Amica life insurance reviews- Can you do better in 2019?

When you’re attempting to locate the best company to fit you and your family’s needs for life insurance coverage, things can get a bit messy and confusing.  We get that and that’s why we are here.  We break down all life the best life insurance companies for you.  We give in-depth reviews of the best products, best companies and inform of you the undesirable traits of a life insurance company.  This Amica Life Insurance Review will deliver just that.

amica life insurance reviews

No need to thank us. It’s what we do over here at Good Life Protection.  We take pride in it and hope this can shed some light on your questions you may be having about Amica Life Insurance Company.

You see, without knowing all the information beforehand, it can be scary pulling the trigger and ultimately knowing if you have one of the best companies presenting options to you or if it’s a company at the bottom of the barrel.

What will we cover in this review?

In this Amica Life Insurance Review we are going to cover the following items.

  • Company History and Background (All About Amica Life Insurance)
  • Financial Strength and BBB Ratings along with our Rating from Good Life Protection
  • Products Offered by Amica Life Including Term, Whole and Universal
  • Other Products Offered by Amica Life
  • Special Features to Products offered by Amica Life
  • The Pros of Amica Life
  • The Cons of Amica Life

Let’s dive into it.

All About Amica Life Insurance Company

Amica Mutual Insurance Company is currently sitting nice and cozy in Rhode Island. They currently offer

  • Auto Insurance
  • Home Insurance
  • Life Insurance

The company was founded in 1907 by A.T. Vigeron and originally, Amica only offered Auto, Fire and theft insurance.

It took time, but eventually, they expanded into the market of offering auto, home, and life insurance and currently owns a list of subsidiary companies.  It’s one of the oldest mutual automobile insurance providers in the United States.

Subsidiaries of Amica Insurance Company

  • Amica Mutual Insurance Company
  • Amica Life Insurance Company

Currently offers life insurance, annuity products, and some non-related products for the sake of this review such as Health insurance. 

  • Amica Property and Casualty Insurance Company

This is a smaller piece of the puzzle with Amica Life Insurance, it only covers New Jersey and New York and offers only property and casualty insurance in these states

  • Amica General Agency LLC

This would be considered the specialty branch of Amica Life Insurance according to their website.  This was created in 1987 with the idea in mind of assisting clients and policyholders with unique needs and situations when they arise.

If you were unfamiliar with the term “Mutual” company we referenced earlier, it just means that the company is owned by the policyholders and does not publicly offer stock to outside investors.

In 1941 Amica opened a second branch in Boston, Massachusetts and now has a total of 44 locations Nationwide.  The company added homeowner’s insurance in 1956 and later added the additional products of Marine and umbrella insurance.

Later, in 1994 Amica’s corporate office moved from Rhode Island to another larger area near Lincoln, Rhode Island.  2007 marked Amica’s 100th year in business.

The financial strength, BBB rating and Misc Ratings for Amica Life Insurance Company

A.M. BestBBB
A +
A +

Currently, Amica Mutual Group has been given a rating from A.M. Best of an A+ which is known as “Superior.”  This is nothing to complain about and an excellent rating for a life insurance company to boast.

The BBB Rating of Amica Life Insurance

In 1957 Amica was accredited with the BBB (better Business Bureau and currently sits at A+ which is outstanding as well.

Complaints Lodged against Amica Life

Amica Life has closed most complaints filed against them over the last year, and over 50% of the complaints were related to products and service, and roughly 30% of the complaints were related to billing issues.  It seems they resolve the complaints reasonably quickly without much problem so in the grand scheme of this review, Good Life Protection has nothing to knock them for.

 

Let’s dive into the products offered by Amica Life Insurance Company

Amica Life Insurance currently only offers basic term life insurance coverage and whole life insurance.  You have a few options within each respected form of life insurance but overall not much to go over here.

Term Life Insurance with Amica Life Insurance Company

Amica Life’s level term is an affordable, simple and basic product.  It’s offered for individuals from

  • 10 Year Term
  • 15 Year Term
  • 20 Year Term
  • 25 Year Term
  • 30 Year Term

The premiums remain level on Amica Life’s term products which mean the price never goes up and the death benefit never changes if you pay your premiums.  You pay your premiums, and your beneficiary will be paid the amount that you initially took out on the day you purchased the policy.

The term life insurance with Amica life does offer the ability to convert over to permanent coverage which a nice added benefit.  It allows you to keep the policy without ever needing to prove any evidence of insurability.  It’s always advisable to consider exercising these policy privileges before the clock expires on them.

Typically, term life insurance makes the most sense when you just need protection for a certain amount of years for items such as

  • Home Mortgage
  • Credit Card Debt
  • Business Debt

It’s always the most affordable options and about 85% of the time the product Good Life Protection recommends to all our clients.

The term life insurance with Amica Life is designed to be a traditionally underwritten policy that requires a medical exam, but if qualified, applicants have the option to apply for the coverage with no medical exam required which a nice bonus with these products. Here’s a deeper snapshot of what the term life insurance with Amica Life has to offer

  • Conversion privileges
  • The possibility of no medical exam
  • 100,000 minimum face amounts
  • Term options of 10,15,20,25 and 30 years
  • Riders offered by Amica Life on Term Life insurance products
  • Terminal Illness Rider
  • Cost Living Adjustment Rider

Annual Renewable Term Life Insurance with Amica Life (ART)

This policy is only going to be good for one year which is significant downfall but sometimes with clients, that all they need or all they can afford.  Each year you continue the policy past the initial 12 months will result in the premium going up based on your new age.

