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Allianz Life Insurance Review (Providers & Quotes)

Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella...

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Reviewed byDaniel Walker
Licensed Auto Insurance Agenthttps://res.cloudinary.com/quotellc/image/upload/insurance-site-images/insproviders-live/ca745a12-daniel-walker.png

UPDATED: Mar 19, 2020

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Key InfoCompany Specifics
Year Founded1896
Current ExecutivesCEO - Walter White
Number of Employees1,989
Total Sales / Total Assets$11,000,000 / $138,000,000
HQ Address5701 Golden Hills Drive, Minneapolis, MN 55416-1297
Phone Number1-800-950-5872
Company Websitewww.allianzlife.com
Premiums Written - Individual Life$894,989,549
Financial Standing+ 16% Growth from Last Year
Best ForStrong financial ratings
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Are you considering a new life insurance policy? Good for you for thinking about your loved one’s future.

As good as your intentions might be, trying to find the right policy can leave your head spinning. When you add in the hundreds of companies to consider, it’s almost impossible.

Well, have no fear, because in this article we’ll take a look at one such company, Allianz Life, as well as life insurance as a whole.

Allianz Life has spent more than 120 years securing the future of both its employees and customers with its annuities and life insurance products.

Ready to start comparing? Use our FREE life insurance quote tool to get an idea of what you can expect to pay.

Allianz Life’s Ratings

These third-party ratings give an overview of Allianz Life’s ability to serve its policyholders while still meeting its financial obligations.

Allianz Life’s professional ratings show them to be a stable and worthwhile investment. However, several user complaints have not been fully addressed.

A.M. Best

A.M. Best rates a company on its financial strength as well as long term credit risk. They base their reviews on an insurer’s financial history and their ability to pay out the death benefit on completed policies.

Allianz Life has scored a superior A+ rating, A.M. Best’s highest, for a reliable and proven financial history.  Likewise, their credit rating is almost as good with an aa, the rating company’s second-highest honor.

Better Business Bureau (BBB)

The Better Business Bureau is one of the more well-known review sites in popular and professional culture. The BBB rates a company on its ability to meet its customers’ needs based on public information such as complaints and lawsuits.

With the highest rating of an A+, the BBB’s research has proven Allianz Life to follow through with its promises to policyholders.

That being said, there are several complaints listed by consumers. The nearly 1.5-star rating left by consumers seems to hint at a lack of communication and problem solving on behalf of the insurer.

Moody’s

Moody’s rates a company based on both short- and long-term credit ratings. The goal of this is to give consumers an idea of what to expect in terms of risk for short- or long-term policies.

Allianz Life has received an A1 rating, the highest subtype of the third-highest rating category. Likewise, they’ve also been categorized as stable by Moody’s professional rating system.

Standard & Poor’s (S&P)

Like Moody’s, Standard & Poor’s rates an insurer on their future creditworthiness, and their ability to fulfill their contracts.

Allianz Life holds an AA rating, indicative of strong credit history and a stable future.

NAIC Complaint Index

The National Association of Insurance Commissioners (NAIC) compares an insurer’s closed complaints against the industry average.

With the average being represented by a 1.00, any number higher is worse and any lower number is better. In the individual life category, Allianz Life only shares 0.29, or 29 percent, of the market’s closed complaints.

With only a little over a quarter of the average, it’s easy to see that Allianz Life doesn’t leave many customers unsatisfied.

Company History

The story of Allianz Life comes from the parent company out of Germany and North American Life and Casualty Co. from Minneapolis, Minn.

North American Life and Casualty Co. (NALAC) was founded in 1910 with the merger of North American Casualty, originally started in 1896, and the North American Life Association.

Fun fact: a longtime president of NALAC, H.P. Skoglund, was one of the first owners of the Minnesota Vikings.

Allianz was getting started around the same time a few thousands of miles away in Germany. Founded in 1890, this financial group spent the last 130 years turning their humble insurance company into a multinational powerhouse.

Allianz began spreading their influence into other countries around the turn of the 2oth century. They purchased NALAC in 1979 and changed the name of their first U.S. branch to Allianz Life.

Since its formation, Allianz Life has gone to win local and national awards as a great workplace.

Employees love the pay, the benefits, and outside of work events.

Allianz Life’s Market Share

According to the NAIC 2018 Top 125 Life Insurance companies, Allianz Life is ranked 45th with 0.55 percent of the market under their grasp.

