Vantis Life Insurance Review

When working to ensure that loved ones and survivors will be taken care of financially in case of the unexpected, having life insurance can often fill in the gap. This is because the proceeds from a life insurance policy can be used for paying off debts, continuing to pay ongoing living expenses and to pay off the insured’s funeral and other related final expenses.

Before you commit to purchasing a life insurance policy, it is important to keep some key factors in mind. For example, having the proper type and amount of coverage is important, as is making sure that the insurer you are getting your coverage through is secure and stable financially.

Also, it is a good idea to determine whether the underlying insurance carrier has a positive reputation for paying outs it claims promptly. One company that meets these criteria is Vantis Life Insurance Company.

The History of Vantis Life Insurance Company

Established in 1942, Vantis Life Insurance Company has had a mission of offering affordable life insurance coverage and annuities. The company has marketed its products via financial institutions, as well as direct to consumer.

For more than 75 years, Vantis Life has had a focus on providing insurance protection to “underinsured,” middle-income households. The company also prides itself on offering top notch customer service to its policyholders.

In October 2016, Vantis Life and Penn Mutual combined to provide broader reach through financial institution and direct-to-consumer marketing channels. With this merger, each of the companies will retain their respective brands, management teams, and headquarters. Vantis Life is headquartered in Windsor, Connecticut.

While Vantis Life Insurance Company is not one of the largest life insurers in the market, the company is well respected, and it has stayed focused on its mission throughout the past seven decades of providing affordable coverage to those who need it.

Vantis Life has distribution agreements with more than 150 banks and credit unions, including large super-regional and regional banks, and a footprint that spans 45 states, with more than 10,000 branch locations.

Insurer Ratings and Better Business Bureau Grade

Due to its strong financial standing, along with its timely payment of claims to its policyholders, Vantis Life Insurance Company has earned high ratings from the insurer ratings agencies. This includes an A+ rating from A.M. Best Company (as of September 13, 2017).

Also, Vantis Life has been an accredited company of the Better Business Bureau since March 27, 2017, and it holds a grade of A+ from the BBB. This is on an overall grade scale of A+ to F.

Over the past three years, Vantis Life Insurance Company has closed out no complaints via the Better Business Bureau – although the company recently received one negative customer review in March 2017.

Life Insurance Products Offered by Vantis Life

Vantis Life Insurance Company offers a broad range of products that can protect policyholders and their loved ones from the age of 15 days to 99 years old. These plans include the following:

Super EZ Life

The Super EZ Life policy from Vantis is a term insurance plan where coverage amount – and premium amount – can be locked in for ten, fifteen, or twenty years. In most cases, there is no medical exam to complete to qualify. Just one simple application can lock in up to $300,000 in life insurance protection (with a minimum amount of protection of $25,000).

This plan is convertible to a permanent life insurance policy, without the insured having to provide evidence of insurability. This conversion may occur at any time, up to final five years of the end of the contract term.

VantisTerm Life Insurance

The VantisTerm Life Insurance policy allows you to lock in your premium rate with a level term policy that is guaranteed for a certain number of years, such as 10, 15, 20, 25, or even for 30 years. This low-cost level term insurance is available from age 21, with coverage of between $100,000 to $5 million.

This term insurance policy can also be converted over into a permanent life insurance plan. This can occur up to the insured’s age 65, and without having to provide evidence of insurability. There is also an optional disability waiver for those who are age 55 and younger.

VantisTerm ROP Life Insurance

With the VantisTerm ROP – which stands for Return of Premium – an insured could get 100 percent of his or her premium back, tax-free, if he or she outlives the policy term. This return of premium option is available with level term life insurance policies that are guaranteed for 20, 25, or 30 years.

The VantisLife ROP life insurance policies – excluding riders – can be converted to Vantis Life permanent life insurance up to age 65, without evidence of insurability. The coverage on these plans can range from $100,000 up to $5 million, and policyholders may also choose to add an optional disability waiver of premium rider.

Children’s Life Insurance

While nobody ever wants to think about it, the unexpected can – and sometimes does – occur. This means that there could be a reason to place life insurance protection on a child. Through Vantis Life Insurance Company, there are two options available in this category. These include a single premium term life insurance policy and a 20-pay permanent plan.

With the single premium children’s term life, a one-time payment of just $295 can protect the child until he or she reaches the age of 22. At the end of the policy term, conversion over to a permanent life insurance policy is available – still at an age where the premium would be small. Up to five times the original amount of the policy is guaranteed, without the insured having to provide evidence of insurability.

