Amica Life Insurance Company Review

Discounted term and whole life policies for existing Amica customers

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Amica Mutual

Amica Mutual

Our Take 

Amica Life Insurance Company is a subsidiary of Amica Insurance, a large insurance company known for its car and home insurance policies. It offers term and whole life insurance products, with multi-policy discounts available to existing customers. Term rates are fairly competitive for young, healthy individuals, though those with a family history of medical issues may not get the best rates and might need to look elsewhere.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Simplified-issue term policies available (no medical exam)

  • Coverage available up to $5,000,000 for term policies

  • 24/7 phone support

  • No formal customer complaints in 2019 and 2020 (according to NAIC)

Cons
  • No universal or variable universal policies available

  • Limited number of riders for policies

  • Premiums may be higher than average without holding other insurance policies with Amica

Key Takeaways
  • Amica Life Insurance Company is a century-old insurance provider with excellent financial strength.
  • The company offers more than just life and auto insurance, with retirement plans, umbrella insurance, and even business insurance available.
  • Amica Life Insurance Company offers a mobile app to manage user policies, pay bills, and contact customer service.
  • Amica carries an A+ (Superior) rating from AM Best, which is one of the highest financial ratings available.
Specifications
  • Year Founded 1907
  • Kinds of Plans Term, whole
  • Number of Plans 4
  • Payment Options Monthly, annual
  • Official Website https://www.amica.com/en/products/life-insurance.html

Introduction

Amica Life Insurance Company offers term and whole life insurance at reasonable rates. We researched Amica Life Insurance Company’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Amica Life Insurance Company with the competition. 

Company Overview

Amica Life Insurance Company is a subsidiary of Amica Insurance, which was founded in 1907 as the Automobile Insurance Company of America (Amica, for short). It is headquartered in Lincoln, Rhode Island, and is the oldest auto mutual insurance company in the U.S.

Amica Life Insurance Company offers term and whole life policies with discounts available for existing Amica customers. As a mutual insurance company, Amica also offers annual dividends, which is a distribution of excess profits to policyholders. Policy quotes are available online for term policies, but whole life policy estimates require you to talk directly to an agent for an exact quote.

Amica Life Insurance Company is licensed in all 50 states, but actual availability varies by product and state. 

Amica Life Insurance Company also offers vehicle insurance, property insurance, business insurance, and retirement accounts (IRAs).

Available Plans 

Amica Life Insurance Company offers a term life plan and three whole life insurance options. Amica Life Insurance Company does not offer universal life insurance options and only carries a few riders for its plans.

Term Life Insurance

Amica’s term life insurance plan offers temporary life insurance coverage for a specified amount of time. Policies are available from 10 to 30 years, and up to $5,000,000 of coverage is available. Simplified-issue policies are available (with no medical exam required) for younger, healthy individuals. All term life policies offer level premiums and are convertible to a whole life policy.

Applicants with a family history (including parents) of medical issues, such as cancer, may pay higher rates.

Whole Life Insurance

Amica Life Insurance Company’s whole life offering is a permanent life insurance policy with benefits ranging from $25,000 to $1,000,000 in coverage (or more). These policies can accumulate cash value which can be borrowed against on a tax-free basis. They have a guaranteed cash value and level premiums throughout the life of the policy.

There are three payment options available for Amica’s whole life policies:

  • Whole Life 20: Available for applicants up to age 80, this plan pays up premiums in 20 years after which no more premiums are needed, and coverage lasts a lifetime.
  • Whole Life 65: Available for applicants up to age 50, this plan pays up premiums by age 65 after which no more premiums are needed, and coverage lasts a lifetime.
  • Whole Life 100: The low-cost option, this stretches out premium payments until age 100, and coverage lasts a lifetime. Available to applicants up to age 80.

Available Riders

Amica Life Insurance Company offers access to a few riders for its life insurance policies. A rider is an optional policy enhancement to the insurance policy that may extend additional coverage or benefits to the insured or their spouse and children. 

Rider fees are typically billed as a small percentage of the policy premium, or as a flat annual fee. Fees vary by policy, product, and options selected.

Terminal Illness Rider

While subject to state availability, this rider pays a portion of the policy face value upon a terminal diagnosis with a life expectancy of 12 months or less. The amount paid out will reduce the overall death benefit of the policy.

Waiver of Premium Rider

If you become permanently disabled (unable to work), you may be eligible to have your premiums waived.

Accidental Death Benefit Rider

This rider pays an additional benefit if the policyholder’s death is due to an accident.

Children’s Benefit Rider

This rider offers level-term life insurance for your children. This rider can be added to any term or whole life policy.

Customer Service: 24/7 Phone Support

Amica Life Insurance Company offers support over the phone, email, via online chat or in person at one of its local offices. They also have an app to access your account on your mobile device. 

Customers can call Amica Life Insurance Company 24 hours a day, seven days a week at 1-800-234-5433. Amica Life Insurance Company also offers email and live online chat support from Monday-Friday 8:00 a.m. to 6:00 p.m EST, and Saturday 10:00 a.m. to 5:30 p.m EST.