CompanyMarket Share
Northwestern Mutual Life Insurance Co.8.2%
Lincoln National Corp.5.80%
New York Life Insurance Group5.70%
Massachusetts Mutual Life Insurance Co.4.80%
Prudential Financial Inc.4.50%
John Hancock Life Insurance Co.3.60%
State Farm Mutual Automobile Insurance3.60%
Transamerica3.60%
Pacific Life2.9%
MetLife Inc.2.9%
Allianz Life0.55%
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While not near the top 10, they’ve seen a steady increase in recent years that shows no sign of stopping soon.

YearNAIC RankPremiums WrittenMarket Share
201654$661,743, 4620.43%
201749$791,115,9130.48%
201845$894,989,5490.55%
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As you can see, Allianz Life is slowly taking more market share. If they continue to jump ranks as they have been, we will likely see them fighting for a leading spot before too long.

Assuming they keep their rate of growth, they may even reach $1 billion in premiums written in 2020.

Allianz Life’s Position for the Future

Allianz Life has seen steady growth over the last few years.

They’ve leaped up the NAIC rankings in recent years and gathered at least an additional $100 million in direct premiums each year.

They’ve also maintained a consistently good financial rating with several professional rating companies. The same companies have also labeled them as a stable investment for the future.

Allianz Life’s Online Presence

What Allianz Life offers on its site seems simple at first glance, and that’s because, for the most part, it is.

If you want more information about Allianz Life, you can find entries about the company and its operations. If you need to contact an agent, there are phone, fax, and email options.

Additionally, you can fill out a form and have an Allianz Life agent contact you.

Also on their website, you’ll find a section for answers to any of your life insurance-related questions. If you’re an agent looking for a position with Allianz Life, there’s a section for that on the site, as well.

Allianz Life also has several informational videos such as the one above covering a variety of topics.

Allianz Life’s Commercials

Allianz Life’s most recent promos are 15-second clips that play before other content on YouTube.

With the length, they are mostly just pointing out their financial strength and the brief benefits of securing your future with one of their policies.

Allianz Life also has some longer promotional videos where they discuss the benefits of getting a policy with them through overviews and customer testimonials.

As you can see, this dynamic duo of agent and customer has built a professional relationship founded on trust and mutual respect. Their beautiful relationship even allowed the client, Diane, to feel comfortable calling her financial agent for comfort after her mother died, and Doreen, the agent, was happy to be there.

Allianz Life in the Community

The management at Allianz Life has put a lot of stock in using their advantage to help improve communities across the Twin Cities area. To this end, they’ve developed grants to help other programs foster growth in the community.

Allianz Life prides themselves on their focus of three key groups of community projects:

  • Financial literacy – As a financial company, Allianz Life understands the importance of recognizing your options as well as your as demonstrated by donations to the financial literacy programs of the Boys and Girls’ Club, Emerge, Lifetrack, and more
  • Youth development – To help in the struggle of growing up in this ever-changing world, Allianz Life offers help to those who understand the importance of inclusion such as their local Big Brothers and Big Sisters after school mentoring program
  • Senior services – There is no shame in asking for help when you get older, and whether it be self-sufficiency, adaptive living, or community outreach, Allianz Life loves to help the elderly live happy and healthy lives

Allianz Life takes pride in improving their community, and the Twin Cities are better for it.

Allianz Life’s Employees

Allianz Life has consistently been referred to across the web as a spectacular place to work. It isn’t all talk, either. They’ve won a number of awards for good workplace culture.

Allianz Life has landed on Fortune’s 100 Best Companies to Work for the last seven years in a row.

According to Great Place to Work, 94 percent of Allianz Life’s employees rate their workplace as a great place to work. Similarly, when the same employees were asked about specific functions of their workplace, the results were:

  • 98 percent agree that facilities contribute to a good working environment
  • 97 percent feel good about the way Allianz Life contributes back to the community
  • 96 percent enjoy celebrating special events at work
  • 96 percent state that as a new employee they felt very welcomed
  • 95 percent of the employees are proud to work there

These results are impressive, as employees can often be the harshest critics. However, this work environment seems to be one that employees can find exciting and enjoyable.

Most of the company is made up of those between the age of 22 and 39. Millennials make up 44 percent of the company’s employees, in fact. Not far behind is Gen X with 40 percent.

The biggest percentage of employees stay between two and five years. Still, 52 percent of employees have a history of six years or longer with the company, further proving how ideal the work environment is.

