Allianz Life Insurance Company Review

About Allianz Life Insurance

Minnesota-based Allianz Life Insurance Company has been in the life insurance business since 1896, beginning its existence as North American Life and Casualty.

After a 1979 acquisition by Munich, Germany-headquartered Allianz Versicherungs-AG—followed by a 1993 merger with Fidelity Union Life Insurance—the former North American Life became Allianz Life Insurance Company of North America.

All the while, the company has remained in Minneapolis, where it sponsors Allianz Field, home of the Minnesota United professional soccer team.

Through a large network of independent agents across the country, Allianz sells a variety of life insurance policies and annuities in nearly every state.

A closely related entity, Allianz Life Financial Services, LLC, specializes in variable-rate annuities.

Another Allianz subsidiary, Allianz Life Insurance Company of New York, markets life insurance and annuity products specifically to New York residents.

Allianz Life Financial Ratings & Strength

Allianz is consistently rated highly by financial rating services and has remained a financially strong insurance company even in down markets.

Allianz’s current financial strength ratings:

• A.M. Best: A+ (Excellent)
• S&P Global: AA (Very Strong)
• Moody’s: Aa2 (Excellent)
• BBB Rating: A+ (highest possible)
• Comdex Ranking: 94

These impressive ratings reflect Allianz’s robust capital position, global reach, and strong claims-paying ability. The company emphasizes that its conservative investment strategy is geared toward reliable long-term performance.

Allianz has invested assets valued around $124 billion, predominately consisting of securities. And its parent company, Allianz SE, is the second-largest diversified insurer in the world and ranks among the 50 largest companies globally.

So, in terms of stability and security in the life insurance industry, Allianz is just about as solid as it gets.

Latest Product Updates

Technology & Innovation

Allianz has heavily invested in technological advancement to improve customer experience and operational efficiency:

• Artificial Intelligence Integration: Allianz has implemented AI and machine learning across underwriting, claims processing, and customer service departments, significantly improving efficiency and accuracy.
• Insurance Copilot: A new digital assistant that streamlines processes for both customers and agents, providing faster quotes and policy information.
• Enterprise Knowledge Assistant: Advanced AI tools that support smarter, faster decision-making for both employees and clients.
• Enhanced Customer Portal: A redesigned digital platform offering improved self-service options for policy management, claims submission, and educational resources.

Distribution Expansion

In 2025, Allianz significantly expanded its reach through strategic partnerships:

• Morgan Stanley Partnership: Five of Allianz’s leading annuity products are now available through Morgan Stanley’s network of over 16,000 financial professionals, greatly expanding access to Allianz’s retirement solutions.
• Independent Agent Network Growth: Continued expansion of Allianz’s network of independent agents nationwide, with enhanced training and digital tools to support product education and sales.

Allianz Life Insurance Products

Products Offered by Allianz Life

• Indexed Universal Life Insurance
• Term Life Insurance
• Index Variable Annuities
• Fixed Index Annuities

Indexed Universal Life Insurance

Allianz was one of the first insurers to offer indexed universal life policies, and indexed UL remains the company’s bread and butter. High-coverage indexed universal life insurance is Allianz’s specialty, with several innovative options available.

Allianz Life Accumulator™:

Launched in July 2024, the Allianz Life Accumulator™ is the company’s new flagship IUL product, replacing the previous Pro+® Advantage series. This premium indexed universal life policy starts with coverage levels of $100,000 and offers:

• Three new index choices:
  • S&P 500® Futures Index ER
  • Blended Futures Index
  • Bloomberg US Dynamic Balance III ER Index

  These options provide greater diversification and growth potential.

• Innovative “index lock” features:
  • Manual Lock: Policyholders can lock in index values once per crediting period.
  • Auto Lock: Automatically locks in gains or prevents losses if the index reaches pre-set upper or lower targets—a unique risk-management tool.
• Flexible premium payments: Allowing policyholders to adjust premium payments based on their current cash-flow situation.
• Death benefit options: Choice of level death benefit or increasing coverage as cash value accrues.
• Coverage availability: For minors and adults up to age 80.

Life Pro+ Survivor:

Survivorship life insurance covers the life of two people.

Life Pro+ Survivor is comparable to the original Life Pro+, except that two insureds are covered per policy, with the death benefit becoming payable upon the death of the second insured.

At the time of issuance, both insured must at least age 30, but not over 80.

Coverage levels start at $100,000.

