Amica life insurance review 2023
Life insurance is a simple but important way to protect yourself financially. Simply agree to pay an insurance company an agreed-upon monthly premium and your beneficiaries will receive a death benefit when you pass.
Life insurance's primary benefit is protecting your loved ones from the potentially catastrophic financial losses that could impact them if something happened to you. It also helps to pay for your burial and other final expenses.
But policies and premiums vary from one life insurer to another, so it's wise to compare a few 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 downsides 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 start by getting a personalized price quote from Amica now.
Amica life insurance overview
Amica Mutual Insurance Company began in 1907, offering auto, fire and theft insurance. The company is the longest-running auto insurer in the country. Over the years, Amica has expanded its insurance portfolio to include a broad range of policies, including life insurance.
What Amica covers
Amica offers the following policy types:
- Term life insurance: Term life insurance provides coverage for a fixed period. If you pass while the policy is in effect, your beneficiaries will receive a death benefit for an amount you choose. Amica offers policies for term lengths 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 to 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 your entire lifetime. 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 of your life. Coverage amounts range from $25,000 to $1 million or more.
Amica's life insurance policies include a free terminal illness rider that allows you to receive some of your death benefit if you become terminally ill. Riders are optional add-ons many insurers provide to tailor your policy to your specific needs.
You can easily start exploring your coverage options with Amica now.
What Amica doesn't 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 when setting your investment preferences, coverage amounts and premiums.
Amica also doesn't offer a variety of rider options. Amica focuses on offering no-fuss policies that provide the basic coverage most consumers need.
Costs of Amica life insurance
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'll pay for life insurance can also vary by insurer. Here's a look at how Amica's life insurance costs compare to a couple of its competitors based on quotes obtained in January 2023.
35-Year-Old Female in Good Health
$60.70 per month
$52.63 per month
$55.31 per month
Quotes are for a 35-year-old female in good health who doesn't smoke on a 20-year policy with a $1,000,000 death benefit.
While Amica has the highest premiums among these competitors, its pricing is generally competitive and in line with industry standards. Of course, these prices are for illustration purposes only. The premium quote you receive could be higher or lower, depending on your unique circumstances and protection needs.
Amica's website offers free quotes to quickly discover the amount you're likely to pay for a policy that meets your requirements.
Pros and cons of Amica life insurance
Whether you opt to go with Amica or another life insurance provider, it's wise to consider the benefits and downsides before purchasing a new policy.
Amica life insurance pros
- Provides both term and whole life insurance coverage
- Comes with a free terminal illness rider
- A.M. Best gives it an A+ (Superior) financial strength and stability rating
Amica life insurance cons
- Doesn't offer universal life policies
- Minimal add-on options
- Medical exams are required for some applicants
Amica life insurance benefits
Amica's customer service is above average for life insurers its size, according to the National Association of Insurance Commissioners (NAIC) complaint index score. With NAICs ratings, the average complaint index score is 1.0. Any score below that number means the company receives less than average complaints, while a score above 1.0 indicates a higher volume of complaints than the average.
For its part, Amica's 2021 score is 0.51, with a 0.00 index score in both 2020 and 2019. These numbers suggest Amica has an excellent track record of delivering an exceptional customer experience.
The company also received an A+ (Superior) rating from A.M. Best, indicating that it maintains the financial strength to make good on its obligations.
Another benefit of Amica life insurance is the potential to bring down the cost of your policy through a variety of discounts, such as:
- Bundling discount: Receive a 15% discount by insuring your home with Amica as well as your life, auto, or umbrella policies.
- Loyalty discount: This discount is available if you've held your policy with any insurer for at least two years.
- Claim-free discount: If you don't file a claim for three years, you're eligible for a discount.
The bottom line
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're in excellent health. Unfortunately, the insurer doesn't offer a variety of plans and riders to customize your policy. It's wise to shop and compare Amica with multiple life insurance companies to ensure you find the coverage you need for the best possible price.
Start by getting a free price quote from Amica now.
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