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Allianz Life Insurance Company Review

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About Allianz Life

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

A.M. Best: A+
Fitch: NR
Moody’s: A1
S&P Global: AA
Comdex Ranking: 94

Allianz is consistently scored highly by financial rating services like A.M. Best and Moody’s and has remained a financially strong insurance company even in down markets.

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 the 45th largest company generally.

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

Allianz Life is not currently accredited by the Better Business Bureau, though the company does enjoy an A+ BBB rating.  Considering that Allianz has over 80 million life insurance and annuity clients throughout the entire world, the strong rating is noteworthy.

Products Offered by Allianz Life

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

Life Insurance Policies Offered by Allianz Life

Allianz is a top universal life insurance company and it was one of the first insurers to offer indexed universal life policies, and indexed UL remains the company’s bread and butter.

Though Allianz doesn’t currently sell whole life, it does have one term policy available.  But high-coverage indexed universal life insurance is Allianz’s specialty, and they have several options available.

Life Pro+: 

Allianz’s Life Pro+ is a fixed index universal life policy with coverage levels starting at $100,000 and going all the way up to $65 million.

Policyholders can choose a level death benefit or select an option increasing coverage as cash value accrues.

Along with the death benefit, Life Pro+ features cash value growth linked to an equity index selected by the policyholder.

As universal life, Life Pro+ allows for flexible premium payments—allowing policyholders to adjust premium payments in accordance with their current cash-flow situation.

Coverage is available for minors and adults up to age 80.  Life Pro+ and Allianz’s similar UL variations include standard death benefit acceleration riders covering terminal or chronic illnesses.

Life Pro+ Survivor:

Survivorship life insurance covers the life of two people.

Life Pro+ Survivor is comparable to 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 Pro+ Advantage: 

Life Pro+ Advantage provides fixed index universal life coverage similar to Life Pro+, with the same age and coverage ranges.

The Advantage version comes with more index options to choose from and a greater emphasis on cash-value growth.

Certain available index options provide the opportunity for bonus interest of up to 40%, with a 1% annual asset charge—other options allow bonuses up to 15% with no asset charge.

Policyholders can allocate cash value between the various index options and can also select fixed returns for a portion of cash value.

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 Pro+:  Allianz’s one 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.

Available Life Insurance Riders

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.

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