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Auto-Owners Life Insurance Review

Auto Owners Insurance

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

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As a member of the Fortune 500 list for the past 17 years, Auto-Owners is a trusted and successful insurance company.

The company has a “refreshingly human” approach to life insurance.

Before purchasing a life insurance policy, check out this Auto-Owner Life Insurance review to see if they offer the best policy for your needs.

Is Auto-Owners a Good Life Insurance Company?

Auto-Owners Insurance was founded in Michigan in 1916 and provides a diverse selection of insurance policies, including life, auto, home, and even farm insurance.

Today, Auto-Owners has almost three million total policyholders and works with over 48,000 independent agents in 26 states.

Instead of employing agents that only work with Auto-Owners, the company sells life insurance policies through agents that work with numerous companies.

Auto-Owners Insurance gives you the protection you need without additional costs, in addition to providing claims services efficiently.

Insurance Industry Ratings

Multiple independent financial and customer service rating agencies agree that Auto-Owners Life Insurance is one of the industry’s best insurance companies.

A.M. Best gave it the best possible credit and financial rating score, indicating a stable economic base with room to grow.

According to a J.D. Power study, Auto-Owners Insurance’s customer satisfaction ratings were better than average for all its insurance policies, earning a five out of five agent rating.

The Better Business Bureau awarded the company an A+ consumer rating with only 117 customer complaints on file, a low amount for a life insurance provider of this size.

The National Association of Insurance Commissioners also indicated that its number of complaints to state registers was significantly lower than other insurance providers of the same size.

Its index showed that Auto-Owners had no complaints in 2018.

Life Insurance Products Offered

Auto-Owners Life Insurance offers term life insurance policies for temporary coverage and a choice between Universal or Whole Life insurance as more permanent policies.

Contact one of its independent agents to find the right protection for your needs.

Term Life Insurance

Term life insurance options have reasonable prices and levels of protection. They provide coverage over a specific period, with longer terms having higher costs.

These policies do not accumulate cash value but act as an affordable option for family living expenses, your children’s education, and mortgages should you pass away during the term.

Auto-Owners Life Insurance lets you choose between term life insurance that lasts 10, 20, or 30 years.

Unlike other companies that limit these plans to the age of 80, Auto-Owners lets you extend coverage up to the age of 95. Any information beyond this is only available by contacting an agent.

Universal Life Insurance

This permanent coverage is similar to whole life insurance but with more flexibility.

Auto-Owners allows you to adjust your coverage and premium payment schedules to fit your needs and budget.

Unlike term insurance, it has building cash value and a death benefit that you can decrease or increase at any time.

Auto-Owners Life Insurance’s universal life insurance also has the option of adding multiple secondary insurances to your policy to cover your whole family.

You can even convert them into their own policies without underwriting.

Whole Life Insurance

Whole Life insurance provides death benefit coverage until the age of 110 as long as you continue to pay your premium.

Like universal life insurance, it has a guaranteed cash value account that grows over time and that you can access as a surrender, withdrawal, or loan.

It is meant to be long-term financial coverage that will last you the rest of your life with a guaranteed death benefit to pay for family living expenses and debts.

The Auto-Owners Life Insurance website lists flexible payment options as another benefit but does not elaborate on those options.

Life Insurance Riders

If Auto-Owners Life Insurance does offer any riders for its life insurance products, the website does not mention them. You will have to contact an agent directly to determine what they are.

This lack of information online is likely due to the company’s use of local independent agents to give you specific details about your situation rather than a one-size-fits-all approach.

Eligibility and Application Process

The information on its website is scarce. But you can expect Auto-Owners Life Insurance to determine your policy eligibility like other companies.

They will use personal details such as your age and health history to gauge your life expectancy.

Usually, your life insurance will be more expensive if there is a greater risk that you will pass away during the policy’s term. Because this means less time spent paying premiums.

The most obvious factor is your age. This provides a general idea of how many years you are expected to live.

Your gender is also a characteristic that life insurance companies consider. Because women have longer life expectancies on average, giving them access to lower rates.

Men are also judged based on their marital status because research shows that married men live longer.

Auto-Owners Life Insurance will also carefully scrutinize your health and your family’s medical history.

Health conditions and hereditary complications that may appear later in life can significantly increase your life insurance rates.

Insurance companies often require a medical exam to verify your state of health. In addition, they will need access to health records from your doctor, pharmacy, and the Medical Information Bureau Group.

The application process is handled entirely through independent agents in your local area. Auto-Owners Life Insurance offers no information online about what this entails.

Pros & Cons of Auto-Owners Life Insurance

It is essential to carefully consider if the policies that Auto-Owners Life Insurance offers are right for you. Consider these advantages and disadvantages.

Pros

Auto-Owners Life Insurance has fantastic customer service. They provide access to local independent insurance agents who work with you to find the right policy.

As a result, its satisfaction ratings are higher than most other life insurance companies.

Auto-Owners Life Insurance is also financially stable with different types of insurance. This allows you to choose from various policy types with discounts when included in bundles.

For example, you receive a multi-policy discount on your life insurance if you also use Auto-Owners car and home insurance.

Despite a distinct emphasis on in-person service, Auto-Owners has a basic life insurance needs estimator on its website. They also have blog articles with helpful information and advice.

Cons

Auto-Owners life insurance is currently only available in 26 states, although the website fails to list which states it serves.

This issue emphasizes an even bigger problem with Auto-Owners Insurance. Its website has no online quoting and very few details about important information, including its operating states and specifics about its policies.

The company is dedicated to conducting all of its business through independent agents for better or for worse.

This commitment means you must call an agent to get a quote or request any essential details about policy coverage.

You must also give your personal information to the company so they can even consider Auto-Owners Life Insurance as an option.

For customers who want to compare insurance providers online, the website is inconvenient for anything beyond descriptions using general terms.

Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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