Assurity Life Insurance Company Review
In this article, we will review Assurity Life Insurance Company, it’s insurance products and address the positives and negatives if any. My primary goal is to help you find the best life insurance policy that fits your needs. Here we go:
Assurity Life Insurance Company Contact Info
- Home Office: Lincoln, Nebraska
- Customer Service: 800-869-0355
- A.M. Best Rating: A- (Excellent)
Assurity Life Insurance Company has been doing business since 1890. They are dedicated to protecting the financial security of their policyholders.
Assurity Life Insurance Company proudly boasts an A-rating (Excellent) from A.M. Best Company, which is only given to companies that present an excellent ability to meet future insurance obligations. There is no wonder Assurity Life is on our list for best no medical exam life insurance companies.
In 2017 alone, Assurity Life paid out $69.3 million in death benefits to loved ones. They also paid $124.7 million in living benefits claims and $12.9 million in dividends.
Assurity Life is a mutual company, which means that they answer to policyholders and not stockholders. They are also a B Corporation, meaning they meet higher standards for there social and environmental mission. They display focus on the needs and interests of its workers, their community, and its policyholders.
Their motto is “to help people through difficult times.”
Assurity offers a variety of insurance products.
Products offered by Assurity Life Insurance
Disability Insurance
- These policies provide a monthly income if you are disabled due to illness or injury.
Critical Illness
- Provides a lump sum of money when diagnosed with a serious or critical illness.
Acci-Flex (Accidental Death)
- Pays a benefit if death is by an accident.
Annuities
- Single Premium Immediate
- Encore
- Plus One
Life Insurance
This article will concentrate on Assurity’s life insurance products since this is probably how you found us in the first place. If you have any questions or need information on Assurity’s disability income policy or critical illness policy please contact us.
Assurity Life Insurance Products Explained
Assurity Life offers term, whole, and universal life insurance policies. You should fully understand the differences between the 3 before making a decision.
Term life insurance has a duration for a selected number of years, usually 10-30. Once you reach the end of the term period, most policies are renewed annually, but are usually too expensive to keep. Term life is great when you need coverage for a specific time frame to cover financial obligations such as income replacement, business loans, or a mortgage.
Whole life and universal life insurance are both permanent products that build cash value and last the lifetime of the insured. Permanent life insurance is good way to protect long term obligations such as estate planning using a trust, key person business insurance, or burial insurance.
Assurity Term Life Insurance Highlights
- Level term periods of 10, 15, 20, or 30 years
- Issue Ages:
- 18-75: 10 year term
- 18-70: 15 year term
- 18-65: 20 year term
- 18-55: 30 year term (Non-Tobacco)
- 18-50: 30 year term (Tobacco)
- Face Amounts: $25K to $10 million
- Guaranteed Renewable to Age 95
- Accelerated Benefits Rider at No-Cost
- Convertible to Assurity’s whole or universal life insurance
Assurity Term Life Insurance Riders
- Disability Income
- Accident Only Disability
- Endowment Benefit Rider (Return of Premium)
- Critical Illness
- Child Rider
- Spousal Term Rider
Assurity Life offers an accelerated underwriting program which allows consumers to bypass a paramedical exam if they qualify. This is their no exam life insurance policy. This is a less invasive approach and over 50% who apply are approved instantly.
Age and Benefit Requirements
- Age 18-50: No medical exam up to $500,000 unless requested from underwriting
- Age 51-65: No medical exam up to $350,000 unless requested from underwriting
Assurity Life Sample Term Rates
Male Monthly Rates: Standard Non-Tobacco
Female Monthly Rates: Standard Non-Tobacco
Assurity Life Permanent Insurance
Assurity Life has 4 permanent life insurance products that they offer.
They are:
LifeScape Whole Life Insurance
A level benefit, participating whole life insurance policy with guaranteed premiums to age 121. A participating whole life insurance policy earns a guaranteed cash value but also a dividend based on the companies yearly financials.
- Issue Ages: 0-85
- Accelerated Benefits Rider (Living Benefits) at no charge
- Exchange Privilege Rider at no charge
Additional Riders (Extra Cost)
- Accident Only Disability Income
- Accidental Death Benefit
- Children’s Term Rider
- Critical Illness Benefit
- Waiver of Premium
- Spousal Term Insurance
- Monthly Disability Income
- Protected Insurability Benefit
- Payor Benefit Rider
- Value Enhancement Rider
LifeScape Joint First-to-Die Whole Life
The LifeScape Joint First-to-Die Whole Life is a participating joint whole life policy with guaranteed premiums and level benefit to age 121. The death benefit is paid out on the first insureds death and should both insureds die within 24 hours, the benefit will be paid for each insured.
- Issue Ages: 0-85
- Accelerated Benefits Rider at no extra charge
- Survivor Benefits: This means upon the death of a joint insured, the survivors coverage will last for 90 days if they are 75 years old or less. During this 90 days, the remaining spouse may purchase a new permanent policy with having to provide evidence of insurability.
Additional Riders (Extra Cost)
- Children’s Term
- Joint Waiver of Premium
- Joint Level Term
- Joint Paid-Up Additions
- Joint Protected Insurability
LifeScape Single Premium Whole Life
A single premium participating whole life policy with a level death benefit to age 121. The single premium payment, assuming no loans, guarantees the policy will stay in force to age 121.
- Issue Ages: 0-80
- Accelerated Benefits Rider at no extra charge
Additional Riders (Extra Cost)
- Single Premium Insurance Rider
LifeScape Universal Life Insurance
Assurity Life’s universal life is a flexible premium, current assumption life policy with an adjustable death benefit to age 121. Sometimes referred to as adjustable life insurance.
- Issue Ages: 0-85
- No Lapse Guarantee Period of 5 years (as long as premiums are paid)
- Guaranteed Interest of 3%
- Accelerated Benefits Rider at no extra charge
Additional Riders (Extra Cost)
- Accident Only Disability Income
- Accidental Death Benefit
- Children’s Term Rider
- Critical Illness Benefit
- Waiver of Premium
- Spousal Term Insurance
- Monthly Disability Income
- Face Amount Increase Rider
LifeScape Acci-Flex Accidental Death Benefit
This is a level benefit, level premium accidental death benefit policy to maturity at age 75.
- Issue Ages: 18-60
- Renewable to age 75
Additional Riders (Extra Cost)
- Accident Only Disability Income
- Waiver of Premium
- Return of Premium
Final Thoughts
Assurity Life Insurance Company is great company to have your policy with. They have strong financial ratings and some of the most competitive term rates around. If you have any questions or comments please don’t hesitate to give us a call.
Frequently Asked Questions
Is Assurity Life a good company?
Assurity Life Insurance Company has been doing business since 1890. They are dedicated to protecting the financial security of their policyholders. They boast an A.M. Best Rating of A- (Excellent).
What are Assurity Life's no exam term life guidelines?
Assurity Life offers an accelerated underwriting program which allows consumers to bypass a paramedical exam if they qualify. This is their no exam life insurance policy. This is a less invasive approach and over 50% who apply are approved instantly.
Age and Benefit Requirements:
-Age 18-50: No medical exam up to $500,000 unless requested from underwriting
-Age 51-65: No medical exam up to $350,000 unless requested from underwriting
What type of products does Assurity Life offer?
Assurity Life offers a variety of insurance products. They have term life, universal life, whole life, accidental death insurance, critical illness, and disability insurance.
