Getting life insurance is an important part of almost any good – and complete – financial plan. By having this important coverage, you can help to ensure that your loved ones won’t need to face financial hardship in the event of the unexpected.
These proceeds may be used for a variety of situations, including the payment of funeral and final expenses, the payment of large debt obligations such as a mortgage balance, and/or for paying ongoing living expenses. This can be especially beneficial if your loved ones count on you for some or all of their financial support.
When applying for a life insurance policy, it is essential to understand what type of coverage you are purchasing. The amount of life insurance protection is also paramount so that you can ensure that loved ones will have enough to provide for their needs. However, another key factor to be aware of is the insurance carrier that you are obtaining the policy through.
In this case, you will want to know that the insurance carrier is strong and stable financially, as well as that it has a positive reputation for paying out its claims to its policyholders. One company that ranks highly in this area is Allianz.
Table of Contents
- The History of Allianz Life Insurance Company
- A Review of Allianz Life Insurance Company
- Allianz Life Insurance Company’s Ratings and BBB Grade
- Life Insurance Products Offered by Allianz
- Allianz Life Pro+ Fixed Indexed Universal Life Insurance Policy
- Allianz Life Pro+ Survivor Fixed Index Universal Life Insurance Policy
- Other Products Offered
- How to Get the Best Life Insurance Premium Quotes
The History of Allianz Life Insurance Company
Allianz is a leading provider of life insurance, as well as income-producing products and overall retirement solutions. This company has been in the business of offering products to its customers for more than 115 years.
This company has held strong through both bull and bear markets – and it consistently has received high ratings from the insurer rating agencies. Because of this, customers who own insurance and financial products from Allianz can be more assured that the company will be there if or when the time comes to file a claim.
Allianz has a conservative investment philosophy that is diversified across a variety of different asset classes. The company, when investing in its portfolio, seeks long-term financial results.
A Review of Allianz Life Insurance Company
Today, Allianz Life Insurance Company has more than 85 million customers around the world. The company is considered to be the 31st largest company worldwide, and it is the world’s third-largest money manager. It is also the second largest company in the diversified insurance industry, based on both market value, as well as on assets.
In 2015, Alliance Life collected more than $11 billion in life insurance premiums.
It is the company’s overall cash reserves that allow it to back its insurance guarantees. As of year-end 2015, Allianz held more than $7.5 billion in equity. Therefore, the company can help to ensure that the funds and the policies that are entrusted with it will be there when the money is needed the most.
Allianz Life Insurance Company’s Ratings and BBB Grade
Due to its strong financial backing, Allianz has been given high marks in terms of its overall financial strength ratings. These include the following:
- A+ (Superior) from A.M. Best
- Aa3 from Moody’s
- AA (Very Strong) from Standard and Poor’s
Allianz is not presently an accredited company of the Better Business Bureau (BBB). However, the BBB has provided Allianz Life Insurance Company of North America with a grade of A+. This is on an overall grade scale of A+ through F. The company, over the past three years, has closed no complaints via the Better Business Bureau. And, there are no customer reviews for Allianz that are posted on BBB’s website.
Life Insurance Products Offered by Allianz
Allianz Life Insurance Company offers a wide variety of life insurance products. Because of that, its customers are able to find the type of coverage that can best fit their needs – and policyholders can also revise their coverage should their ongoing needs change.
There are numerous benefits to owning life insurance coverage. The funds that are received by the policy’s beneficiary are income tax-free. This means that instead of having to pay a large portion of the proceeds to Uncle Sam, 100 percent of these funds can be put to work by your loved ones for paying off debt, paying ongoing living expenses, or any other potential need that they may have.
With permanent life insurance coverage, there is both death benefit protection, as well as the ability to build up a nice amount of savings through the cash-value component of the policy. Here, funds are allowed to grow on a tax-deferred basis. This means that there will be no taxes due unless or until the money is withdrawn.
Money may be either borrowed or withdrawn from the cash component of a life insurance policy for any reason – including the supplementing of retirement income, the payoff of debt, and/or for taking a nice vacation.
