Ameritas Life Insurance: What You Need To Know

Ameritas is a mutual life insurance company that offers a mix of term and permanent policies, as well as a variety of riders to help customers customize their coverage. The company was established in 1887 as Old Line Bankers Life Insurance Company of Nebraska and is currently headquartered in Lincoln, Nebraska, United States. Ameritas provides a range of financial products and services to individuals, families, and businesses, including insurance, investing services, and health offerings such as dental, vision, and hearing care plans. The company has a network of financial professionals across the country, and potential customers can connect with them through the Ameritas website to apply for a policy.

Ameritas Life Insurance Corp. history and ownership

Ameritas Life Insurance Corp. was established in 1887 as the Old Line Bankers Life Insurance Company of Nebraska and is a mutual insurance company. It is owned by Ameritas Mutual Holding Company, which is headquartered in Lincoln, Nebraska, in the United States. The company includes Ameritas Mutual Holding Company (AMHC), Ameritas Holding Company (AHC), and Ameritas Life Insurance Corp. of New York.

In the year 1984, Ameritas primarily sold life insurance, with assets of less than $1 billion and about 500,000 customers. Over the years, Ameritas has undergone several mergers and acquisitions. In 1999, it merged with Acacia Mutual Holding Company, and the merged entity was named the Ameritas Acacia Mutual Holding Company. In 2005, Ameritas merged with The Union Central Life Insurance Co. of Cincinnati, forming Unifi Mutual Holding Co. The following year, The Ameritas Acacia Cos. merged with Union Central Life Insurance of Lincoln. In 2014, Union Central, still a part of Ameritas, was sued for allegedly overlooking an agent's Ponzi scheme.

Ameritas rebranded in 2012 and also merged with Acacia Life Insurance Company. In 2013, it changed its name back to Ameritas from Summit Investment Advisors. The same year, Ameritas Life Insurance Corp. sold Acacia Federal Saving Bank to Stifel Bank & Trust. In September 2014, Ameritas completed a new office building in Forest Park to accommodate around 350 workers, and also renovated a nearby building for 225 employees. At that time, the company had 2,300 employees nationwide. In 2015, Ameritas began renovating its Nebraska location.

In 2017, Ameritas partnered with Nelnet on a student loan repayment program. However, the company also faced setbacks that year, as a judge ruled against them in a case where they had sued Federal Life for breach of contract. In July and August 2019, a data breach at Ameritas potentially exposed customer information. In September 2019, Ameritas announced the formation of a public finance team for municipal bond financing.

In January 2020, William W. Lester took over as CEO from JoAnn M. Martin, who became CEO of AMHC and AHC and chair of Ameritas Life Insurance Corp. In 2024, Robert Jurgensmeier and Susan Wilkinson assumed the roles of CEO and president/COO, respectively, after Lester's retirement.

Ameritas' life insurance policies

Ameritas Life Insurance Corp. is a mutual insurance company that offers a range of life insurance policies, including term, whole, universal, variable universal, and indexed universal life insurance. The company was established in 1887 as the Old Line Bankers Life Insurance Company of Nebraska and is currently headquartered in Lincoln, Nebraska.

Term Life Insurance

Ameritas offers three types of term life insurance policies: Value Plus Term, FLX Term, and Instant Term. Value Plus Term is available in 1-, 10-, 15-, 20-, or 30-year term lengths and is open to individuals aged 18 to 80, with coverage starting at $100,000. FLX Term does not require a medical exam for coverage amounts of $300,000 or less. Instant Term also does not require a medical exam but requires the completion of a health questionnaire, with most applicants receiving a decision within minutes.

Whole Life Insurance

Ameritas offers four whole life insurance options: Access Whole Life, Growth Whole Life, Growth 10 Pay Whole Life, and Value Plus Whole Life. Access Whole Life allows premium payments until the age of 75 or for 25 years, whichever comes first. Growth Whole Life has premiums payable until the age of 100. Growth 10 Pay Whole Life is similar to Growth Whole Life but is paid off in 10 years. Value Plus Whole Life is designed for those seeking less than $25,000 in coverage, although higher amounts are available. As Ameritas is a mutual company, whole life insurance policyholders may earn dividends based on the company's financial performance.

Universal Life Insurance

The Value Plus UL policy offered by Ameritas provides flexible premiums and payouts, allowing policyholders to adjust their coverage as needed. The amount of universal life insurance purchased depends on the individual's age and health, with coverage typically starting at $50,000 or $100,000.

