Best Life Insurance Companies

Amica life insurance review and ratings 2023

Amica, a multi-line company, is a well regarded insurer that has the lowest number of customer complaints among those ranked by Insure.com. The insurer comes in seventh place in our Best Life Insurance Companies ranking.

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Our take 

Almost 75% of Amica customers give it good marks for policy offerings and the company has the lowest number of complaints against it of all the life insurance companies Insure.com ranked.

The National Association of Insurance Commissioners compares insurers on how many complaints are filed with state regulators. If a company has a rate that is equal to its customer base, it receives a 1.0 score; if it has twice as many complaints as its share of the market, it gets a 2.0. Amica has a strong 0.17 score.

In Insure.com 2023 Best Life Insurance Companies, Amica ranked seventh with a 2.6 star rating out of five. Amica, a multi-line company, allows customers to bundle all of the basics of personal insurance – auto, home and life – in one place. 

Below is Insure.com’s review of the company. It’s based on third-party metrics and an in-depth survey of insurance customers. Find the full methodology here, including an explanation of our survey scores.

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Amica Ratings
Overall Rating: 2.6
Ease of service: 2.9
NAIC: 0.17
Customer Satisfaction: 3.4
AM Best Rating: A+

Pros and Cons

Pros:
  • A low number of customer complaints
  • Sells various insurance products, including auto and home
Cons:
  • Many competitors rank higher for ease of use

How Amica scores for customer satisfaction

Almost 70% of Amica life customers say they are satisfied or highly satisfied overall. However, a number of companies did better in this category, including State Farm, which did best here.

Insurance company Percent of customers that are satisfied
Amica 68%
State Farm 91%
New York Life 82%

How Amica scores on ease of service

When it came to ease of service, Amica landed in the second half of the companies we ranked. Customers of a few other companies said their insurer was easier to work with. State Farm did especially well here.

Insurance company Percent of respondents that are satisfied with ease of service
Amica 58%
State Farm 91%
Globe Life 77%

How Amica scores for policy offerings

This was one of Amica Life’s better categories, with 74% of customers satisfied with the company’s offerings. The company was still outranked by a few other life insurance companies in this category, including category winner State Farm.

Insurance company Percent of respondents satisfied with the company’s policy offerings
Amica 74%
State Farm 89%
AIG 77%

Do Amica customers plan to renew?

Of the Amica Life customers who responded, 84% said they would renew with the company. A few companies in this category had 100% of their customers saying they’ll renew.

Insurance company Percent of survey respondents who find the company best for renewing a policy
Amica 84%
Prudential 100%
Mutual of Omaha 100%

Amica life product details

  • Term Life
  • Whole Life

Other policies offered

  • Auto
  • Home
  • Umbrella
  • Condo
  • Renters
  • Marine
  • Motorcycle
  • Wedding & Event
  • Small Business
  • Retirement
  • Flood
  • RV & Trailer

States where Amica offers coverage

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Table
States where Amica offers coverage
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
Washington D.C.
West Virginia
Wisconsin
Wyoming
AL AK AZ AR CA CO CT DC DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY
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Company background

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Amica was founded in Providence, Rhode Island in 1907 as the Automobile Mutual Insurance Company of America. It’s the oldest mutual insurer of automobiles in the country. Amica Life insurance was incorporated in 1969, expanding the company into the life insurance industry.

With 3,700 employees, it’s a smaller company. Amica is a mutual company, which means it’s owned by its policyholders and not stockholders.

Resources & Methodology

Sources:

Amica. “All insurance products.” Accessed December 2022

Amica. “Life insurance products.” Accessed December 2022

J.D. Power. “Individual Life Insurance Study.” Accessed December 2022.

Methodology

Insure.com in the fall of 2022 surveyed more than 1,500 people with auto, home, life and health insurance (540 with life insurance). The survey was conducted by online market research company Slice MR. Respondents were asked to name their insurer and the editors then selected – based on the number of responses – the top companies for this year’s Best Life Insurance Companies ranking. Insure.com needed 20 or more of a company’s customers to respond to the survey for that insurer to be included in the ranking, although in some categories the editors did consider companies with 18 or 19 responses. 

Respondents were first asked to grade their insurer in the following categories – customer satisfaction, claims satisfaction and policy offerings. The percentage of respondents who said they were satisfied or very satisfied with their insurer is presented in the results.

Survey score calculation: Respondents were then asked to rank their insurer’s top three attributes out of more than a dozen presented – including customer satisfaction and policy offerings. For a number one choice, five points were given; for a second choice, three points; and for a third choice, a single point. The total points for each choice – first, second and third – were then divided by the number of each company’s customers who responded to that survey question to create a percentage. Those percentages are presented in the results as scores. 

Respondents were then asked if they would recommend their insurer to someone else. The percentage who said yes is presented in the results.

They also were given the statement “I trust my insurance company” and asked if they strongly agreed, agreed, disagreed or strongly disagreed with the statement. The percentage of those who said they agreed or strongly agreed is presented in the results.

The editors compiled the survey results and then collected National Association of Insurance Commissioners’ complaint data, which ranks a company by the number of customer complaints it receives, and AM Best data, which measures financial strength.

They also collected insurance rate data from Quadrant Information Services (for auto and home insurance), Compulife (for life insurance) and the public health marketplace (for health insurance).

With the help of Prof. David Marlett, Ph.D., managing director of the Brantley Risk and Insurance Center at Appalachian State University, the editors created a rating system to determine which insurance companies were best in each sector. For life insurers, we used the following weights to calculate the overall score for each company: 

  • AM Best: 25% of total score
  • NAIC: 15% of total score
  • Survey: 60% of total score (10% customer satisfaction, 10% recommended, 10% renewal rate, 10% ease of service, 10% trustworthiness and 10% policy offerings)

To find the industry average annual premium, insure.com weighed the rates from 9 companies: AAA, Farmers, Guardian Life, John Hancock, Lincoln Financial, MassMutual, New York Life, Northwestern Mutual and Transamerica. Rates are based on premiums for 35-year-old males and females who are non-smokers and in good health. Rates are for a 20-year-term policy that provides $500,000 in coverage. 

No insurer in our star ranking received less than 1 star and the highest possible ranking is 5 stars.

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