OneAmerica Insurance Company at a Glance
- Founded in 1877
- Specializes in life insurance
- Offers coverage for individuals and employees
- Offers retirement planning services
- Also offers annuities
- A top-rated US life insurance company
- “A+” (superior) rating by A.M. Best
- “A+” (excellent) rating by Better Business Bureau (BBB)
- Online claims reporting
OneAmerica pros: More than 140 years’ worth of experience in the insurance industry. Extremely high ratings through A.M. Best and the BBB. Offers life insurance for individuals and employees, as well as other financial and retirement planning solutions. Offers online claims reporting.
OneAmerica cons: Several complaints filed against the carrier through the BBB. Virtually all customer feedback is negative. Limited coverage options.
What Type of Insurance Does OneAmerica Offer?
OneAmerica is a specialized insurance company, with a focus on life insurance. Their coverage offerings include:
- Whole life insurance
- Term life insurance
- Long-term care solutions
- Disability income insurance
- Retirement services
If you’re on the market for life insurance or annuities, OneAmerica may have just the type of product you’re looking for.
What to Know about OneAmerica
OneAmerica insurance company was founded in 1877, giving the carrier nearly a century and a half’s worth of experience in the insurance industry. The insurance company’s mission is to provide coverage for families and employees in need after the loss of a family member or an injury on the job. The carrier also provides retirement solutions, annuities, and long-term care insurance alternatives.
Today, OneAmerica is one of the nation’s top-rated life insurance companies, with an AA- from Standard & Poor's. As of 2019, the insurance company had more than $6 billion worth of insurance in force. The carrier also prides itself on a 93% customer retention rate. OneAmerica’s LinkedIn profile shows 1,875 employees on the social media platform for the insurance company. The carrier’s headquarters is located in Indianapolis, Indiana.
Thanks to its long-standing history, financial strength, and products offered for individuals and employees, OneAmerica has earned itself a reputation as a stable insurance provider with a positive outlook for the future. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives OneAmerica an “A+” rating, indicating the carrier is a superior choice for insurance customers. A high rating from A.M. Best assures customers that OneAmerica is capable of offering guaranteed, secure coverage from a financially sound carrier.
Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from A.M. Best indicate an insurance company’s financial strength and creditworthiness and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who aren’t as familiar with insurance companies’ respective reputations, A.M. Best’s ratings system allows them to make an informed decision about who they can trust to meet their needs in the short term and also to remain a strong, financially sound company in the long term.
What Discounts Does OneAmerica Offer?
While OneAmerica does not make information about their specific discounts readily available, most life insurance companies today offer several common discounts on comparable coverages. These discounts often include:
- Annual premium discount: Insurance companies often award discounts to customers who pay their premiums annually instead of monthly.
- Non-tobacco user discount: Life insurance companies tend to reward customers who do not use tobacco products with cheaper premiums.
- Young applicant discount: When signing up for life insurance, considerable discounts are often awarded to applicants who purchase coverage when they are younger, such as in their 20s or 30s.
- Safe hobbies discount: Life insurance companies often award customers who practice safe, non-life-threatening habits (e.g., no skydiving) with cheaper premiums.
- Healthy family history discount: Life insurance companies also reward applicants with healthy genetics or a good family health history.
Your independent insurance agent can help you find more information on exact discounts offered by OneAmerica and additional ways to save money through the insurance company, helping you to get the most bang out of your buck on coverage.
OneAmerica Customer Service
OneAmerica offers multiple ways to report claims. The carrier provides the following customer service options:
- Phone claims reporting
- Online claims reporting
- Fax contact option
- Main customer service and claims reporting hotline has the following hours restrictions:
|Monday-Friday||8 am - 6 pm|
The best way to ensure a smooth customer service experience is through working with an independent insurance agent. Independent insurance agents can help make customer service easier for you by handling claims and other concerns.
What is OneAmerica's average claim response time frame?
OneAmerica allows customers to file claims via phone, fax, or online. The official website promises customers a follow-up from a representative by the morning of the next business day after filing a claim. The carrier also states that claims are typically processed and resolved within five business days.
What is OneAmerica's customer service availability?
OneAmerica offers claims reporting through multiple mediums. The toll-free customer service phone line is available at restricted hours, Monday-Friday. The insurance company also has a social media presence on Facebook, LinkedIn, and Twitter, which makes them more accessible to customers.
What is OneAmerica's claims process?
OneAmerica provides phone, fax, and online claims filing options. The official website breaks down the carrier’s claims process in a few simple steps, as follows:
“1. If submitting a claim on-line, you’ll need to provide general information about the deceased, their death and the policy. Information needed includes:
- Policy Number/Contract Number
- Deceased's Name
- Date of Birth
- Date of Death
- Social Security Number
2. Service representatives are available from 8 a.m. to 5 p.m. ET, Monday-Friday at 1-800-833-5569 to assist you in completing the Life Insurance Claims Packet or the Deferred Annuity Claims Packet. You may leave a message after 5 p.m. ET and expect a return call by 10 a.m. ET the following business day.
3. The following items should be submitted with the completed Life Insurance Claims Packet or the Deferred Annuity Claims Packet:
- A certified death certificate
- The completed claim form
- Original policy/contract, if available
4. After receiving a claim, OneAmerica® will mail an acknowledgement letter to the beneficiary. The beneficiary will be advised in writing and by phone if additional claim requirements are needed. Our goal is to process your claim as quickly as possible after all required documents are received. This typically occurs within 5 business days.”
