UPDATED: Nov 30, 2018
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OneAmerica was founded in 1877 by the Knights of Pythias, and renamed American Central Life Insurance Company in 1899. The Indianapolis-based insurance company became American United Life Insurance Company in 1957.
In the 1970s, the company began plans for a new tower to be built in Indianapolis, in which they moved into in 1982. The OneAmerica tower remains a landmark in the city and one of the tallest buildings in the nation.
In 2000 the company reorganized into a mutual holding company and created both American United Mutual Insurance Holding Company and OneAmerica Financial Partners Inc. Through acquisitions and mergers the company has continued to grow and remain a strong force in the life insurance and retirement planning industry.
Products are sold through financial planning professionals and agents across the nation.
OneAmerica offers life insurance, long-term care, annuities, disability, and other retirement and workplace benefits products. Some products are only available through employers, while others are offered only to individuals.
Whole life insurance, term life insurance, and universal life insurance products are all offered to individuals. The website does not offer much in the way of details on these products, rather giving basic overviews of the products and inviting visitors to contact an agent for more information.
Issue age for term life is between 18 and 80, with term lengths up to 30 years available. Term policies can be renewed or converted. Both whole and universal life policies offer lifetime coverage, with cash accumulation accounts and several rider options.
The website indicates that policy availability, as well as riders offered, will differ from state to state.
Both group life insurance and business life policies are issued to businesses, but little detail is offered on these products.
OneAmerica offers fixed annuities to individuals to provide tax-deferred, stable retirement income. The company does not offer variable annuities and does not give much detail regarding these investments.
OneAmerica doesn’t write separate long-term care policies but instead offers life insurance with long-term care as an added benefit. They also suggest annuities as a long-term care options.
This is offered only as an employer-sponsored benefit. Details are not offered on the product itself or what kind of coverage it provides. The website offers mainly the benefits to employers of providing this product to their employees.
There is a range of other employer and workplace benefits that are offered, with many as packages. OneAmerica also offers retirement services and assistance to employers as part of a benefits package to assist employees with preparing for retirement.
OneAmerica does not offer an online quoting option and directs customers to speak to an agent for quotes and policy information. As a highly agent-driven company, it is not surprising that online quoting is not available, although in today’s market it has come to be expected and is a real advantage for companies when recommending them.
It is likely that this company sees a lot of its business through employer-sponsored products as well as through agent referrals. The website is not geared towards assisting individuals who are comparison-shopping for coverage.
OneAmerica offers easy access to claims information on their website. There are separate toll-free phone numbers as well as fax numbers and email addresses for three different product areas. There is not an option to file a claim online, which is not unusual for this type of company due to the type of policy they offer.
A convenient FAQ section is available to explain the filing process. This is especially helpful for the beneficiary of a life insurance policy filing the claim after the insured person’s death. While some life insurance companies make this information difficult to obtain, OneAmerica is very transparent and upfront about the process.
Ratings and Consumer Reviews
OneAmerica has a Better Business Bureau (BBB) rating of A+ and there are currently 20 complaints on file in the past three years. Of those complaints, half were filed in the past year.
There are four negative reviews of OneAmerica on Yelp. These reviews have a common thread of problems with the website and customer service. Overall, the volume of complaints is not high nor is it concerning.
We were unable to find further reviews on the usual websites, and this is likely due to the fact that so much of this company’s business comes in through employer benefits, and complaints tend to go through HR departments.
The Bottom Line
With little information on OneAmerica’s products and rates, it is difficult to form a clear opinion. This is likely the sort of company people come to through an employer or a financial advisor recommendation, and may provide good products and service – however, we are unable to come to a strong conclusion.
For a list of companies that we recommend, visit our Best Insurance Companies page.