Assurity Life Insurance Company Review of 2018

  • 2018 Review of Assurity Life Insurance Company

Assurity Life Insurance Company Review of 2018

Assurity life insurance company is one of over two dozen top rated life insurance companies offered through Top Quote Life Insurance. We have put this review together to help assist our online visitors with information pertaining to both Assurity Life Insurance Company and the life insurance products they offer.

We hope you enjoy our review on Assurity Life Insurance Company and as always please be sure to reach out to us with any questions or assistance on getting great life insurance coverage.

Searching for the right life insurance policy can be quite a daunting task. Not only are there several life insurance companies to choose from, but also several different types of policies to choose from as well.

With life insurance being such an important purchase, how do you know which life insurance company or policy is going to be the best one?

One of the best ways will be with the help of an experienced life insurance agent. When dealing with a life insurance agent or agency, one of the best pieces of advice we can provide is to find out if they are independent.

An independent life insurance agent is generally contracted with several different life insurance providers and in most cases can provide you with several different options.

However, if you’re just in the early stages and just looking to do some research on your own, then second best way is just by doing some simple online searches of different life insurance carriers, just like you’re doing now.

Reviews such as this one can be very helpful in providing information about a life insurance company as well as detailed information on the different coverage options they can offer.

Assurity Life Insurance Company is one such company that receives many positive reviews and can offer a wider arrange of coverage options. Let’s take a look at what they can do for you.

 

About Assurity Life Insurance Company

Assurity Life Insurance Logo“Helping people through difficult times” is the insurance company’s motto which they have stood by since 1890.

Assurity actually began as the result of a merger of three large insurance companies based out of Lincoln, Nebraska.

These companies included:

  • Woodmen Accident and Life (Modern Woodmen Accident Association)
  • Security Financial Life (Security Mutual Life)
  • Lincoln Direct Life (The Royal Highlanders)

The merger of the three insurance companies finalized in 2007 forming Assurity Life Insurance Company.

Headquartered out of Lincoln, Nebraska, Assurity continues to be a top choice when it comes to life insurance coverage options. In addition to life insurance products Assurity also offers a wide range of supplemental coverage options such as, disability income, critical illness, accidental death, annuities and voluntary employee benefit coverage.

Assurity insurance products are available in 49 states, excluding New York. However, New York residents can still obtain Assurity insurance coverage through Assurity Life Insurance Company of New York, located in Albany, NY.

It is also worth noting that Assurity is a mutual insurance company. This means that the company is owned by its policyholders and not shareholders nor are they a publicly-traded stock. This is especially beneficial to policyholders who own a life insurance policy that have the ability to earn dividends since profits earned by the company are shared with their policyholders in the form of dividends.

In addition to being a mutual insurance company, they are also one of the first insurance companies to become a Certified B Corporation. This means that Assurity has met the highest standards of social and environmental performance, accountability and transparency.

 

Assurity Company Ratings & Highlights

While Assurity doesn’t have a rating with Fitch, Moody’s or Standard & Poor’s, you’ll find that they have been awarded with an A- rating from A.M. Best, who is the leading independent analyst within the insurance industry.

This grade ranks the insurance company as (excellent) making them a financially secure company with a stable outlook in their ability to pay out claims to their policyholders.

Along with an excellent A.M. Best rating, Assurity has also been an Accredited Business with the Better Business Bureau since 1992 and have a BBB rating of A+.

In addition to both a high A.M. Best rating and BBB rating, Assurity has several highlights that are most definitely worth mentioning.

Assurity Awards & Recognition

  • Certified LEED Gold Award
  • Tabitha’s Courageous Vison Award
  • Lincoln’s Best Places to Work Award
  • Top 10 United Way/Community Health Charities Supporters
  • Gallup’s Top 35 Great Workplace Award
  • Certified B Corporation

Assurity Company Highlights

  • 90% of customer service calls are answered with 30 seconds
  • Most policies are issued within 3.5 business days of application being submitted
  • Most claims are processed and paid within 10 business days

Assurity 2017 Financials

  • $2.6 billion in total assets
  • $17.2 Billion in inforce life insurance
  • $194 million in benefits paid to customers
  • $12.9 million in dividends paid out to customers

 

Assurity Online Website

If having online access to your life insurance policy is a concern you will not need to worry with Assurity. Recently, Assurity launched a brand new policyholder website that allows for policyholders to have access to information pertaining to their policy.

In addition, the online access will also allow for online payments and well as the ability to access several service forms if needed.

Policyholders will have the ability to create an online login once their policy has been activated with Assurity.

 

Assurity Life Insurance Policy Options

When it comes to choosing life insurance, Assurity offers more than a few different options. Below are the four main types of the available life insurance coverage options we will be discussing.

