Ameritas Life Insurance Review (2026): Dividends, Care4Life & Whole Life Products Compared

Ameritas Life Insurance is one of those carriers that gets overlooked in the whole life conversation — partly because they’re not a household name, and partly because the industry’s spotlight tends to favor the A++ carriers. But Ameritas is a genuine mutual company with over 135 years of consecutive dividend payments, an A+ from S&P, and a whole life product lineup that deserves a closer look — particularly their Care4Life living benefits rider and Growth Whole Life 10-Pay option.

Below we cover where Ameritas genuinely shines, where they fall short against larger mutuals, and who should (and shouldn’t) be considering them for cash value and infinite banking strategies.

About Ameritas Life Insurance

Ameritas Life Insurance Corporation is a subsidiary of Ameritas Mutual Holding Company, headquartered in Lincoln, Nebraska. Founded in 1887 as The Old Line Bankers Life Insurance Company of Nebraska, the company changed its name to Ameritas Life in 1988 and today serves over 6.2 million customers nationwide. Ameritas does business in New York through Ameritas Life Insurance Corp. of New York.

Ameritas is a mutual insurance company — owned by policyholders, not shareholders. This structure means the company operates for policyholder benefit and distributes profits through dividends rather than stock price appreciation.

In 2024, Ameritas distributed $4.2 billion in policyholder benefits. Beyond life insurance, the company holds a market-leading position in group dental and vision insurance and offers annuities, disability income insurance, and retirement plan services.

Financial Strength & Ratings

• A.M. Best: A (Excellent) — affirmed May 2024, stable outlook
• Standard & Poor’s: A+ (5th highest of 22 ratings)
• Comdex: 82
• BBB: A+

A.M. Best specifically notes Ameritas has “very strong” balance sheet strength, supported by robust capitalization, positive earnings trends, and prudent risk management. The company maintains $25.8 billion in total assets under management and $3.3 billion in GAAP equity as of year-end 2024, with financial leverage below 10%.

For a broader perspective on how these ratings compare, see our guide to the top 25 highest rated insurance companies.

Whole Life Insurance Products

Ameritas offers three distinct whole life products, each designed for a different priority. All are participating policies eligible for dividends.

Ameritas Access Whole Life

Premiums payable until age 75 or 25 years, whichever comes later. This is Ameritas’s most feature-rich whole life product and includes the Care4Life accelerated benefit rider. Access Whole Life offers both fixed loan (direct recognition) and variable loan (non-direct recognition) options — a flexibility most carriers don’t provide within a single product.

Ameritas Growth Whole Life

Premiums payable until age 100, with a 10-Pay option that allows the policy to be fully funded in 10 years. This is Ameritas’s strongest product for clients focused on paid-up additions and accelerated cash value growth through a limited pay structure.

Ameritas Value Plus Whole Life

Designed for affordable permanent coverage. Lower premiums than Access or Growth, with basic guarantees and dividend eligibility. Best suited for clients who want mutual company benefits at a lower price point.

Care4Life: Living Benefits Done Right

The Care4Life accelerated death benefit rider is arguably Ameritas’s strongest differentiator. It provides access to a portion of the death benefit if the insured faces a qualifying chronic, critical, or terminal illness.

What sets Care4Life apart is the lien approach rather than the discount approach used by many competitors. The practical difference: with the lien method, you know exactly how much you’ll receive at the time of the qualifying event. The death benefit retains a portion even after acceleration, so beneficiaries still receive something. This transparency is meaningful when you’re dealing with a health crisis and need financial certainty.

Care4Life covers three tiers of qualifying conditions: terminal illness (life expectancy of 12 months or less), chronic illness (inability to perform activities of daily living), and critical illness (heart attack, stroke, major organ transplant, and other qualifying events).

Dividends & Direct Recognition

Ameritas has paid dividends consistently for over 135 years — including through periods of declining interest rates. The 2026 dividend interest rate is 5.10%, which places Ameritas at the lower end of the top dividend-paying whole life companies.

For context, here’s how Ameritas compares to the field in 2026:

Company	2026 Dividend Rate
MassMutual	6.60%
New York Life	6.40%
Guardian	6.25%
Ameritas	5.10%

For the full comparison across all carriers, see our whole life dividend rate history chart.

Direct Recognition vs. Non-Direct Recognition at Ameritas

Here’s where Ameritas gets interesting: the company offers both loan types depending on the product and loan option selected.

Fixed policy loans use direct recognition — meaning dividends are adjusted (up or down) based on the amount of cash value that has been borrowed. The dividend earned on the loaned portion is reduced by a formula involving the dividend interest rate, interest rate spread, and loan interest rate multiplied by the loan balance.

