Atlanta Life Insurance Company Review

Poorly rated insurance company with limited availability

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Atlanta Life

Atlanta Life

Our Take 

Atlanta Life Insurance Company is an Atlanta-based life insurance company that was founded in 1905. It offers term, whole life, and universal life insurance, but no details are available on what coverage is available for these policies. Atlanta Life Insurance Company also has recorded substantial capital losses since 2017, with AM Best dropping its credit rating to a C (Weak), with a “negative” outlook. If you are looking for affordable, reliable life insurance, you will be better off choosing a different life insurance company.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Policies available in 17 states

  • Multiple policy options

Cons
  • No policy information available without contacting an agent directly

  • Less than $1 million in annual premiums

  • Extremely poor customer complaint rating from NAIC

Key Takeaways
  • Atlanta Life Insurance Company is a longstanding life insurance provider with poor financial strength.
  • Atlanta offers standard life insurance coverage, but details must be obtained through an agent.
  • Atlanta Life Insurance Company has received far more complaints than other companies its size.
  • Atlanta Life Insurance Company has recorded substantial operating losses since 2017.
Specifications
  • Year Founded 1905
  • Kinds of Plans Term, Whole Life, Universal Life
  • Number of Plans 3
  • Payment Options Monthly
  • Official Website www.AtlantaLife.com

Introduction

Atlanta Life Insurance Company offers term, whole life, and universal life insurance policies. We researched Atlanta 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 Atlanta Life Insurance Company with the competition. 

Company Overview

Atlanta Life Insurance Company, originally part of Bank of America, was founded in 1905 by Alonzo Franklin Herndon. It grew to offer life insurance coverage in 17 states and is now a subsidiary of Atlanta Life Financial Group.

Atlanta Life Insurance Company offers term, whole life, and universal life insurance policies, but details are not available without contacting an agent directly. Policy rider information and quotes require speaking to an agent as well. Atlanta Life Insurance Company also offers commercial insurance and group reinsurance to employers.

Atlanta Life Insurance Company is licensed in 17 states, but actual availability varies by product and state. 

Available Plans

Atlanta Life Insurance Company offers three types of life insurance plans including term, whole life, and universal life plans. To obtain coverage and pricing details for life insurance policies, you will need to contact an Atlanta Life Insurance agent directly. While plan details and pricing cannot be found online, here is an overview of how these policies typically work.

Term Life Insurance

Term life insurance is a type of temporary life insurance coverage that offers a death benefit, with policy lengths typically ranging from 10 to 30 years. Term policies are usually less expensive than permanent policies, as coverage is temporary, and policies do not build cash value. Death benefits can be up to $1 million in coverage (or more), depending on your age, health status, and other factors.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance with coverage that lasts for the insured’s lifetime. These policies can accumulate cash value that can be borrowed against or accessed early with optional riders. Many whole life policies have a guaranteed cash value and level premiums throughout the life of the policy. Whole life policies may cost more, but offer lifetime coverage and cash value.

Universal Life Insurance

Universal life insurance policies offer flexible insurance premiums and coverage amounts, giving policyholders more control over their coverage amounts and monthly payments. Many universal policies also offer “indexing,” which allows the cash value of the policy to be invested in an interest-bearing account that follows the performance of a stock market index. Similar to whole life policies, the cash value can be borrowed against tax free.

Available Riders

Atlanta Life Insurance Company may offer riders for their life insurance policies, but details are not available online. A rider is an optional policy enhancement that adds additional benefits or custom coverage options to the insurance policies. 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.

To find out what riders might be available, you will need to contact an agent directly.

Customer Service: Phone or Email

Atlanta Life Insurance Company offers support over the phone or via email. Business hours are not listed online, but customers can contact Atlanta Life by calling 1-888-407-3209 or sending an email to info@atlantalife.com.

Customer Satisfaction: Terrible Scores

According to the National Association of Insurance Commissioners (NAIC) complaint index, Atlanta Life Insurance Company receives far more complaints than the industry average life insurance company. While an average complaint score is 1.0 (the lower, the better), Atlanta Life Insurance Company received a 165.58 score. The 2019 score was 84.55, and 2018 carried a score of 215.07. By comparison, most of the top life insurance companies we reviewed don’t typically score higher than 4.0 in any given year. 