  • Term Life Insurance
  • Universal Life Insurance
  • Whole Life Insurance
  • Accidental Death Benefit Insurance

 

Assurity Term Life Insurance with Accelerated Underwriting

Assurity recently had some pretty big changes to their term life insurance portfolio as they discontinued both the LifeScape NonMed Term 350 as well as Term 350 Plus. In place of those two products Assurity introduced their new term life insurance with accelerated underwriting early this year. This coverage comes available in fixed premium contract lengths of 10, 15, 20 or 30 years.

What makes this coverage stand out from other traditional term life insurance coverage is that you may qualify without having to take a medical exam. Assurity uses an accelerated underwriting process that uses real-time public data in order to underwrite applications and provide a no exam approval if you qualify.

Applicants that do qualify under the accelerated underwriting program will often be approved instantly and have a policy issued in just a few days.

The entire application process is quite simple too. The application is completed and submitted electronically. From there, Assurity’s underwriting engine will gather publicly available data such as MVR, prescription history, MIB report and responses to the questions on the application to provide a decision.

This process is designed to provide really fast results and provide an underwriting decisions of either approved or referred to underwriting.

Numbers show that 50% of applicants will qualify for accelerated underwriting approval with Assurity.

For those that don’t qualify for Assurity’s accelerated underwriting should not worry, as you be given the opportunity to transition your application into a traditional full underwriting process that will require an exam.

The new Term Life with Accelerated Underwriting also offers much more than just fast underwriting. For example this coverage comes with a free living benefit that can advance a portion of the death benefit if diagnosed with either a terminal illness or are required to need permanent nursing home came.

You also have several optional policy riders that can be added such as the return or premium rider and critical illness benefit rider.

Lastly, when you purchase Assurity’s term life insurance coverage you have the option to convert it to permanent insurance if insurance needs become more permanent. This is known as a conversion privilege endorsement and comes free with the coverage.

Issue Ages:

10 Year – Ages 18-75
15 Year – Ages 18-70
20 Year – Ages 18-65
30 Year – Ages 18-55

Minimum Death Benefit:

$25,000

Maximum Death Benefit:

$10,000,000

Optional Policy Riders

  • Accelerated Benefits Rider (INCLUDED)
  • Disability Waiver of Premium Rider
  • Endowment Benefit Rider (ROP)
  • Other Insured Level Term Rider
  • Monthly Disability Income Rider
  • Accident-Only Disability Income Rider
  • Critical Illness Benefit Rider
  • Children’s Term Rider

Important Note on Accelerated Underwriting

Accelerated underwriting is available on coverage amount up to $500,000 for ages 18-50, and up to $350,000 for ages 51-65. If higher amounts of coverage are needed you will automatically be required to go through full underwriting.

 

Assurity LifeScape Universal Life Insurance

Assurity’s LifeScape UL is one form of permanent life insurance offered by Assurity. This type of life insurance coverage offer a flexible death benefit and premium option.

As with any universal life insurance policy, LifeScape UL can grow a tax-derred cash value within the policy. To do this, the coverage offers a guaranteed interest rate of 3%.

Along with ability to grow in cash values, there are also several optional policy riders that can be added to the life insurance coverage. Some of these riders include the Disability Income Rider as well as the Face Amount Increase Rider.

We will admit that we are not the biggest fan of current assumption universal life insurance. For clients looking for permanent protection we often recommend a guaranteed universal life which can guaranteed that your coverage and premium will never change.

The problem with Assurity’s universal life insurance is that there is no guarantee that you will not be required to increase your payment later in life, should insurance costs increase.

If your main insurance objective is permanent coverage and your not too concern about cash growth consider looking into a guaranteed universal life policy.

If permanent protection and potential cash growth is the insurance objective consider looking into either an indexed universal life policy or even a whole life insurance policy.

Issue Ages:

18-85

Minimum Death Benefit:

$25,000

Maximum Death Benefit:

$1,000,000+

Optional Policy Riders

  • Accelerated Benefit Riders (INCLUDED)
  • Accidental Death Rider
  • Accident Only Disability Income Rider
  • Children’s Term Rider
  • Critical Illness Rider
  • Disability Waiver Rider
  • Face Amount Increase Rider
  • Level Term Rider (10 & 20 Year)
  • Disability Income Rider

 

Assurity Whole Life Insurance

If you’re looking to purchase whole life insurance coverage then Assurity has you in covered in that department. In fact, Assurity offers four different whole life insurance coverage options that all differ from each other in one way or another.

Before we get into the four different types of whole life insurance coverage it’s important to understand what they have in common. Each whole life insurance coverage offered by Assurity can provide permanent life insurance protection as well as a guaranteed cash value growth.

