Are you a consumer who takes recommendations from friends and family before making important decisions about life insurance products?
Are you a consumer whose decisions get inspired by advertising on TV or social media?
Or are you the kind of consumer who takes full responsibility for doing the research and arrives at a decision by trusting your instincts?
If you are any of the above then don’t go any further. You are in the right place. We are going to tell you everything about Assurity Life Insurance that you may not even find on their website.
About Assurity Life Insurance Company
Assurity Life is a Mutual Insurance company. Now that’s an edge, since Mutual Insurance companies are owned by the policyholders and they don’t trade publicly.
The company’s key products for both individual and business are annuities and life insurance. In 2007, Woodmen Accident and Life, Lincoln Direct Life, and Security Financial Life merged and formed the Assurity Life Insurance company that we’re discussing today.
Assurity is the marketing name of Assurity Group and its subsidiary companies. The entire organization strives for the same mission statement: Helping People Through Difficult Times.
Assurity’s Financial Strength and Ratings
In terms of financial strength and rating, Assurity is an above-average organization as compared to other major national insurers. Since 2013 Assurity Life has been awarded A-(Excellent) and is reported to have a stable outlook by the renowned rating company A.M Best.
Policyholders are welcome to review the company’s Annual Financial Statements published by Assurity every year if they want to dig deeper into the company’s financials. The company maintains its reputation of providing an explicit social and environmental mission and was hence recognized as a Certified B Corporation in 2015. For details, you can learn more about this certification here.
Assurity’s Life Insurance Products
To meet the needs of its clients or future clients, Assurity Life offers several life insurance and annuity products.
Whole Life Insurance
You can purchase Assurity’s whole life products as Single-Premium, Fully Underwritten, and Simple-Issued.
All these products offer the traditional guarantees and benefits that consumers would consider in a permanent life insurance product like traditional whole life insurance.
Universal Life Insurance
The main attraction for consumers in Universal Life is its flexibility. Although permanent coverage is provided in the policy, the policyholder can still change it over a lifetime to accommodate life events. In case of the availability of sufficient cash value and to keep the policy in force, the premium payments can be increased or even skipped.
Policyholders can accommodate additional risks associated with life events by increasing the death benefit. Just like whole life insurance, this policy also builds accessible significant cash value.
Term Life Insurance
In the initial term of the policy, the guaranteed premiums are provided in Assurity’s term Insurance. The terms available in Term life Insurance are 10, 15, 20 and 30- years. At the end of the policy term, Assurity offers a renewal which consists of an annually renewable term with annually increasing rates.
You also have an option of conversion which means you can convert your term policy before it expires to Assurity’s permanent products without having to go through the medical underwriting once again and earn a conversion premium credit against the premium of the new permanent policy.
With Assurity’s term product you don’t have to worry about expenses caused by a critical illness once the policy has started due to Accelerated Benefit Rider provided as part of the core coverage rather than as a rider. This means the insurer will advance a large percentage of the face amount and then the advance will be deducted from the policy’s death benefit.
Assurity also provides six other riders for an additional premium.
The Waiver of Premium Rider provides for the company to waive monthly premiums in the event the insured becomes disabled and cannot work.
When you need a mortgage protection plan, the Monthly Disability Income rider can be added to the policy to help pay for the monthly expenses if the named insured were to become disabled.
If you want to provide life insurance coverage for your entire family in one policy, the Other Insured Rider can handle that at very affordable prices.
The underwriting classes available are Preferred Plus Non-Tobacco, Preferred Non-Tobacco, and Standard Non-Tobacco. In all of these classes use of tobacco or nicotine-based products or substitutes like chewing tobacco, dip, e-cigarettes, or tobacco patches or lozenges is prohibited.
Assurity’s Life Insurance Rates
Assurity Life does a great job competing with other highly-rated insurance companies and typically comes in as a top-five carrier for rates.
For example, the actual rates for Assurity’s NonMed Term 350 is provided below. These rates are for a $350,000 20-year term policy for a male and female non-smoker in very good health.
|AGE OF APPLICANT||MALE NON-SMOKER||FEMALE NON-SMOKER|
The life insurance rates for women are lower than the rates for men. This is because women have higher life expectancy rates which result in a comparatively greater period for collecting insurance premiums.
Other Individual Insurance Products from Assurity
Assurity Life offers several additional products on top of their life insurance policy following their mission statement to help people through difficult times.
Assurity has received high ratings and meets the needs of almost every customer with its variety of products. We highly appreciate their competitive rates and outstanding customer service. However, just like with any insurer you may be considering, we strongly suggest that you talk with one of our insurance professionals to make sure you get the best solution for your circumstances and budget.
Frequently asked Questions
In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs. Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client.
I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so. I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure.