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Vantis Life Insurance Review 2020

Pro Bullet Term life insurance
Pro Bullet Final expense
Pro Bullet Whole life insurance
Licensed Life Insurance Agent/Marketing Manager
Published on July 14, 2020

This is a review of life insurance solutions offered by Vantis Life. Vantis Life is an insurance company that offers life insurance and annuities. They have been in business for over 75 years. Vantis is now owned by Penn Mutual.

Read on to see if Vantis is a good fit for you.

Vantis life insurance policies

Vantis offers a few different types of life insurance policies: term, final expense, and whole life insurance. 

Vantis Life policies
Death benefit payout range
Age range
Exam required?
Term life$50K-$2MDepends
Final expense$5K-$20K50-80No
Whole life?-$1M+Most likely

Table created for illustration purposes only. Information available at VantisLife.com. Data effective 7/14/2020.

Some information isn't readily available on their website. Such as the age range that you can purchase a term life insurance policy. Though they do mention that you can convert the policy to permanent coverage up to age 65,1 but based on their rate chart they may only offer term policies up to age 50.

There was limited information on their site in regards to their whole life policy, but they did say you could get over $1 million in coverage.

Vantis term life insurance

Vantis offers a variety of different terms to choose from with their term life insurance policy. They have 10, 15, 20, 25, or 30-year term policies available, though age and coverage limitations may apply.3 As mentioned previously you have the option to convert the policy to a permanent policy (whole life) up to age 65. 

You are able to get anywhere from $50-$2 million in coverage, possibly without having to take a medical exam. 

They offer a unique 30-day money-back guarantee,4 you typically won't see something like that in the insurance industry. They also allow you to get a quote instantly on their site.

Vantis also offers a few rider options with this policy: terminal illness rider, charitable giving rider, and disability waiver of premium rider. 

Terminal illness rider

The terminal illness rider is included in your term policy and won't require any additional costs. This rider will allow you to access a portion of the death benefit payout if you are diagnosed with a terminal illness. 

Charitable giving rider

You have the option to select this rider at no cost. If you select this option, Vantis will make a donation to a qualified charity of your choice. This will be an additional 1% of the death benefit payout and it will be donated in your name.5 

Disability waiver of premium rider

The disability waiver of premium rider is available at an additional cost with Vantis. This rider is used to keep paying the premiums to keep your policy in force if in the event you were to become disabled. Specifics on this type of rider such as age limits and other restrictions can vary from company to company. According to Vantis this rider is available through age 55 and coverage ends at 60.6 You would need to be considered totally disabled for at least 6 months for this rider to kick in.7  

Vantis final expense life insurance

This is a type of life insurance policy offered to those who are 50-80 years old, with the purpose of covering final expenses without passing the financial burden on to your family.

Typically these policies won't require a medical exam (and Vantis doesn't) and they are for lower amounts of coverage compared to a more traditional type of policy (term or whole). This policy is available for coverage amounts of $5K-$20K. 

This policy also offers a 30-day money-back guarantee.8 And you can get a quote right online. 

As previously mentioned this policy doesn't require a medical exam, but it also doesn't require any health-related questions, so health isn't considered when determining your acceptance for this policy. This could be highly beneficial if you are having difficulty qualifying for a more traditional form of life insurance. 

Vantis whole life insurance

Vantis offers a whole life insurance policy. While they give limited information about the specifics of their policy online they do tell you that you can get over $1 million in coverage if you need it. 

This type of policy provides a death benefit just like a term policy, but it also builds cash value in the policy.

They do allow you to get a quote online for this type of policy as well, though you have to submit contact information to get it. 

Vantis also offers a variety of riders with this policy including: 20 year term life or 20 year life ROP rider, guaranteed insurability rider, spouse term rider, children's term rider, and a disability waiver of premium rider. 

The waiver of premium rider we covered under the term life policy and it is the same option here. Let's take a look at the other rider options. All of these riders are an additional cost. 

20 year term life or 20 year term life ROP rider

This allows you to add term insurance coverage to the policy.9 

Guaranteed insurability rider

This rider allows you to buy more insurance due to a major life event without a medical exam. Examples of major life events include getting married or having a child. This can be beneficial to add on more life insurance at what will likely be a cheaper rate, plus avoiding the medical exam is a bonus. 

Spouse term rider

This rider provides a 20-year term policy for your spouse without a medical exam.10

Children's term rider

This provides coverage for your kids without a medical exam.  