Type of Assurity Whole Life Insurance

  • Whole Life Insurance
  • Joint Whole Life Insurance
  • Single Premium Whole Life Insurance
  • Simplified Whole Life Insurance

 

LifeScape Whole Life Insurance (Participating)

For those looking for a traditional whole life insurance policy Assurity can offer you it with their LifeScape Whole Life Insurance coverage. This coverage is considered participating whole life as it has the ability to receive potential dividends.

Assurity’s whole life insurance coverage offers three very important guarantees. The first guaranteed is that your premium will be locked in and will never increase with age. The second guarantee is that your death benefit will never decrease as long as your premiums are paid when due. The third guarantee is that your policy will grow in cash value.

Many of the same great policy riders that are offered with the other types of coverage can be purchased with the LifeScape Whole Life Insurance. One rider that stands out is the Exchange Privilege Rider that allows for the life insurance coverage to be exchanged to the life of another individual.

Assurity’s whole life insurance coverage is also available to children and can be an excellent alternative to Gerber’s juvenile plans.

Issue Ages:

0-85

Minimum Death Benefit:

$10,000

Maximum Death Benefit:

$1,000,000+

Dividend Options:

  • Paid-up Additions
  • Accumulate at Interest
  • Reduce Premiums/Cash
  • Reduce Premiums/Paid-up Additions
  • Paid in Cash

Optional Policy Riders

  • Accelerated Benefit Riders (INCLUDED)
  • Exchange Privilege Rider (INCLUDED)
  • Accident Only Disability Income Benefit Rider
  • Accidental Death Rider
  • Children’s Term Insurance Rider
  • Critical Illness Rider
  • Disability Waiver of Premium Benefit Rider
  • Level Term Rider (10 & 20 Year)
  • Monthly Disability Income Rider
  • Payor Benefit Rider
  • Protected Insurability Benefit Rider
  • Value Enhancement Rider

 

Assurity LifeScape Joint Whole Life Insurance (Participating)

This type of whole life insurance coverage offers all the same guaranteed benefits of a traditional coverage, but insures two lives on one policy.

For married couples that are interested in whole life insurance coverage, a joint policy could save a large amount in premium costs instead of owning two individual policies.

If one of the spouses passes away, the surviving spouse would receive the full death benefit. The surviving spouse also has the option to purchase a new policy without having to provide evidence of insurability, as long as they are below the age of 74.

If both spouses pass away at the same time, two death benefits will be paid out.

Issue Ages:

0-85

Minimum Death Benefit:

$10,000

Maximum Death Benefit:

$1,000,000+

Dividend Options:

  • Paid-up Additions
  • Accumulate at Interest
  • Reduce Premiums/Cash
  • Reduce Premiums/Paid-up Additions
  • Paid in Cash

Optional Policy Riders

  • Accelerated Benefit Riders (INCLUDED)
  • Joint Level Term Rider
  • Joint Protected Insurability Rider
  • Joint Paid-Up Additions Rider
  • Children’s Term Rider
  • Join Disability Waiver of Premium Rider

 

Assurity LifeScape Single Premium Whole Life Insurance

Looking to pay for your life insurance coverage in one shot? Assurity can offer this option with their Single Premium Whole Life Insurance coverage.

There are several advantages when considering a single pay option…

  • No need to worry about making routine payments
  • Quick increase in estate value
  • Tax-deferred cash growth
  • Potential dividends can increase cash growth or be used toward purchasing additional coverage
  • Access to cash to supplement retirement income or potential emergencies
  • All around effective estate planning tool
  • Potential for long-term financial growth

Issue Ages:

0-80

Minimum Death Benefit:

$5,000

Maximum Death Benefit:

$1,000,000+

Dividend Options:

  • Paid-up Additions
  • Accumulate at Interest
  • Reduce Premiums/Cash
  • Reduce Premiums/Paid-up Additions
  • Paid in Cash

Optional Policy Riders

  • Accelerated Benefit Riders (INCLUDED)
  • Single Premium Insurance Rider (INCLUDED)

 

Assurity LifeScape Simplified Whole Life Insurance

This whole life insurance coverage is designed with seniors in mind. This whole life insurance coverage requires no medical exam and is available in three different death benefit options that are based on an applicants underwriting qualifications.

The life insurance coverage is limited to a maximum death benefit of $50,000 making it a great option for applicants who do not require a large amount of coverage. Most people who purchase Assurity’s Simplified Whole Life Insurance are in their senior years and are looking for enough coverage to cover any small final expenses.

This coverage does provide a fixed premium and cash value growth but is not eligible to receive dividends as it is considered non-participating whole life.

As previously mentioned, this coverage comes in three different death benefit types.

Level Death Benefit: This plan pays out 100% of the policy death benefit starting day one. Applicants ages 0-65 can apply for up to $50,000 of coverage. Applicant ages 66-80 can apply for up to $25,000 of coverage.

