Assurity Life Insurance Review 2018: Policies and Riders

review of assurity life insurance company

Assurity Life Insurance Company Review

In this Assurity Life Insurance Company review we will address the company’s positives, negatives and provide an alternative. Our primary goal is to help you find and secure the best life insurance rates from the many companies we are contracted with.

About Assurity Life

  • Headquarters: Lincoln, Nebraska
  • Phone: (800) 869-0355
  • Assurity Life’s A.M. Best Rating: A-, Excellent

Assurity Life Insurance Company helping people through difficult times.”

Assurity Life Insurance Company has been around for over 125 years. The company’s focus is on creating superior value for their customers by cultivating lasting relationships, reinforcing our financial strength and fostering innovation in their products and services.

Assurity is a mutual company. This is a major pro for prospective clients because being a mutual company means that Assurity answers to the policyholders and not to investors or stockholders. In addition, policyholders of participating whole life insurance may also receive part of the company’s earnings in the form of dividends. Ask yourself this simple question, do you want to share in the profits with wall street or do you want to be an owner of the insurance company you are a part of?

Another pro of Assurity is that the company is a certified B Corporation due to the company meeting heightened standards for its social or environmental mission, and displaying a focus on the interests of workers, the community, the environment, and its policyholders.

Watch the video below for insight on why you should consider no exam versus fully underwritten coverage.

Pros to Assurity

Assurity is one of the Top 10 No Medical Exam Life Insurance Companies and makes our top final expense insurance companies list. Assurity is also a great option for term and whole life at certain age brackets where the company comes in at one of the best priced policies available.

Products Offered by Assurity Group

Assurity Life offers a large array of insurance products including:

Disability Income
  • Provides income if you are disabled and cannot work due to injury or illness
Critical Illness
  • Critical illness insurance provides a lump sum payment when diagnosed for critical illness
Accidental Death
  • Pays out death benefit if death is caused by an accident, not illness or natural causes
  • Single Premium Deferred Annuities
  • Reversionary Annuity
Life Insurance
  • Whole Life
  • Term Life
  • Universal Life

Assurity Life Insurance Policies

Review of Assurity Life InsuranceAssurity offers both term and whole life policies. You should understand the difference between term vs whole life before making a decision on what product is right for you.

Term life lasts for a period of time (the term). Once the policy ends, it is typically renewable annually, but at either an increase in premium or a decrease in face amount. Term is a great option when you need life insurance for a specific period of time, such as to protect the household’s primary income earner, cover SBA or business loans, or meet the requirements of a divorce decree requiring life insurance.

Whole life is permanent coverage that lasts your whole life. It builds cash value and is a great option for those looking to secure protection long term, such as estate planning with life insurance trusts, or business planning with key person business insurance, or using life insurance in a buy sell agreement.

LifeScape NonMed Term 350

LifeScape NonMed Term is a no medical exam policy that is fully underwritten. Essentially, the potential insured does not have to submit to a medical exam but they will be required to answer a detailed questionnaire regarding their health history.

In addition to the application questions, MIB, pharmacy and MVR information will be checked.

This is a great option for someone seeking a competitively priced policy without having to submit to a blood draw (i.e. no needles!)

The product is available for:
  • ages 18-65
  • the face amounts range from $50,000-$350,000.
  • Term periods available: 10, 15, 20 and 30 years.
  • There are no preferred rate classes available.
  • The Underwriting classes include Select Plus, Select, and Standard.
  • There are multiple riders available, including a Critical Illness Benefit rider.
  • Conversion option (i.e. convert your term policy to a permanent policy) available to age 65.
LifeScape Term 350 Plus

Lifescape Term 350 Plus is a fully underwritten guaranteed premium term life insurance policy.

