This Ameritas review is not going to waste your time discussing things like the year Ameritas life insurance company was founded. There are plenty of reviews out there that discuss those details. Instead, we are going to get right into what you really want to know, which is what makes Ameritas life insurance company’s FLX term life insurance one of the best term life insurance contracts on the market today!
Ameritas life insurance company is an a-rated life insurance company that offers unique products for today’s marketplace. Ameritas life insurance company’s FLX living benefits term life insurance is taking life insurance into the modern era. The FLX living benefits term life insurance offers competitive pricing, accelerated non-medical underwriting for death benefits under $300,000 and robust coverage for terminal, chronic, and critical illness.
Ameritas Life Insurance Company Non-medical Underwriting
Ameritas life insurance company’s FLX living benefits term life insurance underwriting is top notch. One of the things we like about Ameritas life insurance company’s underwriting is how they handle underwriting smaller death benefits. To start, Ameritas life insurance company’s accelerated underwriting program for smaller waives the medical exam for death benefits under $300,000. This removes a huge obstacle to securing coverage.
Ameritas life insurance company does reserve the right to order the medical records for death benefits under $300,000, but in our experience, this rarely happens unless the client has a complex medical condition. As a result, we are seeing approvals on average within 5-7 business days, but sometimes as quickly as 48 hours!
In addition to the non-medical underwriting for smaller death benefits, Ameritas life insurance company also offers three tiers of rates for their accelerated underwriting program. Not many non-medical underwriting programs will offer multiple tiers of non-medical underwriting for qualified candidates, but Ameritas life insurance company does. Ameritas life insurance company also offers a health class called rapid standard that can offer non-medical underwriting to clients with substandard health conditions.
Ameritas life insurance company also recently announced they are extending their non-medical underwriting to qualified applicants up to age 70! In addition to increasing the maximum age for non-medical underwriting, Ameritas life insurance company also has loosened their underwriting guidelines slightly, which will allow more people to qualify for their preferred health class.
All in all, there is a lot to like about Ameritas life insurance company’s underwriting for their FLX living benefits term life insurance contract. Due to Ameritas life insurance company’s competitively priced preferred rates, they are our go-to term life insurance company for client’s in exceptional health looking for non-medical accelerated underwriting and living benefits.
Ameritas Life Insurance Company FLX Living Benefit Sample Term Rates
*Please note that these rates are for a 30-year old preferred non-tobacco health class for both male and female.
Ameritas life insurance company does offer full underwriting for term life insurance death benefits over $300,000, but their rates, while competitive, do not always “top the charts” if you are looking for pure death benefit. Therefore, we find that Ameritas life insurance company’s sweet spot is for death benefits under $300,000 due to the strength of their non-medical underwriting. That being said, Ameritas life insurance company’s FLX term contract still packs a ton of value at higher death benefits due to their built-in terminal, chronic, and critical illness riders and should still be considered.
Ameritas Life Insurance Company’s Living Benefit Riders
Ameritas life insurance company’s FLX living benefits term life insurance offers more than great non-medical underwriting and competitive pricing. Ameritas life insurance company’s FLX living benefits term life insurance contract comes stacked with living benefits for terminal, chronic, and critical illness that have a whopping 18 triggers!
These terminal, chronic, and critical illness riders are built in to the Ameritas life insurance company’s FLX living benefits term contract at no additional cost and offer more for your loved ones more than just protection from a premature death. These living benefits protect you and your loved ones from hard-hitting conditions, such as invasive life-threatening cancer, by accelerating up to 90% of the death benefit up to $1.5 million.
What makes Ameritas life insurance company’s chronic and critical illness benefits so great is that they trigger off the condition regardless of death. A major heart attack can be just as financially devastating as a premature death to your loved ones. Traditional life insurance will not help you in a chronic or critical illness scenario unless you die, but Ameritas life insurance company’s living benefits will trigger acceleration of the death benefit so long as your condition meets on of their 18 contractual specifications for coverage.
Ameritas Life Insurance Company’s Living Benefit Triggers
Ameritas life insurance company has 18 trigger that will accelerate a portion of their FLX living benefit term life insurance death benefit to you while you are alive. We have listed the triggers below.
- Terminal Illness
- life expectancy of 12 months or less
- Chronic Illness (waiting period 90 days)
- Severe cognitive impairment or the inability to perform 2 of 6 daily activities of living (eating, bathing, dressing, toileting, transporting, continence)
- Critical Illness (waiting period coma 96 hours and stroke 30 days)
- Major heart attack
- Invasive life-threatening cancer
- Major organ transplant
- End-stage renal failure
- ALS (amyotrophic lateral sclerosis)
- Blindness due to diabetes
- Paralysis of two or more limbs
- Major burns
- Aplastic anemia
- Benign brain tumor
- Aortic aneurysm
- Heart valve replacement
- Coronary artery bypass graft surgery
Other Ameritas FLX Living Benefits Term Life Insurance Features
Outside of the terminal, chronic, and critical illness riders that are included at no additional cost, Ameritas life insurance company’s FLX living benefits term life insurance has a number of other attractive features. The FLX living benefits term life insurance contract has a competitive conversion feature, as well as a number of optional riders.
