Allianz Life Insurance Review [2021]

Allianz Life Insurance is a top life insurance and annuities provider in the United States. Founded in 1896, Allianz Life ratings are solid, with an A+ from A.M Best, which means a strong financial outlook. Allianz Life Insurance Company of North America focuses on fixed index universal life insurance policies, available in all 50 states.

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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

UPDATED: Jan 6, 2021

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Allianz Life Insurance Company Overview
Key InfoCompany Specifics
Year Founded1896
Current Executives CEO – Walter White
CFO – Bill Gaumond
Number of Employees147,268
Total Sales / Total Assets $11,000,000/$151,000,000,000
Phone Number 800-950-3347
Company Websitewww.allianzlife.com
Premiums Written$62,334,117,000
Best ForFixed Index Universal Life Insurance
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Allianz Life Insurance is an annuities and life insurance provider that offers policies in all 50 states. Founded in 1896, Allianz Life has a strong history and great financial outlook for the future.

We all want the best life insurance company and the cheapest term life insurance quotes. We’ll guide you on the history of Allianz Life Insurance Company of North America, the best Allianz Life policies, and how to get the cheapest Allianz Life Insurance rates.

Not sure if Allianz Life Insurance rates are the best deal for you? In just a few minutes, you can get personalized quotes from top life insurance companies using our FREE quote tool above.

Is Allianz a good insurance company?

What is the rating for Allianz Life Insurance company? Allianze Life has good and bad, like most insurance companies. When shopping for life insurance, you want to know company ratings, what products they offer, and if possible, the best Allianz Life life insurance rates.

This Allianz Life Insurance review will help to provide ratings, reviews, market share, and more.

The Allianz Life ratings appear strong and indicative of future financial stability. Ratings for Allianz Life are available by respected organizations like A.M. Best, Standard & Poor, Moody’s, and JD Power. What are the Allianz Life ratings?

  • A.M. Best: A+ (Superior)
  • S&P: AA (Very Strong)
  • Moody’s: A1 (Upper-Medium)
  • JD Power: 743 (Below industry average)

Allianz Life has a stable financial outlook but does have some questions regarding customer satisfaction. The JD Power score above reflects customer satisfaction for Allianz annuities.

Allianz Life Insurance Company of North America complaints and reviews are reasonable. There have been just 39 complaints over the past three years, according to the Better Business Bureau. Allianz Life customer service does appear to respond to complaints promptly.

There are also Allianz Life Annuities reviews available from ConsumerAffairs. Of the top 98 Allianz Life annuities reviews, their average for consumer satisfaction is a 1.7/5 – indicating a need for improvement.

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The National Associations of Insurance Commissioners (NAIC) complaint index for Allianz Life Insurance Company of North America reports that most of their life/annuities complaints are for delayed claims, policy questions, and misrepresentation of policies.

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What life insurance policies does Allianz Life offer?

Allianz Life, Allianz Life Insurance Company of North America, and Allianz Life of NY all offer life insurance policies that cumulatively cover all 50 states. Our Allianz Life Insurance company review covers all of the policies you can get with Allianz Life.

Allianz Life offers a variety of products to consumers. Their life insurance policy options are limited since they specialize in permanent life insurance. You’ll notice a short list when reviewing the life insurance products offered by Allianz.

Does Allianz Life Insurance offer term coverage?

Allianz Life does not directly offer term life insurance. In 2019, Allianz Life purchased Legal and General America, another life insurance provider. If you want Allianz term life insurance, it will have to go through Legal and General.

The Allianz term life insurance, provided by Legal and General, is referred to as Term Pro+. To make matters even more confusing, Allianz Life offers this term life product through Legal and General but Banner Life Insurance Company, a Legal and General subsidiary, completes the underwriting process.

What are the Allianz Life Insurance term rates?

As mentioned above, Allianz Life indirectly provides term life insurance policies through Legal and General America, underwritten by Banner. These would be your best shot at affordable Allianz Life policies.

Allianz ProTerm+ Life Insurance Average Monthly Rates by Age
AgeAverage Monthly Rate
20s$25.09
30s$28.58
40s$56.51
50s$139.17
60s$476.87
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Above, you can get a general idea of what the Allianz Life ProTerm+ rates might look like, depending on your age. Keep in mind that your gender, coverage amount, and health will play factors in these rates.

Does Allianz Life Insurance offer universal life insurance?

Allianz Life Insurance Company of North America is well-known for its universal life insurance plans. More specifically, they advertise fixed index universal life insurance policies. What is a fixed index universal life insurance?

https://youtube.com/watch?v=qmn2wYMseu4

Fixed index universal life insurance (FIUL) is a form of permanent life insurance that offers a cash value component. This simply means that your life insurance policy also serves as a sort of savings account.

The fixed index concept means that your policy becomes fixed on whatever total value you have each year, so that amount is not impacted if the market collapses. In simplest terms, your cash value can only increase from year-to-year.

Allianz Life fixed index universal life insurance currently offers a fixed index of 4.4%. This means that Allianz Life guaranteed an index, or increase, of 4.4%. This is much better than many bank accounts.

There are even more benefits of Allianz Life FIUL plans, referred to as Allianz Life Pro+ Advantage™.

  • Interest rate guarantee (4.4% as mentioned above)
  • Adjustable premium payments
  • Adjustable death benefit
  • Access to cash value

Fixed index universal life insurance policies are designed to provide policyholders flexibility, growth, and minimal risk. Allianz Life specializes in providing fixed index life insurance plans., so they are most likely the best Allianz Life policies.

What life insurance riders does Allianz Life have?

