Vantis Life Insurance Review & Complaints: Life Insurance (2024)

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The Vantis Life Insurance Company was founded more than 75 years ago and focuses on basic life insurance and annuities. Vantis Life is a part of Penn Mutual and operate through agents across the country.

What is Vantis Life?

Vantis Life Insurance Company was founded in 1942 under the name Savings Bank Life Insurance Company (SBLI). The Windsor, Connecticut-based insurance company went through a restructuring in 2002 and took on its new name. In 2016, Penn Mutual Life Insurance Company acquired Vantis Life, which now operates as a wholly-owned subsidiary and part of the Penn Mutual family of companies, a trusted name in the insurance industry.

Vantis Life focuses on affordable life insurance options, particularly term life insurance and whole life insurance including simplified issue life insurance and final expense insurance policies. They also offer annuity options for retirement savings. Vantis Life’s products are available through independent licensed agents Penn Mutual across the country.

Read more:

• What is a simplified issue life insurance policy?
• Penn Mutual Life Insurance Review & Complaints: Life Insurance

What Vantis Life products are offered?

There are a variety of products available from the Vantis Life Insurance Company that offer some options without over-complicating things. These products are aimed at budget-minded customers; this company excels in providing individuals and families with life insurance that looking to get basic coverage quickly. This commitment to ease is one of the things that sets this provider apart within the life insurance industry.

Life Insurance Products

There are both term and whole life products available, coverage options that are typical to any life insurance provider.

Velocity Term is a basic, affordable term life insurance policy. Term lengths range from 10 to 30 years and increase in five-year increments. The policies can be converted to permanent insurance as long as it is done so in the appropriate period of time, up to age 65, as long as the insured qualifies. Although they promise fast issuing of policies, this product does require health information as part of the underwriting process but does not require a physical exam. A disability waiver of premium rider can be added.

Velocity ROP is a return of premium term life policy. This means that premiums paid into the policy are returned at the end of the term – as a result, premiums for this policy will be higher. This policy is available in 20, 25, or 30-year terms and the disability waiver of premium option is also available.

Read more: Understanding Return of Premium Life Insurance

Guaranteed Golden is a final expense whole life policy option that is available to those between the ages of 50 and 80. This plan has no medical exam requirement and offers death benefits of up to $20,000. Instead of having a set term period, this policy remains in effect until the customer passes away; this is a level premium policy.

There are two other types of whole life policies for those looking for permanent coverage. These policy options include EstateWise Platinum, which is a single premium whole life policy that provides tax-free estate transfer. The plan includes options for accelerated benefits and a charitable giving rider as well.

Finally, Vantis Life Insurance Co. offers a basic whole life product that includes the option of Whole Life Plus, a plan that offers annual dividends. Issue age and death benefit coverage amounts are not listed for this life product.

Annuities

Three annuity products are offered under the FreedomSaver product name. Each of these products offers different investment choices and different rate guarantees. All of the plans are multi-year guaranteed rates.

Does Vantis Life Insurance offer competitive rates?

Unfortunately, Vantis Life does not have an online quote tool. The “Get a Quote” button instead sends the website visitor to a form that can be filled out to request contact from an agent to discuss an insurance quote. A toll-free customer service phone number is also offered to get rate information.

While it is not uncommon for agent-driven companies in the life insurance industry to operate in this way, it may turn away those that prefer comparison shopping online without being added to an insurance solicitation list.

How are Vantis Life Insurance claims handled?

Claims information is only listed in the FAQ section of the website, where a toll-free number is provided for filing claims. The forms section of the website does not include life insurance forms; they will be sent out to you after calling to file the claim.

Information on the claims process is very limited, with no detail in terms of what is required to file. Similar to those seeking an insurance quote, beneficiaries will need to call the customer service phone line for instructions.

Ease of Filing a Claim

Vantis Life Insurance offers a streamlined claims process, providing customers with multiple convenient options to file a claim. Policyholders can easily file a claim online through the company’s website, over the phone by contacting their customer service, or by utilizing their mobile app.

These diverse channels make it accessible for customers to initiate a claim in a manner that suits their preferences and convenience.

Average Claim Processing Time

The average claim processing time at Vantis Life Insurance is designed to be efficient and prompt. The company is committed to processing claims as swiftly as possible, ensuring that beneficiaries receive the necessary support during challenging times.

The exact processing time may vary based on the complexity and nature of the claim, but Vantis Life Insurance strives to handle claims expeditiously to provide timely assistance to policyholders and their families.

Customer Feedback on Claim Resolutions and Payouts

Vantis Life Insurance places great emphasis on customer satisfaction and seeks feedback from policyholders regarding claim resolutions and payouts. The company values transparency and aims to maintain an open line of communication with customers throughout the claims process.

Customer feedback is carefully analyzed to identify areas of improvement, ensuring that the claims process meets the expectations of policyholders and leads to satisfactory outcomes.

Mobile App Features and Functionality

Vantis Life Insurance offers a comprehensive mobile app equipped with a range of features designed to enhance the overall customer experience. The app provides policyholders with the ability to access their policies, view policy details, pay premiums, and even initiate claims.

Additionally, users can receive notifications and alerts related to their policies, helping them stay informed about important updates and deadlines.

Online Account Management Capabilities

Vantis Life Insurance offers robust online account management capabilities, allowing policyholders to efficiently manage their policies from the comfort of their homes. Through the company’s online portal, users can access policy information, update personal details, review payment history, and track the status of claims.

This online platform provides a user-friendly interface that simplifies policy management and enhances customer control over their insurance affairs.

Digital Tools and Resources

In line with modern technological advancements, Vantis Life Insurance provides various digital tools and resources to assist policyholders in making informed decisions. These tools may include online calculators to estimate coverage needs, educational materials to enhance insurance knowledge, and FAQs to address common inquiries.

By leveraging digital tools and resources, Vantis Life Insurance aims to empower policyholders with the information and guidance needed to navigate the complexities of insurance effectively.

Are the ratings and consumer reviews positive?

Vantis Life has been Better Business Bureau (BBB) accredited since 2017 and has an A+ rating with no customer complaints about its insurance coverage on file in the past three years. There is a single negative review on the BBB file, describing problems with annuity payments.

We were unable to find any of Vantis Life’s customer service reviews on any of the other usual sites. For an insurance company, a lack of reviews usually means good things, since people are far more likely to leave a customer complaint than a glowing review.

What’s the bottom line?

Vantis Life Insurance has some good basic policies and a good reputation in the life insurance industry, although without rates we cannot judge just how much value their plans offer. It is a little frustrating that the website is not a solid online resource, and there is no way to get an insurance quote without calling, putting them a little bit behind other modern carriers. With that said, we found no red flags for them, and they are likely worth getting a quote for those who do not mind contacting an agent to compare rates.