Amica Life Insurance Company Review
by Jim Tobin, CFP
Life Insurance Help Desk Rating
This is a review of the Amica Life Insurance Company. If you own a television or a radio, you are probably familiar with the Amica insurance company.
Amica is best known for home and auto insurance. However, Amica life insurance is often a bundled up-sell or add on with Amica property & casualty.
This review will address company history, financial ratings, and the positives and negatives of American General Life Insurance.
Additionally it will address some specific situations where it may make more sense to go outside the Amica family of financial products.
The goal is to make sure that you get the policy that provides you the most value.
Amica Life Insurance Company History
Founded in 1907 in Providence, RI , the Automobile Mutual insurance Company of America sold auto and fire insurance.
Since it's humble beginnings, the group has expanded it's reach in the financial services market. Amica is a Fortune 1000 staple and currently has over 6 billion in assets..
Amica Life Insurance Company Ratings
Amica has received stellar ratings for financial stability. This indicates that the company is in strong position to meet it's obligations going forward.
A.M. Best Company: Amica life insurance rating given by A.M. Best was an A+ This is the second highest possible out of 16 total ratings.
Amica Term Life Insurance
Amica offers traditional term insurance in 10,15,20,25 & 30 year terms. Amica term plans offer a no exam option for those who qualify based on prescription history and public information. The Amica term policy is convertible to its ' whole life product.
Amica offers a terminal illness rider that allows for the accelerating of death benefits as well as a unique cost of living adjustment rider.
Other Amica Products
In addition to it's term life insurance product, Amica also offers a cash accumulation whole life product and a small non participating "Final Expense" whole life product.. Although these products can be found with better pricing in the open marketplace, they are worth noting.
Additionally, Amica is a virtual financial services supermarket. Among the offerings are annuities, long term care insurance ,mortgages,tax assistance and more (see below);
Property and Casualty Insurance
Supplemental Health Insurance
Retirement planning Services
Amica Term Life Insurance Rates and Quotes
Amica only markets it's products directly and not through brokers. This is a disadvantage for the consumer because it makes apples to apples comparisons less convenient.
Whereas you can use the quote tool on this page to get quotes from most of the leading carriers, you will have to go to the Amica to get a Amica quote for life insurance.
Are Amica Term Life Insurance Rates Competitive?
Comparing apples to apples with other major carriers is difficult because Amica rates are not generally available to the public without consulting with an Amica Representative.
It has been our experience that carriers ( even good ones) that don't want to be easily compared to others are seldom price leaders. If you get an Amica rate you can easily compare it to the market leaders by using the quote tool on this page.
Cases Where Amica Insurance Is Not A Great Choice
While amica term life insurance may be competitive with major carriers for some people, the fact remains that different carriers have differing appetites for specific health risks.
Is Amicac ompetitive on all of them? Probably not.
If you have a specific condition, you are best off speaking with an independent agent to find out which carrier will give you the best chance to get approved at a great rate. You can then compare that with Amica if you wish.
While Amica appears to be a great company, it is hard to recommend with out being able to access underwriting guidelines.
That being said, if you are already using Amica for other financial services and wish to keep things under one roof, it may make sense.
Amica Life Insurance Suicide Exclusions
Amica life insurance policies contain the same 2 year suicide exclusion language that all policies do (1 year in select states).
Amica Life Insurance Customer Service
Amica s known for excellent customer service. They receive 5 stars from JD Power & Associate. Additionally Amica is rated A+ by the Better Business Bureau (BBB)
Amica Contact Info
Address: 100 Amica Way, Lincoln, RI 02865
The Amica life insurance review final Verdict
Is Amica term life insurance right for you?It really all depends on your situation.
If you have notable health impairment(s), you will be better suited by shopping around on the open market where it is convenient to make apples to apple comparisons.
Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that Amica does not offer.
However, if you are healthy and currently using Amica and are happy, Amica term life insurance may work for you.
Thank you for choosing the Life Insurance Help Desk to shop for life insurance.
The time to get covered is now!