Quick answer
Assurity Life Insurance Company is an A- rated mutual life insurance company founded in 1890 and headquartered in Lincoln, Nebraska. Assurity specializes in supplemental and specialty insurance products (return of premium term life, critical illness, accidental death, disability income) rather than mainstream level term. The company is one of the few remaining U.S. carriers offering an ROP rider on no-medical-exam term policies.
Our take
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) |
| S&P Rating | N/A |
| BBB Rating | A+ |
| Customer Service Phone | 800-869-0355 |
| Website | www.assurity.com |
| Address | Assurity Life Insurance Company 2000 Qa Street (68503) P.O. Box 82533 Lincoln, NE 68501-2533 |
Assurity Life Insurance Products With Online Applications
| Company | Info | Recommendation | Quote |
|---|---|---|---|
| Term Life Insurance | Possible Instant decisions up to $500,000 | Those in good health can get approved instantly for coverage. | Go |
| Accidental Death | Up to $350,000 in coverage. No health questions. Apply online or with an agent. Brochure | A very inexpensive policy that pays out for accidental death only. For ages 18 - 70 years old. | Go |
| Disability Insurance | Short-term disability. Benefit up to $1,000 a month. Apply online. | For those looking for short-term disability to own individually. | Go |
| Critical Illness Insurance | Coverage for cancer, heart attack, stroke, and Alzheimer's. $5,000 - $75,000 in coverage. Cash payouts. | Very affordable protection for those with family histories. | Go |
Products
Term
| Term Life Details | |
|---|---|
| Length of Coverage | 10, 15, 20, and 30-year periods |
| Minimum Coverage: | $25,000 |
| Maximum Coverage: | $10 million |
| Estimated Time to Approval: | Immediate (with accelerated underwriting) |
| Product Features: |
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Assurity offers level 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.
Conversion Options
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 no medical exam life 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 guaranteed universal life 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, a disability insurance 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.
Workplace Benefits
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, group 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.
Products
Assurity’s Policy benefits
Riders
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.
Discounts
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.
Performance
Financial ratings
- 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.
