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OneAmerica sells individual and group term and whole life policies. While the company has a large selection of educational materials and tools on its site, information about its individual life insurance policies is very limited, making it difficult to compare the company to other insurers. If you’d like to research your options before talking with an insurance agent, you are likely better off with another company that provides more details to the general public.
- Pros & Cons
- Key Takeaways
- Company Overview
Multiple whole life options
Low number of complaints
Very limited information online
Policies can only be purchased through agents
Insurance agents work on commission
- OneAmerica is based in Indianapolis, Indiana
- It was founded in 1877
- It sells group and individual life insurance, annuities, and long-term care policies
- In 2020, it paid $6 billion in claims to its policyholders
- OneAmerica is licensed to sell life insurance in all states except New York
OneAmerica is a mutual organization owned by American United Mutual Insurance Holdings Company. The organization is made up of several different companies and sells annuities, long-term care insurance, and individual and group life insurance.
Founded in 1877, the company has a long history of providing insurance products. Today, OneAmerica is based in Indianapolis, Indiana. It has over 2,300 associates and $98 billion in assets under administration. OneAmerica is licensed to sell life insurance in every state except New York.
- Year Founded 1877
- Kinds of Plans Term, whole
- Number of Plans 2+
- Payment Plan Options Monthly, Quarterly, Annually
- Customer Service Insurance agent
- Phone 800-537-6442
- Official Website www.oneamerica.com
One America is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
- Multiple whole life options: OneAmerica has multiple whole life options for individuals that want permanent protection. It has plans with different payment options so you can find a policy that meets your budget.
- Low number of complaints: OneAmerica has a very low number of consumer complaints. It has received just six complaints overall and zero for individual life insurance during the latest year that has been tabulated (2021). This gives the company an ultra low complaint index meaning it has received far fewer complaints than the average company of its size.
- Very limited information online: OneAmerica’s website is geared towards businesses looking for group life insurance and financial professionals that sell insurance. For individuals researching life insurance options, OneAmerica has very limited information about its policies and riders.
- Policies can only be purchased through agents: OneAmerica doesn’t have an online quote tool, nor does it allow customers to apply for policies online. If you’d like to apply for coverage, you have to contact a OneAmerica financial professional or insurance agent.
- Insurance agents work on commission: OneAmerica financial professionals and insurance agents work on commission and receive bonuses if they meet performance goals. They have a financial incentive to steer you toward certain products, so make sure you do your research before selecting a policy.
Within its individual life insurance segment, OneAmerica sells whole and term life policies. All of its insurance options are fully underwritten and require medical exams, and you have to go through an insurance agent or financial professional to get quotes or apply for coverage.
OneAmerica has the following individual life insurance options:
Also known as temporary insurance, term life coverage protects you for a predetermined length of time. Your beneficiaries only receive the policy’s death benefit if you die within the pre-set term; after that, no money will be paid to the beneficiaries.
OneAmerica's term life policies are available in terms of 10, 15, 20, and 30 years. All policies have level premiums and level death benefits. The company also promotes that the policies are affordable.
Every product might not be available in all states and as we've already covered, the company is not licensed in New York.
Although whole life coverage is usually more expensive than term life insurance, it doesn’t have the limitations of term coverage. Whole life insurance is permanent and lasts for your lifetime, and your policy can also accumulate cash value.
OneAmerica has multiple whole life products. All products offer a greater level of customization than term life. Whole life policy holders receive dividends as OneAmerica is a mutual insurance company. Policies have both level premiums and level death benefits. Additionally, whole life policies grow cash value and in most cases are a tax-free way to pass on assets to heirs, according to the company.
When you purchase life insurance, companies like OneAmerica often have optional riders you can add to your policy. Insurance riders can increase your premiums, but you can use them to get extra benefits or purchase coverage for family members.
OneAmerica has the following riders:
With the child benefit rider, you can purchase term life insurance for your dependent children.
Waiver of Premium
The waiver of premium rider will keep your policy in force while waiving your premiums if you become disabled.
OneAmerica has very limited information about its policies and riders online. To get details about the available plans and their cost, you have to 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 support by calling 800-537-6442. The phone line is staffed Mondays through Fridays from 8:00 a.m. until 6:00 p.m. EST.
While OneAmerica does have many educational resources on its website, it doesn’t offer any form of secure messaging or online chat for customer service, a feature that is fairly standard with major insurers.
It’s wise to see how many complaints customers submit about an insurance company. The National Association of Insurance Commissioners (NAIC) issues 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 ratio is far, far better than the industry standard. Its complaint ratio for its individual life insurance segment was 0.00 for 2020, meaning no complaints were submitted to the NAIC regarding its individual life business segment. Across all the company's business segments just six complaints were received for a microscopic complaint index of 0.06.
Although OneAmerica wasn’t included in the J.D. Power 2021 U.S. Individual Life Insurance Study—a study that evaluated and ranked 21 of the top life insurance companies—it does have a good reputation for financial stability within the insurance industry.
AM Best, the credit rating agency that evaluates insurance companies, issued OneAmerica an A+ (Superior) rating.
As with other insurance companies, you’re entitled to a free look period if you purchase a policy from OneAmerica. In general, you’ll have a timeframe of some days after the policy is issued to cancel and get a full refund.
After the free look period, cancellation procedures are based on your policy type. Term policies can be canceled at any point, but you won’t get a refund. With whole life policies, you may get the cash surrender value back minus administration fees.
You’ll need to contact your insurance agent to cancel your policy.
OneAmerica doesn’t have an online quote tool nor does it list sample rates. You must 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 either “male” or “female” when getting a quote or applying for a life insurance policy. Being nonbinary doesn’t disqualify you from getting 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.
While OneAmerica offers whole and term life policies, information about its plans, riders, and cost is very limited. If you’re looking for a company with more information readily available, consider State Farm, a leading life insurance company.
State Farm has multiple policies to choose from, including term, whole, and universal life coverage. 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 first out of 21 companies in the J.D. Power 2021 U.S. Individual Life Insurance Study. It also has an A++ (Superior) rating from AM Best, the highest rating possible.
|Market Share for Individual Life||Extremely small||Sixth highest, 3.7%|
|Number of Plans||2+||10|
|Dividends||$27.3 million (2022 estimate)||$584 million (2020)|
|Wellness Program Discounts/Quit Smoking Incentives||Not applicable||Not applicable|
|Service Method||Insurance agent, financial professional||Agents|
|AM Best Rating||A+ (Superior)||A++ (Superior)|
|Complaints Trend (Overall, Individual Life)||0.06, 0.00||0.18, 0.25|
OneAmerica has term and whole life options, but individuals may be frustrated researching their insurance options because of the scarcity of information available about the company’s policies. The only way to get quotes or details is to work with an agent, which some people may consider a hassle. For those looking for a more streamlined purchasing experience, they are likely better off working with another insurer.
How We Review Life Insurance Companies
Our reviews of life insurance companies are based on a quantitative methodology that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.