Ameritas is another big name in the insurance world. According to the company’s about page, it has over 4 million customers. But how do the company’s life insurance products hold up? Below in our Ameritas life insurance review, we’ll look at the life insurance products the company offers and the reputation of the company.
- Pros and Cons of Ameritas Life Insurance
- Products Offered by Ameritas Life Insurance: 90/100
- Financial Strength Rating of Ameritas Life Insurance: 90/100
- Customer Satisfaction Rating of Ameritas Life Insurance: 75/100
- Consumer Complaints Rating of Ameritas Life Insurance: 85/100
- Digital Experience Rating of Ameritas Life Insurance: 90/100
Pros of Ameritas Life Insurance
- Has a wide variety of standard life insurance types that are common for the industry
- A+ through the Better Business Bureau (BBB)
- Has low complaints through the National Association of Insurance Commissioners (NAIC)
- An easy quote process if you want to find out about term life premiums
Cons of Ameritas Life Insurance
- Still have to contact a financial professional for permanent life insurance types if you want a quote
- It’s hard to tell from the website what makes some of the plan types stand out from each other
>>MORE: The Best Life Insurance Companies
Life Insurance Products Offered By Ameritas Life Insurance
To start our Ameritas life insurance review, we looked at the products the company offers. Ameritas offers a standard array of the main types of life insurance that are common for the industry. It has:
- Index universal life: This type offers both a death benefit and growth potential tied into a fixed account, the S&P 500 or another equity index. The plans have downside protection, meaning you’re protected from financial loss if a market performs badly, and you may even be guaranteed a minimum interest rate. Learn more the differences between Indexed Universal Life Insurance and Whole Life Insurance
- Universal life: An interesting feature of this plan is that as long as your policy keeps a cash surrender value of at least $1, your policy can remain in effect. Premiums are also flexible, meaning you can pay less or more when it makes sense for you.
- Variable universal life: This plan gives you a death benefit and the ability to invest a portion of your premium into investment options. Through Ameritas, the portfolios are managed by respected professionals in the mutual fund industry. Learn more the differences between Variable Universal Life Insurance (VUL) and Variable Whole Life Insurance (VLI)
- Whole life: This classic type of life insurance has a death benefit and cash value. Ameritas also has a variety of plans with different benefits. It has the Access, Growth, and Value Plus plans. But it’s hard to tell from the literature what separates these plans, as they all offer dividends, cash value, and guaranteed premiums and death benefits. Also reference our Guide to the Best Whole Life Insurance Companies
- Term life: Term life runs for a certain period of time with no cash value and is focused on providing lower costs because of this feature. It offers both a plan for families and one for business owners.
>>MORE: Case Studies of Universal Life Insurance (4 case studies covering guaranteed, indexed, and variable universal life insurance real cases)
Financial Strength Rating of Ameritas Life Insurance
Ameritas Life Insurance Corp. has an A (Excellent) financial strength rating through AM Best and the company’s outlook is listed as stable.
The long-term issuer credit rating is at a+ (Excellent) and is also listed as stable
Customer Satisfaction Rating of Ameritas Life Insurance
Ameritas was not rated in the J.D. Power 2019 Life Insurance Study.
However, it does have an A+ through the BBB. Customer ratings through the agency sit at a little under two stars, but that’s from only six reviews as of writing. Complaints revolve around other financial products like dental insurance and a 401K.
Consumer Complaints Rating of Ameritas Life Insurance
We also looked at the NAIC consumer complaints for our Ameritas life insurance review. Ameritas Life Insurance Corp. (company code 61301) had a total complaint index of 0.31 in 2019, or lower than the expected industry amount measured at 1.00. For individual life, there were no complaints in 2019. 2018 had 3 individual life complaints, which put it at a complaint index of 0.25.
Digital Experience Rating of Ameritas Life Insurance
The website allows you to get a quote for just its term life product. We entered a 45-year-old male in California who does not use tobacco and is looking for $150,000 in coverage. We got the following the screen:
This does a nice job of outlining annual premiums, which seem quite affordable. It’s also rare to find a life insurance site that so clearly and easily outlines rates without having to enter information like your phone number or address.
Final Thoughts in our Ameritas Life Insurance Review
Look into Ameritas if you’re in the market for standard life insurance types that are common for the industry. This company has a solid BBB rating, a great AM Best rating and consumer complaints are low. It’s also a good place to find premium quotes if you’re in the market for term life insurance.
