Assurity Life insurance Review
Helping People Through Difficult Times
Assurity has long lived our mission of helping people through difficult times, with a heritage dating back to 1890. We provide life insurance, disability and critical illness insurance, and voluntary employee benefits through independent brokers nationwide. Our unrelenting commitment to financial strength and stability has consistently earned us excellent industry ratings.
As a principal agent at Blake Insurance Group, I’ve had the opportunity to analyze and review various insurance products. Today, I’ll focus on Assurity Life Insurance, a company with a rich history and muscular financial strength. Assurity offers a range of life insurance products, and we’ll delve into the specifics of their coverage options, pricing, and overall value.
Disclaimer: We are not in any way affiliated with Assurity. We are Independent Insurance agents that offer top-rate final expense insurance Products. This article reviews their insurance and voluntary employee benefits program and our opinions. If you are looking to contact Assurity directly with this # 800.869.0355
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Term Life Insurance
Term life insurance is a straightforward policy that covers a specific period, typically 10, 20, or 30 years. Assurity, a reputable insurance company, offers term life insurance policies that are level-term, meaning the death benefit and monthly premium remain constant throughout the term.
A level-term life insurance policy, sometimes called level premium term life insurance, provides coverage for a set number of years while keeping the premium payments the same for the duration of the policy. This means that the cost of your insurance won’t increase over the term of your policy, which could be 10, 20, or even 30 years.
The main advantage of level-term life insurance is the predictability it offers. The amount you pay for your insurance won’t change over time, and as long as you pay your premiums, you can rest easy knowing that your loved ones will receive a death benefit if you die during the term. This gives you peace of mind that the people who depend on you will have a death benefit during the years that you are planning to support them.
Assurity’s term life insurance policies are designed to be dynamic, flexible, and affordable. They offer a level death benefit for the entire time the policy is in effect, meaning your beneficiaries will get paid the same amount regardless of whether you die in the third or last year of your policy.
One of the unique features of Assurity’s term life insurance is the option to convert to permanent insurance without having to take another health exam. This allows you to take advantage of the additional benefits of a permanent policy, such as cash value accumulation and lifelong coverage.
However, it’s important to note that while level-term life insurance offers many benefits, it also has some drawbacks. The initial premiums can be higher compared to other types of life insurance. If you outlive your policy term and still need life insurance, you’ll have to buy a new policy, which could be more expensive due to your older age and potential health conditions.
Whole Life Insurance
Whole life insurance is a type of permanent life insurance that provides coverage for the policyholder’s entire lifetime. Unlike term life insurance, which only provides coverage for a specific period, whole life insurance guarantees a death benefit payout regardless of when the policyholder passes away, as long as the premiums are paid on time.
One of the key features of whole life insurance is the guaranteed death benefit. This means that the money paid to the beneficiaries upon the policyholder’s death is fixed and does not change over time. This provides certainty and peace of mind for the policyholder and their loved ones, knowing that a specific amount of money will be available to them in the event of the policyholder’s death.
Another significant aspect of whole life insurance is the potential for dividends. Some whole life insurance policies, such as those offered by Assurity, are participating policies, meaning they are eligible to receive a share of the insurance company’s earnings in the form of dividends. However, it’s important to note that dividends are not guaranteed and depend on the company’s financial performance. If dividends are paid, they can be used in various ways, such as purchasing additional insurance, reducing premiums, or accumulating with interest.
Whole life insurance also builds cash value over time. The insurance company invests part of the premiums paid into the policy, and the policyholder can borrow against this cash value if needed. The cash value grows in a tax-deferred account at an established rate, which can serve as an additional financial resource for the policyholder during their lifetime.
The premiums for whole life insurance are typically higher than those for term life insurance, but they are fixed and do not increase over time. The policyholder’s age, medical history, and coverage goals determine the rates. Despite the higher cost, the long-term benefits of whole life insurance, such as the guaranteed death benefit, potential for dividends, and cash value accumulation, can make it a valuable part of a comprehensive financial plan.
