Assurity Life Insurance Review
Assurity Life is a major life insurance provider that many people turn to for coverage.
They have over a century of experience and offer a variety of products for both businesses and individuals.
Life insurance is an important financial asset for people that want to ensure that their family is protected.
If the unspeakable happens, life insurance will ensure that your family doesn’t lose a major income source.
This review will discuss the history of Assurity Life, products offered, third-party ratings, and more.
Keep reading to learn more about Assurity Life and determine if they are the right choice for you.
About Assurity Life
Assurity Life has a unique origin story compared to other life insurance companies.
They were formed in 2005 by merging three prominent companies: Woodmen Accident and Life, Security Financial Life, and Lincoln Direct Life.
All three companies were founded in the 1890s and formed a strong and prosperous union following the merger.
Since 2005, Assurity Life has successfully marketed products to both individuals and businesses throughout the United States.
They offer personal and business coverage in every state except New York.
The company is currently headquartered in Lincoln, Nebraska, and employs approximately 400 people out of that location.
They boast a total of $2.6 billion in assets.
One of the things that makes Assurity Life unique is that it became a Certified B Corporation in 2015. They are the largest insurance company ever to receive such a title.
Certified B Corporations are identified as meeting the highest social and environmental performance standards, public transparency, and legal accountability.
Essentially, Assurity Life is considered a highly ethical company that works to better its community.
Assurity Life Finacial Ratings
Since its founding, Assurity Life has received high marks for its customer service and financial responsibility.
This is unsurprising considering their B Corp status.
A.M. Best rated Assurity Life an A- for their financial capabilities and overall credit.
This is an excellent rating and assures customers that Assurity Life is fully capable of providing coverage and paying out claims.
The Better Business Bureau provided Assurity Life with an A+ rating for their interactions with customers.
This is the highest rating a business can receive and is a reflection of its overall business practices.
Assurity Life Insurance Products Offered
Assurity Life offers a suite of coverages for both individuals and businesses.
For this article’s purposes, we will only be doing an in-depth review of the coverages for individuals.
Here are all of the life insurance products you can purchase through Assurity Life to protect you and your family.
Term Life
The first type of life insurance coverage that Assurity Life offers is term life insurance. This is considered the most basic and popular type of life insurance coverage.
Also known as pure life insurance, term life coverage insures a person for a specific period of time. If the policyholder survives the term, the coverage will lapse.
If they die within the term, their beneficiary will receive a death benefit.
LIFESCAPE NONMED TERM 350
Assurity Life’s basic non-med term product is called LifeScape NonMed Term 350. As the name implies, this product does not require applicants to complete a medical exam.
However, the applicant will still need to answer some health questions. And they’ll have to permit Assurity Life to access their medical information bureau (MIB), pharmacy usage, and motor vehicle report (MVR) information.
For the LifeScape NonMed Term 350 product, customers can choose terms of 10, 15, 20, and 30 years and coverage from $50,000 to $350,000.
This policy may be issued to applicants from ages 18 to 65. Policyholders have the option to convert the policy to a permanent policy until age 65.
Premiums and death benefits will remain level throughout the course of the policy. And this product has an accelerated benefit rider included with coverage.
LIFESCAPE TERM 350
Assurity Life also offers a basic term life product called LifeScape Term 350. The difference between this product and the non-med term product is that this policy is fully underwritten.
The applicant will undergo a standard underwriting procedure, including a medical exam.
Much like the non-med version, LifeScape Term 350 features level premiums, a level death benefit, and an accelerated benefit rider.
Policyholders have the option to convert to a whole life policy until age 65 with this policy as well.
This policy features face values above $350,000. And it allows applicants between 18 and 74 years old.
Whole Life
In addition to term life insurance, Assurity Life also offers whole life insurance.
This coverage will pay out a death benefit to the policyholder’s beneficiary whenever they die – as long as the premiums are paid.
Unlike term life insurance, whole life insurance offers the benefit of a cash value component. This is when a portion of your premium payments is set aside to accrue value.
You can borrow against this cash value once it accrues enough value to pay for a major purchase or act as a loan.
LIFESCAPE WHOLE LIFE INSURANCE
Assurity Life’s basic whole life policy is called LifeScape Whole Life Insurance. This product offers policyholders a guaranteed death benefit and cash value growth over time.
Face values for this product can go as low as $10,000. This product offers customers the opportunity to earn dividends. Dividends can be applied to premiums, cash value, or be paid in cash.
LIFE SCAPE JOINT WHOLE LIFE INSURANCE
Married applicants may choose to apply for Assurity Life’s LifeScape Joint Whole Life Insurance, which is largely similar to the basic whole life product.
This product is specifically meant to cover married couples and will pay a death benefit to one spouse when the other passes away.
LIFESCAPE SINGLE PREMIUM WHOLE LIFE INSURANCE
Assurity Life also offers LifeScape Single Premium Whole Life Insurance, which is a basic single premium whole life policy.
This product allows you to pay all of the premiums at once for guaranteed whole life insurance coverage. It appeals to customers looking for a simple way to transfer wealth.
LIFESCAPE SIMPLIFIED WHOLE LIFE INSURANCE
Finally, Assurity Life offers a final expense whole life product known as LifeScape Simplified Whole Life Insurance.
