When reviewing life insurance companies, it’s essential to consider various factors to ensure you get the best coverage for your needs. Here’s a breakdown of the critical elements we evaluate:
1. Types of Policies Offered
Life insurance products can vary significantly, and understanding the options is crucial:
- Term Life Insurance: Offers temporary coverage for a specific term (e.g., 10, 15, 20, 25, or 30 years). A payout is guaranteed if the policyholder dies within the term.
- Permanent Life Insurance: Provides lifelong coverage and includes a cash value component that can be borrowed against.
- No-Exam Life Insurance provides coverage without requiring a medical exam, making it easier for some individuals to obtain to obtain.
2. Financial Strength
We assess the financial stability of an insurer using AM Best ratings, which indicate the company’s ability to pay claims and its long-term financial health:
- Exceptional: A+ or A++
- Strong: A- or A
- Moderate: B or B+
For life insurance, it’s advisable to choose companies with ratings of A- or higher to ensure reliability.
3. Complaints
The number of complaints against an insurer indicates customer satisfaction and service quality. We use data from the National Association of Insurance Commissioners (NAIC) to gauge complaints relative to the company’s size. Top insurers have fewer than the expected number of complaints.
4. Online Application
The convenience of applying for and buying a policy online is increasingly important. We note whether insurers can complete the entire application process online.
Detailed Example: Amica Life Insurance
Headquarters: Lincoln, Rhode Island
Overall Performance: Amica scored 4.5 out of 5 stars based on customer experience, complaint data, and financial strength ratings.
Policies:
Term Life Insurance:
- Coverage Terms: 10, 15, 20, 25, or 30 years
- overage Amounts: $100,000 to $5 million
- Age Range: 18 to 75
- Application: Includes a health and lifestyle questionnaire; some may skip the medical exam.
Whole Life Insurance:
- Coverage Amounts: $25,000 to $1 million or more
- Payment Options: Pay off in 20 years or until age 65 or 100
Additional Features:
- Accelerated Death Benefit Rider: Included at no extra charge, activates if diagnosed with a terminal illness.
- Waiver of Premium for Disability: You can waive premiums if a disability prevents you from working.
- Amica has a strong reputation for customer satisfaction, though it may not offer online applications in all states.
Trustworthiness
Our editorial guidelines ensure our reviews are accurate and fair, helping you make informed financial decisions confidently. For transparency, we also disclose our partners and how we make money.
By considering these factors, you can better evaluate life insurance companies and choose a policy that meets your needs and provides peace of mind.
Amica Customer Complaints and Satisfaction
Over the past three years, Amica has received fewer complaints than expected for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners (NAIC).
More About Amica
You can obtain a term life insurance quote online in all states except Hawaii and apply for coverage online in all states except Hawaii and New York. You must speak with an agent for whole life insurance quotes or applications.
Beneficiaries can file life insurance claims over the phone or online. Amica also provides access to Empathy, an app designed to help people navigate loss and grief.
In addition to life insurance, Amica offers other types of coverage. Check out NerdWallet’s reviews for more information:
- Amica auto insurance review.
- Amica home insurance review.
- Amica renters insurance review.
How to Contact Amica
Amica’s life insurance department can be reached by:
- Phone: Call 800-234-5433 on weekdays from 8 a.m. to 7 p.m. ET.
- Email: Fill out a form on Amica’s contact page.
- Live chat: Available on weekdays from 6 a.m. to midnight ET and weekends from 7 a.m. to midnight ET.
Life Insurance Buying Guide
Before comparing companies, decide on the type of life insurance you want (term or whole life) and any riders you need. Calculate the amount of coverage you require and the duration of the policy. Ensure that the insurers you are considering offer the specific coverage you need.
When comparing rates, ensure the quotes are for the same coverage amount and term length. Ensure the policy’s medical requirements align with your preferences. For instance, if you want to avoid a medical exam but are okay with answering health questions, confirm that the application process meets this need.
Price is not the only factor to consider. Look at the number of consumer complaints each company receives, as high complaint numbers can indicate poor service quality.
For more detailed guidance, see our life insurance buying guide.
Life Insurance Rating Methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the NAIC, and financial strength ratings, indicating a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, assessing the depth of policy details available online. Each insurer’s rating is adjusted to a curved 5-point scale.
These ratings are a guide, but shopping around and comparing multiple insurance quotes is encouraged to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer Complaints Methodology
NerdWallet examined complaints received by state insurance regulators and reported to the NAIC from 2020-2022. The NAIC calculates a yearly complaint index for each subsidiary, measuring its share of total complaints relative to its size or share of total premiums in the industry. NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary over the three years. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo), and life insurance.
Frequently Asked Question
What types of life insurance does Amica offer?
Amica provides both term and whole life insurance policies. Their term life insurance offers coverage for 10, 15, 20, 25, or 30 years, with policy values ranging from $100,000 to $5 million. Their life insurance provides lifetime coverage with values starting from $25,000 and flexible payment options.
Can I get a quote or apply for an Amica life insurance policy online?
You can get a term life insurance quote online in all states except Hawaii and apply for term life insurance online in New York. However, it would be best to speak with an Amica agent for whole-life insurance to get a quote and apply.
How does Amica handle life insurance claims?
Beneficiaries can file life insurance claims either over the phone or online. Amica also provides access to Empathy, an app designed to help beneficiaries navigate loss and grief and offer additional support during difficult times.
What are Amica’s customer satisfaction and complaint ratings?
Based on data from the National Association of Insurance Commissioners (NAIC), Amica has received fewer complaints than expected for a company of its size over the past three years. This indicates a strong level of customer satisfaction relative to its market share.
How can I contact Amica for more information or assistance with my life insurance policy?
You can reach Amica’s life insurance department through several methods. For further information, you can also explore additional reviews and resources available on NerdWallet, which cover various types of insurance Amica offers.
Conclusion
Amica Life Insurance stands out for its comprehensive term and whole life insurance offerings, with coverage options that cater to a wide range of needs and preferences. The company has a strong reputation for customer satisfaction, demonstrated by its lower-than-expected number of complaints relative to its size. This indicates reliable service and a commitment to customer care. Amica’s ease of access for term life insurance quotes and applications online, except in a few states, adds to its convenience. However, obtaining whole life insurance requires speaking with an agent, which ensures personalized service and detailed guidance.