Your allowed to keep renewing this policy every year until age 85 and it is convertible to the level term policies regardless of your health, but overall we recommend just doing a regular term life insurance policy when possible and affordable.

More in-depth look at the ART (Annual renewable term life insurance) with Amica Life

  • Minimum face amount of 250,000
  • Premiums Only locked in for 12 months then they will increase
  • Convertibility option to regular term life insurance

Whole Life Insurance with Amica Life insurance Company.

With Amica life, you have the option of going with whole life insurance which will provide permanent death benefits for you, for life.  The premiums will also remain the same assuming you don’t pull against the cash values in the policy.  This form of life insurance has what’s known as cash accumulation which is a separate feature from the death benefit and a benefit term life insurance does not offer.

The problem with these coverages and why Good Life Protection rarely recommends them is the price and the fact most of the time you will not need coverage until your 100 or older.  The premiums are much more expensive, and they typically just aren’t worth the cost for what you’re getting in return.

Nonetheless here’s a more in-depth look at the product with Amica Life Insurance

  • 25,000- lowest face amount available
  • Premiums remain level for the rest of your life
  • The policy grows cash value
  • Terminal illness rider Is available

Simplified issue whole life insurance with Amica life insurance

This product is also a whole life insurance product with Amica life, and it’s in the form of a final expense or burial policy.  All simplified issue means is that the underwriting is speedy, and you don’t have the long medical exam or the long list of medical questions.

Here’s a birds-eye view of the product

Face Amounts available

  • 5,000
  • 10,000
  • 15,000
  • 20,000
  • 25,000

Overall Pros of working with Amica Life insurance Company

  • Premiums remain level for a lifetime
  • The policy does grow cash value
  • No medical exam needed to apply.
  • Simple easy to understand life insurance products
  • Somewhat competitive rates
  • The long rich history and solid financial strength

Cons of working with Amica Life Insurance Products

  • Underwriting niches unknown to us as an independent agency
  • Limited options on products
  • Limited riders and added benefits for life insurance policies

Example rates and pricing on life insurance products with Amica Life Insurance Company

We took the liberty to get you some example prices with Amica Life Insurance.  We went through the process on their website, and we must tell you, it was easy.

We are running the rates for a male @ 250,000.00 in life insurance coverage for 20 years on a level premium term.  Let’s say that one more time

  • Length- 20 Year- Level Premium Term
  • Coverage Amount- 250,000.00
  • Non-Smoker
  • Health Class- 2nd Best Rating (tough to get) keep that in mind
  • Male
  • No Significant Medical Concerns
  • Age 30
  • Height 6’0
  • Weight 215 lbs.

Special noteTo select the 2nd best health class with Amica Life, you get a message on your screen that prompts you and reminds you that to qualify for these rates you would need to have blood pressure @ 141/91 or lower at all ages.  Cholesterol under 275/6.0 ratio and no family history of coronary artery disease, heart attack, cancer, a stroke before the age of 60.

Here’s what we got back.

BENEFITPREMIUM
150,000 20 Year Term
14.63 per month
250,000.00- 20 Year Term
17.69 per month
300,000- 20-year term
21.22 per month

Overall these were pretty good.  You will notice if you run the rates yourself on our rate engine, they would fall about the 9th or 10th cheapest option you can select for the exact same coverage.  Overall, B+ grade from Good Life Protection.

Good Life Protections Grade Report of Amica Life Insurance Company
Amica Life Insurance Company and Overall Product Grade Report85%

Amica Life Contact Information

If you’re trying to get right into the meat and potatoes with Amica life insurance, you can reach them at 800-439-0380.

If you’re just looking for general contact information, then we will bring that to the kitchen table for you as well.

Here you go.

  • Amica Mutual Insurance Company
  • PO Box 9128
  • Providence, RI 02940-9128

Do you feel you know enough about Amica Life Insurance Company to decide? Did our review suffice?

We hope that this review could help guide you to making an informed decision about your life insurance purchase.  Without knowing the facts, this can be tough, so we aim to deliver the facts about all life insurance companies to you.

At Good Life Protection we do, however, recommend working with an independent agency who represents not only Amica Life Insurance but many life insurance companies.  We understand underwriting niches, high-risk life insurance situations and can always find you the best policy for you and your family. That’s a guarantee.

As always, if you want to see your rates with not just Amica life but 60 of the top-rated life insurance companies in the United States, make sure to use our rate engine on the right side to get started.  Also, if you haven’t done so already be sure to subscribe to our email newsletter.  We keep you posted on all breaking news in the insurance industry and will send you money saving tips on a weekly basis.

It’s a win-win so what are you waiting for?

Thank you for reading, and if you have any questions or anything to add, be sure to leave a comment below.

We appreciate you and hope to see you back soon.

Josh Martin and family of Good Life Protection

Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.