Variable policy loans (available on Access Whole Life) use non-direct recognition — meaning dividends are not impacted by the loan. This distinction matters significantly for infinite banking strategies where you’re frequently borrowing against cash value.

Term Life Insurance

Ameritas offers two term products worth noting:

Keystone Term

Available in 1, 10, 15, 20, and 30-year terms. The key feature: it’s convertible to any Ameritas permanent policy without evidence of insurability. Riders include child term (up to $25,000, convertible to permanent), accelerated death benefit, and waiver of premium.

FLX Living Benefits Term

Available in 10, 15, 20, 25, and 30-year terms with coverage from $50,000 to $1 million+. The distinguishing feature is built-in living benefits access — if you’re diagnosed with a serious chronic disease or terminal illness, you can access a portion of your death benefit during your lifetime. This is relatively uncommon for term products.

Policy Riders & Options

• Care4Life (Accelerated Death Benefit) — chronic, critical, and terminal illness acceleration using the lien approach. Available on Access Whole Life and select other products.
• Flexible Paid-Up Rider — additional premium purchases paid-up additional whole life, increasing both cash value and death benefit.
• Guaranteed Insurability — increase coverage at certain dates or life events with no evidence of insurability. Valuable for policies on children who will want to increase coverage as adults.
• Accidental Death Benefit
• Children’s Insurance Rider
• Level Term Rider — add term coverage to a whole life base policy.
• Waiver of Premium (on term products)

Who Ameritas Is Best For

Ameritas Is a Strong Fit If You…	Consider Other Carriers If You…
Prioritize living benefits (Care4Life lien approach gives certainty during a health crisis)	Want the highest dividend rate for maximum cash value growth (MassMutual 6.60%, NYL 6.40%)
Want a limited pay 10-Pay whole life (Growth Whole Life)	Need non-direct recognition as the default for frequent policy loan strategies
Want both fixed (direct recognition) and variable (non-direct recognition) loan options in one product	Want A++ financial strength ratings (NYL, Guardian, MassMutual)
Need term life with built-in living benefits (FLX Living Benefits Term)	Prefer an online-first experience with self-service quoting
Value a diversified mutual company with 135+ years of dividend payments	Need hybrid long-term care or standalone LTC (consider Securian SecureCare)

Frequently Asked Questions About Ameritas Life Insurance

Is Ameritas a mutual company?

Yes. Ameritas Life Insurance Corporation is a subsidiary of Ameritas Mutual Holding Company. As a mutual company, Ameritas is owned by policyholders rather than shareholders, and participating policy owners are eligible for annual dividends when declared by the board. The company has paid dividends consistently for over 135 years.

What is Ameritas’s dividend rate for 2026?

Ameritas’s 2026 dividend interest rate is 5.10%. This places them at the lower end of the top mutual carriers — MassMutual leads at 6.60%, New York Life at 6.40%, and Guardian at 6.25%. For the full comparison, see our dividend rate history chart.

Does Ameritas practice direct or non-direct recognition?

Both, depending on the loan type. Fixed policy loans use direct recognition — dividends adjust based on your loan balance. Variable policy loans (available on Access Whole Life) use non-direct recognition — dividends are unaffected by loans. This dual-option structure is unusual in the industry and gives policyholders flexibility in how they structure policy loan strategies.

Can I use Ameritas for infinite banking?

You can, particularly with the Access Whole Life variable loan option (non-direct recognition). However, the 5.10% dividend rate means your long-term cash value growth projections will trail higher-dividend carriers like MassMutual and New York Life. For IBC and volume-based banking, we recommend running illustrations from multiple carriers side-by-side to compare actual projected performance.

What is the Care4Life rider?

Care4Life is Ameritas’s accelerated death benefit rider covering terminal, chronic, and critical illness. It uses the lien approach — meaning you know the exact dollar amount you’ll receive at the time of the qualifying event, and a portion of the death benefit remains for beneficiaries. This is more transparent than the discount approach used by many competitors. For dedicated long-term care coverage, compare against standalone LTC or hybrid products.

What’s the difference between Access, Growth, and Value Plus Whole Life?

Access Whole Life has the most features — including Care4Life and dual loan options — with premiums payable until age 75 or 25 years (whichever is later). Growth Whole Life focuses on cash value accumulation with a 10-Pay option for limited pay strategies. Value Plus is designed for affordable permanent coverage at a lower premium. All three are participating policies eligible for dividends and compatible with paid-up additions for accelerated cash value growth.