Assurity is an insurance company that focuses on mutual trust and transparency with its customers. Here’s is our review on Assurity Life insurance.
Getting life insurance is both easy and hard. It’s easy, because nowadays, you can easily get coverage with just a few taps on your phone or clicks on your computer.
Answer a couple of quick questions—-voila—-instant coverage. Some won’t even ask you to take a medical exam. When it comes to convenience and speed, today’s process is simply better than what we had a decade ago.
However, while it’s now more convenient and there are more insurance companies to choose from, deciding which insurer to go with is still no walk in the park. We’re talking about your family’s future here after all, so it’s crucial to partner with a company that checks all the boxes of a solid life insurance provider.
Today, we’re taking a closer look at one insurance company that aims to check all those boxes—-and more. It’s been in the insurance business for more than a century and is now a proud B Corporation-certified company. Read on for our in-depth review of Assurity Life Insurance.
Assurity Life Insurance Company History & Profile
The company was established in 1890 as Modern Woodmen Accident Association, in Lincoln, Nebraska. Fast-forward to 2005, the company, who renamed to Woodmen Accident and Life, merged with two other Lincoln-based insurers: Security Mutual Life and Lincoln Mutual Life. This merger completed in 2007.
As of 2018, they have over $2.6 billion in total assets and $19.3 billion worth of total insurance in force. Since its inception, the company has paid over $194 million in benefits to their members.
Assurity has been honored with a B-Corporation rating, recognized as a business that meets the highest standards of verified social and environmental performance, legal and public transparency to ensure the right balance between profit and purpose. The company makes their latest financial information available for public viewing in the website, something that other insurers don’t do often.
Aside from its B-Corp recognition, Assurity also received the following mentions:
- B-Lab “Best for the World” honoree 2018
- Recycling Leadership Gold Level Award 2018
- LEED Gold Certified HQ
- United Way President’s Award in 2015
- Lincoln’s Best Places to Work in 2015
- 2015 Tabitha Courageous Vision Award
Assurity Financial Ratings:
One of the most important things to consider when choosing an insurance company is its financial ratings. While it’s not necessarily a guaranteed indicator of a company’s performance and stability, it provides customers with a credible source of information on whether the company meets certain crucial business standards.
- Assurity A.M Best Rating: A- (Excellent). A.M. Best is an independent insurance ratings agency that ranks a company’s financial strength and ability to meet its ongoing policy and insurance obligations.
- Assurity Better Business Bureau Rating: A+ The BBB is a non-profit organization that reports a company’s practices. The ratings it provides represents BBB’s level of confidence that the company is operating in a trustworthy manner. The ratings also consider a company’s effort when it comes to resolving customer complaints and problems.
Assurity Life Insurance Products
Assurity currently offers three types of life insurance policies. Let’s take a closer look at each one.
Assurity’s term life offering features level premiums that can be locked in for the entire duration of the policy. They also provide policyholders the option to convert it to permanent life.
Sample quote from their website for a male, 35, non-smoker:
- 20-Year Term Life Policy
- $500,000 death benefit
- About $37 a month
Is Term Life Insurance for You?
If you want the cheapest and simplest policy possible, then Term Life is your best bet. The combination of affordability and no-nonsense approach to providing coverage is extremely popular to a lot of people. And it lasts for a long time too—-while not exactly a lifetime product, the longest term policies can last up to 30 years, which is often enough for most needs.
Some of the common scenarios where term insurance is preferred are:
- Young couples/newly married with children. Term life provides reasonable coverage for a low premium price.
- Expecting a baby – Ensures financial protection for the child’s future
- Recently bought a new house – Provides protection against loss of income which is crucial when paying for mortgage
Whole life insurance is for people who want a dual-purpose policy that allows them to get traditional coverage while building up assets via its cash value portion. While it’s more expensive than term life, plenty of people still prefer it because of its lifetime coverage and cash value potential.
Assurity’s whole life offering feature both “level” and “increasing” death benefit payouts. A level death benefit utilizes the cash value to lower the premiums while an “increasing” benefit focuses on maximizing cash value growth.
Depending on the performance of the underlying investments, the policy may or may not pay annual dividends to its holder. Assurity allows its whole life insurance customers to either pay premiums via one lump sum or spread it over a period of 20 years or until the policyholder reaches 65.
Sample quote from their website for a male, 49, non-smoker:
- Whole Life Policy
- $50,000 death benefit + $50,000 accidental death benefit
- About $120 month
Is Whole Life Insurance Best For You?
To answer this question, consider this explanation: Whole life fits the bill if you want coverage that lasts your entire lifetime, regardless of how long it is. Whether it’s for leaving a legacy, supporting your dependents, providing funds for final expenses—-if you find the non-permanence of term life an issue (since it expires), then whole life (along with its subtypes) is your best bet.
Some of the best reasons why Whole Life insurance is preferred are:
- Coverage that lasts a lifetime
- Cash value provides the policyholder with funds they can access for whatever purpose they see fit
- You can utilize the cash value to pay premiums
- Most whole life policies won’t make adjustments in your premium even if your health worsens
- A surrender-policy option is available. You can get back a portion of your premiums should you decide to cash in the policy.
