Allianz Life Insurance Review 2020

Thang Truong
Thang Truong
Updated on:

Allianz is a life insurance and annuities company that has been around for almost 125 years. When looking for life insurance, it pays to compare your options, so below in our Allianz life insurance review we’ll look at the products it offers and the reputation of the company. 

Pros and Cons of Allianz Life Insurance

– Has a somewhat unique fixed index plan that helps you grow wealth in a variety of ways
– Allianz Life Pro+Advantage, a IUL product, is probably the best for retirement savings purpose
– The company has low complaints through the National Association of Insurance Commissioners (NAIC)
– Allianz has an A+ financial strength rating with AM Best
– Got the lowest two-circle rating through the J.D. Power 2019 Life Insurance Study
– The website is difficult to navigate and only promotes one product that we could find

Life Insurance Products Offered by Allianz Life Insurance

To start our Allianz life insurance review, we looked at the products it offers. Like most insurance companies, Allianz divides its life insurance products by term life and permanent life. Allianz’s website is odd in that it gives very basic information on its life insurance products and then goes on to heavily promote its fixed index universal life insurance product.

The fixed index option is a bit unique in the industry. The policy’s accumulation value can earn interest based off of an external index or a fixed-interest option. The policy also focuses on flexible premiums that you can pay when you want, as long as the account is properly funded. The website also mentions that the Life Pro+ Advantage fixed index plan has a minimum death benefit of $100,000 and a maximum of $65,000,000. Premiums start at $25 per month or $300 per year. 

This is actually a very good permanent life insurance product for people who wants to accumulate retirement savings through a permanent policy. Learn more through our case study when we compare this policy with a whole life policy for retirement savings purpose.

The website does not tell you too much about other products. It does mention whole life, universal and variable life in passing, but that’s it that we could find. There do not seem to be additional links to learn more about these products. The company either wants you to talk to an agent or is very insistent on this fixed index plan.

>>MORE: Is Whole Life Insurance Worth It? A Case Study

Financial Strength Rating of Allianz Life Insurance

Allianz is listed under AWP P&C S.A. through AM Best. The company has an A+ (Superior) rating and the outlook is listed as stable.

The long-term issuer credit rating is listed as aa (Superior) and confirmed as stable.  

Customer Satisfaction Rating of Allianz Life Insurance

Allianz performed very modestly on the J.D. Power 2019 Life Insurance Study. It came in with 754 points, out of a possible 1,000.  It’s the 4th last from the bottom and has the lowest two-circle rating, which is simply labeled “the rest.”  

Consumer Complaints Rating of Allianz Life Insurance

We also looked at the complaint code as part of our Allianz life insurance review. Through the NAIC, Allianz (company code 35300) had a total complaint index of 0.19 in 2019, which is lower than the expected amount for the industry that’s measured at 1.00. In 2019, there was only one complaint about individual life insurance for the company.   

Digital Experience Rating of Allianz Life Insurance

Since the website is sparse on information, that already counts against the digital experience for this company.

However, one interesting feature is that there is a calculator to help you figure out how much insurance you need. We went through the calculation, as it asked basic questions like if we have any dependents and what our monthly expenses are like. We entered a home with one domestic partner and no dependents, a paid-off mortgage and a total household income of $80,000. We entered $1,650 for monthly expenses and got the total life insurance needed from the calculator:

Final Thoughts in Our Allianz Life Insurance Review

It’s frankly hard to get a feel for Allianz’s products based on its website. It really wants to push you towards the Life Pro+ Advantage fixed index plan, which is a great product if your goal is to save for retirement through a permanent life insurance policy. Company reviews are mixed, with modest ratings through the J.D. Power 2019 Life Insurance Study. Meanwhile, it has very low complaints through the NAIC and an A+ through AM Best.    

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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