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Vantis Life Insurance Review

Vantis Life Insurance review

Vantis is a solid company that offers no exam life insurance for those who want coverage quick and easy. The products offered fit a certain niche, so we may recommend Vantis ot some of our clients who would most benefit form the company’s products. In the following review of Vantis, we will take a closer look at the company to help our readers determine if it is the best fit for them.

About Vantis Life Insurance

Vantis Life Insurance Company began its existence in 1942 as the Savings Bank Life Insurance Company, not to be confused with The Savings Bank Mutual Life insurance Company, SBLI .

Vantis, which is headquartered in Windsor, Connecticut, adopted its current name in 2002 and was acquired by industry stalwart Penn Mutual in 2016.

Penn Mutual

Now proudly proclaiming itself “a Penn Mutual Company,” Vantis focuses on simple, straightforward insurance policies and annuities intended for consumers who want low-maintenance financial products.

Simplified Issue

Among its offerings, Vantis places a particular emphasis on streamlined simplified-issue no exam life insurance policies.

Vantis also features a dedicated “final expense” policy, which provides lower-dollar, permanent coverage designed for insureds who would otherwise have difficulty qualifying for life insurance.

Charitable Giving

Vantis’s charitable giving has included sponsorships for training of service animals to assist visually impaired individuals, along with more standard giving to institutions like the United Way and University of Hartford.

Vantis Life Insurance Company markets its life insurance and annuity products through agents and brokers throughout the U.S., including some online brokers.

New York policies are issued through affiliated company Vantis Life Insurance Company of New York.

Online insurance shoppers can obtain a Vantis quote by completing a moderately detailed form on the company’s website, but policies can only be purchased through an agent.

Vantis Financial Ratings

A.M. Best: A+
S&P: NR
Moody’s: NR
Fitch: NR
Comdex Ranking: NR

While Vantis has only been rated by one of the major financial ratings services, the A+ score from A.M. Best is a very good sign.

By itself, Vantis is a relatively small carrier (by life insurance industry standards).  However, Vantis benefits from its relationship with Penn Mutual, one of the industry’s top rated life insurance carriers.

Penn Mutual reports nearly $37 billion in assets, which means Vantis has substantial financial strength behind it.

Vantis Consumer Ratings:

BBB

Vantis has been accredited by the Better Business Bureau since 2017 and currently holds an A+ rating from BBB.  The high rating suggests that Vantis is generally responsive to consumer complaints lodged with BBB.  There are too few consumer reviews on BBB’s website to provide any meaningful information about Vantis’ customer service.

JD Power

Vantis was not included in JD Power’s life insurance studies for 2019 or 2020.  Parent company Penn Mutual finished in the lower half of carriers included in the 2019 study.

However, Vantis and Penn Mutual operate separately, so you can’t fairly judge Vantis based on its parent company’s score.

Trustpilot

On another consumer ratings site, Trustpilot, Vantis shows very well—averaging over four out of five stars based on more than 100 reviews.

What Products Does Vantis Offer?

Vantis’s business model is to make purchasing and maintaining life insurance simple and unconfusing.  In that regard, the company limits its available policies to three straight-forward options.

Term and Whole Life

Consumers can purchase an ordinary level-term or whole life policy, and there is also a whole life policy designed as final-expense coverage.

Vantis does not currently offer any universal life, indexed, variable, annually renewable term, or hybrid policies for long-term care coverage.

Fixed Annuities

Aside from the three life insurance options, Vantis offers fixed annuities designed for retirement planning.

Vantis is not currently offering any financial products or services other than life insurance and annuities.

Life Insurance from Vantis:

Term Life Insurance from Vantis:

Vantis calls its simplified-issue level-term policy “Velocity,” presumably due to the shortened application process.  Coverage starts at $50,000 and goes as high as $2 million.

Term lengths of 10, 15, 20, 25, and 30 years are available, though older applicants can’t get the longer terms.

Most applicants are able to qualify for a Velocity term policy without a medical exam.  Instead, underwriting is based on a medical history review and health questionnaire.

As a result, eligible new insureds generally receive a coverage decision without much delay, and policies are issued more quickly than fully underwritten policies.

Terminal Illness Rider

The Velocity term policy comes with a terminal illness rider allowing acceleration of policy benefits if the insured is diagnosed with less than 12 months to live.

Convertible

Term policies also include a conversion option that gives the policyholder the right to convert the term coverage to whole life up to age 65.

Disability Rider

A disability rider waiving premiums if the insured becomes totally disabled is available for an additional cost.

Whole Life Insurance from Vantis:

Like most  whole life insurance coverage, Vantis’s standard whole life policy comes with a guaranteed-for-life death benefit, level premiums, and cash-value accumulation.

Simplified Issue

Like Vantis’s term policy, the application process is streamlined and usually doesn’t require a medical exam.

Coverage of up to $1 million is available, and policies come with a built-in Chronic, Critical, and Terminal Illness Rider that allows acceleration of policy benefits in the event of a qualifying medical diagnosis.

Optional riders available for a higher premium include

  • 20-Year Term Rider: adds supplemental term coverage lasting for 20 years after the policy is issued (a return-of-premium version is also available);
  • Guaranteed Insurability Rider: allows the policyholder to purchase additional coverage upon specified events without additional underwriting;
  • Spouse Term Rider: extends term coverage to the insured’s spouse for 20 years;
  • Children’s Term Rider: extends term coverage to the insured’s children;
  • Disability Waiver of Premium.

Final Expense Insurance from Vantis:

“Guaranteed Golden,” a final expense life insurance policy, is one of the featured products offered by Vantis.

The burial insurance policy’s basic structure is like other whole life policies, but it is specifically designed for older applicants looking for coverage for end-of-life expenses like funeral and burial costs.

Available death-benefit amounts range from $5,000 to $20,000. And new insureds between ages 50 and 80 can apply for Guaranteed Golden.

Guaranteed Acceptance

The policy is guaranteed issue life insurance, which means that there is no medical exam or health history review.

The only limitations are that new insureds cannot be currently suffering from dementia or living in a hospital or skilled-nursing facility, and applications can’t be submitted via power of attorney or court-appointed guardian.

Otherwise, anyone within the appropriate age range and able to pay the premiums is eligible.

Waiting Period

Like other guaranteed-acceptance policies, Guaranteed Golden includes an initial waiting period after a policy is issued.

If the insured dies within two years, the policy’s payout is limited to a return of all premiums paid to date.

However, if death results from a qualifying “accident,” the full death benefit is distributed.

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