Amica Insurance Review
- Learn what life insurance products Amica offers, including information about term and whole life insurance policies and Amica's advantages and disadvantages.
Amica has a strong industry reputation as an auto insurer, and its life insurance products offer several options for people looking for term or permanent coverage. Amica's policies come with a range of benefits, but they're not right for every circumstance. Below, you can find out what life insurance products Amica offers and what existing customers say about the company's performance.
Amica has been selling insurance policies for over 100 years. Although the company is probably best-known for its auto insurance products, it also sells a range of term and whole life insurance plans. It boasts an A+ rating from AM Best and was recognized in the list of America's Best Insurance Companies of 2022 by Forbes.
What Life Insurance Products Does Amica Offer?
Amica offers time and whole life insurance policies. It also sells a broad range of other insurance products, including auto, home, and renters insurance. Some life insurance customers are eligible for a discount on Amica auto insurance plans.
Term Life Insurance
Amica's term life insurance policies pay a guaranteed benefit if the account holder dies during the policy term, assuming premium payments are up to date.
The company's term life insurance policies are more affordable than its whole life policies because they don't accumulate cash value. The premiums and death benefits remain level throughout the policy's term and don't change with age or health status.
All Amica term life insurance policies allow conversion to a permanent policy, even if you develop health problems during the term.
However, you'll need to request a conversion before the deadline specified in your policy documentation. Amica may waive the requirement for a medical exam if you qualify for its better rate classes. There's also an optional terminal illness rider available for an extra fee that lets you withdraw some of your death benefit in your lifetime if you become terminally ill.
You can select from several policy terms to suit your needs and circumstances. The available terms are:
- 10 years
- 15 years
- 20 years
- 25 years
- 30 years
Whole Life Insurance
Amica sells three whole life insurance products, and you can choose a coverage level from $25,000 to over $1 million. Premiums remain level throughout your lifetime, and Amica won't increase your premiums as you age or if your health declines. You can also add an optional terminal illness rider to your policy.
Each plan pays a guaranteed death benefit to your beneficiaries when you die, no matter your age, as long as you keep up with your premiums.
Amica's whole life policies also accumulate cash value. Policyholders can borrow money against the account's cash value, but this could affect the death benefit if you die before paying the loan back.
Amica's three whole life insurance plans are:
- Whole Life 20. Choosing the Whole Life 20 option means that you pay premiums for 20 years for lifelong coverage. Amica considers applicants up to the age of 80 for this plan. It could be a good option for people who want permanent life insurance but don't want to pay premiums during retirement.
- Whole Life 65. Whole Life 65 policyholders pay premiums until the age of 65 and are covered for the rest of their life. You can apply for this plan if you're 50 or younger. A Whole Life 65 policy could be suitable if you want your premium payments to stop around the average age of retirement.
- Whole Life 100. Policyholders pay premiums until age 100, and you can apply for a Whole Life 100 policy until age 80. This plan charges the lowest premiums of Amica's whole life insurance range because the premiums are spread over a more extended period.
The Pros and Cons of Amica
One key advantage of Amica life insurance policies is that they could help you access better rates on your auto insurance. The company also offers a wide and flexible range of term and whole life policies, so there should be a suitable product for most people.
Amica's terminal illness rider can help provide peace of mind that you can afford your living expenses if you develop a terminal illness.
However, the limited range of riders could be an issue for customers wanting comprehensive coverage. You may also have to undergo a medical exam if you don't qualify for Amica's best rates.
Amica Reviews: What People Are Saying
Amica has a 4-star rating on Consumer Affairs. Reviewers appreciate Amica's affordable premium rates and generally say the company offers good customer care. Several customers note that the insurance agents are helpful and knowledgeable and say that filing a claim was quick and straightforward.
Conversely, a few customers state that it's hard to get in touch with an agent to make a claim and that payments take a long time. However, Amica representatives are responsive to negative reviews and reach out to customers to try and reach a resolution.
Is an Amica Life Insurance Policy Right for You?
An Amica life insurance policy could be a good choice for you if you want to purchase term life insurance without worrying about premium increases. Its products could also be suitable if you need permanent life insurance but want to fund your policy fully before retirement. However, you may need to look elsewhere if you want multiple rider options or other permanent life insurance products like universal life insurance.