If customers have any further questions about the claims process or want to monitor the status of their claim, they can log into their online account, call the carrier, or contact their agent.
Does One America create a user-friendly experience for customers?
OneAmerica’s official website is highly intuitive and easy to navigate. Pages are fleshed out well enough to provide satisfactory information for customers. The carrier lists detailed information about their claims process, claims response time frame, and coverage options. The insurance company also has several customer service contact options and a strong social media presence. All in all, OneAmerica provides a very user-friendly experience for customers.
Does OneAmerica have good whole life insurance?
OneAmerica specializes in life insurance. Their whole life insurance policies come with the following perks:
- Level death benefits: As long as premiums are paid, the death benefit will not decrease.
- Level premiums: Premiums remain consistent throughout the life of a policy.
- Cash value growth: Policies provide guaranteed cash value growth every year.
- Tax benefits: Death benefit proceeds are often tax-exempt.
- Customization: Riders are available for customers to customize their policies to their liking.
- Dividends: Policyholders can earn dividends on their policies every year.
Your independent insurance agent can help you find out more about OneAmerica’s whole life insurance policies, as well as their other products and services available.
Is OneAmerica a good insurance company?
OneAmerica has been around for nearly a century and a half now. The carrier has received extremely high ratings through both A.M. Best and the BBB. However, the carrier has had several complaints filed against it through the BBB in the past three years. Further, the insurance company has dismal customer feedback across the board; there actually aren’t any positive customer reviews at all. Because of this, we’re hesitant to say that OneAmerica can be considered a good insurance company.
OneAmerica Customer Reviews
|Better Business Bureau|
|“They advertise on the website and give lip service that a 403B loan is 4BD from application. Then you find out in your greatest time of need that it is 2-3 weeks. I have a screen shot of their website to prove this fact and wish I could upload it. Be warned they will lie to get your service and then they won't act in your time of need. Companies who use them need to know what level of service you will get for your employees. HOW does this company have an A+?”|
|Better Business Bureau|
|“I am confused how this company can have an A+ rating and be so terrible... where do I begin? This company took three months to get me my funds, they spelled my name wrong, and the weekly calls to the company were responded with the same thing... "it's in processing" and "it will be another 3-5 days." I asked to speak to a manager... spoke to some guy named "Tim" who parroted the same verbiage and the next time I called and asked to speak to "Tim" the manager, I was informed there is no one named "Tim" and they don't have managers available. The receptionists on the phone are very nice, but you can hear background conversations where other representatives are claiming the same response... "3-5 days," and I realized these poor employees must be barraged daily... I apologized to the young woman and said it must be very hard to work for such a terrible company... and she started to cry. OneAmerica must be running short on funds... that would be the only explanation for the terrible service and numerous delays... so glad to be out of there.... Buyer beware.”|
|Better Business Bureau|
|“NO STARS. I submitted my 401K rollover form to OneAmerica on Nov. 21st and by JANUARY 7TH it still had not been processed even though I was told the form was in good order. The market dropped between Nov. 21st and Jan. 7th, so because they did not submit my rollover request in the time they said it would be completed, 7-10 business days plus a few more for a check to be sent, I lost money. What's even worse is I called 2 more times to check on the status and spoke to a supervisor. The supervisor could not tell us what the holdup was but said he would find out and call me back tomorrow, because it could not be fixed today. Unacceptable after how much time has passed.”|
|“Completely UNSATISFIED!!! So many different people telling me different things!!!! I also would like to give them zero stars but I can't. I have been trying to close this account out since November last year! One person tells me that all my paperwork is in order for the cancellation and then I call in today and get told that the completed form on file is completely blank with no signatures! They keep losing information sent to them and clearly do not know what is going on.”|
|“If you care about those who you designate as beneficiaries, do NOT employ this company to handle your funds. I don't have the time to list their failures but the final straw was having them give information to one beneficiary about the status of the filings of the others (and that one beneficiary is NOT the estate representative.) My initial impulse was to call them and complain but then I realized I had spent WAY too much time trying to communicate with their underpaid and untrained staff. They are a huge energy and time sink. Beware.”|
TrustedChoice.com's Final Review
We award OneAmerica Aid Association a final rating of 2 out of 5 stars. The insurance company has been around for more than 140 years now, which is both noteworthy and impressive for a carrier today. The carrier has also received excellent ratings through both A.M. Best and the BBB. OneAmerica offers life insurance coverage as well as annuities and other retirement solutions for individuals and employees alike. The carrier provides modern customer service options such as online claims filing. That being said, virtually all customer feedback about this insurance company is negative.
Bottom Line: We were all set to give OneAmerica our own high rating but then noticed that it was impossible to find any glowing customer reviews about the carrier at all. While good financial strength and high ratings through various organizations are important when considering an insurance company’s credibility, what we’re most concerned with is whether or not the carrier delivers on its promises to customers. From what we’ve seen with virtually every review of OneAmerica is that this company fails to hold up to its values and coverage promises. Customers report frustration with their policies and the carrier itself, and many of them state that they don’t understand how the insurance company has received such high ratings, such as through the BBB. So, if you’re in need of life insurance, annuities, or similar products, we say do your best to overlook the high ratings and work with your independent insurance agent to survey all of your other options for trusted carriers. Skip looking into OneAmerica if customer satisfaction and dependable coverage is important to you.
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