Thanks to the internet, consumers have access to information that only a few years ago would be next to impossible to know. However, the key to knowing which of the thousands of life insurance companies to pick can still be a daunting task. Allianz Life Insurance is one of many companies we represent that offer exam and no exam life insurance. Is Allianz Life the right company for you?
Allianz Life Insurance Company of North America Reviews
Before we begin this review of Allianz Life Insurance we would like to give you a brief look into the history of the company.
About Allianz Life Insurance
Allianz Life Insurance is one of the oldest life insurance companies around. They first opened their doors in 1896, and today they’re still a big player in the life insurance industry. Allianz Life Insurance is a part of Allianz SE, which offers financial services in seventy countries.
Review of Allianz Life Insurance
Allianz Life Insurance Ratings
Third party ratings are the quickest ways to know about a life insurance company. Rating agencies take the time to thoroughly investigate agencies on a number of important factors such as financial strength and security. Allianz Life Insurance consistently earns high ratings from all of the top rating agencies.
- A.M. Best Company rating—A+ (Superior) affirmed August 2015
- Moody’s—A2 (Good) affirmed March 2014
- Standard & Poor’s—AA (Very Strong) affirmed December 2014
Allianz Insurance has maintained high ratings for the past fifteen years.
Allianz Life Insurance Products
Allianz Insurance offers a range of products including term and universal life insurance policies. They also offer no medical exam policies. One of the policies they highlight is Allianz Life Pro+.
Allianz Life Pro+ Fixed Indexed Universal Life (IUL)
Allianz Life Pro+ and Life Pro+ Survivor are issued by Allianz Life Insurance Company of North Americaare. These products are fixed indexed universal life insurance policies.
If you are not familiar with IULs here are a few of the basics. IULs are not investments in the stock market. Rather, your money in your cash value account is allocated to either a fixed account or to different indexed accounts.
The indexed account provides a guaranteed return (the floor) and the interest rate is declared by the carrier.
The indexed accounts track the performance of major indices, such as the DJIA, S&P 500 and NASDAQ 100. Your money in these indexed accounts participate in the gains of the index up to the cap set by the carrier. The carrier also guarantees a floor to protect your policy from loss.
Life Pro+ is for individuals and Life Pro+ Survivor is survivorship life insurance.
Indexed Options include the S&P 500 Index. Each of these polices build cash value. The purpose for allowing a life insurance policy to collect value is so that in the event you have a need for cash in the future, it’s accessible.
You can use the cash value for things like paying off debt, pay for college, or even a down payment on a home.
There are three death benefit options to choose from. You can choose a level death benefit, an increasing death benefit and a return of premium death benefit.
Allianz Life Pro is available for purchase to people 80 or younger. The cost will depend on many factors, but it is a minimum of $300/ year. If you smoke or have pre-existing health complications, then you can expect to pay a higher premium.
Allianz Life Riders*
Allianz offers several life insurance riders, including
- Living Benefit riders available, including chronic illness and terminal illness riders.
- Waiver of Premium,
- Child Term offering life insurance for children and
- Inflation Protection riders
These are among the other riders offered through Allianz Life. *Riders may not be available in all states.
Benefits of Allianz Life Insurance
Allianz Life Insurance Company has a great track record. But what are the company’s core values and strengths?
Allianz Life Conservative Investments
Allianz Insurance protects its assets by investing conservatively. While this may not always reap the biggest returns possible, it does curb losses. By investing conservatively, Allianz aims for long-term results. They believe in diversifying investments for higher protection. With in-house risk management, Allianz strives to ensure that every life insurance policy is protected. The investment portfolio roughly looks like this:
- Corporate Bonds- 67%
- CMB/ABC/CDO- 14%
- Mortgage Loans- 8%
- MBS- 4%
- Cash & Short term- 3%
- Government bonds- 3%
- Other- 1%
Allianz Insurance Financial Strength
Conservative investing has led to consistent financial strength. In business for more than a century, Allianz continues to grow stronger. Allianz knows that to do this they must have a strong operating margin and a high level of liquidity. With roughly $135 billion in assets in 2014, the company had liabilities of $126 billion, leaving $8.8 billion in equity. All of this translates into safe and secure life insurance for customers.
Allianz Life Annuities
Allianz Life offers three types of annuities:
- Fixed Indexed Annuities
- Index Variable Annuities
- Variable Annuities
Annuities allow you to earn an additional income stream in retirement. There are many options to choose from and different types of annuities have different pros and cons. The main thing to know is an annuity is a tax advantaged financial vehicle that can benefit your retirement plans.
Drawbacks of Allianz Life Insurance
We’ll be the first to tell you that Allianz Life Insurance is a great insurance company. They are financially sound and offer their customers great products. Yet, despite all this, there are times when Allianz Life Insurance may not be the best company.
Is Allianz Life Insurance right for you?
One life insurance company may be right for your neighbor, but not right for you. The reason for this is because some life insurance companies are better for certain needs. For example, one company may be the most diabetic friendly life insurance company, whereas another company may not know the first thing about the disease. There are tons of variables that a life insurance company considers before issuing you a policy. You may apply to two life insurance companies and get completely different rates. It’s also not easy to say which life insurance company will work out to be the cheapest, because different factors impact pricing differently at each company.
Some of the factors life companies like Allianz Insurance consider are:
- Current Health (Are you sick? Do you have any recurring medical needs?)
- Medical History (Have you had any major surgeries or procedures? Have you had medical complications in the past?)
- Family Health (What diseases run in your family?)
- Career (Do you have a high-risk job?)
- Lifestyle choices (Do you smoke/drink/use drugs?)
- Weight (Are you at a healthy weight?)
Before we know which life insurance company will work for your specific health and lifestyle, we need to know about you and your specific needs.
How TermLife2Go Can Help
We will take the time to learn all the things life insurance companies will want to know. We then take this information and find the right life insurance company and policy for you. We even keep your budget and requirements in mind.
The good thing about TermLife2Go is that we don’t work for any particular life insurance company. That means we have no vested interest in getting you to purchase a policy from Allianz Life or anyone else. We are free to tell you AllianzLife.com really is the best for you, or if you should possibly consider another life insurance company. In the end, you make the final call.
So, what are you waiting for? Give us a call today or visit our Term Life Insurance Quotes page and see what we can do for you!
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