It’s worth noting that Assurity’s whole life offering already includes an Accelerated Death Benefit Rider that will give you access to a portion of your death benefit if you’ve been diagnosed with a critical or chronic illness.
Universal life insurance features the lifetime protection and cash value features of whole life plus a more flexible payment and death benefit option. Assurity allows its UL customers to modify their coverage to either increase or decrease it depending on their needs. This is great for people who feel that their situation might change in the future and having flexibility to make changes both in payments and benefit is crucial.
Assurity’s website doesn’t mention if they offer specific subtypes for their Universal Life policy. For the uninitiated, there are several kinds for Universal Life insurance:
Indexed Universal Life
Named as such because its performance is based on the returns of a stock index, like the NASDAQ or S&P 500. IUL is considered less riskier than Variable Universal Life (VUL) since its underlying investments (Index) are generally less volatile than actively managed mutual funds of VULs.
Variable Universal Life
As mentioned above, a more “active” type of investing (for the cash value) happens in a VUL. Rate of return primarily depends on the ups and downs of the sub-accounts picked for the underlying investment. It typically offers more options for the policyholder in terms of risk appetite and investment activity versus other types of Universal life policies.
Guaranteed Universal Life
Also known in the market as “No-lapse” or “Secondary Guarantee” universal life insurance. It works like a combination of term and permanent policies—-it offers longer coverage (up to 100 years), cheaper than other permanent life products, and offers flexibility when it comes to premiums and benefits.
Other Products Offered By Assurity:
Aside from their individual insurance policies, Assurity also offers the following types of insurance products:
Helps cover your income should you get disabled. It helps keep your finances on track and avoid the struggles associated with income loss.
It helps put money in your pocket when you have to stop working due to a critical illness or condition. It’s more flexible than health insurance since you get to decide how this money is going to be spent. Use it for making up for lost wages, day-to-day expenses, out-of-network care treatment, and others.
Most people consider this as a back-up or supplement to their main life insurance policies. It’s generally more affordable than traditional life insurance which is why it’s also commonly purchased by individuals who can’t afford a full-fledged life insurance policy. It can help pay for final expenses, mortgage, and other things should the unexpected happen.
A smart addition to your (maxed-out) 401k or IRA accounts. It can provide a guaranteed income stream during your golden years, allowing you to enjoy a comfortable life during retirement.
Assurity Group Plan Offerings
Assurity also offers a decent selection of voluntary employee benefits to businesses.
Simple and affordable protection for your employees when they encounter an accident.
A popular add-on to employee benefits packages nowadays. At no direct cost to the employer, Assurity can provide the families of their employees the financial safety net in the event of critical illness.
Help lessen the burden of hospital expenses of your employees through a Hospital Indemnity policy. Assurity’s Group Hospital Indemnity helps cover out-of-pocket costs and hospital-associated fees at no direct cost to the employer.
Assurity’s Group Short-term Disability Insurance will help your employees stay afloat financially should they become disabled. It will help them with their day to day expenses while they recover and get ready to get back to work.
Whole Life Insurance
Assurity’s Group Whole Life insurance feature locked-in premiums, no medical exam requirement, free Accelerated Death Benefit or Chronic Illness Rider and portability (employees can take the policy with them when they switch jobs)
Assurity Life Insurance FAQ
Here are some of the most common questions asked by customers regarding Assurity Life Insurance.
- For questions regarding coverage, policy details, beneficiaries, making payments, and others: Call 800-869-0355, Ext. 4279 or log in to your MyAssurity account.
- How can I make automatic payments to my Assurity life insurance policy? You need to complete an Automatic Bank Payment form and return it to Assurity for processing via fax, secure email, or regular mail.
- How can I request for a loan or withdrawal from my Assurity Life insurance policy? Download and complete a Loan/Withdrawal Request form and return it via secure email, fax or regular mail.
- For making a new claim or to follow-up on an existing one: Contact Assurity Claims and Reporting Services via the following:
- 1-800-869-0355 Ext. 4484
- Email: [email protected]
- Fax: 1-800-869-0368
Assurity Life Insurance: Is It For You?
Most life insurance companies nowadays feature the same types of products and services. Save for the quick-underwriting capabilities of newer fintech companies, life insurance as a product remains largely unchanged in terms of how it works and is implemented.
The answer to the question, “What makes them different?” essentially boils down to a company’s history, identity, and financial stability. Personal preference and experience also come into play, whether it’s from a recommendation from a trusted friend or authority.
Assurity has a great selection of life insurance products to choose from, both for individuals and businesses. What makes them unique, however, is their goal of being a “stable, mutual and transparent” insurer as proven not only by their strong financial ratings, but also via their B-corp ratings and other accolades.
All things being equal (in terms of product offerings), Assurity aims to distinguish itself as a reliable and customer-first insurance company with a focus on transparency and trust.
Bear in mind that some of the links in this post are affiliate links and if you go through them to make a purchase I will earn a commission. Keep in mind that I like these companies and their products because of their quality and not because of the commission I receive from your purchases. The decision is yours, and whether or not you decide to buy something is completely up to you.