The company doesn’t shy away to advertise big and its name rings the bell even in the USA, although its origins are in Germany. Whether you were watching Wimbledon, got approached by an agent or simply seen a big ad for Allianz Life and now you want to learn more, you’ve come to the right place. Allianz Life Insurance Company is known for its variety of products to address retirement, investment, and insurance needs. If you are like most people that come to our site to secure a life insurance policy with a reputable company that offers the most competitive rates, simply click here to compare rates with the top companies and see how Allianz stacks up. Don’t be surprised to learn that there are companies as strong or stronger than Allianz Life that offer much more competitively priced life insurance policies. Now if you’re here for much more in depth information feel free to continue reading below. The following are some key points from this article;
- One of the companies strong points is that it has been in business for a very long time. To be exact the company was founded in 1890
- Allianz Life Insurance Company serves around 78 million customers worldwide. That’s a lot of people! On top of that, the company has over one hundred billion in assets so you can sleep safely knowing it’s definitely not a fly by night.
- Allianz Life is rated “A”(Excellent) by A.M. Best which is a rating agency for insurance carriers. Although this is a strong rating some carriers like Metlife, TransAmerica or Principal do a little better with “A+” rating.
- Allianz Life offers both term and permanent life insurance options. Their term product is similar to other carriers which offer level protection for the duration of the time period you lock in.
- As a professional in the insurance industry, it’s my responsibility to make sure my clients are going to be happy with an insurance company after the policy is in force. That’s why I don’t just look into the company’s strength, history, and product offerings but also ensure that the existing clients are happy. Unfortunately, Allianz Life has very negative reviews when doing a quick google search, mostly for service issues and product expectation shortfalls.
- Life insurance companies change their rates often but being an independent agency I can tell you that Allianz Life premiums are on the high end in comparison to other big companies we work with.
Allianz Life Insurance Company History
One of the companies strong points is that it has been in business for a very long time. To be exact the company was founded in 1890, so it’s over a 100 years old and was started by these two guys.
Wilhelm von Finck and Carl Von Thieme
In 1893 Allianz moved into international markets. The London office was managed by Carl Schreiner. By the beginning of World War I, Allianz has expanded their business operations to the USA, the Netherlands, Scandinavia, Italy, Belgium, France and the Balkans. In 1895 Allianz stock was traded on the Berlin Stock Exchange for the first time. In 1906 the San Francisco earthquake more than 3,000 people were killed and 250,000 were made homeless and Allianz paid out a total of 250 million dollars in claims. In 1926 the small life insurance policies introduced by Allianz with monthly premiums of two to four Reichsmarks made more efficient policy processing. In 1932 Allianz established its Materials Testing Center in Berlin. Chemists, physicists, and engineers at the center examine, investigate and report on the technical and scientific aspects of machine insurance.
By the end of the World War II, Allianz’s assets were destroyed, their real estate holdings were decimated, premium payments were ceased and their funds invested in government bonds became worthless and in May 1945 Allianz was bankrupt. East Germany underwent a radical transformation after 1945 each of the five East German states the old private insurance companies were replaced by state insurance institutions which exercised a monopoly. By 1954 the company was up and running again and they built their new headquarters from Berlin to West Germany. 1958 came around and Hansjorg Dorschel designed matchbox covers for Allianz and millions stayed tuned in for the popular animated movie. The year later they advertised their new slogan which is “Well insured by Allianz.” In 1973 Allianz became Europe’s largest insurer and they achieved a total premium volume of over six billion marks.
Allianz Life Insurance Company 2017 Review
Allianz Life Insurance Company serves around 78 million customers worldwide. That’s a lot of people! On top of that, the company has over one hundred billion in assets so you can sleep safely knowing it’s definitely not a fly by night. Allianz Life is rated “A”(Excellent) by A.M. Best which is a rating agency for insurance carriers. Although this is a strong rating some carriers like Metlife, TransAmerica or Principal do a little better with “A+” rating.
Allianz Life Insurance Products
Allianz Life offers both term and permanent life insurance options. Their term product is similar to other carriers which offer level protection for the duration of the time period you lock in. For their permanent coverage, they have an equity index universal life policies which is designed to be great for generating some investment capital while also providing protection. Of course, I personally don’t recommend life insurance as an investment to my clients for my own professional reasons. The company also offers annuities both fixed and variable for those that are preparing for retirement.
What Others Say about Allianz life insurance company
As a professional in the insurance industry, it’s my responsibility to make sure my clients are going to be happy with an insurance company after the policy is in force. That’s why I don’t just look into the company’s strength, history, and product offerings but also ensure that the existing clients are happy. Unfortunately, Allianz Life has very negative reviews when doing a quick google search, mostly for service issues and product expectation shortfalls. Now although I would say that the company gets a green light as far as their overall strength is concerned. I would be doubtful about their after sale service which is quite crucial regardless of what industry we’re discussing. Hopefully, the company can work this out in the near future.
Allianz Life Insurance Premiums
Life insurance companies change their rates often but being an independent agency I can tell you that Allianz Life premiums are on the high end in comparison to other big companies we work with. In other words, you can get a much better deal with a company that has a stronger financial rating for the same plan that Allianz offers.
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Overall I would say that Allianz Life is part of the big boys club as far as life insurance companies go and they have a lot to offer with their range of both insurance and investment products. So if you’re looking into Allianz Life for their retirement options or simply due to the company’s strong dominant position, you’re not making a mistake. But as I mentioned above when it comes to life insurance protection there are dozen carriers that will offer better premium pricing, excellent products and great after sale service than Allianz. The best part is we are an independent online agency that works with over 60 top companies to find the right plan for you.
If you’re ready to compare rates with all the top carriers click here or call us at 1.888.492.1967 to find the right plan for you.