J.D. Power also ranks life insurance companies in the U.S. based on customer satisfaction in its 2020 Life Insurance Study. Atlanta Life was not included in this study.

Financial Strength: C (Weak)

Atlanta Life Insurance Company has a C (Weak) rating from AM Best. This rating is based on Atlanta Life Insurance Company’s weak balance sheet operating performance and enterprise risk management, as well as its very limited business profile. This low rating from AM Best should give potential customers pause, as it indicates that Atlanta Life Insurance Company may not be able to meet its financial obligations, such as paying out your life insurance claim.

Cancellation Policy: Hard To Find for Most Policies

Most states require a minimum “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 the premiums paid. Atlanta Life Insurance Company doesn’t advertise their free look period, which means they are providing the minimum amount of time the state allows (usually 10-30 days).

After the free look period, cancellation terms vary between life insurance policies. Term life policies can usually be canceled at any time, but will not provide a refund of premiums paid. 

For whole life and universal life policy cancellations, there may be a surrender charge or other fees involved. You will need to contact Atlanta Life Insurance Company directly for cancellation details.

Price of Atlanta Life Insurance Company: Varies

Atlanta Life Insurance Company premiums vary by policy, and prices are not available online. Typically, term policies cost less than permanent life policies, and universal life policies allow for flexible premiums. 

Quotes can be obtained by filling out the online contact form

How Atlanta Life Insurance Company Compares to Other Life Insurance

Atlanta Life Insurance Company offers life insurance coverage, but policy and rider details are not available online. Customer service scores are very poor, and Atlanta Life Insurance Company also has poor financial ratings. The company does not offer online quotes for any policy, instead requiring applicants to talk to an insurance agent.

Here’s how Atlanta Life Insurance compares to a highly rated life insurance company.

Atlanta Life Insurance Company vs. John Hancock Life Insurance

Both Atlanta Life Insurance Company and John Hancock offer a variety of life insurance policies, including term, whole life, and universal life policies. Atlanta Life Insurance Company offers three basic life insurance policies, while John Hancock has 14 policies to choose from.

While John Hancock has an A+ (Excellent) rating from AM Best and an average NAIC customer complaint score (1.53), Atlanta Life Insurance has a C (Weak) financial rating and an extremely poor customer complaint score of 165.58. This is a significant difference in financial stability and customer service between both companies.

Here are a few more key differences between Atlanta Life Insurance Company and John Hancock:

  • John Hancock offers significant savings to smokers with their Quit Smoking incentive.
  • Atlanta Life Insurance Company offers commercial insurance to businesses.
  • John Hancock offers rewards for healthy activities, like going for a walk or buying healthy food.
  • Atlanta Life Insurance Company also offers boat, renters, and auto insurance.

Overall, Atlanta Life Insurance Company offers basic life insurance protection, but John Hancock is a strong life insurance company that also offers a Quit Smoking incentive plan, giving a significant discount on premiums for up to three years for smokers.

Read our full John Hancock Life Insurance review.

  Atlanta Life Insurance Company John Hancock Life Insurance 
Market Share Eight-largest in the U.S., 2.80% Ninth-largest in the U.S., 2.73%
Number of Plans  Three 14 
Online Quotes Available? No No 
Service Method Email, phone Email, phone 
AM Best Rating C (Weak) A+ (Superior) 
Complaints Index 165.58 (extremely poor) 1.53 (below average) 
Final Verdict

Atlanta Life Insurance Company is a life insurance company offering several types of policies. However, its weak financial standing, lack of transparency, and high volume of customer complaints for a company of its size are concerning. 

If you are looking for life insurance coverage, we recommend looking elsewhere. There are plenty of financially strong life insurance companies that offer low-cost life insurance coverage with transparent pricing and policy details. You can compare the top life insurance companies to find which one offers coverage that best fits your budget and your lifestyle.

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.