Assurity Life Insurance Review 2021
Assurity Life Insurance was born in 2005 as the result of a three-way merger between Woodmen Accident and Life, Security Financial, and Lincoln Direct Life. Despite being relatively new, the company offers a solid array of term, whole, and supplemental life insurance policies, as well as offering policies for the workplace.
Applicants can receive introductory quotes through the company’s website, though bear in mind that these rates are not locked in unless you meet with one of their agents.
|Assurity Life Insurance Company Details|
|A.M Best Rating||A-(Excellent)|
|Customer Service Phone||800-869-0355|
|Address||Assurity Life Insurance Company|
2000 Qa Street (68503) P.O. Box 82533
Lincoln, NE 68501-2533
What we like
In addition to the standard term, whole, and universal policies, Assurity also offers accident and disability insurance policies.
No Medical Exam Required for Select Policies
Term life policies are available with no medical exam.
Commitment to the Community
Assurity has made a commitment to serving the community and even allows employees to take time off for charitable events.
What we don’t like
Assurity is a bit newer to the industry, which means that customers can’t rely on a long track record as compared to their competitors.
Less Affordable Options for Older Applicants
Assurity’s options start to narrow after age 50, and older applicants may find fewer affordable options.
No Online Approval
While their website offers preliminary quotes, applicants will need to meet personally with an agent to lock in their rates and obtain coverage.
|Term Life Details|
|Length of Coverage||10, 15, 20, and 30-year periods|
|Maximum Coverage:||$10 million|
|Estimated Time to Approval:||Immediate (with accelerated underwriting)|
Assurity offers term life insurance policies to applicants between the ages of 18 and 65. Coverage ranges from $25,000 to $10 million and is offered in terms of 10, 20, or 30 years. Coverage is level-term, so customers can expect their death benefit as well as their monthly premium to remain constant throughout their term.
The policy has a conversion option, so policyholders can convert to a permanent policy at any point during their term.
No Medical Exam Option
Accelerated underwriting is also available, which eliminates the need for a medical exam, but eligibility varies by both age as well as overall health. These accelerated policies are also capped at $500,000 for applicants between the ages of 18 and 50, and capped at $350,000 for applicants over 50.
Whole Life Insurance
Whole life insurance offers customers a guaranteed death benefit, as well as a guaranteed rate for cash value accumulation. Policyholders have the option to pay for their policy in a lump-sum payment, over a lifetime, or through a predefined payment plan.
Final Expense Insurance
Assurity doesn’t list a separate category for final expense insurance, but they do offer simplified whole life plans that could be used for final expense insurance for elderly applicants.
Universal Life Insurance
Assurity offers universal policies, which provide flexible premium options and the choice of a level, increasing, or decreasing death benefit. A single-pay option is also available. Policyholders can also borrow from the policy’s cash value and apply this to the premium payments.
Accidental Death Insurance
Assurity offers Accidental Death and Dismemberment (AD&D) Coverage, which provides a cash benefit if the policyholder loses his or her life in an accident. The specificity of this plan means that policyholders can expect to pay lower monthly premiums and still enjoy a guarantee of benefits. This policy can also be purchased alongside other insurance policies.
Disability Income Insurance
If you are sick or otherwise unable to work, this policy ensures that you receive a monthly income.
Critical Illness Insurance
If you are diagnosed with a qualifying illness, you can receive a lump sum payment to cover medical expenses and other financial obligations.
Assurity offers many of these products to businesses and companies who wish to provide their employees life insurance options:
- Term, whole, or universal life insurance
- Hospital Indemnity Insurance
- Disability Income Insurance
- Critical Illness Insurance
- Accident Expense Insurance
Typically, insurance policies purchased through an employer can translate into lower monthly premiums as compared to purchasing a policy from the open market. The details, however, can vary by employer and by state regulation. Ask your employer or human resources department about workplace insurance plans.
Assurity’s Policy benefits
Assurity offers many riders that can be applied to its term and permanent policies. Common riders include:
- Accelerated Death Benefit – If you are diagnosed with a terminal illness, you may be able to use a portion of your death benefit to pay for medical bills and other end-of-life expenses.
- Children’s Term – Policyholders have the option of adding children to their policy. This tends to be more affordable than a separate child life insurance plan and provides for a small payout in the event of a child’s untimely death.
- Waiver of Premium – This rider waives your premiums for a predetermined length of time in the event that you are disabled. This ensures that your policy won’t be cancelled if you are unable to make your monthly payments.
In addition to these riders, Assurity also offers discounts to customers who meet the following conditions:
- Customers who do not use tobacco products
- Customers who do not practice dangerous hobbies (e.g. skydiving)
- Discounts are available to younger applicants
- Customers with healthy blood pressure
- Customers with a family history of good health
These discounts are applied at the time of issue and may be rescinded if and when the policyholder’s age, health, or lifestyle changes.
Higher Costs for Older Applicants
On the other hand, a 50-year-old man can expect to pay $57.00 for the same policy. Prices can also be expected to increase with health conditions and lifestyle factors.
No Online Approval
While applicants can receive preliminary online quotes through Assurity’s website, their policies are generally purchased through an agent, with the exception of their accelerated underwriting policies.
- A.M. Best: A-
- BBB: A+
The company also has a reputation for giving back. In addition to assisting with events such as blood drives and local charities, employees may receive time off for participating in community events.
Assurity is rated 5 out of 5 based on verified True Blue Life Insurance customers. Additionally, the company holds an A+ rating on BBB.
See what you qualify for by answering some health questions.