Assurity Life Insurance | Company Review

Are you the kind of consumer who makes decisions based on what family and friends recommend or maybe even television commercials about a product or service you’re interested in?

Or are you a consumer who takes care of doing their own research so you’ll feel confident about your purchase decisions?

Either way, you’re in the right place if you’re curious about Assurity Life Insurance and you want more information than what’s published on their website.

You will find that Assurity offers 10, 15, 20 and 30 year term fully underwritten or with no medical exam.  They also offer universal life insurance, whole life insurance, critical illness insurance and disability insurance.  Assurity life is one of the few life insurance companies that still offer return of premium life insurance.

 

About Assurity Life Insurance Company

 

Assurity Life is organized as a mutual insurer. Operating as a mutual organization is important because it means the company doesn’t have shareholders or publicly traded stocks to worry about, only the policyholders who own the company. The bottom line is the company must answer to its policyholders.

The company specializes in annuity products and life insurance products for individuals and businesses. The company was actually formed after a 2007 merger of Woodmen Accident and Life, Lincoln Direct Life, and Security Financial Life.

Assurity is actually the company’s “marketing name” for its mutual holding company, Assurity Group and a handful of subsidiary companies. The entire organization works toward one mission statement: Helping People through Difficult Times.

 

Assurity’s Financial Strength and Ratings

AM Best logo

 

Compared with other major national insurers, Assurity is a pretty average organization when it comes to financial strength and ratings. A.M. Best, which is one of the most well-known rating companies, has awarded Assurity Life Insurance Company a rating of A- (Excellent) and reports the company’s outlook is Stable. The company has received this rating every year since 2013.

Assurity publishes it Annual Financial Statements every year for policyholders to review. The company also became a Certified B Corporation in 2015 which means they are recognized as providing an explicit social and environmental mission. If you’re interested, you can learn more about this certification here.

 

Assurity’s Life Insurance Products

 

Assurity offers several types of life insurance and annuity products to meet the needs of the company’s clients and prospective clients:


Whole Life Insurance

 

Assurity’s whole life products are available as Single Premium, Fully Underwritten, and Simple Issued.

All of these products come with the guarantees and benefits that consumers have come to rely on when they prefer lifetime insurance coverage.

  • Guaranteed to provide coverage for the life of the insured as long as periodic premiums are paid.
  • Guaranteed level premiums that cannot be increased by the insurer for any reason.
  • Simplified issue whole life insurance
  • Accumulation of cash value over time that can be accessed by the policyholder via policy loans, withdrawals, or surrender of the policy.Un


Universal Life Insurance

 

Universal Life’s flexibility is typically what makes this product so attractive to consumers. The policy provides permanent coverage but can be changed over your lifetime to accommodate life events. The premium payments can be increased or even skipped as long as there is sufficient cash value to keep the policy in force.

Policyholders can even increase the death benefit to accommodate additional risk brought on by life events. The policy typically builds significant cash value that can be accessed similarly to whole life insurance.


Term Life Insurance

 

Assurity’s Term insurance provides a guaranteed premium for the initial term of the policy. Available terms are 10, 15, 20, and 30 years. Assurity will offer a renewal at the end of the term period for annually renewable term with annually increasing rates.  Assurity also has very competitive life insurance rates by age.

They also provide a conversion privilege that allows the policyholder to convert their term policy to one of Assurity’s permanent products before the policy expires. Each term policy also includes the Accelerated Benefit Rider which provides for the insurer to advance the policyholder a percentage of the face amount if they are diagnosed with a critical terminal illness. The amount of the advance will be deducted from the death benefit when the policyholder eventually passes away.

Assurity also offers six other riders at an additional charge. One of which is the Monthly Disability Income rider which pays a monthly benefit if the insured becomes totally disabled. The Monthly Disability Income rider makes the Assurity Term Insurance policy a great solution for applicants wanting a mortgage protection plan.

The Other Insured rider and Children’s Term rider also makes the Assurity Term policy an affordable solution for applicants looking to purchase coverage for the entire family under one policy.

The available underwriting classes are Preferred Plus Non-Tobacco, Preferred Non-Tobacco, and Standard Non-Tobacco and Smoker Rates. All of these require no use of tobacco or nicotine-based products or substitutes like chewing tobacco, dip, e-cigarettes, or tobacco patches or lozenges.

 

Assurity Life Insurance Company Review

 

Assurity Life’s Term Insurance Rates

Listed below are actual rates for Assurity’s NonMed Term 350. These are actual rates for a $350,000 death benefit for a 20-year term:

 

AGE OF APPLICANT

MALE NON-SMOKER

FEMALE NON-SMOKER

25

$23.14

$17.36

35

$28.01

$24.06

45

$59.07

$45.37

55

$85.26

$62.04

 

As you may have noticed, life insurance rates for men are considerably higher than the rates for women. This is due to the fact that women typically live longer than men and therefore the insurer will be able to collect more premium.

For accurate rates for your actual age, please fill out and submit our instant quote form on the left side of this page. Not only will you get insurance rates for Assurity, you will also receive quotes from all of our highly-rated insurance companies that offer term life insurance.

Assurity life insurance

Other Individual Insurance Products offered by Assurity

 

In line with Assurity Life’s intention to help people through difficult times, the company also offers several individual products in addition to their life insurance.

  • Disability Income – Provides a monthly income if you are injured or ill and unable to work.
  • Critical Illness Insurance – Provides a lump sum payment if the policyholder is diagnosed with a covered critical illness. This benefit is payable over and above any existing health insurance.
  • Accidental Death Insurance – Accidental death insurance provides low-cost protection that will pay in the event your death is the result of an accident. This coverage will pay whether you have traditional insurance or not.
  • Annuities – Annuities are tax-deferred investments that are designed to help individuals and families with retirement planning.

 

The Bottom Line

Assurity is a great insurance company with high ratings that offers several insurance products that can meet the needs of any consumer. We find their rates are competitive and their customer service is outstanding. They offer non medical underwriting as well as full underwriting for their life insurance policies. As with any insurer, however, we always recommend that you speak with one of our insurance professionals to make certain that Assurity will provide the best solution for your individual needs.

Assurity Life is a great option for life insurance, disability insurance, critical illness and whole life insurance.  You may also want to read our reviews for these life insurance companies:

 

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For more information about Assuirty Life Insurance Company and to discover if they will best meet your needs, call the insurance professionals at InsuranceQuotes2Day at (800) 712-8519 during normal business hours, or contact us through our website at your convenience.
About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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