OneAmerica 2021 Life Insurance Review

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One America is not one of our top rated life insurance companies. You can check out our list of the best life insurance companies for what we think are better options.


Benefits explained

  • Several whole life options: OneAmerica offers three whole life options for people who want permanent protection. It has plans with different payment options so you can find a policy that fits your budget.
  • Low number of complaints: OneAmerica has a relatively low number of consumer complaints. In the past three years, only three consumer complaints have been filed regarding its individual life insurance segment.


Disadvantages Explained

  • Very limited information online: The OneAmerica website is for businesses looking for group life insurance and financial professionals who sell insurance. For people looking for life insurance options, OneAmerica has very limited information about its policies and endorsements.
  • Policies can only be purchased through agents: OneAmerica does not have an online quote tool and does not allow customers to purchase policies online. If you want to apply for coverage, you should contact a finance professional or OneAmerica insurance agent.
  • Insurance agents work on commission: OneAmerica’s finance professionals and insurance agents work on commission and receive bonuses for meeting performance targets. They have a financial incentive to refer you to certain products, so be sure to do your research before choosing a policy.


Packages available

In its individual life insurance segment, OneAmerica sells whole and term life insurance policies. All of its insurance options are fully underwritten and require medical examinations, and you must go through an insurance agent or financial professional to get quotes or apply for coverage.

OneAmerica offers four individual life insurance options:

Term

Also called term insurance, term life insurance protects you for a predetermined period of time. Your beneficiaries receive the death benefit of the contract only if you die within the time limit; after that, no sum will be paid to the beneficiaries.

OneAmerica has two term options:

  • OneAmerica Term: With OneAmerica Term, you can get coverage from $ 100,000 to $ 1 million. The terms vary from 10 to 30 years.
  • OneAmerica Premier Term: This option includes OneAmerica Term plan coverage, but it also has a conversion option. Policyholders can decide to convert their policies to whole life insurance or whole life insurance with long-term care protection.

OneAmerica’s term life insurance policies are available in all states except California and New York.

Whole

Although whole life coverage is generally more expensive than term life insurance, it does not have the limitations of term coverage. Whole life insurance is permanent and lasts your entire life, and your policy may also accumulate cash value.

OneAmerica has three life plans:

  • All the life : The Whole Life plan is a traditional whole life insurance policy offering guaranteed premiums.
  • All life 121: With this option, you can spread your payments over a longer period, up to the age of 12. With Whole Life 121 plan, you can get lower monthly premiums than traditional whole life coverage.
  • Whole life selection: This plan includes a shorter payment period but lifetime coverage.


Jumpers available

When you buy life insurance, companies like OneAmerica often offer optional endorsements that you can add to your policy. Insurance riders can increase your premiums, but you can use them to get additional benefits or purchase coverage for your family members.

OneAmerica has the following riders:

Family allowances

With the Family Allowance Rider, you can purchase term life insurance for your dependent children.

Waiver of premium

The Waiver of Premium Rider will keep your policy in effect while waiving your premiums if you become disabled.


Customer service

OneAmerica has very limited information about its policies and endorsements online. For details of the available plans and their cost, you should contact an insurance agent or financial professional. You can use its locator tool to find a financial professional near you.

If you have general questions, you can contact customer service by calling 800-537-6442. The phone line is open Monday through Friday, 8:00 a.m. to 6:00 p.m. EST.

Although OneAmerica has a lot of educational resources on its website, it does not offer secure messaging or live chat for customer inquiries, features fairly standard among major insurers.


Complaints index

It is wise to see how many complaints customers submit about an insurance company. The National Association of Insurance Commissioners (NAIC) publishes complaint ratios that reflect the number of complaints submitted relative to a company’s market share. The average score is 1.0, and the lower the score the better.

OneAmerica’s complaint rate is better than the industry standard. Its complaint ratio for its individual life insurance segment was 0.00 for 2020, which means no complaints were made to the NAIC.


Third party evaluations

While OneAmerica was not included in the JD Power 2020 US Individual Life Insurance Study, a study that rated and ranked the top 23 life insurance companies, it does have a good reputation. in financial stability within the insurance industry.

In 2021, AM Best, the credit rating agency that rates insurance companies, gave OneAmerica an A- (Excellent) rating. AM Best acknowledged the strong balance sheet and operational performance of OneAmerica.


Cancellation policy

As with other insurance companies, you are entitled to a free consultation period if you purchase a policy from OneAmerica. Typically, you will have 10 days after the policy is issued to cancel and get a full refund.

After the free consultation period, cancellation procedures are based on your policy type. Temporary policies can be canceled at any time, but you will not be refunded. With whole life insurance policies, you can get back the cash value less administration costs.

You will need to contact your insurance agent to cancel your policy.


Price

OneAmerica does not have an online quote tool and does not list sample rates. You should work with an agent or financial professional to find out what your premiums would be with different life insurance plans.

As with other insurance companies, OneAmerica requires you to select “male” or “female” when obtaining a quote or applying for a life insurance policy. Being non-binary doesn’t stop you from purchasing life insurance, but you should be aware that most insurance companies haven’t updated their underwriting processes to reflect a current awareness of gender issues.


Competetion

Although OneAmerica offers whole and term life insurance policies, information about its plans, endorsements, and costs is very limited. If you’re looking for a business with more information readily available, consider State Farm, a leading life insurance company.

State Farm offers several policies, including term, whole, and universal life insurance. You can get quotes for some policies online, and you can even purchase final expense policies without undergoing a medical exam.

State Farm has an excellent reputation in the insurance industry, ranking # 1 in the JD Power US 2020 Individual Life Insurance Study. It also has an A ++ (top) rating from AM Best, the highest possible rating.

OneAmerica State farm
Market share Not applicable Seventh in the United States, 3.5%
Number of packages 4 ten
Dividends for 2020 Not applicable $ 600 million
Wellness program discounts / quit smoking incentives Not applicable Not applicable
Method of service Insurance agent, financial professional Agents
AM Best grade A- (Excellent) A ++ (Superior)
Trend in complaints 0.00 0.24

Final verdict

OneAmerica offers both term and whole life options, but individuals may be frustrated in researching their insurance options due to the paucity of information available on the company’s policies. The only way to get quotes or details is to work with an agent, which some people may see as a problem. For those looking for a more streamlined shopping experience, they’d probably be better off working with another insurer.



How we rate life insurance companies

Our reviews of life insurance companies are based on a quantitative methodology that analyzes each insurer on its stability and reliability, customer service, claims experience, diversity of product lines and costs. We compare the terms of each type of policy offered, including available coverage amounts, optional endorsements and premium payment options, with those of other major life insurance companies. Finally, we look at how the business is rated by third party organizations to determine its reliability and overall reputation.

Investopedia requires that writers use primary sources to support their work. These include white papers, government data, original reports, and interviews with industry experts. We also reference original research from other reputable publishers where applicable. You can read more about the standards we follow to produce accurate and unbiased content in our editorial policy.




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