  • Available for ages 18-74
  • Ages 18-65 for face amounts ranging from $350,001 and up, otherwise the nonmed option is available.
  • Face amounts $100,001 and up available for ages 66-74.
  • Term periods available: 10, 15, 20 and 30 years.
  • Preferred and Preferred Plus rate classes are available.
  • There are multiple riders available, including a Critical Illness Benefit rider.
  • Conversion option (i.e. convert your term policy to a permanent policy) available to age 65.
  • Accelerated Benefits Rider: payable to an insured diagnosed as terminally ill.
  • Optional Riders:
    • Disability Waiver of Premium Rider
    • Children’s Term Insurance Rider
    • Critical Illness Benefits Rider (see below)
    • 20 and 30 year Return of Premium Benefits Rider: 100% of premium returned upon term expiry if insured does not die.
LifeScape Universal Life

Universal Life is permanent life insurance that provides flexible premium and death benefit options. A five year no lapse guarantee is provided so that your policy is guaranteed to not lapse during that time as long as monthly lapse-protection premium is paid.

  • Available for ages 18-85
  • Guaranteed interest rate 3%
  • Available in face amounts starting as low as $25,000
LifeScape Whole Life Insurance

LifeScape Whole Life is available as Single Premium Whole Life, Simplified Whole Life and Fully Underwritten Whole Life.

LifeScape Simplified Whole Life

Assurity’s simplified whole life offers Level, Graded and Modified death benefit protection.  All that is required are answers to a few health questions. No lab work or medical underwriting is required.

  • Ages 0-80
  • $5,000 to $50,000
  • Level guaranteed death benefit from day 1
  • Ages 40-80
  • $5,000 to $25,000
  • Reduced death benefit for the first 2 years
  • Ages 40-80
  • $5,000 to $35,000
  • Reduced death benefit for the first 2 years
LifeScape Whole Life
Fully underwritten participating whole life insurance policy that comes with three guarantees:
  • Guaranteed premiums,
  • Guaranteed death benefit and
  • Guaranteed cash value accumulation.
Also eligible for Dividend Payments which can be used for:
Additional Features
  • Available ages are from 15-85 years old in face amounts starting at $10,000 on up. Ages 0-14 $15,000 to $150,000+
  • Preferred and Preferred Plus rate classes are available.
  • Accelerated benefits rider
Assurity article on Whole Life

And if you need further proof as to the value of whole life, Assurity has a fantastic article available on the company’s website on whole life insurance.

The gist of the article is about how whole life stacks up against other investments by looking at a 49 year actual case history. Assurity found that the whole life policy’s cash value had a non-taxable gain of $106,439 which equaled an average 5.60% internal rate of return every year from inception.

What is important to point out is that is an equivalent 8% average taxable return over that period. An equivalent 8% taxable return that is guaranteed, regardless of what the market does. And if you use the policy in conjunction with infinite banking you can increase your policy’s value exponentially.

Another great point the article makes is that whole life premiums remain fixed for the life of the policyholder. Term life premiums INCREASE over the policyholders lifetime and become extremely cost prohibitive in the long term.

For more reading, check out our article that covers the top 13 benefits of cash value whole life insurance.

Available life insurance riders:

In addition, there is also a protected insurability rider that is a great add on when buying life insurance for children. The rider allows the insured to purchase additional life insurance down the road with no evidence of insurability required.

About the Critical Illness Benefit Rider

Assurity Life offers an excellent Critical Illness rider. Statistics show that an individual is much more likely to suffer from a disability than die prematurely during the first 65 years of life. As a result, having living benefits available with your policy makes a lot of sense.

The Critical Illness Benefit Rider is:
  • Available up to age 64 and pays a lump-sum if the insured is diagnosed with a specified critical illness.
  • The rider is renewable to age 75.
  • Benefits amount: $5,000-$50,000.
  • The critical illness benefit does not decrease the death benefit.
  • The death benefit would be paid in addition to the critical illness benefit.
  • Plus, after a first-ever diagnosis, you are still eligible for benefits from multiple critical illness categories if you continue paying premiums.
About the Monthly Disability Income Rider

Provides a monthly benefit to replace income if you become completely disabled as a result of accident or sickness.