Shopping for Life Insurance

Life insurance is perfect for anyone who expects to leave loved ones behind when they pass away.

According to the 2018 Insurance Barometer Study, only one in five people believe they need coverage. However, the same study found that over a third of all homes would feel the impact if the primary wage earner died.

Since we don’t see the benefit during our lives, we often overlook the tremendous relief it would bring to our loved ones.

When it comes to determining your rates, there’s a lot that goes into the process.

Coverage Offered

There are a few main types of policies available.

  • Term life – Lasts for a certain amount of time and pays out a predetermined amount as long as you continue to pay your premiums.
  • Whole life – As the name implies, covers your whole life and even has the potential to accrue extra wealth.
  • Universal life – Covers your entire life with the extra benefit of investing accrued wealth in mutual fund-like investments.

While policies usually fall into one of these categories, most companies add their own spins to these policies to create a variety of subtypes.

Types of Coverage Offered

Before you start your policy, there are a few key terms to know.

You’ll pay a predetermined premium every month for the length of your policy to ensure coverage. When you pass away, the insurer will pay the policy’s death benefit to your beneficiary. 

You can choose more than one beneficiary and how the death benefit is dispersed among them.

The death benefit can be used to pay for final expenses, such as an inheritance, or to keep your business afloat during the transition. Whatever you want to be covered after you’re gone can be met with the right life insurance policy.

For whole and universal life policies, your premiums will accrue cash valueThis cash value will either be placed in a savings account or will be invested on your behalf.

Term

Term life is usually a hassle-free option when approaching life insurance.

For an equal premium every month, you’ll have coverage for a set period of time. Your premiums depend on the length of the policy, the death benefit, and your demographics/risk categories.

Your death benefit, also predetermined, will be paid out to your beneficiary if you die before the end of your policy term.

Allianz Life doesn’t offer any term policies, so it’s best to look elsewhere if you’re considering that type of policy.

Whole

Whole life will give you coverage for your entire life as long as you continue to pay monthly premiums.

For the most part, your rates will be higher with whole life than they would be with term. That’s because a portion of your premiums will be taken and added to a savings type account, called cash value, that can be borrowed against, used to pay your premiums, or even just given to you if you surrender your policy.

Because of this reason, you need to start as early as you can to get the most value. Not only will your rates be less, but you’ll have that much longer to accrue wealth you can use in your senior years.

Some policies will even invest your cash value in an internal investment at a guaranteed increasing percentage.

When you pass away, both your cash value and the death benefit will be given to your beneficiary.

While they do offer a permanent policy, Allianz Life doesn’t have any whole life products.

Universal

Universal life, like whole life, lasts for your entire life and accrues cash value as long you pay your premiums.

Unlike whole life, however, a universal policy invests the portion of your premiums in an account similar to a mutual fund.

This type of policy comes with more risk, as your investment depends on the stock market. You can make considerably more money, but you can also see your benefits decrease if the market takes a turn for the worse.

This can be especially worrisome lately, as geopolitical and domestic tension has a negative effect on the stock market.

Allianz’s universal life offers the option to withdraw or take a loan out against that invested value. They also state that your investment account won’t be affected by market losses.

What’s this comprehensive policy called, you ask?

Allianz Life Pro+ Advantage™

With the option of a tax-free death benefit and the ability to grow wealth that won’t be affected by market losses, Allianz Life Pro+ Advantage is ideal to grow your wealth while covering your life.

You can also choose the index that the extra portion of your premium will be invested in. The policy’s Index Lock allows you to capture your desired rate during the year. Your interest rate will be locked in until the start of the new year.

If you have future expenses or things you want in the future, your accumulated cash value can be withdrawn or borrowed against to help with anything you want.

Also included in the policy is an accelerated death benefit in case you become terminally ill and need the death benefit early for any reason. If you want to further customize, Allianz Life also allows for riders on this policy to get the best coverage for your life.

This policy can only be started if you’re under 80 years old. Your tobacco use and demographics will affect your rates the most.

The death benefit and premiums can be adjusted to increase, decrease, and be paid when you want.

With a name like Pro+ Advantage™, Allianz Life sets its own bar pretty high. But with the options to customize and accrue additional wealth without the potential of loss, they’ve surpassed even their own lofty name.

Burial and Final Expense

Burial and final expense insurance will only provide enough to cover end-of-life expenses such as medical and burial costs. The policy can last your whole life or over a term, depending on your needs.

