Allianz Life Insurance Review [2022]

Allianz provides life insurance for North American customers through its office in Minneapolis, Minnesota. Customers can find affordable Allianz life insurance, but the company offers limited coverage options. However, Allianz does have several riders that allow customers to customize a policy. Learning more about Allianz Life will help you determine if it’s a good option for your needs.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Feb 14, 2022

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Quick Facts

  • Allianz only provides term life and indexed universal life insurance
  • Allianz offers several riders to customize a policy
  • Allianz has been rated an A+ by A.M. Best

Allianz provides term and permanent life insurance to customers in North America. The company has limited coverage options but provides several riders. Additionally, Allianz has been rated an A+ by A.M. Best.

Knowing more about Allianz Life will help you determine if the company is a good fit.

Before starting this Allianz Life review, enter your ZIP code to get free life insurance quotes in your area.

What are the Allianz Life average monthly rates?

The cost of coverage is a common concern among life insurance customers. Allianz Life provides term life coverage through Life and General America. Term life plans are cheaper than permanent life policies but last for a shorter time.

The following chart shows the average monthly Allianz Life insurance rates by age for a term life policy.

Allianz Life Insurance TermPro+ Average Monthly Rates by Age

AgeAverage Monthly Rates
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As you can see, you can find affordable Allianz Life insurance for young customers. However, rates increase significantly as policyholders age.

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What coverages are offered by Allianz Life?

Allianz Life only offers term life and fixed indexed universal life insurance. However, as mentioned above, the term life plan is provided through Legal and General America. So the company only offers customers fixed indexed universal coverage directly.

The company’s term life plan is TermPro+ and is available in 10, 15, 20, 25, and 30-year terms. These plans are renewable until the age of 95 but can be converted to a permanent policy when a term ends.

Term life coverage is available from Allianz Life for customers between 20 and 65 years of age. Additionally, coverage ranges from $100,000 to $5 million.

Allianz Life’s fixed indexed universal policy, Pro+ Advantage, is the only permanent life plan available. Since it’s the only policy sold directly by the company, it’s the only option you’ll find on the Allianz Life website.

As a fixed indexed universal life policy, the Pro+ Advantage plan builds a cash value with a fixed interest rate, set at the beginning of the year. The policy also offers an index lock that prevents losing the 0% interest rate.

This plan is available to applicants up to 80 years old and ranges in value from $100,000 to $65 million. After the first policy year, customers can choose one of three following death benefits.

  • Level death benefit: The payout remains the same.
  • Increasing death benefit: The death benefit increases each year.
  • Return of premium: Adds additional funds equal to the amount you pay into the policy.

The increasing death benefit and return of premium life insurance depends on stock indexes. As a result, the customer won’t know the exact amount from year-to-year. Conversely, a level death benefit guarantees the amount a payout provides.

In addition to life insurance, Allianz also offers annuities, which can pay for retirement and provide a death benefit. There are three Allianz annuity plans, including:

  • Fixed index annuities
  • Variable annuities
  • Index variable annuities

Like life insurance policies, the value of these plans depends on popular stock indexes.

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Does Allianz Life offer riders?

While Allianz offers fewer coverage options than most competitors, they make up for it with various optional coverages. Customers can add these options, called riders, to their policy for a fee. The following table shows the riders offered by Allianz Life.

Allianz Life Riders

RiderRider Coverage
Child term riderAdds term coverage of between $5,000 and $10,000 to your policy for children between 15 days old and 21 years old.
Enhanced liquidity riderWaives part of the surrender chargers for the policy if you decide to access your cash value or cancel your policy.
Loan protection riderProtects against a lapse in coverage due to a policy loan. Customers between 75 and 120 can use it after the policy is in force for at least 15 years.
Premium deposit fund riderDeposits a lump sum that allows you to pay multiple years of premiums at a discounted rate.
Supplemental term riderAllows you to get an extra term up to 10 times the base death benefit of your policy until age 75.
Waiver of new charges benefitWaives surrender charges, expense charges, and enhanced liquidity rider charges if the fees increase after the 11th year.
Waiver of specified premium riderWaives your premium if you become disabled.
Other insured term riderYou can get term coverage for up to four people, and coverage is in effect until age 100.
Chronic illness accelerated death benefit riderYou can access your death benefit before death if you become chronically ill or cognitively impaired.
Terminal illness accelerated death benefitYou can access up to $1 million of your death benefit before death if you become terminally ill with 12 months to live.
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The Allianz Life Insurance Company offers more riders than most competitors. However, adding these riders will increase your Allianz Life insurance quotes.

How is Allianz Life rated?

Credit rating agencies review insurance companies and rate them on financial strength. The rating determines the company’s ability to provide a payout when customers file a claim.

Allianz insurance has been rated an A+ by A.M. Best, an AA by S&P, and an A1 by Moody’s. The A.M. Best rating is the second-highest, the S&P rating is the third-highest, and the Moody’s rating is the fifth-highest provided by the agencies.

The Better Business Bureau (BBB) rates companies based on their business practices. Allianz has received an A+ rating from the BBB, indicating that the company is transparent and trustworthy when dealing with customers.

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Does Allianz Life have any complaints?

The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints made about insurance companies. These reviews allow customers to determine the quality of service they’ll receive.

At the time of this review, the BBB has received 35 complaints about the Allianz insurance company during the last three years. The majority of these complaints have been about the company’s products or services.

According to the NAIC, customers have made 73 complaints about Allianz Life. The company’s complaint index ratio is 0.33, indicating that Allianz has far fewer complaints than the average company of a similar size.

How can you file Allianz Life claims?

Customers that buy Allianz life insurance can file claims online or by phone. The easiest way to file a claim is to fill out a claims form on the company’s website. This online tool allows customers to file a claim at any time of day.

For those that prefer to speak with a representative, the company has a toll-free line available Monday through Thursday from 7 a.m. to 6 p.m and from 7 a.m. to 5 p.m. on Friday. Customers can reach the claims line by calling 1-800-950-1963.

The company’s website says it aims to process all claims within 10 days of filing. However, since every claim is different, claim times can vary.

How can you cancel an Allianz Life policy?

Allianz doesn’t provide its cancellation process on its website, but customers can cancel a policy by calling the customer service line at 1-800-950-5872. Representatives are available Monday through Friday from 8 a.m. to 5 p.m. (CST).

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What are the pros and cons of Allianz Life?

Every company has pros and cons that potential customers should consider. Knowing the positives and negatives of Allianz Life will help you determine if it’s the right choice.

On the positive side, Allianz Life is financially solid, has high coverage limits, and offers several riders. These aspects allow customers to customize their policies, receive the coverage they desire, and ensure they’ll receive a payout when they file claims.

However, Allianz Life has fewer coverage options than most competitors. Additionally, the only way to purchase coverage is through an agent, which can be more time-consuming and less convenient for some customers.

Who is Allianz Life?

Allianz began in Munich, Germany, in 1890. Today the company is based in Berlin, Germany, and provides coverage to more than 100 million customers worldwide.

The Allianz Life Insurance Company of North America began in 1993 by merging North American Life and Casualty and the Fidelity Union Life Insurance Company. The headquarters of Allianz’s North American branch is in Minneapolis, Minnesota.

Allianz Life: The Bottom Line

Allianz is a large multinational corporation providing life insurance to customers throughout North America. While the company has limited types of coverage, they offer several riders to make up for the lack of options.

Learning more about Allianz Life will help you decide if it’s the right company for you.

Now that you know about Allianz Life, enter your ZIP code to find free life insurance rates in your area.

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