Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Aug 19, 2021

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The Truth in a Nutshell

  • Fixed index universal life insurance is the life insurance at Allianz Life Insurance Company
  • Your life insurance rates depend on factors such as age, gender, and policy limit
  • Despite Allianz Life’s limited coverage options, it has a superior AM Best rating

Allianz Life Insurance Company of North America is available in all 50 states, and it has annuity and life insurance connections worldwide as part of the Allianz SE company (one of the largest companies in the world). However, Allianz Life has limited life insurance options.

So why is life insurance so expensive at Allianz? And is there a way to get cheap Allianz life insurance rates?

Don’t worry – we’re here to help. This short guide explains everything you need to know about Allianz life insurance quotes, available life insurance products, and Allianz life insurance third-party ratings.

Continue reading to learn more about affordable Allianz life insurance. Once you understand how Allianz life insurance works, enter your ZIP code in the free comparison tool to compare multiple insurance companies near you.

What kinds of life insurance products are available with Allianz Life?

Before you buy Allianz life insurance, let’s look at what policies are available for potential customers.

After carefully looking at the Allianz website, we found two life insurance options. Here’s a list of what Allianz Life Insurance Company offers:

  • LifePro +
  • Life Pro+ Survivor

Both policies are fixed index universal life insurance plans that have accumulated cash value and investment perks. Each comes with multiple death benefit options so policyholders can choose the best fit for their specific situation.

Allianz Life also offers annuity products. You can choose from fixed index and index variable annuities, both of which allow the policyholder to invest their money and get a cash return based on the performance of the stock market. The accumulation potential of these annuities allows you to earn interest tax-free.

Life Pro+ Survivor covers two people on one policy, which is suitable for married couples or caretakers.

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Does Allianz have a term life insurance policy?

Allianz doesn’t explicitly list term life insurance. However, Legal & General America provides term life insurance through Banner Life & William Penn.

How are these companies related? Legal & General America and Banner Life are subsidiaries of Allianz. Also, Banner Life Insurance Company underwrites term life insurance for Legal & General America.

How much are Allianz life insurance rates?

Allianz insurance and annuities have private quotes. The most reliable cost comes from a personalized quote, which is not commonly reported to the masses.

However, Banner life insurance has sample term life insurance rates available for us to see. Let’s examine its monthly cost.

Banner Term Average Monthly Life Insurance Rates by Age, Gender, Term and $100K Death Benefits
Age of Non-Smoking PolicyholderBanner Life Monthly Rates Based on 10-Year/$100K Policy (Male)Banner Life Monthly Rates Based on 10-Year/$100K Policy (Female)Banner Life Monthly Rates Based on 20-Year/$100K Policy (Male)Banner Life Monthly Rates Based on 20-Year/$100K Policy (Female)
25$8.43$7.03$8.88$8.11
30$8.43$7.03$8.91$8.12
35$8.53$7.05$9.34$8.75
40$9.56$8.00$10.84$10.06
45$11.20$10.15$15.82$13.19
50$14.39$12.91$21.92$18.04
55$19.94$17.43$33.18$24.71
60$31.73$26.57$52.39$36.39
65$53.20$42.08$97.26$82.43
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Do you see how age affects life insurance rates? As you get older, life insurance increases.

When it comes to gender, females pay slightly less for younger policyholders. As a person gets older, gender-based life insurance has a bigger price gap.

Does Allianz Life Insurance Company have good ratings?

The short answer is yes. Allianz may have limited life insurance coverage, but it’s one of the world’s highest-rated life insurance and annuity companies.

Let’s review Allainz’s current financial strength and credit ratings.

  • AM Best – A+ (Superior)
  • S&P – AA (Very Strong)
  • Moody’s – A1 (Upper-Medium)
  • JD Power – 743 (Below industry average)
  • Better Business Bureau (BBB) – A+
  • Consumer Affairs – Two-Star Rating

With the A.M. Best, S&P, and Moody’s financial ratings, it is clear that Allianz has a stable financial outlook and superior ability to meet obligations to customers. Also, Allianz’s credit ratings show that it has low long-term credit risk.

Allianz Life has a two-star rating at Consumer Affairs.

The J.D. Power score shows how Allianz compares to other companies in the life insurance industry. As of 2021, Allianz’s customer satisfaction review is below the life insurance industry average.

Allianz is an accredited company with the BBB and has the highest rating at the agency.

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How do you file an Allianz life insurance claim?

Allianz has three steps to its life insurance and annuity claim filing process. Let’s go over them.

  • Step 1 – Start your claim by filling out a form on the Allianz website
  • Step 2 – Return your claim form packet to Allianz Life by mail or email
  • Step 3 – Processing takes up to 10 business days, and Allianz will contact you for additional beneficiary information

If you have an Allianz life insurance login, you may be able to check the status of your claim online. Or you can contact the Allianz life insurance phone number at 1-800-950-1962 or 1-800-624-0197.

Allianz Life Insurance: What’s the bottom line?

Allianz’s many subsidiaries make it a strong competitor, but the life insurance company holds a stable front on fixed index universal life insurance. But, Allianz won’t provide you with term life insurance.

Life insurance shoppers who want more than standard life insurance coverage could benefit from Allianz Life’s permanent life insurance solutions.

Now that you know more about Allianz life insurance, use our free comparison tool to compare the best insurance companies in your local area.