Life Asset Pro+:

This policy provides coverage and features comparable to Allianz’s other Life Pro series policies and is specifically designed for long-term asset protection.

Term Life Insurance

Term Pro+:

Allianz’s term life offering is the Term Pro+ policy.

Initial term lengths are available from 10 to 30 years, in five-year increments, and coverage amounts range from $100,000 to $5 million.

New applicants must be between age 20 and 65, though 25 and 30-year policies are capped at age 60 and 55, respectively.

Term Pro+ is convertible life insurance allowing policyholder to convert to permanent coverage upon conclusion of the initial term.

Renewal terms are generally available for an increased premium until the insured reaches age 95.

Annuity Products

Allianz remains a U.S. market leader in annuities, with a strong focus on:

Registered Index-Linked Annuities (RILAs):

• Allianz Index Advantage+® series: Features “Performance Lock” to secure index values during the term.
• Multiple index options: For growth and risk management tailored to different market conditions.

Fixed Index Annuities (FIAs):

• Essential Income 7®: Offers guaranteed lifetime income with increasing income potential through the Essential Income Benefit rider.
• Income-focused design: Balances growth potential with retirement income security.

Benefits of Allianz Permanent Insurance

Allianz’s indexed universal life policies are particularly well-suited for individuals seeking:

• Retirement supplement: Tax-advantaged cash value accumulation to complement other retirement savings.
• Legacy planning: Efficient wealth transfer to heirs with the death benefit.
• Business continuity: Funding for buy-sell agreements or key person protection.
• Long-term care contingency: Through living benefit riders for chronic or terminal illness.

Policy Riders & Options

Allianz offers various riders to customize policies to individual needs:

• Other Insured: Between one and four secondary insureds can obtain term coverage linked to a primary policy.
• Child Term: Convertible term coverage can be purchased for the insured’s children in amounts up to $10,000.
• Supplemental Term: If selected, the policyholder can add supplemental term coverage to the policy in coverage amounts as high as ten times a UL policy’s face value.
• Disability Premium Waiver: If the insured becomes totally disabled, premium obligations are waived during the period of disability.
• Enhanced Liquidity: If selected, surrender charges for early access to cash value are reduced or waived.
• Premium Deposit Fund: If selected, the policyholder has the right to make large lump sum payments to pay premiums in advance at reduced rates.
• Loan Protection: For insureds between 75 and 120, the rider prevents policy lapses resulting from unpaid policy loans.
• Waiver of New Charges: If selected, Allianz will waive certain fees including the fee for Enhanced Liquidity if additional coverage is added after a policy has been in place at least ten years.
• Accelerated Death Benefit: Provides early access to a portion of the death benefit if diagnosed with a terminal or chronic illness.

Customer Experience & Reputation

• Low Complaint Ratio: Allianz Life’s NAIC complaint index is 0.33, well below the industry average, indicating strong customer satisfaction.
• Digital Self-Service: Enhanced online portal for policy management and educational resources.
• Ethics Recognition: Named one of Ethisphere’s World’s Most Ethical Companies®, demonstrating commitment to ethical business practices.

Areas for improvement noted in customer feedback include product complexity and occasional delays in customer service or claims processing. However, the overall customer experience remains positive, especially with recent digital enhancements.

Allianz Life Insurance Review Conclusion

Allianz Life Insurance stands as one of the most financially stable and innovative insurers in the market today. With its exceptional financial strength ratings, cutting-edge indexed products, and expanding distribution network, Allianz offers security and growth potential that few competitors can match.

The introduction of the Allianz Life Accumulator™ IUL in 2024 demonstrates the company’s continued commitment to product innovation, particularly in the indexed universal life space. The unique index lock features and flexible loan provisions make this a standout product for those seeking both protection and accumulation potential.

For those primarily focused on retirement planning, Allianz’s industry-leading annuity products offer diverse options for guaranteed income and growth potential, now more accessible through the Morgan Stanley partnership.

While Allianz’s products tend to be sophisticated and may require professional guidance to fully understand, the company’s solid financial foundation, ethical business practices, and technological investments position it well for continued leadership in the life insurance and annuity markets.

Areas for consideration include the complexity of some products and occasional service delays, but these are outweighed by the company’s strengths in product innovation, financial stability, and expanding digital capabilities.

Is Allianz Life Insurance the best company for meeting your specific needs, goals, and objectives?

Maybe, maybe not. The best approach is to compare Allianz Life’s offerings with other top-rated insurance companies to determine which provides the optimal solution for your unique circumstances.