Ameritas Life Insurance Review 2026

About Ameritas Insurance

Ameritas is a mutual-based financial services organization operating through Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. As a mutual insurer, it is owned by policyholders rather than shareholders, which can influence its approach to long-term planning and capital management.

The company offers a full lineup of term and permanent life insurance, typically distributed through financial professionals. Participating whole life policyholders have received dividends consistently, including during periods of declining interest rates.² Dividends are not guaranteed and may vary based on company performance.

Ameritas Life Insurance Review

This review evaluates Ameritas based on how consumers typically experience and compare life insurance companies.

Financial Strength and Ratings

Financial strength ratings help indicate an insurer’s ability to meet its long-term policy obligations. Ameritas holds the following ratings:

• A (Excellent) from AM Best.¹ 
• A+ (Strong) from S&P Global.³ 

These ratings generally reflect balance sheet strength, operating performance, and the claim-paying ability. Ameritas also holds an A+ rating from the Better Business Bureau,⁴ reflecting the company’s responsiveness to customer complaints and business practices rather than financial strength.

Product Mix and Policy Flexibility

Ameritas offers term and permanent life insurance, including whole, traditional universal, indexed universal, and variable universal life options. These support both basic protection and customized long-term planning through flexible universal life structures that allow adjustments to funding and death benefit options.

Term coverage provides foundational protection, while permanent policies support long-range strategies such as estate planning, legacy goals, and cash value accumulation. 

Underwriting Approach

Ameritas uses a structured underwriting process that evaluates health history, lifestyle, and financial suitability, with medical exams often required based on age, coverage amount, and product type, especially for larger permanent policies. Some term designs offer accelerated or simplified underwriting using health questions and third-party data instead of a full exam, with final requirements depending on the product and individual risk profile.

Customer Experience and Accessibility

Ameritas distributes life insurance primarily through financial professionals, with shoppers working with an agent during product selection and application. Policyholders can access online tools for account management, payments, and certain service requests, while claims and ongoing servicing are handled through a mix of digital channels and representative support rather than a fully direct-to-consumer model.

Pros and Cons of Ameritas Insurance

Like most insurers, Ameritas has strengths that appeal to certain shoppers and tradeoffs depending on coverage needs and expectations.

Pros 

• Term and permanent coverage options, including whole life and several universal life designs.
• Offers multiple term options, including traditional level term, a living benefits design, and an instant-decision pathway for eligible applicants.
• Term conversion available on eligible policies, allowing policyholders to transition from term to permanent coverage.
• Participating whole life policies eligible for dividends, reflecting Ameritas’ mutual structure, although dividends are not guaranteed.

Cons 

• Does not offer a fully online purchase option, which may feel less streamlined for shoppers who prefer completing the entire process digitally.⁵
• Limited high-level product detail available publicly online, which may require a conversation with a licensed agent to compare policy structures in depth.⁶

Products Offered by Ameritas Insurance

Ameritas offers term life insurance and a full range of permanent life insurance products designed to support both protection and long-term planning strategies. Product availability, underwriting requirements, and maximum coverage amounts vary by age, health profile, and state.

Term Life Insurance

Ameritas offers level term coverage with multiple term lengths for temporary protection needs, with options to convert to permanent coverage within set timeframes. It also includes features like living benefits and, for eligible applicants, an instant-decision pathway supporting both traditional and accelerated underwriting.

Whole Life Insurance

Ameritas offers participating whole life insurance with lifetime coverage, guaranteed death benefits, and cash value accumulation. Eligible policies may pay dividends (not guaranteed), which can be taken as cash, used to buy paid-up additions, offset premiums, or accumulate. Options include limited-pay designs, such as 10-pay, allowing premiums to be completed over a shorter period while maintaining lifetime coverage.

Traditional Universal Life Insurance

Ameritas offers traditional universal life (UL) policies that provide permanent coverage with adjustable premium structures within policy limits. These designs are often positioned for long-term coverage planning where funding flexibility may be important.

Indexed Universal Life Insurance

Ameritas offers multiple indexed universal life (IUL) products that link cash value growth to market index performance, subject to caps, participation rates, and floors. Coverage amounts and index options vary by product, with some designs including survivor policies that insure two individuals under a single contract.

Variable Universal Life Insurance

Ameritas also offers variable universal life (VUL) policies for policyholders comfortable with market exposure. Cash value is allocated among investment options, and performance can fluctuate based on market conditions. These policies are typically used within advisor-supported planning strategies.

Ameritas policies can be customized with various riders, including accelerated death benefits for qualifying chronic or terminal illness, accidental death benefits, waiver of premium, guaranteed insurability, and overloan protection on certain permanent products, with availability varying by product and state.

Affordability Considerations

Ameritas pricing varies by age, health, tobacco use, coverage amount, underwriting class, and product type. Term policies are generally more affordable, while permanent policies vary based on design and funding. When comparing costs, it’s important to evaluate policies within the same coverage type, as long-term affordability, especially for universal life, depends on how the policy is structured and funded over time.

Comparing Ethos and Ameritas Life Insurance

Because Ameritas is a carrier partner of Ethos, shoppers may encounter both companies when comparing life insurance options. While Ameritas serves as the issuing insurance company, Ethos operates as a digital platform that connects applicants to coverage from partner carriers, including Ameritas.

Distribution and Application Experience

Ameritas distributes policies through financial professionals, with an advisor-supported application process. Ethos provides a guided digital experience, allowing applicants complete one online application and match with coverage from highly rated insurers without choosing a carrier upfront.

Underwriting Approach

Ameritas uses a traditional underwriting process that may include a medical exam, especially for larger or permanent policies. Ethos offers no-exam options, with underwriting based on health questions and third-party data; eligibility varies by profile and product.

Best-fit Customer Profiles

Ameritas suits shoppers who prefer advisor-guided planning, especially for whole or universal life within long-term strategies. Ethos fits those prioritizing a streamlined digital experience, particularly for term life and fully online, no-medical-exam policies.

Overall, Ameritas reflects a traditional, planning-focused approach, while Ethos offers a fully digital, end-to-end experience.