Having life insurance in place in case of the unexpected can be a method of ensuring that those you love and care about won’t suffer financially at an already difficult time in their lives. Because of this, life insurance coverage can be a key component of most any good, complete financial plan.
There are many different types of life insurance coverage that are available in the marketplace today, though, so before you purchase a policy, it is important to make sure that you are going with the proper type and amount of protection.
It is also recommended that you take a look at the insurance company that you’re considering buying your life insurance coverage through. There are some boxes the carrier needs to check off if you plan to purchase a policy from them.
The History of Assurity Life Insurance Company
Assurity Life Insurance Company is a mutual insurance entity, meaning that the company is essentially owned by – and for the benefit of – its policyholders. The company is licensed to do business in 49 of the 50 U.S. states, as well as in Washington, D.C.
Because Assurity Life Insurance Company is a mutual insurer, it has no shareholders or publicly traded stock – and in turn, the company has its mission of serving the interests of its policyholders.
As it relates to many of the other life insurance companies that are in the industry today, Assurity Life is relatively new. This insurer was established in 1997 (although its initial roots date back to the 1890s). During its roughly two decades in the business, the company has grown into a leading provider of life insurance protection.
Assurity is a marketing name for the mutual holding company, Assurity Group, Inc., and its subsidiaries, which include the following:
• Assurity Life Insurance Company
• Assurity Life Insurance Company of New York
• PEO Holdings, Inc., an entity that holds a majority interest in Resourcing Edge (a company that has a focus on human capital management solutions)
Today, Assurity Life offers life insurance coverage, as well as disability income, critical illness insurance, and voluntary employee benefits. These products are offered via independent insurance agents and brokers.
In 2015, Assurity Life was certified as a “B Corporation” by the non-profit B Lab for meeting rigorous standards of both social and environmental performance, accountability, and transparency. The company’s headquarters, The Assurity Center, is an award-winning LEED Gold certified building.
Those who work for Assurity Life tend to be highly engaged with the company’s overall mission, as well as concerning meeting its customers’ needs. A recent Gallop engagement survey showed that Assurity ranked in the 91st percentile of all companies that Gallup surveyed in terms of employee engagement. Assurity Life is headquartered in Lincoln, Nebraska.
Assurity Life Insurance Review
Assurity Life has a strong financial footing, with total assets under management of more than $2.6 billion at year-end 2016. The company’s assets are invested conservatively, which helps the company with keeping its commitment to claims payment.
At the end of 2016, Assurity Life Insurance Company had taken in more than $195.5 million in net premiums and deposits, and during that same year, the company had paid out nearly $63 million in policyholder payments, and more than $113 million in death benefits. (Another nearly $15 million was also paid out in policyholder dividends – although the payment of dividends is never guaranteed).
Insurer Rating and Better Business Bureau Review
Assurity Life has received high insurer ratings, which is inclusive of an A- (Excellent) from A.M. Best. This rating is given to insurers that, in the opinion of A.M. Best have an excellent ability to meet their ongoing insurance obligations.
Also, Assurity Life Insurance Company has been an accredited member of the Better Business Bureau since 1992 and has been given a grade of A+ by the BBB.
Through the years, they’ve had a couple of complaints filed through the BBB. Some of the complaints
Life Insurance Products Offered By Assurity Life
Assurity Life offers a long list of life insurance coverage options that can help to meet both short- and long-term needs. Permanent plans build cash value, temporary (term plans don’t). Term life insurance costs less in premium than a comparable permanent policy (all other factors being equal).
As its name suggests, term life insurance is purchased for a specific time period, or “term,” such as ten years, fifteen years, twenty years, or even thirty years. Typically, during the term of coverage, the amount of the benefit will remain the same, as will the amount of the premium.
Term life insurance is often referred to as “temporary” life insurance coverage. This type of life insurance protection can be a good option for those who are seeking to cover needs with certain time limits, such as the payoff of a home mortgage. Due to its affordability – particularly with those who are younger and in relatively good health – term life insurance can also offer a way to secure a large amount of benefit at an affordable price.
