Assurity Life Insurance Company is one of the top life insurance companies in the industry. They offer great benefits to their policyholders, one of the best term life insurance products on the market, and competitive rates.
Below, we’re going to cover the history of Assurity Life Insurance Company, their company ratings, and the policies they offer. Then, you can compare Assurity against other top-rated companies.
- The History of Assurity Life Insurance Company
- Assurity Life Insurance Company Ratings
- Life Insurance Products Offered By Assurity Life
- Review Assurity Life Insurance & Compare Other Companies
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.
Assurity Life Insurance is a relatively new company. 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 Company Ratings
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. 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.
Here are the ratings for Assurity Life Insurance:
- A.M. Best: “A-” (excellent) rating
- Affordability Index: 9.1
- Ease of Applying: 9.7
- Customer Service: 9.5
- COMDEX Ranking: N/A
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Assurity compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Life Insurance Products Offered By Assurity Life
Assurity Life offers a long list of great life insurance coverage options that can help to meet both short-term and long-term needs.
Assurity Term Life
Their term life insurance policy is one of the best policies on the market.
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.
Here are the features of Assurity’s term policy:
- Available in 10, 15, 20, or 30-year terms.
- Get $25,000 to $10,000,000 in coverage.
- Level premiums.
- Their accelerated underwriting process uses real-time data to provide instant approvals on up to 50% of applicants applying for less than $500,000. Larger face amounts do require additional underwriting.
Assurity offers living benefits with their term policies.
- The accelerated death benefit rider is included (except in California). This pays you if you are diagnosed with a terminal illness or need nursing home care.
- Their return of premium benefit allows you to get back up to 100% of your premiums.
- The critical illness rider can help you cover medical costs if you are diagnosed with certain medical conditions.
- The disability rider pays out if you become disabled.
- Their Children’s Term Rider allows up to $25,000 in coverage for a child. This terminates at age 25.
You also can convert their term life insurance to a whole, or universal life insurance policy.
Whole & Universal Life Insurance
In addition to term coverage, Assurity Life Insurance Company also offers permanent life insurance options.
Both of these policies cover you for your entire life. These policies are more expensive than term life insurance but do provide more in terms of benefits.
Assurity’s whole life policy accumulates cash value and has level premiums. This policy also offers living benefits.
Universal life insurance provides death benefit protection, as well as cash value, similar to whole life insurance. However, this type of life insurance is considered to be more 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.
Accidental Death & Critical Illness Policies
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.
Assurity also has one of the best critical illness policies on the market. 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.
Review Assurity Life Insurance & Compare Other Companies
As you’ve seen, Assurity Life is a great life insurance company. They offer great rates, customer service, and their most popular product, the term policy, is one of the best on the market.
That said, it’s always best to compare multiple companies when shopping for life insurance. Fill out our quote tool to see life insurance rates from the top companies, and easily compare them to Assurity Life Insurance.
You can also look 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.