In the case of Assurity’s whole life insurance, the policyholder can also benefit from the company’s status as a mutual organization, which means it pays dividends to policy owners to share its excess profits. However, as with all dividends, these are not guaranteed and depend on the company’s financial performance.
Universal Life Insurance
Universal Life Insurance is a type of permanent life insurance offering long-term protection with more flexibility than whole life insurance. It is characterized by its ability to adjust premiums and death benefits, giving policyholders more control over their policies.
Assurity’s universal life insurance policies are guaranteed, providing a guaranteed death benefit, which is the payment to your beneficiary after death. These policies also offer level and increasing death benefit options.
One of the key features of universal life insurance is its potential to accumulate cash value over time, which can fluctuate based on how you fund the policy and other factors. This cash value can be used to offset premium payments in the future, providing further flexibility.
However, it’s important to note that universal life insurance policies do not guarantee the death benefit unless adequately funded. If the policy is underfunded, it can potentially end. Therefore, it requires oversight and careful management to ensure its benefits.
Assurity’s universal life insurance policies also offer flexible premium options and the choice of a level, increasing, or decreasing death benefit. This flexibility allows you to adjust your policy as your life changes, making it suitable for those seeking long-term protection with more control over their policy.
Group Life Insurance
Assurity offers some life insurance policies as a group benefit to employees who meet certain eligibility requirements. This includes their Group Whole Life insurance, which provides a permanent benefit that can be used to replace lost income, pay for final expenses, or pay off a mortgage or other debt.
Group Whole Life insurance offers employee benefits from $2,500 to $200,000, with the maximum determined by underwriting basis and group size. It’s important to note that the insured person’s certificate must be in force for at least six consecutive months before coverage terminates.
Assurity’s Group Whole Life insurance also includes additional features at no extra cost. For instance, it allows the insured to receive advance payment of a portion of the death benefit if diagnosed with a chronic illness.
Moreover, Assurity offers a Children’s Term Rider, which provides eligible children with level term life insurance to age 26. There’s also a Disability Waiver of Premium Rider, which provides for waiver of all certificate and rider premiums during an insured person’s total disability, which occurs before their 65th birthday and lasts at least six months.
Pricing
Assurity’s life insurance rates are pretty competitive. For instance, their term life insurance can start as low as $12.40 per month. However, it’s important to note that these rates can vary depending on several factors, such as age, gender, and health status.
For example, whole life insurance premiums are generally higher than term life insurance due to the growth of lifetime coverage and cash value. On the other hand, universal life insurance generally offers the most life insurance benefits for your dollar.
Term life insurance costs $300,000 for a 30-year-old male in excellent health with other top insurance companies. Please note that the premiums in the table are approximate values and may vary depending on the policy and underwriting criteria. It’s essential to compare quotes from multiple companies to find the best coverage and rates for your needs.
| Insurance Company | Monthly Premium |
|---|---|
| Assurity | $12.40 |
| Haven Life | $13.48 |
| MassMutual | $16.31 |
| Pacific Life | $18.93 |
| Principal | $20.10 |
| Protective | $25.23 |
Customer Service
Assurity has a strong reputation for providing excellent customer service. Newsweek recognized The company as one of the best U.S. companies for customer service in 2022, marking the second consecutive year it received this honor. This recognition is based on an independent survey of over 25,000 U.S. customers who evaluated brands’ quality of communication, professional competence, range of services, customer focus, and accessibility.
Assurity provides a variety of online resources to support its customers. The Customer Center on Assurity’s website allows policyholders to check their policy information, pay bills, or submit a health insurance or wellness claim electronically. If customers need further assistance, they can contact Assurity’s customer support at 1-800-869-0355, Ext. 4279, or via email at clientservices@assurity.com.
When it comes to filing a claim with Assurity, the process is designed to be straightforward. The first step is to provide notice of the claim within 20 calendar days after the loss starts. Claims can be submitted via email, mail, or fax. The necessary forms and instructions for filing a claim are under the Customer Center tab on Assurity’s website. Customers with specific questions during the claims process can direct their inquiries to Assurity’s claims contact center during regular business hours. The contact information for the claims center is 800.869.0355 Ext. 4484, and the email is claimsinfo@assurity.com.