How much does Vantis life insurance cost?

Vantis offers competitive rates for term life insurance. And as mentioned previously they offer a final expense product that is specifically tailored to those who are 50-80 years old. 

For those who are 50-80, if you are able to qualify for a term policy, it will be much cheaper than a final expense policy. 

Vantis sample life insurance rates

20-year term for $250,000 in coverage

Age
Monthly male premium
Monthly female premium
30$14.59$13.34
40$20.38$17.90
50$46.21$38.05

Sample quotes based on VantisLife.com and are for illustration purposes only. Actual quotes may vary. Data effective 7/14/2020.

Final expense rates for $10,000 in coverage

Age
Monthly male premium
Monthly female premium
50$40.66$36.33
60$53.56$46.27
70$87.00$70.00

Sample quotes based on VantisLife.com and are for illustration purposes only. Actual quotes may vary. Data effective 7/14/2020.

Vantis offers highly competitive rates for term policies, especially for those who are young and healthy. If you are age 50 you may have the option to get a final expense policy or a term life policy. 

If you go with a term life policy it will be your cheaper option, but it will only last for a certain period of time, though you may be able to convert it to a permanent policy at some point. 

If you go with a final expense policy you will be getting a much smaller amount of coverage that could be more expensive than a larger term policy. However, this policy will last throughout your lifetime and will accumulate cash value. 

Is Vantis Life financially stable?

Rating Agency
Rating
A.M. Best (FSR)A+
S&P-
Moody'sAa3
Fitch-

Data from information available at AMBest.com, StandardAndPoors.com, Moodys.com, and FitchRatings.com. Data effective 7/14/2020.

A.M. Best gives Vantis a superior financial rating of A+. This is pretty impressive considering A.M. Best is the gold standard for rating financial stability of insurance companies across the United States. 

While Vantis isn't directly rated on Moody's the company that owns them (Penn Mutual) has a rating of Aa3. This rating means that Moody's assesses Penn Mutual to be financially stable for long-term. They also have rated them as having an acceptable ability to repay short-term obligations. 

S&P and Fitch didn't have ratings available for Vantis or for their parent company Penn Mutual. 

Vantis customer service

According to the National Association of Insurance Commissioners (NAIC), there was only 1 complaint filed against Vantis in 2019.11 With Vantis raking in over $43 million in annual premium,12 only one complaint is pretty impressive.

The NAIC gives them a complaint ratio of 0.82.13 To put that in perspective the national index is 1.00. This means that Vantis is below average in the number of complaints that they receive. 

Bottom line: Vantis is a solid choice for life insurance

Vantis offers a few different options for life insurance. While they don't offer the full scope of policies (for example they don't offer universal life insurance) they still have a variety of policies to choose from. 

They have many different term options that could meet your needs if you need to provide more temporary coverage. They also offer whole life and final expense if you are looking for lifetime coverage. 

With great financial stability, solid customer service, and competitive pricing they could be a good choice for you. 

If you aren't sure if Vantis is right for you, give one of our licensed agents a call or get a quote from other companies. 

Call Today 888-234-8376

Sources

  1. Vantis Life Insurance, "Velocity Term Life Insurance"
  2. Vantis Life Insurance, "Velocity Flex Complete Whole Life Insurance"
  3. Vantis Life Insurance, "Velocity Term Life Insurance"
  4. Vantis Life Insurance, "Velocity Term Life Insurance"
  5. Vantis Life Insurance, "Velocity Term Life Insurance"
  6. Vantis Life Insurance, "Velocity Term Life Insurance"
  7. Vantis Life Insurance, "Velocity Term Life Insurance"
  8. Vantis Life Insurance, "Guaranteed Golden Final Expense"
  9. Vantis Life Insurance, "Velocity Flex Complete Whole Life Insurance"
  10. Vantis Life Insurance, "Velocity Flex Complete Whole Life Insurance"
  11. National Association of Insurance Commissioners, "Vantis Life Ins Co"
  12. National Association of Insurance Commissioners, "Vantis Life Ins Co"
  13. National Association of Insurance Commissioners, "Vantis Life Ins Co"
Written by
Chelsie Ball
Chelsie is fixated on developing innovative ways to present complex ideas and maneuvering people to the information they need. She has worked in digital marketing for the past eight years and has been a licensed life insurance agent since 2010. When she isn’t looking out for the user, you can find her watching Netflix or desperately trying to find a real hobby.