In addition to term coverage, Assurity Life Insurance Company also offers permanent life insurance options. These come primarily by way of universal life insurance coverage. As a permanent form of life insurance, universal life provides death benefit protection, as well as cash value/savings build up.
This type of life insurance is considered to be fairly flexible. One reason for this is because the policyholder, within certain guidelines, may be able to change the premium due date to better meet his or her needs.
In addition, the policyholder of a universal life insurance policy may also be able to decide how much of their premium dollars will go towards the death benefit, and how much will go towards the cash value component of the policy.
The cash that is in the policy’s cash value component is allowed to grow on a tax-deferred basis. No taxes are due on the gains unless or until the money is withdrawn. Because of this, the funds can often grow and compound exponentially.
Cash in the cash component of a universal life insurance policy can be withdrawn for borrowing – and this can be done for any reason. Oftentimes, policyholders will obtain cash from their policy to help them pay off large, high-interest debt, to help supplement their retirement income, or even to take a nice vacation.
It is important to note here, though, that any un-repaid balance in the cash value that remains at the time of the insured’s death will be charged against the amount of the death benefit that is paid out to the policy’s beneficiary.
Assurity Life Insurance Company also offers Accidental Death coverage. This coverage offers a cash benefit if the loss of the insured’s life is caused by an accident (as versus by illness or natural causes). Once approved, the premium for this coverage is locked in and cannot increase – even as the insured gets older, or if he or she contracts an adverse health condition.
Other Products and Services Available
Assurity Life Insurance Company also sells a handful of other products. These include:
• Disability Income – This type of insurance coverage provides policyholders with a monthly income if they become ill or injured and are unable to work and earn an income. Having a disability income insurance can mean the difference between struggling financially after a disabling illness or injury, or being able to move forward with paying your ongoing monthly living expenses.
• Critical illness Insurance – If a critical illness insurance policyholder is diagnosed with a qualifying serious illness, then the policy will pay out a lump sum of cash. These funds may be used for medical bills and/or any other need that the insured sees fit.
• Retirement Annuities – Because people are living so much longer today than they did in the past, a big concern on the minds of retirees is running out of money when they still need it. But an annuity can help to alleviate this concern, as these products provide guaranteed lifetime income – regardless of how long a person lives. (There are also other income payout options that may be chosen, such as receipt of an income for a set number of years). In addition, many retirement annuities will provide income for two people, such as a husband and wife. While money is accumulating in an annuity (before the income payout phase), funds can grow and compound on a tax-deferred basis. This means that no tax is due on this growth until the time of withdrawal.
• Voluntary Employee Benefits – Assurity Life also offers a number of voluntary employee benefit plans, as well as various premium payment options for participants. These are available via Assurity At Work. Through Assurity at Work, there are many benefits that can be obtained, such as accident expense, cancer expense, critical illness coverage, disability income insurance, hospital indemnity coverage, term life insurance, whole life insurance, and universal life insurance coverage.
How to Get the Best Premium Rate on Life Insurance Coverage from Assurity
If you have been seeking life insurance coverage from Assurity Life – or for that matter, from any insurance carrier – it is recommended that you go through an independent company. In doing so, you will be able to review a number of different policy options – and premium quotes – from different insurance carriers, and from there you can better determine which will be the best for you.
We can do this for you quickly and conveniently, all from your computer, and without you having to take the time to meet in person with a life insurance agent. If you are ready to proceed with this fast and easy process, then all you have to do is fill out the quote form on this page.
We understand that the purchase of life insurance can be somewhat overwhelming. You want to know that you are going with a policy that will protect those you love and care about, yet without paying more than you have to in premiums.
The good news is that this process can be so much easier when you are working with an expert who knows the life insurance industry, and who can help you to structure the coverage to best meet your specific needs. So, contact us today – we’re here to help.
Before you make your final life insurance purchase decision though, we recommend looking into some other company reviews as well, such as our reviews on Zander Insurance, Primerica Life Insurance and United Home. Make sure you are well educated on what your needs are and which company will suit you best.
Our experts are here and available to walk you through different scenarios, as well as to provide you with premium quotes. We can be reached toll-free by calling 888-554-3432.