One of the primary forms of life insurance coverage that is offered via Allianz Life Insurance Company of North America is fixed index universal life. This type of coverage offers a flexible death benefit option, as well as the ability to earn interest in the cash component that is based on a variety of crediting methods and index allocation options. These policies also offer additional riders that may be added.
Doing so may help to provide more customized life insurance protection to policyholders. The life insurance plans that are offered by Allianz include the following:
Allianz Life Pro+ Fixed Indexed Universal Life Insurance Policy
This policy begins with an income tax-free death benefit. It also provides the opportunity to accumulate cash value based on positive changes in the underlying market index of the policy. Riders are available to help policyholders with meeting specific needs.
Those who are age 80 and younger are eligible to apply for this policy. Although there are several different risk classes. These include:
- Juvenile – For age 0 to 17
- Tobacco – For ages 18 to 75
- Non-Tobacco – For ages 18 to 80
The minimum amount of death benefit on this policy is $100,000, and proceeds may be applied for up to $65 million. There are also several different ways in which the death benefit on this policy is structured. For example:
- Level – With the level death benefit option, the amount of coverage will remain the same throughout the life of the policy.
- Increasing – With the increased death benefit option, the death benefit amount will be equal to a specified amount, plus the accumulation value.
- Return of Premium Option – There is also a return of premium option available. With this option, the death benefit will be equal to a specified amount, plus the amount that the policyholder paid into the policy.
If the insured lives to age 120, the death benefit amount will equal the amount of the policy’s accumulation value. At this time, no additional premiums will be accepted by Allianz, unless they are deemed as necessary for keeping the policy in force.
There are some indexes that may be selected with this policy. These include the Barclay’s U.S. Dynamic Balance Index ll, the S&P 500 Index, or a blended index that includes the Dow Jones Industrial Average (DJIA), the Barclay’s Capital U.S. Aggregate Bond Index, the Russell 2000 Index, and the EURO STOXX 50 Index.
There are also several additional riders that may be placed on this policy to help with customizing the plan to best fit a policyholder’s specific needs. These are:
- Convertible Term Rider
- Enhanced Liquidity Rider
- Loan Protection Rider
- Child Term Rider
- Additional Term Rider
Allianz Life Pro+ Survivor Fixed Index Universal Life Insurance Policy
The Allianz Life Pro+ Survivor Fixed Index Universal Life Insurance policy is a good and cost-effective way to insure two individuals at the same time. The proceeds of this policy will be paid out upon the death of the second insured. This type of plan can be more cost-effective than the purchase of two individual life insurance policies.
Also, in the event that an insured is diagnosed with a terminal or chronic illness, a portion of the policy’s benefits may then be accessed.
Those who are between the ages of 30 and 80 are eligible to apply for this particular plan. The death benefit amount starts at $100,000 and can go to $65 million, within certain guidelines. There are different options for how the death benefit will be structured, which include level, increasing, or a return of premium option.
There are also optional riders available, including:
- Chronic Illness Accelerated Benefit Rider
- Terminal Illness Accelerated Benefit
Other Products Offered
In addition to just life insurance coverage, Allianz also provides other types of financial and income tools. These include:
Allianz provides retirement annuities to its customers, as these products can help to ensure that they can receive ongoing income – regardless of how long they may live. The company offers several different types of annuities so that clients may choose the one that will be best for their goals. The types of annuities that are offered are:
- Fixed Index Annuities – A fixed index annuity offers returns that are based on an underlying market index. If for example, the index performs well during a given period, then the value of the account will rise, up to a stated cap or percentage. If, however, the underlying index performs poorly in a given period, then the value of the account will not endure a loss, but rather will typically be credited with a 0% for that period. These annuities also allow for tax-deferred growth inside of the account, meaning that there is no tax due each year on the gain until the funds are withdrawn. When the annuity is converted over to income, annuity holders will have several options for how – and how long – they wish to receive the payout. One of these is the lifetime option, which will pay out an income for the remainder of the individual’s life, regardless of how long that may be. In many cases, another individual such as a spouse or partner may also be able to receive lifetime income from the annuity as well.
