Allianz Life Insurance Review (2024)

Allianz SE, the parent company of Allianz Life Insurance Company of North America, is the largest insurance company in the world. Founded in Berlin and currently headquartered in Munich, Allianz and its subsidiaries offer high-quality life insurance and annuity investments.

Those who live in the United States interested in Allianz should direct themselves to the few but formidable life insurance options the Allianz Life Insurance Company can provide.

We know that reading about life insurance can be stressful, and that is why we have already compiled all of the information you need to know about Allianz’s life insurance into this to-the-point article.

What are the two major life insurance policies that Allianz offers?

Allianz only offers two kinds of life insurance policies — one fixed universal policy and one term life policy. Allianz is best known for its fixed universal policy. Allianz’s fixed universal policy offers many different riders and benefits that allow you to customize your life insurance policy, almost to the degree that larger life insurance companies provide through their various policies.

Allianz Life Pro+ Advantage Fixed Index Universal Life Insurance Policy

The Allianz Life Pro+ Advantage Fixed Index Universal Life Insurance Policy is the premier life insurance policy most widely recommended by Allianz.

This policy is a universal life policy, which means that the policy stays in place as long as you make consistent premium payments. Unlike term life insurance, which covers individuals for a given time, universal life insurance gives more adjustable flexibility through riders and policy changes.

The term fixed index refers to the steady growth your retirement investment can make as a fixed annuity. Your money put towards your death benefit grows tax-deferred and compounds upon itself. Index funds grow at prolonged rates and are invested with no risk to the insured. Allianz does not allow you to manage your own money through investments in the Life Pro+ Advantage policy.

Allianz Life Pro+ Advantage gives you the option to put money aside and make withdrawals from your policy to pay for your children’s college education, along with several other things you may need to do with your money. When your family receives your death benefit, they can immediately use it to cover funeral expenses, pay mortgages or rent, recuperate lost income, pay for educational costs, and protect the value of your home estate.

This policy also offers a unique feature in the Index Lock. The Index Lock allows you to lock in an index value, prior to the policy’s anniversary, during the crediting period. The credit you earn from your plans index investments is locked in at the end of the year, where you can choose an appropriate index value for the following year. This prevents any losses to your retirement savings or any 0% annual growth period.

Those interested in this policy are broken up into three risk classes — Non-tobacco (Preferred Plus, Preferred, Standard), Tobacco (Preferred Tobacco, Standard Tobacco), and Juvenile. Anyone up to the age of 80 can choose to invest in the Life Pro+ Advantage plan.

Death benefit premiums range between $100,000 and $65,000,000. You can also choose between three options (which you can change on an annual basis) as to how you want your family to receive your death benefit:

• Death Benefit Option A: Your death benefit is equal to how much you put into your policy.
• Death Benefit Option B: Your death benefit is equal to your specified amount plus interest growth.
• Death Benefit Option C: Your death benefit is the specified amount plus any additional premium paid.

Allianz allows you to pay your death benefit in annual, semiannual, quarterly, and monthly amounts. You can also pay a Premium Deposit Fund Rider in certain states.

The Chronic Illness Accelerated Death Benefit Rider or the Terminal Illness Accelerated Death Benefit Rider will give your beneficiaries early access to your death benefit.

You can also add on additional riders, including the Child Term Rider, Enhanced Liquidity Rider, Loan Protection Rider, Premium Deposit Fund Rider, Supplemental Term Rider, Waiver of New Charges Benefit, Waiver of Specified Premium Rider.

Contrary to what you may initially think of Allianz Life Insurance Company of North America, Allianz also offers the Life Pro+ Advantage plan to wealthy foreign individuals with business ties to the United States. The High Net Worth Foreign National Program (HNWFN) offers life insurance to over 65 countries and territories worldwide, with the same benefits, riders, and protection covered under the Life Pro+ Advantage plan.

Allianz Term Pro+ Life Insurance Policy

Allianz Term Pro+ is not offered in a traditional sense. This policy is created under the Legal & General banner of life policies and is underwritten by the coincidentally-named subsidiary of L&G, Banner Life Insurance Company.

Allianz Term Pro+ is the only term life insurance policy offered under the Allianz moniker. Allianz has been traditionally known for its fixed universal life insurance policies — the modern version of which is the aforementioned Allianz Life Pro+ Advantage Fixed Index Universal Life Insurance Policy.

By paying a monthly, quarterly, semiannually, or annual premium, the insured guarantees that their family will receive the total death benefit if their policy is continued until their unfortunate passing. Based on the given rates and your medical history, life protection is offered for 10, 15, 20, 25, and 30 years.

Term coverage will last until you reach age 95. Tobacco smokers are also covered for five fewer years when they start 25-year and 30-year policies compared to non-tobacco smokers.

Face amounts can vary between $100,000 and $5,000,000. An Accelerated Death Benefit Rider is also available from the base plan, which allows your family to receive your death benefit in an expedited time frame.

The Allianz Exchange Program allows individuals with the Term Pro+ plan (between the second and fifth year of their term policy) to transfer their policy to a permanent Allianz Life plan.

Term Pro+ is available throughout the continental United States and the District of Columbia, which means Allianz does not offer term life insurance policies for those who live in Alaska, Hawaii, the U.S. commonwealths, or any outlying American territory.

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What are common annuity investment options offered by Allianz?