This policy is typically best for the elderly and those in high-risk categories because they can usually get accepted as long as they are not terminally ill.

Allianz Life offers no final expense options outside of its universal policy.

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Factors That Affect Your Rate

The cost of your monthly premiums will be affected by factors that can have a negative effect on the length of your life.

Everything from your weight and age — even your hobbies — will be looked at when you apply for your policy.

The insurance company does this through a process called underwriting. An underwriter will use your prior medical history, financial status, and other personal details to determine your insurability.

Insurability is the likelihood that you will die before your policy expires. The more likely the insurer will have to pay out before they make a profit, the more you’ll have to pay.

Demographics

Both your age and gender will affect how much you’ll have to shell out for your policy.

Because of these factors, starting your policy as soon as possible is extremely important. Not only will you get better rates, but you’ll be able to accrue more cash value with certain policies.

Current Health and Family Medical History

Since your insurability is the likelihood of your death, your health is one of the most thoroughly checked factors.

When applying, you’ll fill out a written questionnaire about you and your family’s medical history. After that, you may be subject to a physical and bloodwork to further determine any concerns about your health.

The company may even go through your family’s medical records to get an idea of what your future risk might be.

It’s best to be honest with your insurer, as they will most likely find out if you are lying and your eligibility for a policy will suffer. Plus, it is probably not the best way to start a new business relationship.

Worried? Don’t be. Even customers with pacemakers can still get a policy.

High-Risk Occupations

Those who risk their lives every day just doing their jobs are the backbone of our country. Society wouldn’t function without them putting in the hard work to provide services we can’t live without.

That being said, high-risk occupations can raise your premiums or even prevent you from getting the coverage you want.

The jobs with the highest fatality rates are truck drivers, farmers, and construction workers. While getting rates for these careers isn’t impossible, they will cost more than those in other job fields.

High-Risk Habits

Just like your job, what you do in your free time will have a big impact on what you end up paying.

The most common, smoking and tobacco use, can cause your rates to be astronomical. This is due to the number of illnesses that have been linked to the prolonged use of these products.

Similarly, since the information came out regarding e-cigarettes and vaping in general, some insurance companies may start charging vapers as much as tobacco users.

Even smoking the occasional cigar can label you as a smoker. Extreme sports and other risk-taking behavior can be detrimental to your premiums, as well.

Veteran or Active Military Status

Good news: if you’re active military, you don’t have to sign up for your own insurance policy.

The U.S. government offers a policy called the Servicemembers’ Group Life Insurance (SGLI) for every active-duty soldier from the day they sign up to a little after their contract expires.

Once your service is over, the U.S. Department of Veterans Affairs gives you a window of time to sign up for their life insurance policy, Veterans’ Group Life Insurance (VGLI), at an affordable rate.

Getting the Best Rate with Allianz Life

When trying to decide how to get the best life insurance rates with any company, it isn’t overly complicated.

The first step is to eliminate any unhealthy habits, such as smoking. Then it’s time to get your mind and body in top shape to ensure you’ll be around for a long time. Lastly, start your policy as soon as possible. That way you’ll already get the best rates you can.

Some companies offer other options for lowering your premiums, but sticking to these key principles will help no matter which insurer you decide to use.

If you already have a policy, you might consider switching to get a better deal.

Allianz Life’s Programs

While Allianz Life doesn’t have any programs to help their customers save on premiums, they’ve donated hundreds of thousands of dollars every year toward promoting financial literacy, senior assistance, and youth inclusion.

Anyone seeking to better their communities in one of those areas can apply for a grant on Allianz Life’s website.

Canceling Your Policy

You might want to cancel a policy for any number of reasons.

  • You no longer want to pay the premiums
  • You get a better policy through your employer
  • You want to get the cash value that your policy has accrued

Whatever the reason, canceling your policy is easy and can be done in a few short steps.

How to Cancel

Canceling your universal policy with Allianz Life is fairly simple once you navigate the site.

#1 – Go to www.AllianzLife.com

Go to Allianz Life’s homepage.

Allianz Policy Cancel Web Page 1

Scroll to the bottom of the page.

#2 – Click the FAQs Link at the Bottom of the Page

It’s located under the Customer Service heading.

Allianz Website FAQ highlight

You’ll be taken to a long page with answers to a variety of customer questions.

#3 – Scroll to the Withdrawal Request Section Near the Bottom of the Page

In this section, you’ll see a few different forms.

