Ameritas Life Insurance: A Comprehensive Review
Ameritas Life Insurance is a well-established mutual life insurance company offering a range of policies. This review examines Ameritas’ offerings, financial stability, customer service, and how it stacks up against the competition to help you determine if it’s the right choice for your life insurance needs.
Overview
Ameritas, headquartered in Lincoln, Nebraska, boasts a long history in the insurance industry. They offer a variety of term and permanent life insurance policies, and provide numerous riders to customize coverage. While the company exhibits financial strength, potential customers should be aware that online applications are not available; you must connect with a financial professional to secure a policy.
Pros
- Offers a variety of permanent life insurance policies.
- Provides a comprehensive list of life insurance riders, offering flexibility to tailor coverage.
- Most policies are accessible nationwide.
Cons
- The application process requires contacting a financial professional, with no online application option.
NerdWallet’s Viewpoint
NerdWallet gives Ameritas a rating of 4.0 out of 5 stars. NerdWallet’s ratings are based on factors including the policies offered, financial strength, and customer experience.
About Ameritas Life Insurance
Ameritas Life Insurance earns a 4 out of 5-star rating for overall performance from NerdWallet. The company provides a broad range of term and permanent life insurance policies, alongside a variety of riders designed for personalized coverage. Although its network of financial professionals spans the nation, policy applications must be completed through these advisors, as online applications are unavailable.
Ameritas Life Insurance Policies
Ameritas offers a diverse selection of life insurance policies to meet various needs:
Term Life Insurance
Ameritas provides three term life insurance policies:
- Ameritas Value Plus Term: Available in 1-, 10-, 15-, 20-, or 30-year terms for individuals aged 18 to 80, with coverage starting at $100,000. This policy allows conversion to permanent life insurance within the first five years without added expense.
- Ameritas’ FLX Term: Distinguished by its lack of a required medical exam for coverage amounts of $300,000 or less.
- Instant Term: An option that bypasses the medical exam, but requires completing a health questionnaire. Decisions are generally provided within minutes of application. Ameritas also partners with Ethos, an online life insurance provider, to offer instant term policies.
Whole Life Insurance
Ameritas’ whole life insurance options include:
- Ameritas Access Whole Life: Premiums are payable until age 75 or for 25 years, whichever is earlier.
- Ameritas Growth Whole Life: With premiums payable until age 100.
- Ameritas Growth 10 Pay Whole Life: Designed similarly to Ameritas Growth Whole Life, but is paid off in 10 years.
- Ameritas Value Plus Whole Life: Primarily suited for those seeking coverage under $25,000; however, larger coverage amounts are also available.
As a mutual company, Ameritas may offer dividends to whole life insurance policyholders based on the insurer’s financial performance.
Universal Life Insurance
- Ameritas Value Plus UL: This policy features flexible premiums and payouts, enabling users to adjust coverage according to changing needs. The available coverage depends on the individual’s age and health, often starting at $50,000 or $100,000.
Variable Universal Life Insurance
- With variable universal life insurance, the policy’s cash value is invested based on choices made by the policyholder. Ameritas provides two policies: Performance II VUL and Advisor ClearEdge II VUL, which allow users to monitor investments and reallocate funds via an online portal.
Indexed Universal Life Insurance
- Ameritas offers four indexed universal life insurance policies, including the Value Plus Survivor IUL, which covers two people and offers a payout upon the second person’s death.
Ameritas Life Insurance Riders
Enhance your coverage with a selection of common life insurance riders, dependent on the policy purchased:
- Waiver of Premium: Suspends premium payments in the event of disability.
- Accidental Death Benefit: Provides beneficiaries with an extra payment if death occurs due to an accident.
- Accelerated Death Benefit: The Care4Life rider enables access to the policy’s payout if diagnosed with a critical, chronic, or terminal illness.
Ameritas Customer Complaints and Satisfaction
NerdWallet’s analysis of data from the National Association of Insurance Commissioners indicates Ameritas has received fewer complaints than expected by state regulators for a company of its size spanning three years.
Ameritas Sample Life Insurance Rates
The following table illustrates the monthly rates for a 20-year, $500,000 term life insurance policy from Ameritas. These samples are for non-smoking individuals in excellent health. Your actual quote might vary depending on factors that include age, health, lifestyle, occupation, and driving record.
Source: Insurer’s site. Rates reflect the super preferred class and were generated on 11/20/24.
How Ameritas Compares to Other Insurers
Applying for a Policy with Ameritas
You can obtain preliminary term life insurance quotes on the Ameritas website by entering your birthdate, gender, and tobacco usage. This will display a range of potential prices based on your term preferences and insurance rating. However, buying a policy needs you to go through a financial professional. You can fill out a form on the Ameritas site with your ZIP code and contact details, and the company will connect you with a local advisor.
Ameritas’ Customer Experience
The Ameritas site is user-friendly but lacks detailed information on the company’s life insurance policies. The FAQ page is extensive, catering more to existing policyholders rather than potential customers. Most insurance pages contain a link to a “find a professional” section where you can put in your contact information, which is followed by a company promise of reaching out within two weeks.
When contacted with questions about term life insurance, the process involved eight minutes of navigating phone menus and the hold system before speaking to a representative who could provide basic answers. The representative offered to connect the caller with a financial advisor for detailed information.
Ameritas does not have a mobile app to manage life insurance policies, although it has other apps for different purposes.
Additional Ameritas Financial Products
Besides individual life insurance, Ameritas provides other financial products, including:
- Annuities
- Disability insurance
- Dental and vision insurance (through the workplace)
- Group life insurance
- Investing services, including financial planning and asset management
Contacting Ameritas
Ameritas can be contacted through the following means:
- Phone: Call 800-745-1112 on weekdays from 7 a.m. to 5 p.m. CT.
- Email: Customer service email is not available.
- Live chat: Not available.
Review Methodology
The life insurance reviews from NerdWallet, including ratings and recommendations, are overseen by a team of writers and editors specializing in life insurance. Editorial guidelines ensure the content is accurate and fair, thus enabling well-informed financial decisions, especially when choosing related products. The review process considers the customer experience and the insurer. This includes factors such as policies offered, financial strength, and consumer complaints.
Conclusion
Ameritas Life Insurance offers a solid selection of life insurance policies, especially for those interested in permanent coverage. While its financial strength is a key advantage, the lack of online application and reliance on financial professionals for all policy purchases might be a drawback for some. Potential customers should carefully compare Ameritas’ offerings, rates, and customer service experience with other providers to determine the best fit for their needs.
