Ameritas Life Insurance Corporation | Company Review

Although Ameritas has been around since the late 1800s, many U.S. consumers are unaware of this insurance company and how far they’ve come. Originally established in 1887 as Old Line Bankers Life Company of Nebraska, like many insurers, purchases and buyouts have transformed the company into Ameritas Life Insurance Corporation which is now owned by Ameritas Mutual Holding Company.

Ameritas is one of the few companies that do not limit product sales to only individuals. They also market insurance products to businesses, municipalities, and other institutions. The products they offer today now consist of Life Insurance, Dental, Vision and Hearing Insurance, Disability Income Insurance, and investment products.

For this article, we are going to focus on two products only; Ameritas Term Insurance and Ameritas Indexed Universal Life Insurance. But first, we need to take a look at Ameritas’ financial stability before going any further.

 

The Financial Stability of Ameritas Life Insurance 

 

Premium is an important part of purchasing life insurance but if the company is not financially stable, the premium doesn’t matter. Life insurance shoppers should always remember that life insurance is simply a long-term promise to pay. But, if the company you choose to do business with indicates any type of financial weakness, simply move on to the next one.

You can easily check a company’s financials by visiting their website or by checking its ratings with the national rating services. Here is how Ameritas is doing according to A.M. Best and Standard & Poor’s:

Ameritas insurance ratings graphic

It’s also a smart move to find out how an insurer is treating its clients. This can also be done easily by checking with various websites like the Better Business Bureau. Although many companies choose not to be accredited by the Better Business Bureau, Ameritas has done so and has a rating of A+.

Now, let’s take a look at Ameritas’ Term Life Insurance and Indexed Universal Life

 

Ameritas FLX Living Benefits Term

 

Since most individuals and families are looking at life insurance as a replacement income, it’s important to find an insurer that offers large death benefits at competitive prices. Additionally, term insurance policies should offer enhancements (riders) so that it can be easily customized to fit each individual’s needs and circumstances. Ameritas does a great job in these categories by offering the following:

  • Available Terms of Coverage – Ameritas FLX Living Benefits Term offers coverage terms of 10, 15, 20, and 30-years. The premium will not change during the term you select and your death benefit is guaranteed as long as you pay your periodic premium. The company offers a renewal at the end of the term based on your attained age regardless of your health.
  • The Opportunity to Convert Coverage – If you decide to convert your term coverage to permanent coverage, you can do so without proving insurability unless you increase your coverage amount or add riders to the policy.
  • Living Benefits (included in coverage) The Living Benefits included in Ameritas’ FLX Living Benefits Term provide value benefits if the policyholder is diagnosed with a terminal illness and death is expected within 12 months. The living benefit section is also triggered if the insured has a chronic illness or critical illness of which there are 15 qualifying conditions. The living benefits can amount up to 90% of your policy death benefit. The benefit can be paid in a lump-sum for terminal or critical illness and in a lump-sum or installments chronic illnesses.
  • Accidental Death Benefit – When the accidental death benefit is added to your policy, you select an additional amount of death benefit your beneficiary would receive if your death is the result of an accident.
  • Children’s Insurance Rider – The children’s insurance rider allows the applicant to add all dependent children to the policy with $25,000 in coverage. When the covered child ages out of coverage, they’ll have the opportunity to convert their term coverage to permanent coverage without proving insurability.
  • Waiver of Premium – The waiver of premium rider provides for the insurance company to waive insurance premiums if the insured becomes disabled and unable to work, thereby assuring the life insurance remains in force.

 

Ameritas FLX Living Benefits Term Rates

 

Below are actual term insurance rates for a $250,000 20-year term life insurance policy for a healthy male and female non-smoker:

Age of ApplicantMale Non-SmokerFemale Non-Smoker
25$24.30$20.00
30$25.65$20.86
35$27.52$23.87
40$37.41$31.39
45$50.10$41.50
50$73.10$57.84
55$114.38$89.23

For an accurate quote based on your actual age, please use the quote form on the left,  contact our office at 800-712-8519, or contact us through our website.

 

Ameritas FLX Living Benefits Index Universal Life Insurance

 

Indexed Universal Life insurance has become one of the most popular life insurance products because of its versatility for providing permanent life insurance and its ability to accumulate wealth over time. There are three categories where the Ameritas FLX Living Benefits Index Universal Life insurance excels.

  1. Dependable Protection
  2. Potential for Growth
  3. Downside Protection

The insurance policy’s dependable protection is evidenced by a guaranteed death benefit that will be there when your surviving loved ones will need it. This death benefit is paid tax-free to your beneficiary and is only available with life insurance.

The potential for growth comes from your policy’s ability to accumulate wealth over time. Your cash value growth is linked to the performance of a fixed account or equity indices like the S&P500 and others. Some of these index accounts are capped while others are not.

The downside protection in your policy is made possible by a “floor rate” in the policy contract. This floor rate (typically 0% or above )guarantees that if an index performs poorly, your account will never lose money on an index that you’re linked to.

The Living Benefits

Similar to the FLX Living Benefits Term product, the Ameritas FLX Living Benefits IUL comes with a living benefit feature that pays an advance of the death benefit if the insured is diagnosed with certain illnesses.

Medical EventBenefit Paid
Critical IllnessUp to 25% of the eligible amount - maximum $250,000
Chronic IllnessUp to 50% of the eligible amount - maximum $1 million
Terminal IllnessUp to 75% of the eligible amount - maximum $1 million

Eligible Amount: a specified amount of the base policy, the supplemental coverage, and the early cash value riders, as of the first accelerated benefit request.

 

Underwriting highlights of the FLX Living Benefits IUL Policy

 Issue age and Health Classification 
  • Juvenile – 0 to 17-years-old
  • Standard and Rapid Standard – 18 to 85-years-old (Tobacco and Non-Tobacco)
  • Preferred and Select Non-tobacco – 18 to 80-years-old
  • Preferred Plus Non-tobacco – 18 to 75-years-old
 Available Face Amounts 
  • $50,000 – $300,000 Non medical
  • $300,001 – $1 million-plus Fully Underwritten
 Available Riders 
  • Accidental Death Benefit
  • Children’s Term Insurance
  • Early Cash Value
  • Guaranteed Insurability
  • Supplemental Coverage
  • Waiver of Premium

 

In Conclusion

 

Although Ameritas offers many different insurance products to individuals and industries, the FLX Living Benefits Term and FLX Living Benefit Index Universal Life offer great solutions for individuals and families for protection and wealth accumulation. Whichever appears to be your individual need, we recommend that you seriously consider what Ameritas has to offer.  Ogletree Financial can help you with quotes.

If you have any questions about Ameritas Life Insurance products or if you want to explore other options for life insurance, feel free to contact us at any time. We would be happy to answer your questions and ensure that you’re making an educated choice for your family. To find out what will work best for your individual needs, take a minute to complete the quote request form on the left or give us a call at (800) 712-8519.

 

 

About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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