Allianz Website Withdrawal Request Highlight

Next, click on Life insurance (PDF).

#4 – Fill Out the Form

You can either fill out the form in your browser or print it and fill it out by hand.

Allianz Withdrawal Request Form

Make sure that you mark Full surrender to cancel your policy.

#5 – Mail the Completed Form to Allianz’s Minneapolis Address

Print the form if you haven’t already, and mail it to 5701 Golden Hills Drive, Minneapolis, MN 55416-1297.

An agent will get in touch with you as soon as possible.

How to Make a Claim

When it comes time to collect the death benefit, the process is as simple as such a difficult time requires.

  • Go to www.AllianzLife.com.
  • Scroll to the bottom of the page and click Claims.
  • Click Start a claim online.
  • Fill out the form and submit it to file your claim.

An agent will get in contact with you as soon as they can to make sure you get the relief that your loved one so thoughtfully planned for you.

How to Get a Quote Online

Looking to get an idea of your rates? Allianz Life has an insurance calculator with your name on it.

#1 – Go to www.AllianzLife.com

As in the previous entries, you’ll go to the company’s homepage.

Allianz Get a quote online

Next, you’ll hover your mouse over the What We Offer section.

#2 – Click on Life Insurance Calculator

Click the Life Insurance Calculator under the What We Offer heading.

Allianz Website Life Insurance Calculator Menu Highlight
#3 – Fill Out the Next Four Pages

Provide your household information to get an idea of what your rates will be.

Allianz Quote Step 1

After you complete the four pages of forms, you’ll be brought to your analysis.

#4 – View Your Life Insurance Needs

The Analysis screen will provide you with a rough estimate of what you need.

After viewing your results, you can click through to review the report in detail and speak with a financial adviser.

Design of Website/App

Allianz Life’s main site is fairly simple and easy to navigate. There is a decent amount of information available, but you might have to click through a couple of pages to get to it.

The site is divided into four main sections:

  • Information about the company and its operations
  • Their life insurance products and annuities
  • Information about life insurance as a whole
  • A section for prospective new agents to consider applying to work with Allianz Life

Allianz as an overarching brand has several apps, but Allianz Life is not one of them.  However, most needs can be acquired through the Allianz Life online portal.

Pros & Cons

Like all things in life, Allianz Life’s reputation is balanced between the good and the bad.

Pros

Most of Allianz Life’s best traits are related to their financial success. For instance:

  • In the last three years, they’ve jumped nine positions in the market share rankings.
  • They’ve maintained great ratings from almost all the leading third-party rating services.
  • They are projected to make over $1 billion in direct premiums written this year.

These factors make them a stable investment and ideal for securing your family’s future.

Cons

Allianz Life’s negative aspects are more related to the customer’s needs.

  • If you don’t want a universal life policy, then you don’t want Allianz Life, because that’s the only type of policy they offer.
  • There are a number of customer complaints regarding poor customer service they experience.

This can be frustrating for the customer due to the already sensitive topics surrounding these issues.

The Bottom Line

Allianz Life Insurance of North America is a great investment with a stable, if not positive, future.

As long as you want what they specifically have to offer, you’ll find their universal policy will best suit your needs.

If you don’t want universal or even a permanent policy at all, then you’d best consider your options somewhere else. Another reason to look elsewhere is if a bad customer service experience will upset you.

That being said, this is a great workplace for employees and even has the awards to prove it.

All things considered, Allianz Life will provide a stable investment and secure protection for your loved ones, as long as you don’t mind the lack of niceties and policy options.

Allianz Life’s FAQs

#1 – Is Allianz Life of New York the same as Allianz Life of North America?

No. They are two separate entities under the same parent company.

Even though their names are almost identical, they run their operations separately.

#2 – Does Allianz Life offer any other products besides life insurance?

Yes. They also offer a range of fixed and variable annuities.

An annuity is a contract with a company that you pay for a set amount of years. Once the payout is initiated, you’ll receive a steady flow of income based on how much you paid and any invested percentages.

#3 – Is Allianz Life an international company?

While Allianz, the parent company, is an international financial holdings group, Allianz Life is purely set up for U.S. based business.

That being said, there may be an Allianz branch in your country.

#4 – What employee benefits does Allianz Life offer?

Allianz Life offers competitive pay and healthcare coverage to all of its employees.

They also host social events for employees to have fun at the company’s expense.

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