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Life insurance is a simple but important way to protect yourself financially. Just agree to pay an insurance company an agreed monthly premium and you beneficiaries you will receive a death benefit when you pass.
The main benefit of life insurance is protecting your loved ones from potentially catastrophic financial losses that could affect them if something were to happen to you. It also helps pay for your funeral and other final expenses.
But policies and premiums vary from one life insurer to another, so it’s wise to compare several different life insurance companies before signing a new policy. One company is Amica, a legacy insurer that has been around for more than 100 years. In this Amica life insurance review, we’ll take a closer look at the costs, benefits and drawbacks of this insurer to help you decide if the company is a good option for you.
If you’re in the market for life insurance, then get started by getting a personalized quote from Amica now.
Amica Life Insurance Overview
Amica Mutual Insurance Company began business in 1907, offering auto, fire and theft insurance. The company is the longest-standing car insurer in the country. Over the years Amica has expanded its insurance portfolio to include a wide range of policies including life insurance.
What does Amica cover?
Amica offers the following types of policies:
- Term life insurance: Term life insurance provides coverage for a specified period. If you switch while the policy is in force, your beneficiaries will receive a death benefit for an amount you choose. Amica offers policies for terms ranging from 10 to 30 years, with coverage amounts from $100,000 to $1 million. As a policyholder, you have the option to convert your term life policy into a whole life policy at the end of your term.
- Whole life insurance: Unlike term life insurance, which only provides temporary coverage, whole life insurance covers you for life. It also includes a savings component that can grow tax-deferred over time. With Amica, you can choose from three different whole life plans designed to cover you for different term lengths at different times in your life. Coverage amounts range from $25,000 to 1 million dollars or by
Amica life insurance policies include terminal illness free rider which allows you to receive part of your death benefit if you become terminally ill. Riders are optional add-ons that many insurers provide to tailor your policy to your specific needs.
You can easily start exploring your coverage options with Amica now.
What Amica does not cover
Amica does not offer universal life insurance policies. Like whole life insurance, universal life is a type of permanent insurance with a cash value account that can grow in value over time. However, these policies differ in many ways. For example, universal life policies typically cost less than whole life policies and offer more flexibility in determining your investment preferences, coverage amounts, and premiums.
Amica also doesn’t offer a variety of options for riders. Amica focuses on offering hassle-free policies that provide the basic coverage most consumers need.
Amica Life Insurance Costs
With a term life policy, your premiums will remain the same throughout your term. Your premium amounts are based on several factors, including your age, health and the amount of coverage you choose.
The amount you will pay life insurance may also vary by insurer. Here’s a look at Amica’s life insurance costs compared to several of its competitors based on quotes received in January 2023.
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A 35-year-old woman in good health |
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friend |
$60.70 per month |
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A life of faithfulness |
$52.63 per month |
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Transamerica |
$55.31 per month |
The quotes are for a 35-year-old female in good health who does not smoke and has a 20-year policy with a $1,000,000 death benefit.
While Amica has the highest premiums among these competitors, its prices are generally competitive and in line with industry standards. Of course, these prices are for illustration purposes only. The premium offer you receive may be higher or lower depending on your unique circumstances and protection needs.
Amica’s website offers free quotes so you can quickly find out how much you’re likely to pay for a policy that meets your requirements.
Pros and Cons of Amica Life Insurance
Whether you choose Amica or another life insurance provider, it’s wise to consider the pros and cons before purchasing a new policy.
Amica Life Insurance Professionals
- It provides both term and whole life insurance
- Comes with a free terminal illness rider
- AM Best gives it an A+ (superior) rating for financial strength and stability
Cons of Amica Life Insurance
- It does not offer universal life policies
- Minimal add-on options
- Medical examinations are required for some applicants
Amica Life Insurance Benefits
Amica’s customer service is above average for life insurers of its size, according to the National Association of Insurance Commissioners (NAIC) complaint index. With NAICs ratings, the average complaint index score is 1.0. Any score below this number means the company receives fewer than average complaints, while a score above 1.0 indicates a higher than average volume of complaints.
In turn, Amica’s 2021 score is 0.51, with a 0.00 index score in both 2020 and 2019. These numbers suggest that Amica has an excellent track record of providing an exceptional customer experience.
The company also received an A+ (Superior) rating from AM Best, indicating that it maintains its financial strength to meet its obligations.
Another benefit of Amica life insurance is the potential to reduce price of your policy through different discountsas:
- Bundle discount: Get a 15% discount by insuring your home with Amica, as well as your life, car or umbrella policies.
- Loyalty discount: This discount is available if you have taken out your policy with any insurer for at least two years.
- Discount without claims: If you do not file a claim for three years, you are entitled to a discount.
The bottom row
If you’re shopping for a basic term or whole life insurance policy, Amica’s simple life insurance policies are worth a look. You may be eligible for a policy without a medical exam if you are in excellent health. Unfortunately, the insurer does not offer a variety of plans and riders to customize your policy. It is wise to shop around and compare Amica with multiple life insurance companies to ensure you find the coverage you need at the best possible price.
Get started by getting a free quote from Amica now.