Final expense insurance is a low-coverage product used to cover the cost of a burial and funeral service.
Assurity Life offers three different versions of the Lifescape Simplified Whole Life product:
The level benefit option offers face values from $5,000 to $50,000 and pays the entire death benefit immediately. This version is reserved for the healthiest applicants.
The graded benefit option will issue a graded death benefit depending on when you pass away. If you die within the first year of coverage, Assurity Life will issue 40% of your death benefit. They will issue 75% of your death benefit if you die within two years. And 100% of your death benefit if you die within three years. Coverage will range from $5,000 to $35,000.
The modified benefit option is similar to the graded benefit but pays even less if you die within two years of issuance. Assurity Life will only pay 10% of the death benefit if you pass away in the first two years of coverage. Coverage for this option ranges from $5,000 to $25,000.
Supplemental Coverage
Finally, Assurity Life offers several supplemental coverage options for people that are seeking specific forms of coverage.
This includes supplemental health plans and affordable life insurance options.
ACCIDENTAL DEATH INSURANCE
Assurity Life offers Accidental Death Insurance for customers looking for a more affordable form of life insurance.
This policy will only pay a death benefit if the insured dies in the event of an accident.
This is usually less expensive than a standard life insurance policy because it only covers a specific type of death.
CRITICAL ILLNESS INSURANCE
You also have the option to purchase Critical Illness Insurance through Assurity Life.
This is a supplemental health plan, which means that it will provide a payout if you experience a health crisis and cannot work.
Specifically, this policy will provide lump-sum payments if you are diagnosed with a critical illness.
DISABILITY INCOME INSURANCE
Assurity Life also has a Disability Income Insurance product.
This is also a supplemental health plan and will provide monthly income replacement if you become disabled and unable to work.
Assurity Life does not specify on their site face values or coverage length for this product.
Assuirty Life Insurance Riders Offered
In addition to the wide policy options, Assurity Life also offers customers a range of life insurance riders to choose from.
Riders are additional coverages that you can purchase to personalize your policy.
These are the riders that you can purchase with your Assurity Life policy:
Accelerated death benefit
Accidental death benefit
Child rider
Conversion rider
Critical illness benefit
Disability income benefit
Guaranteed insurability rider
Level term rider
Payor benefit rider
Portability rider
Spouse rider
Waiver-of-premium
Most insurance companies only allow you to add riders to your policy at the initial time of purchase.
Be sure to discuss this with your agent before you finalize your policy with Assurity Life.
Eligibility and Application Process
Assurity Life has a relatively straightforward application process. Their policies are traditionally underwritten, and they do not offer online applications.
Instead, you must apply for coverage through an Assurity Life insurance agent.
Assurity Life only issues policies to applicants between 18 and 74 years old. You must complete a traditional application and a medical exam to qualify for coverage.
There are options for non-med coverage, but you must pass certain qualifiers to apply.
Assurity Life will also access your MIB information, prescriptions, and driving record to determine eligibility.
Your MIB information keeps track of any medical information that you’ve given to other insurance providers.
This means that Assurity Life will know if you lie about medical conditions on your application. And they will blacklist you for coverage if you do.
Pros and Cons of Assurity Life
These are some of the pros and cons of purchasing your life insurance through Assurity Life.
Pros
Discounts offered for healthy applicants: If you are a healthy applicant, you could be eligible for discounts through Assurity Life. They offer anon-tobacco user discount, safe hobbies discount, young applicant discount, healthy blood pressure discount, and healthy family history discount to applicants who qualify.
Exceptional customer service: The Better Business Bureau awarded Assurity Life an A+ rating for their handling of customer disputes and overall customer satisfaction.
B Corp Status: Assurity Life is the largest life insurance company ever to qualify for B Corp status. They earned this honor through ethical practices and community service. Their service includes collecting for local food banks, blood drives, Habitat for Humanity, Junior Achievement, Special Olympics, and more.
Cons
No 24/7 claims reporting: Assurity Life does not offer 24/7 claims reporting services. Claims must be reported during their customer service hours or through their customer service email address.
No online claim reporting: Additionally, Assurity Life does not offer online claim reporting. Claims must be reported directly to their customer service team.
Not available in New York: Assurity Life does not offer any life insurance coverage in the state of New York. New York residents must seek other companies for life insurance in their state.
Assurity Life encourages customers to reach out to their client services team for assistance. They can help you find an agent, answer questions about coverage, or give you more information about their insurance products.
Their contact info is:
Phone: 800-869-0355
Email: clientservices@assurity.com
Mail: Assurity Life Insurance Company P.O. Box 82533 Lincoln, NE 68501-2533
Client Services Team: Their client services team can be reached Monday through Thursday 7 a.m. to 6:30 p.m. and Friday 7 a.m. to 5 p.m. CST.
Is Assurity Life the Best Choice for You?
Assurity Life is a relatively new company but only in brand recognition. The companies involved in the acquisition have been around for over a century.
Besides providing exceptional life insurance coverage, Assurity Life’s main focus is on integrity and ethics.
This company will appeal to customers that are interested in a company that cares about leaving things better than they found it.
Still, wondering if there are better options out there for you? Check out our other life insurance company reviews to learn more about top players in the industry.
Assurity Life Insurance
Company Ratings
A.M. Best: A-
Better Business Bureau: A+
