With hundreds of life insurance companies out there, choosing a life insurance company seems intimidating at times. Reading life insurance reviews may be a good first step to take. Today, we bring you a review of Vantis Life Insurance Company.
Vatis Life is a member of Penn Mutual Life Insurance Company with over 75 years in the insurance arena. In this review, I will compare Vantis Life’s products selection and rates to the best in our industry.
Vantis Life History
Vantis Life was established in 1942 and is based in Windsor, Connecticut. The company’s primary goal is to provide middle-class Americans with simple, affordable, and easy-to-understand life insurance products. In 2016, they merged with The Penn Mutual Life Insurance Company, a Pennsylvania mutual life insurer since 1847. Vantis Life has received a rating of A- Excellent from the A.M. Best Company.
Products Offered by Vantis Life
Vantis Life offers life insurance and annuities products. This review will deal with the life insurance product offering, which includes temporary and permanent life insurance.
Velocity Term Life Insurance
As the name implies, term life insurance provides temporary protection for a set period. Velocity offers 10-, 15-, 20-, 25-, or 30-year term periods in which your face amount (coverage) and your premiums remain fixed for the chosen term length. At the end of the term, you can convert the policy into a permanent coverage prior to age 65 (without evidence of insurability).
Vantis Life has an extra rider called a disability rider that forgives your premium and keeps the policy active if you become disabled. Term life insurance is a sensible solution for young families who are looking to get the most coverage for the lowest amount at the most critical times when they are young and full of debts.
Return of Premium Term Life Insurance
Essentially, a return of premium life insurance policy (“ROP”) is a term insurance policy that returns the premiums paid by the insured during the level period of 20, 25 or 30 years, from the life insurance company if you outlive your term. Before you jump for joy and buy this plan, keep in mind ROP can cost 2–3 times as much as a traditional term life insurance.
Simply put, you are better off buying term life and keep the difference in premiums in your pocket. Collecting your money back in 20 or 30 years seems like a savings plan, but it’s not. You don’t get any interest back, and if you ever miss a payment, you risk a policy lapse and not receiving any money back.
This is a final expense type of coverage which is intended to deal with the end-of-life expenses such as burial expenses, cremation, and medical bills to name a few. Final expense policies are whole life which build cash value you can access in the future through a loan or when you surrender the policy.
Additionally, the premiums are fixed for life, and the coverage can’t be canceled due to your health. If you are between the ages of 50 and 80, Vantis Life offers a guaranteed issue life insurance protection in the amounts of $5,000, $10,000, $15,000, or $20,000.
Guaranteed issue means that your acceptance doesn’t depend on an underwriting process, getting an exam, or even answering lengthy health questions. Instead, you are trading it for having a graded benefit coverage.
Graded benefit means having a waiting period before the policy pays the full death benefit amount. In other words, if you die within two years of buying the policy and your death is not accident-related, your beneficiaries will only collect your total in paid premiums and not the acquired death amount. After the first two years, your full death benefit will be in force.
Takeaway: Vantis Life has one of the lowest guaranteed issue rates. However, never let this product be your first choice. If you are relatively healthy and looking for final expense, look for the level benefit (where you don’t have a waiting period) not graded benefit life insurance.
This is a single premium life insurance which requires one premium to have a paid-up policy. A single premium life insurance policy is for those who seek estate planning and tax-deferred cash value growth. Vantis provides the accelerated death benefit rider at no additional cost, which includes access to a portion of the death benefit should the insured be diagnosed with a chronic, critical, or terminal illness.
Velocity Whole Life Insurance
Whole life insurance, as the name implies, lasts a lifetime. It offers guaranteed cash value accumulation on a tax-deferred basis and death benefit to be paid to your heirs when you pass away, whenever that time arrives. In addition to the Velocity Whole Life (non-participating), they offer Velocity Whole Life Plus (participating) that is eligible for annual dividends. The disability rider can be provided at an extra cost if you would like to add it.
Vantis Life vs. Other Carriers’ Sample Monthly Rates
Male 20-year Term $250,000
|Company||Age 30||Age 40||Age 50||Age 60|
|Mutual of Omaha||$13.56||$20.08||$46.55||$134.05|
Female 20-year Term $250,000
|Company||Age 30||Age 40||Age 50||Age 60|
|Mutual of Omaha||$12.64||$19.21||$36.05||$94.02|
*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Oct 2018 and are subject to underwriting approval.*
Vantis Life offers essential life insurance products such as term and whole life. They don’t offer products such as universal life or even a no-exam term life insurance policy. Their term rates are competitive with companies such as Banner or AIG.
When it comes to their final expense offering, they only provide a graded benefit product whether you are healthy or not. If you are healthy, stay away from it and search for a level benefit coverage.
If you are not healthy and need to have a guaranteed issue policy, they offer excellent rates. Also note that if you die within two years of buying the policy, your heirs will collect only the paid premium while other companies give paid premium plus 10 percent in interest.
For most, buying life insurance is a serious business that, if done yourself, is prone to mistakes and pitfalls. Run the rates yourself on this page, by entering your information on the right-hand side.