- Variable Annuities – A variable annuity has its funds invested in sub-accounts, which can typically include equity options such as mutual funds. Here, the opportunity to earn a nice return is available. However, due to potential market volatility, there is also more risk with this type of annuity.
- Index Variable Annuities – An index variable annuity will also allow its holder to participate in potential market gains, yet with a level of protection against market downturns.
Allianz also offers a myriad of retirement planning tools. These include materials that can help individuals and couples plan for the future, as well as financial calculators to help determine if you are on track.
How to Get the Best Life Insurance Premium Quotes
When shopping for a life insurance policy quote, it is typically best to work with either a company or an agency that has access to more than just one single life insurance carrier. This way, you will be able to more directly compare the benefits, the companies, and the premium prices that are available to you.
If you are ready to move forward, we can help. We work with many of the best life insurance companies in the marketplace today, and we can provide you with the details that you need. All you have to do in order to get started fill out the form on the side of this page.
We understand that purchasing life insurance can seem a bit confusing. But we can help you to ensure that you are going in the right direction with the type of plan that you choose, and the premium that is charged. So, contact us today – we’re here to help.
How We Review Insurance Companies:
Good Financial Cents systematically reviews U.S. insurance companies, emphasizing policy offerings, customer experiences, and overall reliability. Our goal is to present a balanced and comprehensive perspective to potential policyholders. Editorial transparency remains a cornerstone of our approach.
We actively collect information from insurance companies and place significant weight on customer feedback. By integrating this feedback with our research, we can offer a well-rounded evaluation. Each company is then rated based on multiple criteria, resulting in a star rating from one to five.
Allianz Life Insurance Company Review
Product Name: Allianz Life Insurance Company
Product Description: Allianz Life Insurance Company offers a comprehensive range of life insurance products, which span from traditional term life policies to intricate fixed indexed universal life insurance policies. With over 115 years of operational experience and a sturdy financial backdrop, it ensures a blend of reliability and innovative insurance solutions, catering to varied customer needs while prioritizing financial stability and secure investment strategies.
Catering to a diverse client base of over 85 million worldwide, Allianz not only provides robust death benefit protection through its life insurance products but also incorporates unique savings and investment elements, particularly in its fixed index universal life policies. Customers enjoy flexibility in premium payments, death benefit options, and the capacity to earn interest based on underlying market indices, while simultaneously safeguarding their financial legacy. The company focuses on a conservative investment philosophy, seeking long-term financial stability and assuring customers with steadfast financial assurance, especially crucial during claims.
Cost and Fees
- Financial Stability: Allianz showcases robust financial health, demonstrated by impressive ratings from A.M. Best, Moody’s, and Standard and Poor’s, which indicates a stable and secure financial future and reliability in claims processing.
- Wide Range of Products: Offering a diversified portfolio, from straightforward term policies to intricate fixed indexed universal life policies, Allianz serves various customer needs, providing options and flexibility in coverage selection.
- Global Presence: With a vast international footprint and catering to over 85 million customers globally, Allianz exudes a strong market presence and broad risk diversification.
- Innovative Solutions: Continually evolving, Allianz integrates innovative solutions, like fixed index universal life insurance, which combines death benefit protection and the potential for cash value accumulation based on market index performance.
- Complex Product Structures: While innovative, some of Allianz’s insurance products, like the indexed universal life policies, might be perceived as complex and challenging to understand for the average consumer.
- Limited Online Functionality: Some users might find the online platform somewhat limited in functionality and information, requiring direct interaction with agents for detailed insights and policy management.
- Pricing: Allianz’s premiums might be perceived as higher than average in certain aspects, which could be attributed to the additional features and stability it offers.
- Customer Reviews: Like many large insurers, Allianz has received mixed customer reviews, which might revolve around aspects like customer service and claim processing, albeit maintaining a respectable BBB rating.