Customer Satisfaction: Top-rated Customer Service

According to the NAIC complaint index, Amica Life Insurance Company received no formal complaints for life insurance policies in 2020 or 2019. While an average complaint score is 1.0 (the lower, the better), Amica Life Insurance Company received a 0.00 score. This is impressive and shows the strength of Amica’s customer service department.

J.D. Power also ranks companies based on customer satisfaction, but didn’t rank Amica Life Insurance Company’s life insurance business. However, it did rank Amica Auto Insurance Company number 1 out of 12 auto insurance companies in the U.S. in its 2020 Auto Insurance Study for the Southwest region. The J.D. Power rating is based on the company's application and orientation (on-boarding process), communications, interaction, price, product offerings, and statements. 

While the score is fantastic for auto insurance customers, this may not be indicative of its life insurance customer service quality.

Financial Strength: A+(Superior)

Amica Life Insurance Company is a strong financial company with an A+ (Superior) rating from AM Best. This score is based on Amica Life Insurance Company's strong balance sheet, as well as its low underwriting leverage, solid liquidity, and generally favorable operating returns. A high rating from AM Best gives customers assurance that their policy benefits will be paid out when they make a claim.

Cancellation Policy: Cancellation Fee Applies

Amica Life Insurance Company follows the standard state free-look period for insurance policies. If a customer decides to cancel for any reason within that period, they will receive a full refund of premiums paid. The free-look period varies by state and is usually 10-30 days in length.

After the free look period, cancellation terms vary between life insurance policies. Amica Life Insurance Company term policies can be canceled at any time but will not provide a refund of premiums paid. Whole life policy cancellations may offer a surrender cash value, but also may come with extra charges.

Amica Life Insurance Company charges a one-time $29 cancellation fee for all canceled insurance policies after the free-look period.

Price of Amica Life Insurance Company: Competitive Term Life Rates

Amica Life Insurance Company premiums vary by policy, but they are fairly competitive with their term life policies for young, healthy adults. If you have a poor medical history or family medical history, you may pay more.

We compared the cost of a 20-year term policy for both males and females, assuming a non-smoker in “very good” health living in Florida. We previewed these rates for a $250,000 policy, for participants age 20, 30, and 40 to compare premiums. Rates were obtained from the Amica Life Insurance Company website.

Quotes are based on age and the answers to their short health questionnaire.

Term Life Rates
Age  Male  Female
20 years old $15.97/month $13.16/month
30 years old  $16.40/month  $13.81/month 
40 years old $23.30/month $19.63/month

How Amica Life Insurance Company Compares to Other Life Insurance

Amica Life Insurance Company offers quite a few policy options for every stage of life. Its term policies offer competitive rates for healthier participants, while the whole and universal life policies give maximum flexibility with various options and additional riders available.

That said, Amica’s underwriting may penalize those with a family history of medical issues (including parental medical issues), causing higher premiums. Though Amica offers multi-policy discounts, we would encourage shopping around for price quotes, especially for those with poor medical histories. 

Amica Life Insurance Company vs. Nationwide Life Insurance

Both Amica Life Insurance Company and Nationwide offer a variety of insurance policies, have excellent customer service rankings, and are auto-insurance-first companies. Both are financially strong insurance companies and give multi-policy discounts to existing customers.

Here’s how Amica Life Insurance Company and Nationwide compare:

  • Nationwide offers a survivorship option on their variable life insurance (covers two people on one policy).
  • Amica Life Insurance Company includes the terminal illness rider on all policies for no additional charge.
  • Nationwide offers multiple universal life insurance products, while Amica offers none.
  • Amica Life Insurance Company offers 24/7 phone support.

While Amica Life Insurance Company offers dividend bonuses to policyholders, Nationwide Life Insurance offers far more life insurance options, giving customers more flexible policies to choose from.

Read our full Nationwide Life Insurance review.

  Amica Life Insurance Company Nationwide Life Insurance 
Market Share N/A 14th-largest in the U.S., 1.84%
Number of Plans 
Online Quotes Available?  Yes (term life only) Yes (term life only)
Service Method  Email, phone, online chat, in-person  Email, phone, in-person, social media 
AM Best Rating  A+ (Superior) A+ (Superior)
Complaints Index 0.00 (excellent)  0.10 (excellent) 
Final Verdict

Amica Life Insurance Company offers a small selection of life insurance policies with discounts for existing customers. It shines when it comes to its term life policies for younger, healthy individuals, offering competitive rates and potentially no medical exams.

Amica also has top-rated customer service, including 24/7 phone support and online chat with a live agent. If you are looking for a simple term policy at a competitive price, Amica is a good choice. However, if you have a poor medical history, you may not qualify for lower-priced term insurance. And if you are looking for more flexible policies with the ability to invest the cash value, consider other top-ranked life insurance companies for more options.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.