Variable Universal Life Insurance

With variable universal life insurance from Ameritas, the cash value is invested in options chosen by the policyholder. Policyholders can track their investments and reallocate funds through the online portal. Ameritas offers two variable universal life insurance policies: Performance II VUL and Advisor ClearEdge II VUL.

Indexed Universal Life Insurance

Ameritas provides four indexed universal life insurance policies, including Value Plus Survivor IUL, which covers two individuals and pays out upon the second person's death.

Overall, Ameritas life insurance policies offer a diverse range of options to meet the needs of individuals and families, with most policies available nationwide. However, potential customers should note that applications cannot be submitted online and must be done through a financial professional.

Ameritas' life insurance riders

Ameritas offers a wide range of life insurance policies, with a large selection of policy riders available. These riders provide extra coverage and benefits to a standard insurance policy. While some riders are included at no upfront cost on some policies, others may require an additional cost. Here is a detailed overview of the riders offered by Ameritas:

Accelerated Death Benefit Riders

These riders allow policyholders to receive a portion of their policy's death benefit while they are still alive. There are three types of accelerated death benefit riders offered by Ameritas:

• Chronic Illness Rider: Policyholders can access 50% of the death benefit up to $1 million if they are diagnosed with a chronic illness that impacts their daily living activities.
• Critical Illness Rider: The policyholder can receive 25% of the death benefit up to $250,000 if diagnosed with certain life-threatening illnesses.
• Terminal Illness Rider: This rider allows the policyholder to access 75% of the death benefit up to $1 million if they have been diagnosed with a terminal illness and are expected to pass away within 12 months.

Accidental Death Benefit Rider

This rider provides an additional benefit on top of the standard death benefit if the insured person dies due to an accident.

Child's Insurance Rider

Policyholders can add this rider to provide term life insurance coverage for their children up to a specific age. Later, the child has the option to convert the policy to permanent life insurance.

Guaranteed Insurability Rider

This rider allows policyholders to increase or expand their life insurance coverage without undergoing a medical examination.

Waiver of Premium Rider

The waiver of premium rider waives the insurance premiums if the insured person becomes disabled.

Ameritas' customer complaints and satisfaction

Ameritas Life Insurance Corp. has a low number of customer complaints compared to similarly-sized companies. According to the National Association of Insurance Commissioners' complaint index, which measures the number of consumer complaints relative to a company's size, Ameritas has a three-year average score of 0.397, indicating a very low number of complaints.

However, there are still some negative reviews and complaints from customers. For example, some customers have complained about unexpected charges, issues with claims and reimbursement, and difficulty contacting customer support. One customer claimed that they were charged $65 per month for 18 months but only received $2 from Ameritas for a dental visit. Another customer complained that their life insurance policy was altered by Ameritas without their knowledge or consent, and they were eventually informed that the policy had lapsed and there was no money left to claim.

On the Better Business Bureau website, Ameritas Life Insurance Corp. has 58 total complaints in the last three years, with 29 closed in the last 12 months. It is important to note that the nature of complaints and a company's responses to them are often more important than the number of complaints.

How Ameritas compares to other insurers

Ameritas is a longstanding insurance company, founded in 1887. It offers a wide range of insurance and financial products and services to individuals, families, and businesses. These include life insurance, annuities, individual disability income insurance, group dental, vision, and hearing care insurance, retirement plans, investments, asset management, and public finance.

Ameritas has experienced strong financial growth in recent years, largely due to sound leadership and sustained client relationships. The value of total assets under management increased by over $4 billion from 2019 to 2020, and the value of life insurance in force increased from $99 billion in 2019 to $105.8 billion.

Ameritas has received high ratings from independent financial authorities, including Standard & Poor's and AM Best, which reflect its financial strength and commitment to customers. In 2020, it earned an A+ (Strong) for insurer financial strength from Standard & Poor's, and the company predicted stable earnings and improved profitability in the future. Ameritas also received an A (Excellent) rating from AM Best, the third highest in its ranking system, based on a strong balance sheet, adequate operating performance, a favorable business profile, and appropriate enterprise risk management.

However, Ameritas has received mixed customer reviews. While some customers praise the company for its kindness and helpfulness, others have complained about a lack of response after submitting claims and long wait times to receive payouts. The company's official website has also been criticized for lacking pertinent information, such as the claims process, and for its limited customer service hours.

Overall, Ameritas appears to be a financially stable and reputable insurance company, with strong ratings from independent authorities. However, it may need to address some concerns regarding customer service and claims handling to improve its reputation further.

Frequently asked questions