Life insurance riders are important to review to be sure you have the best life insurance policy for your needs. Over time, your life insurance needs might change, so you’ll want to be sure that you think about potential changes in your future.

Allianz Life offers a handful of life insurance riders to better serve their policyholders.

Inflation Protection: Inflation protection riders are designed to increase policy coverage amounts with inflation. Since Allianz Life universal life insurance plans are permanent, policies can be active for over 30 years. $200,000 might not seem the same after 30 years.

Waiver of Specified Premium: Waiver of premium riders are designed to protect you if you become disabled. Allianz Life waiver of specified premium means that Allianz assumes a portion of your premium if you become disabled.

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Enhanced Liquidity: Allianz Life offers an enhanced liquidity rider which means that the insured can adjust how much cash value is available to them if needed.

Additional Term: The Allianz Life additional term rider won’t apply for many policyholders since they are primarily FIUL customers. If you purchase a term life insurance policy, the Allianz additional term rider increases the length of a term life insurance policy if desired.

Long Term Care Accelerated Benefit: Allianz Life offers policyholders the option to receive an advance of their death benefit if they need it for long term care like nursing home expenses. Life insurance with living benefits can be helpful in certain circumstances.

Child Term: A child term is typically a flat rate paid by the insured to provide coverage if their child passes, whatever the cause.

As you can see, Allianz Life Insurance Company of North America offers a variety of riders to assist policyholders with changes over time.

What annuities does Allianz Life offer?

Allianz Life is known for universal life insurance and annuities. What is an annuity? What is the best Allianz Life annuity?

Annuities are contracts between insurance companies, like Allianz, and policyholders that agree to scheduled payments from policyholders to be paid back by the insurance company at another time.

Life insurance policies and annuities are similar, but annuities serve more-so as supplemental income while life insurance is designed primarily for a death benefit.

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

Comparison of Allianz Annuities

Fixed Index

Variable

Index Variable

Allianz fixed index annuities offer a fixed index which means a fixed rate of growth. Each year the principle increases based on the index.

Alliance variable annuities allow the insured to select how their money is invested. This means that the rate of growth depends on the performance of the insured's investment choices.

Allianz index variable annuities are like a combination of fixed index and variable annuities. They offer a an assortment of variable investment and index options to provide more growth potential than fixed index but more protection than variable annuities.

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The Allianz Life annuities offer flexibility to policyholders depending on their preferences. If you aren’t familiar with investing, it might be safest to choose a fixed index annuity. If you have done research on the market and investments, you might be able to benefit more from a variable annuity.

What programs are available from Allianz Life?

Allianz Life is a large company that seems to keep growing. They have some benefits beyond their life insurance policies and annuities.

Unfortunately, Allianze Life does not have a mobile app. Compared to some other insurance companies, they do have a user-friendly website that you can use to submit payments, review claims, and more.

Allianz Group also owns PIMCO. Together, they offer premier retirement and investment options. They offer financial advisors, institutional investment guidance, and insights for individual investors.

Allianz Life is continuously looking to grow and has numerous insurance and community service programs. In 2018, Allianz initiated the Youth Development and Inclusion Grant Program. Allianz donated $150,000 to six different youth programs to start that program.

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How do I cancel an Allianz Life Insurance policy?

Canceling life insurance policies isn’t always easy. Canceling your Allianz Life policy might require some paperwork, but it should be possible. There could be a different process if you plan on canceling an Allianz life annuity.

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Fixed index universal life insurance policies are meant to be flexible so you won’t feel the need to cancel, but sometimes things change. Just remember, if you have an Allianz Life fixed index policy and you are struggling financially, you can actually make withdrawals from the cash value.

An Allianz Life withdrawal form should be available on their website. You will see options for a partial or full withdrawal. Whether you are looking to withdraw or cancel your policy, you can always contact Allianz Life customer service at 1-800-950-3447.

How do I make an Allianz Life Insurance claim?

When it comes to life insurance, you’ll want to be sure that your beneficiaries know how to make claims when the time comes. Some companies are easier than others to make a life insurance claim.

Allianz Life claims are simple and convenient. They have everything organized and ready on their website. Find step-by-step instructions on the Allianz website.

What is the Allianz Life market share?

In a competitive market, Allianz Life stands within the top-50 life insurance companies. They hold a 0.57% market share which is below companies like Penn Mutual, Cigna, and Metropolitan Group. The Allianz market share is above companies like AAA, CVS, and American National Financial Group.

The Allianz Life market share with annuities considered is much more impressive. Allianz ranks among the top-10 companies in market share with 4.15% when considering annuities. This ranks above companies like New York Life Group, MassMutual Insurance Group, and Pacific Life Group.

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What are the pros and cons of Allianz Life?

Every life insurance company has good and bad. While we discuss most of that above, here we summarize the good and the bad of Allianz Life Insurance Company of North America.

Pros

  • Strong financial ratings
  • Great for building cash value
  • Flexible payments

Cons

  • Subpar customer satisfaction
  • Few policy options
  • Not a top life insurance provider

Not everyone is searching for the exact same thing in a life insurance company. Some people want the best life insurance company, some want the cheapest life insurance, and others might just want the biggest death benefit possible.

Allianz Life Insurance: The Bottom Line

At the end of the day, Allianz Life compares to many of the best life insurance companies. Allianz primarily offers permanent life insurance and annuities to help customers build cash value as an added investment.

Shopping for life insurance is an important task that requires a substantial commitment. Before you decide on Allianz life insurance, take a look at your options. Compare some of the best life insurance rates in just a few clicks using our FREE quote tool below.

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