Ameritas Insurance Company Review
Ameritas Life Insurance Company is one of the oldest insurance companies in America. It was founded in 1887 under the name Old Line Bankers Life Company of Nebraska. After mergers with Acacia Life in 1997 and Union Center Mutual Holding Company of Cincinnati, Ohio in 2006, the company became known by its present name of Ameritas Life. Ameritas is a mutual insurance company, meaning it is owned by the policy holders.
Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. Of New York, part of the parent corporation, Ameritas Mutual Holding Company, has $83.2 billion of life insurance policies in force and capital of $2.5 billion. The debt-to-capital ratio is 3.2 percent, considered low for the industry average of 13.0 percent. The company has total assets of $35.9 billion
and produced a policy holder benefit of $2.1 billion. It provides coverage to policy holders in all 50 states for life insurance, retirement planning, public finance, group dental and vision insurance. Investment services include stocks, bonds, mutual funds and college savings plans.
Financial Strength and Customer Service Ratings
Although Ameritas says on its website that it measures its success by how many people it has helped and the promises it has kept, the company also has strong financial strength ratings from these top insurance rating organizations:
· A.M. Best – “A Excellent”
· Standard & Poor’s (S&P) – “A+ Strong”
A.M. Best listed Ameritas as a top-five provider of group dental and vision insurance which has helped it produce favorable operating results also saying that the company’s life insurance sales have exceeded industry averages. You can find more information about Ameritas' financial strength ratings in the company's Best's Rating Report.
Ameritas is an accredited member of the Better Business Bureau and has an “A+” rating and has been BBB accredited since 1948. While companies are under no obligation to gain BBB accreditation, it is a way for customers to gauge how a company handles and responds to customer complaints.
There are only 3 total customer complains and no customer reviews which speaks favorably of the level of customer satisfaction and how the company responds to and resolves any customer complaints.
The company’s claims contact center earned an excellence award for BenchmarkPortal’s Center of Excellence. Ameritas has earned 12 Center of Excellence Call Center Certifications. The contact center is also accredited by the Utilization Review Accreditation Commission (URAC), an organization responsible for accrediting health plans and preferred provider organizations (PPOs).
Insurance and Financial Products
Ameritas provides the following insurance and financial products to consumers:
Individuals and Families:
· Life Insurance: Index Universal life, universal life, whole life, term life, variable life
· Dental, Vision and Hearing: A full line of traditional indemnity dental products including orthodontic benefits and coverage for cosmetic procedures. The Vision Perfect plan features scheduled benefits and increasing annual benefits with each year insured. EyeMed Vision Care access is available through a select number of nationwide vision provider networks. LASIK Advantage provides laser vision correction procedures with benefits that increase over time. SoundCare provides coverage options for hearing exams, hearing, aids and hearing aid maintenance.
· Disability Income Insurance: Disability income insurance from Ameritas comes with several built-in benefits including medical expense reimbursement for non-disabling injuries, short elimination periods for those in good health, waivers of elimination periods for certain types of physical losses and reimbursements for COBRA premiums if you lost your health insurance due to a disability. You can expand your coverage with optional choices of cost of living adjustments, future increase options and a catastrophic disability rider.
· Annuities and Investments: Ameritas provides its customers with financial products and investment advisement services including mutual funds, individual securities, fixed income securities, 529 college savings accounts, variable insurance products, asset management programs, alternative investments, financial planning, unit investment trust and retirement plans.
Business & Group Coverage
Ameritas also provides plans for businesses, groups, institutions and municipalities including: retirement plans, annuities, investments, public finance, life insurance, dental, disability income and vision and hearing coverage.
The Bottom Line
Ameritas provides a wide range of financial and health insurance products and has strong financial strength ratings. The company has a downloadable free app for Apple and Android to find preferred dental network providers. Through the company’s eServices, you can also enroll in coverage, change your coverage options or pay your bill online. Another handy website
feature is the ability to print and complete needed forms ahead of time, saving
you time when arriving for your visit.
You can gain additional savings by combining vision, hearing and dental insurance into one plan. Prescription drug discounts are available to members of group dental, vision and hearing plans. The company also has a partnership with Walmart Vision Center to provide discounts to its members for eyewear frames and lenses. The savings on eyewear frames and lenses purchased from any Walmart Vision Center nationwide are up to 15 percent.
Ameritas has an award-winning claims service center which is always a comforting thought for policy holders. For insurance consumers shopping for financial services, life, health, dental or disability insurance; Ameritas is a good option to check out when trying to find the best value on an insurance policy.
Company Contact Information
To find more information about what health insurance and financial products are offered by Ameritas, you can visit the Ameritas website or call 1-800-311-7871.