The 20-pay permanent life insurance policy option will cover a child for his or her entire lifetime. And, because this is a permanent life insurance plan, the policy will also build up tax-deferred cash value which can be withdrawn or borrowed for any need or want.

After just 20 years of premium payments, the policy will be paid in full – but the coverage will continue for the rest of the insured’s lifetime. With this policy, applicants for insurance can be between the ages of 15 days through 15 years, and coverage is available between $10,000 and $50,000.

Super EZ Complete

The Super EZ Complete life insurance option is a permanent life insurance policy that can provide coverage for up to $100,000. The application process for this policy is straightforward, and typically there is no medical exam required. Because it is a permanent plan, this policy offers life insurance coverage, along with cash value build up.

There are four different options within the Super EZ Complete. These include the following:

Straight Life Insurance – The straight life option is offered up to age 70 for applicants. With this policy, the amount of the death benefit will not go down, nor will the amount of the premium increase.
10 Pay Life – As its name implies, with the ten-pay life option, premium payments are only required to be paid for ten years, and then the policy is paid up. This plan offers the same permanent life insurance protection as the straight life insurance, as well as cash value build up – but there are no more premium payments due after ten years.
20 Pay Life – Likewise, the 20-pay life only requires 20 payments over time, and then the policy is paid up.
Life Paid Up at Age 65 – The life paid up at age 65 option allows premium payments to be made until the insured turns age 65, and then, as with the above plans, the coverage is paid up.

VantisValue / VantisValue Plus Coverage

The VantisValue and VantisValue Plus plans offer permanent life insurance coverage of up to $5 million. The premium stays level with these policies, nor does the premium increase.

EstateWise Single Premium Whole Life (SPWL)

With the EstateWise Single Premium Whole Life insurance policy, there is only one lump sum premium to make, and then the policy is paid up. Life insurance policy, the cash value will build tax-deferred over time.

Vantis Life Burial Insurance Coverage

Vantis Life also offers some life insurance options that may be used for burial purposes. That way, loved ones, and survivors do not need to worry about dipping into their savings or other assets to pay for a friend or family member’s funeral.

Today, the cost of a funeral and other final expenses can easily exceed $8,500. This is especially true when you factor in expenses such as a memorial service, burial plot, headstone, flowers, and transportation.

The Guaranteed Golden life insurance plan from Vantis offers low-cost whole life insurance coverage and is available to applicants who are between the ages of 50 and 80 (although this can vary by state). There are no health questions or physical examinations to undergo to qualify for this coverage. Also, once an individual has been approved for this plan, the coverage cannot be canceled due to age (provided that the premium has been paid).

There are different coverage amounts on the Guaranteed Golden plan that may be chosen. These are $5,000, $10,000, $15,000 or $20,000. With this plan, accidental death may be covered in full during the first two years, and full coverage will be paid out if the insured dies after being covered for more than two years.

Other Products and Services Available

In addition to offering life insurance coverage, Vantis Life also provides retirement annuities. Today, because life expectancy is so much longer than it ever has been, people are concerned about running out of money in retirement. One solution for this worry is an annuity.

Retirement annuities can allow the growth of funds inside of the account on a tax-deferred basis. This means that there are no taxes due over time until the funds are withdrawn. Because of this, annuity funds can grow at a faster rate than savings that are taxable each year.

Vantis Life offers the TaxSaver Classic 7 annuity product. With this annuity, the current interest rate is guaranteed for one year. Investors can open this annuity with a minimum of $2,000 – and flexible additions to the annuity are allowed at any time. (The total maximum contribution amount is $500,000). This annuity also includes a terminal illness waiver whereby the annuity holder can access funds if he or she has been diagnosed with a qualifying terminal illness.

Each year, the annuity holder can also withdraw up to 10% of the contract value without penalty. There is a surrender charge incurred for any withdrawals over this amount during the first seven years. After that, the annuity holder may withdraw more.

How to Get the Best Premium Rates on Life Insurance Coverage Through Vantis

If you are in the market for life insurance to pay for burial costs or any other need, we can help. We are an independent life insurance brokerage, and we can provide you with all the information that you require on policies from Vantis Life Insurance Company, and other top insurers in the marketplace. When you are ready to check and compare policies and premium quotes, just simply fill out our quote form.

Should you still have any additional questions, please feel free to reach out to us directly and talk with one of our experts. We can be contacted toll-free by dialing 888-839-8676. Shopping for the right life insurance can make sense, as this is a product that could provide your loved ones with the peace of mind and the financial security that they deserve. So, contact us today – we’re here to help.