Allianz Life Insurance Review

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Updated: October 30, 2024

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MoneyGeek’s Take: Is Allianz Right for You?

Allianz is a good fit for older adults interested in fixed index universal life insurance. This policy type builds cash value that can be borrowed against or withdrawn to help supplement retirement funds or fund college tuition for kids and grandkids. Like other types of life insurance, it also provides a death benefit for your family upon your passing.

Since Allianz only offers one type of insurance, it's not an ideal choice for those looking for different policy types, such as term life insurance. If you're on a budget, you may prefer to find a more short-term solution for your needs. Thanks to its high customer satisfaction ratings, wide range of coverage options and affordable price, Mutual of Omaha is MoneyGeek's top choice for term life insurance.

Read our Allianz review to learn more about the company and the life insurance options available before completing your application.

At a Glance: Allianz Life Insurance

Allianz

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Offers high coverage caps

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Offers an online portal for policyholders to manage accounts

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Has a low customer complaint index

cons

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Only offers fixed index universal life insurance

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Does not offer online quotes

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Charges a fee if you request a full surrender within the first 12 years of coverage

COMPANY HIGHLIGHTS

Founded in 1896, Allianz offers annuities and life insurance products throughout the U.S. According to the National Association of Insurance Commissioners, Allianz has a complaint index of 0.39 — much lower than the national average — indicating that the company has high customer satisfaction.

Allianz only offers one type of policy, fixed index universal life (FIUL) insurance, through its Allianz Life Pro+® Advantage product. FIUL insurance is a type of permanent life insurance that provides coverage for your whole life and accumulates tax-deferred cash value based on the performance of the stock market index (or indexes) that the policy tracks. In addition, you can choose to receive either a fixed interest rate or an indexed interest rate that tracks the market index.

Coverage from Allianz ranges from $100,000 to $65,000,000 and costs a minimum of $25 per month. Allianz Life Pro+® Advantage is available to those aged 0 to 80 and offers coverage for smokers under specific risk classes. However, you’ll need to talk to an agent to apply for a policy as Allianz doesn’t offer online quotes.

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TABLE OF CONTENTS

Key Takeaways

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Allianz only offers a fixed index universal life insurance policy for individuals up to 80 years old.

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The maximum coverage limit for life insurance is $65,000,000, which is higher than most insurers.

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You can customize your insurance policy with seven different riders.

Allianz Policy Options Explained

According to statistics from the Life Insurance Marketing and Research Association's 2022 Insurance Barometer Report, 31% of U.S. adults are more likely to purchase life insurance as a result of the pandemic. If you're looking for a new policy, learn more about Allianz's insurance options to help you choose the best fit for your needs.

Universal Life Insurance Options From Allianz

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    Allianz Life Pro+® Advantage

    Allianz only offers the Allianz Life Pro+® Advantage plan, which is a fixed index universal life policy. FIUL policies build up cash value over time based on the performance of a stock market index without actually being invested in the market. This means you're protected from market downturns, but indexed rates are generally also capped at a certain amount, limiting your possible returns. You can also choose to earn a fixed interest rate, which credits your policy daily at a single predictable rate.

    A unique benefit of Allianz's plan is its Index Lock feature. Index Lock allows you to lock in an index value once at any point during the crediting period, guaranteeing your rate of return for that period regardless of the market conditions following the lock.

    Allianz Life Pro+® Advantage enables you to choose between three different death benefit options and further customize your policy with several riders. You can also borrow against the cash value to pay for any expense.

    Allianz’s risk classes include:

    • Nontobacco (ages 18–80): Preferred Plus, Preferred, Standard
    • Tobacco (ages 18–75): Preferred Tobacco, Standard Tobacco
    • Juvenile (ages 0–17)

    Coverage amounts range from $100,000 to $65,000,000 depending on your age, health and other factors.

Universal life insurance policies, particularly FIUL policies, can be a good fit for investors who want to take advantage of the larger gains offered by market indexes without taking on the risk of actually investing in the market. Unlike term policies, universal life plans are permanent insurance solutions that provide a death benefit that is typically income-tax-free.

Compare Life Insurance Rates

Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.

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Insurance Rates

Allianz’s Life Insurance Riders

Most insurance providers offer riders, or additional coverage options, that you can add to your policy, usually for an extra cost. Here are the riders that Allianz offers that help you customize your insurance policy.

Rider
Description

Child Term Rider

Adds term insurance to your coverage to insure children who are between 15 days and
21 years old.

Enhanced Liquidity Rider

Waives a percentage of the surrender charges, which can help boost the amount of cash
value that you can access during the early stages of the policy.

Loan Protection Rider

Protects against a lapse due to an outstanding policy loan.

Premium Deposit Fund Rider

Allows you to pay a lump sum of money from which premiums are deductions over a
number of years.

Supplemental Term Rider

Adds additional term insurance that is convertible into base coverage within the first
10 policy years or until age 75, whichever comes first.

How to Get Allianz Life Insurance

If you've made the decision to buy Allianz life insurance, the following details will help guide you through the application process and outline what to do if your application is rejected.

How to Buy Life Insurance From Allianz

  1. 1
    Do Your Research

    Read up on what Allianz has to offer through the product profile, and contact an agent if you have any questions or want to proceed with your application. You can also use the online calculator to get a personalized estimate of how much coverage you need.

  2. 2
    Compare Quotes

    Once you receive a quote, you can shop around and explore other options from insurance companies that offer similar coverage. Since your gender, health profile and location can impact rates, you may save money by comparing quotes.

  3. 3
    Health Check

    Most insurers require you to get a health check to determine your eligibility. You might be able to gain coverage approval without an in-person exam, but these plans are typically more expensive due to the increased degree of risk for the insurance company. Ask an Allianz representative whether you require one during the application process.

  4. 4
    Approval

    After you’ve sent in your application, wait for the provider to respond. You will receive the policy paperwork to sign and approve for your chosen coverage.

What to Do if Allianz Insurance Denies You Coverage

  1. 1
    Contact Your Broker

    You can get in touch with your insurance agent or broker to find out why your application was denied. Some reasons include chronic illness, age, lifestyle or insufficient information.

  2. 2
    Lifestyle Changes

    If the reason for your denial was your health, you can work on making changes to your lifestyle, such as quitting smoking, to improve your odds of approval.

  3. 3
    Explore Other Options

    Some insurers are more accommodating than others when it comes to health issues. When looking at other policy options, you can also consider guaranteed life insurance, but this might be more expensive than other policy types.

Frequently Asked Questions About Allianz Life Insurance

Here are some key questions that customers tend to ask about Allianz life Insurance.

Can you borrow from your Allianz life insurance policy?
What’s the maximum amount of life insurance coverage available from Allianz?
Do life insurance policies from Allianz pay dividends?
Can you get life insurance from Allianz if you have cancer?
Do life insurance policies from Allianz cover death by drug overdose?
Do life insurance policies from Allianz cover death by suicide?

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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