55 can purchase 30-year insurance.

If your term policy expires, you have the choice of upgrading to a permanent policy, purchasing another term, or allowing the policy to lapse. There is a cost of $60 per year for the coverage, and Term Pro+ is not available in New York.

Universal life

Two fixed universal life plans are available; both are index-linked and include an investment component that builds cash value over time.

  • Pro+ Elite Fixed Index Universal Life Insurance. This option provides a tax-free death benefit and certain index allocation options include an interest incentive. As a result, you may be able to accumulate financial worth more quickly. Once you’ve built up sufficient cash value in your policy, you can borrow against it, and if you get ill, you can obtain the death benefit through the Chronic Illness Accelerated Death Benefit and Terminal Chronic Illness Accelerated Death Benefit Riders.

Additionally, you can change your premium payments as needed with this coverage.

You must be under the age of 80 to purchase insurance. The death benefit is $100,000 in the least and $65 million in the maximum.

  • Pro+ Survivor Fixed Index Universal Life Insurance. Pro+ Survivor Fixed Index Universal Life Insurance is similar to term life insurance in that it covers two lives, often spouses. This policy provides a death benefit when both policyholders have died, however you may purchase the First-to-Die Rider to include a death payment when the first policyholder dies.
    Both of you must be between the ages of 30 and 80 to purchase this coverage. The minimum death benefit is $200,000, while the highest is $65 million.

What riders can I add to my policy?

You may tailor your coverage by adding the following riders:

  • Accelerated death benefit rider (included with base policy)
  • Child rider
  • Critical illness benefit rider
  • Return-of-premium rider
  • Spouse rider
  • Term insurance rider
  • Waiver-of-premium rider

Allianz life insurance reviews and complaints

Since 1972, Allianz has been recognized by the Better Business Bureau and has a good rating; this demonstrates the company’s likely capacity to pay claims in the future. Allianz has a poor customer satisfaction rating based on reviews – however it’s worth remembering that these ratings reflect the firm in its whole, including its annuities and retirement planning departments.

How does Allianz protect my data?

Allianz uses end-to-end encryption to protect your personal information. Additionally, it monitors client accounts for unusual requests or transactions and delivers monthly statements for policyholders to review.

About Allianz

Allianz Life Insurance Company is a wholly owned subsidiary of Allianz SE, the world’s sixth largest asset manager. The financial behemoth is headquartered in Germany and serves 85 million clients worldwide.

Allianz has been working in the United States for 120 years. It is headquartered in Minneapolis and specializes in life insurance and retirement solutions. It is well-known for its conservative and diversified investment approach. As a result of this prudent strategy, it has continually maintained good financial ratings from rating organizations such as A.M. Best, Moody’s, and Standard & Poor’s.

Allianz may be a good alternative for people interested in obtaining life insurance with an investing component due to its focus on retirement and income planning. However, due to the insurer’s restricted product offering, it is not suitable for everyone.

Allianz Contact Information

You can reach the customer service team by:

  • Phone. Call 800-950-5872 weekdays from 8 a.m. to 5 p.m. CT
  • Fax. Dial 763-582-6002
  • Email. Submit the form on the Contact Us page
  • Social media. Ask questions via Facebook or Twitter
  • Mail. Send regular mail to:

Allianz Life Insurance Company of North America
PO Box 1344
Minneapolis, MN 55416

Visit our review of AIG Life Insurance Review for one more car insurance review.

Default image
Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
Articles: 89