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Allianz Insurance Review 2020
Allianz Life Insurance has a superior rating from A.M. Best and is known for their fixed indexed universal life policy offering.
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.
Allianz life insurance policies
Allianz Fixed Indexed Universal Life (FIUL) policy
The FIUL is a type of permanent life insurance policy designed to protect you for your whole life and it builds a cash value.
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 indexes, 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.
For Allianz’ FIUL you must be age 80 or younger to purchase their policy and while your premiums can be flexible they do expect a minimum initial premium payment based on age, gender, risk class, coverage amount and riders, but it is never less than $25/month.1 You are able to get coverage amounts from $100K to $65M.
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.
Allianz Life Riders
Allianz offers several life insurance riders, including
- Living Benefit riders available, including chronic illness and terminal illness riders.
- Waiver of Premium,
These are among the other riders offered through Allianz Life. Riders may not be available in all states.
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. Among the top most reputable companies is A.M. Best. They give Allianz a rating of an A+ rating, which is superior and the best rating possible. This means that they are very financial stable, which is important when choosing a life insurance company, as you want to make sure your beneficiary will receive the funds when the time comes.
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?)
Bottomline: if you want options you may want to go with someone else
While Allianz is financially stable, they don’t offer a variety of life insurance options. If you are looking for more options or to purchase multiple types of life insurance policies, then Allianz probably isn’t the right fit for you. Though they don’t have the most options they do offer a very flexible product that provides very high coverage amounts for all age ranges, that accumulates cash value. If getting a flexible policy is your goal then consider Allianz a good option.