Graded Death Benefit: This plan has a reduced death benefit for the first two years. If death occurs in policy year one, 40% of the death benefit will be paid out. If death occurs in year two, 75% of the death benefit will be paid out. If death occurs in policy year three and onward, 100% of the death benefit will be paid out.

  • Ages 40-65 can apply for up to $35,000
  • Ages 66-80 can apply for up to $25,000

Modified Death Benefit: This plan also has a reduced death benefit for the first two years. If death occurs in policy year one, the death benefit will be 110% of premiums refunded to the beneficiary. If death occurs in year two, the death benefit will be 220% of the premiums refunded to the beneficiary. Starting year three and onward the full death benefit will be paid out.

  • Ages 40-80 can apply for up to $25,000

 

Assurity LifeScape Acci-Flex Accidental Death Benefit Insurance and Disability Rider

Assurity’s Acci-Flex combines both accidental death insurance along with a disability income rider. The accidental death portion provides a death benefit up to $350,000 to your beneficiary if your death is due to a result of an accident.

The disability income rider can provided a monthly benefit of up to $1,800 due to an accident that has left you totally disabled and unable to work.

This coverage does not require and medical exam to apply and can be issued within the same day of applying. The application is very simple and consists of only one health question.

A bonus feature that can be added to the coverage is the return of premium option that will refund a percentage of premiums paid for the coverage should you turn age 75, cancel or lapse the policy.

Issue Ages:

18-60

Minimum Benefit Amount:

$50,000

Maximum Benefit Amount:

$350,000

 

Other Assurity Insurance Products

Besides life insurance, Assurity also offers other products that can help you get through tough times due to an injury or severe illness. These insurance products include:

  • Disability Income
  • Critical Illness

 

Assurity Balance Disability Income

If you are unable to work and earn an income due to a disability, this insurance coverage will provide you with a monthly income amount to help keep you and your family stable.

Whether this is a temporary disability or illness or you’ll be out of work for a while, this policy goes into effect almost immediately so you can rest assured that you and your family will have the means necessary to survive until you can get back on your feet.

Assurity offers a large selection of Disability Income options geared for both personal coverage as well as business coverage.

Assurity Disability Income Plans

Century + Individual Income (IDI): This plan pays out a monthly benefit due to a disabling illness or injury resulting in a loss of income.

Simplified Disability Income: This plan is underwritten through simplified underwriting guidelines with a short application.

Graded Benefit Disability Income (GBDI): This plan provides coverage to applicants that may not have qualified under traditional disability income plan due to health reasons.

Business Overhead Expense Disability Income (BOE): This plan is geared towards businesses as it reimburses a monthly amount of business expenses to help keep the business running.

*For additional information on Assurity Disability Income plans be sure to call or send us message.

 

Assurity Balance Critical Illness Coverage

Assurity’s Critical Illness coverage comes available in two different plan types. Each plan can provide a lump sum cash benefit to help pay for cost due to a qualifying critical illness.

The money received from a critical illness policy is yours to use how you see fit. There are no limits on how you use the money, but can be useful in helping with payments towards your mortgage, monthly bills, medical debts or again, however you see fit.

Unlike some of the other Critical Illness plans that are available, Assurity’s coverage can pay more than once. This coverage lumps specified illnesses into categories.

These categories include:

  • Category 1 (Cancer)
  • Category 2 (Heart and Stroke)
  • Category 3 (Other Illnesses / Procedures)

Within each category is a list of specified critical illnesses that will qualify for a benefit payout should an illness occur.

Fully Underwritten Plan

  • Issue Ages: 18-64
  • Benefit Amounts: $50,000 – $500,000

Simplified Issue Plan

  • Issue Ages: 18-64
  • Benefit Amounts: $5,000 – $50,000

*The Simplified Issue Plan does not offer as many qualifying illnesses as the Fully Underwritten Plan.

 

Final Thoughts on Assurity Life Insurance Company

As you can probably tell Assurity has a very large selection of life insurance products making them a very good choice for life insurance coverage.

However, we cannot stress enough that you should always speak with an experienced life insurance agent when you are ready to buy.

Working with an agent, especially an independent agent or agency such as Top Quote Life Insurance can make sure that your getting the best coverage at the best rates based on your insurance needs.

We hoped you enjoyed our review on Assurity Life Insurance Company and please be sure to reach out to us with any questions or assistance on obtaining affordable life insurance coverage.

2018-08-23T16:29:44+00:00

About the Author:

Jeffrey Manola is the owner and an experienced life insurance agent at Top Quote Life Insurance. His goal is to provide online consumers with the absolute top quotes for all term life insurance, permanent life insurance and no medical exam life insurance. Not only does he strive to provide you with the best premium for your life insurance coverage, he also wants you to be well informed about life insurance coverage options and its importance. Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency we want to help you save money, protect your future, and earn your trust (888) 777-7574.