Allianz Life Insurance Review (2024)

Allianz Life is an emerging annuity and insurance provider in the United States. Operating for over 100 years, Allianz Life Insurance Company of North America has an excellent financial strength rating to accompany its rich history. Allianz Life specializes in permanent life insurance quotes.

Never heard of Allianz Life? New to universal life insurance? This Allianz Life Insurance Company review will cover Allianz Life policies and how to get affordable Allianz Life Insurance rates, and we’ll help explain the best Allianz Life Insurance policy for you.

Trying to decide if Allianz Life Insurance has the best rates for you? Get an assortment of personalized rates from top life insurance companies today using our FREE quote tool above.

What is the rating for Allianz Life?

Many people aren’t familiar with companies like Allianz Life. It’s important to know how your life insurance company rates amongst industry leaders. This review of Allianz Life Insurance Company will help outline the Allianz financial ratings, reviews, and any Allianz Life complaints that might be worth noting. Is Allianz a good insurance company?

As you can see above, the Allianz Life ratings are mostly positive. They were rated high for financial strength and as a creditor via A.M. Best. The A.M. Best rating scale is one of the top scales in the life insurance industry. ItsJ.D. Power rating reflected the Allianz Life consumer satisfaction for annuities, which needs improvement.

The Better Business Bureau has reported 39 complaints about Allianz Life over three years. Allianz Life averages under two stars with the BBB, continuing to show a need for improvement. Most of the Allianz Life complaints are regarding issues with products or services.

Allianz Life Insurance Company’s ratings and BBB score indicate that Allianz life does have the financial capacity to pay out respective death benefits, but you might have some issues going through the process.

ConsumerAffairs offers more information on the Allianz Life annuities, with 98 Allianz Life annuities reviews. The company averages just 1.7/5. You should have some concerns about Allianz Life’s customer feedback and ratings.

What life insurance products are offered by Allianz Life?

Allianz Life is a smaller company that has a limited number of life insurance options. Like many other companies, Allianz Life has taken a greater focus on providing permanent life insurance and annuities rather than term life insurance.

Allianz life is mostly known for its fixed index universal life insurance policies; however, the company also offers an assortment of annuities. With universal life insurance and annuities, there is often less risk for the insurer than term life insurance. You’ll learn that and more when learning about term life insurance vs whole life insurance.

What universal life insurance policies does Allianz Life have?

Allianz Life offers fixed index universal life insurance (FIUL). The index is essentially an incremental growth that can not be deducted once reached each year. For example, if you initially invested $25,000 and accrued 5 percent interest on your original amount, you’d finish the year at $26,250.

That new amount would be the lowest possible amount your account could reach, despite any major changes in the market. In many cases, an Allianz Life FIUL policy would be a type of guaranteed universal life insurance.

Allianz Life FIUL offers a fixed index interest of 4.4 percent, which is much better than many other investment options. When selecting your Allianz Life fixed index universal life insurance product, you’ll be able to choose whether you want a fixed interest, indexed interest, or a combination of both.

Gaining 4.4 percent through a fixed interest each year would be a nice improvement to your investment; however, many high-level investors believe they can earn even more. Allianz Life does investing for you to give you a comfortable interest level with minimal risk. Other companies give more responsibility to the policyholder.

When buying Allianz Life Pro+ fixed indexed universal life insurance policies, you’ll notice it is touted for its interest rate, cash value accruals, adjustable premium payments, and an adjustable death benefit.

Any universal life insurance policy should have flexible premiums. This is a major upside considering the unpredictability of jobs over a lifetime. Since we are typically expected to pay for life insurance policies over a lifetime, it’s nice to know you’ll have some flexibility if needed.

What Allianz Life annuities are available?

If you’ve been shopping for life insurance, you’ve probably seen an assortment of policy options in the form of both life insurance and annuities. With life insurance policies, the insurer often agrees to an eventual payout while you agree to pay a specified amount over a predetermined number of years or your entire life.