An annuity from Allianz gives you more hands-on experience with saving money to give to your family after your passing. Fixed index annuities offer steady growth without forcing you to designate your money towards a life insurance premium. Index variable annuities allow you to invest and withdraw your money in index variable funds quickly.

Fixed Index Annuities

Allianz offers seven different fixed index annuity options.

• Allianz Benefit Control: A flexible annuity that offers protection from market downturn
• Allianz 222 Annuity: An annuity with protection from market loss and that allows your descendants to easily access its death benefit
• Allianz 360 Annuity: An annuity with tax-deferred indexed interest growth
• Allianz Accumulation Advantage Annuity: An annuity where you can choose from seven index funds
• Essential Income 7 Annuity: An annuity with two index allocation options and early retirement withdrawals
• Retirement Foundation ADV Annuity: An annuity that allows you to withdraw at higher percentages the longer you wait
• Core Income 7 Annuity: A fixed annuity and Core Income Benefit Rider package for early retirement

These fixed index annuity plans allow you to withdraw at different times. Intelligent investors know not to stack their money to their beneficiaries in one option.

Index Variable Annuities

All index variable annuities from Allianz give a death benefit if you pass during the accumulation period. This period occurs when you are still putting money into your index variable annuity portfolio.

Allianz offers five different index variable annuity options — Index Advantage, Index Advantage ADV, Index Advantage NF, Index Advantage Income, and Index Advantage Income ADV.

Keep in mind that investing in an index variable annuity is riskier than investing in a fixed index annuity.

Each of these five annuities has specific benefits and features that fit people at different stages of their life. In general, annuity plans encourage long-term growth over short-term withdrawals. Certain plans offer different withdrawal rates, retirement options, and the Core Income Benefit Rider.

How is Allianz rated amongst credit rating agencies?

Allianz SE and all of its subsidiaries — including the Allianz Life Insurance Company of North America — are rated A+ by A.M. Best. An FSR, Financial Strength Rating, of A+, designates that placing into policies under the Allianz Insurance Company and holding your money with Allianz is exceptionally safe. Allianz has almost unlimited access to external and internal credit.

• Allianz has an AA ISR and an AA- IDR with Fitch Ratings
• Standard & Poor gave Allianz an AA FSR
• Moody’s rated Allianz with an Aa3 FSR in December 2021

You can be assured that Allianz Life holds its money in diverse assets and that the company, as a whole, has been experiencing a steady return of investment over the past five years.

Our Take: Should you choose Allianz for your life insurance plan?

Allianz offers excellent fixed index universal life insurance, which should be considered for those looking for a flexible death benefit plan.

Those who want to have more leniency and control over their life insurance policy should consider Term Pro+ Life or an annuity plan.

Direct quotes are only available online, so you should discuss your options with an agent. Different benefits and riders may only be available in certain states. Various stipulations and further planning should be discussed with your family.

In the end, Allianz has built up a strong reputation with its Life Pro+ Advantage Fixed Index Universal Life Insurance Policy and 122 years of offering insurance to the U.S. market. Those already acquainted with the company shouldn’t hesitate when considering Allianz’s life insurance.

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Claiming With Allianz Life Insurance: A Seamless Experience

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Allianz Life Insurance aims to provide a convenient and hassle-free claims process for its policyholders. Whether you need to file a claim for a life insurance policy or an annuity investment, Allianz offers multiple avenues for submission.

Policyholders can choose to file a claim online through the company’s website, over the phone by contacting their customer service, or even using mobile apps designed for easy claims processing. This flexibility ensures that policyholders can choose the method that suits them best, making the claims process as seamless as possible.

Average Claim Processing Time

The efficiency of a life insurance company’s claims processing is crucial during difficult times. Allianz Life Insurance understands the importance of a swift response to claims. While the specific processing time may vary depending on the complexity of the claim and the required documentation, Allianz is committed to processing claims as quickly as possible.

Policyholders can expect a transparent and reasonably fast claim processing experience, helping them receive the benefits they deserve promptly.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is invaluable when evaluating an insurance provider’s performance in handling claims. Allianz Life Insurance has garnered a reputation for its fair and responsive approach to claim resolutions and payouts.

Customer reviews and testimonials often highlight the company’s commitment to fulfilling its promises and providing financial support to beneficiaries when they need it most. Allianz’s dedication to customer satisfaction reflects its reliability as a life insurance provider.

Streamlining Your Insurance Experience: Allianz Life’s Digital Tools

Mobile App Features and Functionality

Allianz understands the importance of digital convenience in today’s fast-paced world. The company offers a user-friendly mobile app that allows policyholders to access their accounts, review policy details, and file claims on the go.

The app’s features and functionality provide a seamless experience for managing insurance policies and staying connected with Allianz, making it easier for customers to stay in control of their coverage.

Online Account Management Capabilities

In addition to the mobile app, Allianz provides a robust online platform for policyholders to manage their accounts. Through this platform, customers can view and update policy information, make premium payments, and access important documents.

The online account management capabilities offered by Allianz empower policyholders to take charge of their insurance needs conveniently and efficiently.

Digital Tools and Resources

Allianz goes beyond basic insurance services by offering a range of digital tools and resources to assist policyholders in making informed decisions. These tools may include calculators to estimate coverage needs, educational resources to better understand insurance options, and interactive features to explore investment opportunities within annuities.

Allianz’s commitment to providing digital tools ensures that customers have the information and resources they need to navigate the complexities of insurance and investments effectively.

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