  • Available for ages 18-60
  • Provides $300 to $3000 or 1.5% of the base policy face amount
  • 90 Day elimination period
  • 2 year benefit period

Assurity Disability Income Insurance Policies

Assurity is one of the best disability insurance companies out there for individual disability insurance policies. If you have never taken the time to consider disability insurance, consider that according to the SSA, 25% of young adults will become disabled before retirement. Disability can be a major life event, particularly for anyone who is unprepared. Consider the following:

Disability leads to loss of work. When you don’t work, you don’t make money. Some companies do offer their employees group disability insurance. However, these policies often may be limiting in scope and do not provide adequate long term income protection. As a result, if you suffer a long term disability you will lack the funds necessary to pay your mortgage and your medical bills, often resulting in a foreclosure and bankruptcy.

Individual long term disability insurance helps by providing income replacement so you are not forced into financial ruin as a result of a disability. And these policies are affordable. A typical long term disability insurance policy runs between 1-3% of you income.

For example, if your income is $5,000 a month, your disability insurance premium would be in the range of $50 to $150 a month. Or look at it another way. If I was to offer you a job paying $60,000 a year but if you are disabled you get zero. On the other hand, you are also offered a job paying $58,000 a year, but if you are disabled, your after tax income will continue. Which job would you choose?

Assurity offers 4 main disability insurance policies, including long term disability insurance, business overhead expense disability income insurance, simplified disability income insurance and graded benefit disability income insurance.

Century+ Individual Disability Income Insurance

Assurity’s long term disability insurance policy allows full customization and provides excellent total and partial disability insurance coverage, depending on your occupation class.

Century+ Individual Disability Income Insurance snapshot:
  • Issue ages 18 to 60
  • Available for most occupational classes from standard to preferred
  • Maximum benefit amounts based on occupational classes:
    • 4A & 3A: $20,000
    • 2A: $10,000
    • 1A: $8,000
  • Benefit Periods based on occupational class and age:
    • Class 4A & 3A: 1 year, 2 years, 5 years, 10 years, to Age 65 and to Age 67
    • Class 2A: 1 year, 2 years, 5 years and 10 years; and also conditionally to Age 65 and to Age 67
    • Class 1A: 1 year, 2 years and 5 years
  • Elimination periods available: 30, 60, 90, 180 and 365
  • Guaranteed renewability to age 65 or 67, based on benefit period selected
  • 2 Year Own Occupation Definition (Optional Own Occupation Rider available)
  • Optional Riders include:
    • Own Occupation Rider
    • Non-Cancelable Rider
    • Residual Disability Benefit Rider

If you are interested in Assurity disability income insurance quotes or would like to compare it to the other top disability insurance companies we represent, please give us a call today to speak to a member of our team of professional independent disability insurance agents, who can help align you with the best disability insurance company and policy.

Potential Disadvantages to Assurity

As you read above in this Assurity Life Insurance review, this is a great company. There really are no negatives to speak of other than to say that Assurity is but one of many companies available.

If you need an excellent no medical exam option or whole life insurance policy, Assurity might be just the right company for you. It is also an excellent choice if you are in certain age brackets where Assurity excels for price. However, the reality is Assurity is not the only game in town. Therefore, there will be times when another company’s product will be a superior choice. That is why it is essential that you, as a consumer, have alternatives.

Consider Your Alternatives

An alternative to Assurity would be to shop for life insurance with an agency that represents multiple life insurance companies. This is the best way to make sure you know all your options and can make the best choice with the best company—for you. Each individual is unique and therefore there is no one size fits all company. It may very well be that Assurity is the best company for you. The best way to find out is to give TermLife2Go a call.

About TermLife2Go

We are an agency focused on aligning the best company at the best price with each individual client’s needs. We do this by discovering what your unique health and lifestyle is and tailoring a policy to meet your needs. With dozens of  top rated best life insurance companies to choose from we are bound to have the right product for you. Give us a call today to see just what TermLife2Go can do for you!

So, what are you waiting for?  Give us a call today or visit our Term Life Insurance Quotes page and see what we can do for you!

20 comments... add one

Leave a Comment