Ameritas life insurance company’s FLX living term life insurance conversion option is one of the best in the industry. As of the writing of this article, the conversion option allows a client to exchange their FLX living benefits term policy for Ameritas life insurance company’s FLX indexed universal life policy without any additional underwriting during the level-term period or before age 65, whichever comes first. Ameritas will simply issue the FLX indexed universal life policy at the same health rating that your term policy contained regardless of your present insurability at the time of the conversion.
What makes the Ameritas life insurance company’s FLX living benefit term conversion option special is the insurance policy that you can convert into. Some life insurance companies will create specific permanent policies for the purposes of term conversion. However, the FLX living benefits term converts into Ameritas’s highly rated FLX indexed universal life insurance policy, not a inferior conversion-specific permanent life insurance contract.
Simply put, this is a big deal. Ameritas life insurance company’s FLX index universal life contract not only has the terminal, chronic, and critical illness features built into their term policies included at no additional premium, but a built-in lifetime income rider that can convert the policy’s cash value into a guaranteed lifetime income stream.
While the term conversion option is included at no additional cost, the optional riders can be added on at the client’s discretion. These optional riders carry an additional premium cost, unlike the built-in living benefit riders for terminal, chronic, and critical illness, but can add value in certain situations.
The optional riders available on the Ameritas FLX living benefit term contract are as follows:
- Accidental death rider
- Children’s insurance
- Waiver of premium (disability)
Ameritas’s FLX Living Benefits Term Accidental Death Rider
Ameritas life insurance company’s FLX living benefits term contract has an optional accident death rider that can be added on at an additional premium coast. This rider will pay out an additional death benefit due to death from accidental bodily injury up to 180 days from the injury.
Ameritas’s accidental death rider can be useful in situations where people work hazardous occupations, such as a roofer, and want additional coverage in the event of something catastrophic. We also recommend the accidental death rider option if the coverage needed iis too costly due to an individual’s health.
In this situation, we will recommend a person blend the life insurance with accidental death coverage to receive maximum protection catastrophic deaths resulting from accidental bodily injury while maintaining a base level of pure life insurance for medically related deaths. While not as ideal as 100% life insurance, this strategy grants people the coverage they need at a price they can afford.
Ameritias’s FLX Living Benefits Term Children’s Insurance Rider
Ameritas life insurance company currently offers an optional children’s insurance rider at an additional annual premium of $144 for their FLX living benefit term life insurance policies. This optional rider will cover all eligible children of the insured for $25,000 death benefits all under this one rider.
In order to be initially eligible for the coverage, the insured’s children must be older than 15-days old or younger than 18-years old and named on the application to be covered by the rider. Any child born or adopted after the contract is issued will be covered by the rider automatically 15 days after their birth.
The rider will cover all eligible children of the primary insured until age 25. Each child has a conversion option available prior to their age 25 if they want to convert the children’s insurance into a personal permanent policy.
Dealing with death is always difficult, but dealing with the death of a child is particularly hard. Outside of the emotional grief that parents face, there is a financial burden as well. This rider is designed to create $25,000 instantly if any of your children die prematurely. This is plenty of money to handle the average burial expense of $7,000 to $10,000, and the remaining funds can be used to take time off from work to grieve with your loved ones.
Waiver of Premium (Disability)
Ameritas life insurance company has an optional waiver of premium rider that can be added on to the FLX living benefits term life insurance policy for an additional premium. This rider waives the monthly premiums for the base policy and any riders after the primary insured becomes totally disabled for six months as per the definition of disability within the contract.
If the disability occurs before age 60, the premiums will be waived for the entirety of the disability. If the disability occurs after age 60, but before age 65, then the premiums will be waived while the disability continues until the policy anniversary nearest to the insured’s age 65.
The Bottom Line
There are many life insurance companies that can trace their history back to the 1800s, but the past is in the past. Ameritas life insurance company not only has a deeply rooted legacy of making good on their promises, but their FLX living benefits term life insurance is catapulting term life insurance into the modern era with their built-in terminal, chronic, and critical illness riders.
Ameritas life insurance company is on the cutting edge of non-medical underwriting saving applicants time and offering a less invasive customer experience. In addition to Ameritas’s 18 triggers that accelerate a portion of the death benefit for terminal, chronic, and critical illness, Ameritas life insurance company’s FLX living benefits term conversion option is one of the best on the market right now.
If you are looking for life insurance with living benefits, then you have come to the right place. Our agency has help scores of people just like you get affordable life insurance with living benefits without the hassle of a medical exam. Fill out a quote or give one of our veteran agents a call today to see if you qualify.