Annuities can offer a similar death benefit, but it actually comes primarily from the policyholder rather than the insurance company. Annuities usually require a significant first-time investment, monthly premiums, and accrue interest to continue building value for the policyholder instead of simply relying on the insurer to pay out over time.

Allianz Life Insurance Company of North America offers three primary annuities, fixed index, variable, and variable index annuities.

Allianz Life Fixed Index Annuities: A fixed index annuity works just like the fixed index life insurance policy. Over time, the account grows in increments that become the new floor for your account. These accounts are less subject to market volatility.

Allianz Life Variable Annuities: Variable annuities with Allianz Life are not as safe. With a greater potential reward, there is a greater risk. You have the potential to earn more with a variable annuity, but you are also responsible for the losses if they occur.

Allianz Life Variable Index Annuities: These annuities provide a happy medium between the other Allianz Life annuities. They provide an index for safety but still have the variable concept for more potential growth in your investments.

The annuities offered by Allianz Life cover most needs for consumers. If you like zero risks, a fixed index annuity is the safest option. If you want to take the risk in hopes of earning large dividends, a variable annuity is a better option for you.

How much does Allianz Life Insurance cost?

Allianz Life Insurance doesn’t offer traditional term life insurance. Life insurance rates are already hard to predict since there are so many variables that can affect them. For example, age, gender, occupation, health, and even family history can impact life insurance rates.

How do I get the best Allianz Life Insurance rates? With the options available with Allianz Life, your rates will depend on what type of policy you decide to get and how much you want to invest. Since their policies typically have flexible premiums, you’ll get to choose how much you want to pay in some cases.

How do I make an Allianz Life Insurance claim?

What happens to my life insurance policy when I die? Well, your beneficiary will need to know how to make an Allianz Life Insurance claim. Some companies are easier than others when it comes to making claims. It’s always helpful to have basic information like the policy number, address, and date of birth.

Allianz Life claims are user-friendly. They offer step-by-step instructions and you can start a claim on their website. Allianz does ask for the name, birth date, death date, policy number, and Social Security number of the deceased. You’ll also need to provide your contact information so they can follow up with you.

How do I cancel my Allianz Life policy?

Looking to cancel your Allianz Life Insurance policy? The cancellation process will likely differ if you’re canceling an Allianz Life universal life insurance policy rather than an annuity.

Remember that Allianz Life FIUL policies are designed to be flexible to prevent hardships on the policyholder, including the need to cancel the policy. Beyond flexible payments, you also have the option of using your cash value to make payments or to pay for other needs.

Allianz Life customer service should be able to help with canceling life insurance policies, making withdrawals, or finding other solutions for policyholders. The Allianz Life customer service phone number is 1-800-950-3447.

Allianz Life Insurance History

Now that you know more about the Allianz Life policies, we’ll help to give you some background on the history of Allianz Life Insurance Company. Founded in 1896 by Henry Little, Allianz Life has a long history in the life insurance industry.

Allianz Life is also known as Allianz Life Insurance Company of North America. They have another subsidiary that provides life insurance to New York, Allianz Life of NY. Allianz Life sponsors the Major League Soccer team, Minnesota United FC.

Pros and Cons of Allianz Life

Throughout this Allianz Life Insurance review, we’ve covered the Allianz Life policies, the history of Allianz Life, and more. With so much information, it’s helpful to summarize the good and the bad.

Pros

• Good financial strength
• Good investment options
• Flexibility with premiums

Cons

• Customer satisfaction needs improvement
• No term life insurance options
• No mobile app

It’s hard enough learning how to get the best Allianz Life Insurance quotes. Quoting and premiums are typically the focal point of consumers, but knowing your life insurance company has subpar reviews is important too.

Allianz Life Insurance: The Bottom Line

Whether you’re looking for permanent life insurance or an annuity to solve your investment needs, Allianz has options that might be helpful for you.

Decided that universal life insurance is a good choice for you? Before you rush to buy Allianz Life Insurance, you’ll want to do some shopping. Take advantage of our FREE quote tool below to start comparing rates from top life insurance companies today.