Assurity Life Insurance Company Review

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Assurity is a highly regarded insurer that offers reasonably priced term, universal, and whole life products with high customer satisfaction.

A.M. Best

A-

Standard & Poor’s

N/A

BBB

A+

The Good

  • Financially secure
  • Competitive term life insurance
  • Mutual company
  • Non-med coverage
  • B-corp

The Bad

  • Less competitive high risk coverage
  • Less brand recognition

Product Availability

Policy Types
  • Term
  • Universal
  • Whole
Riders
  • Accelerated death benefit
  • Children’s term
  • Disability income
  • Endowment benefit
  • Other insured
  • Level term
  • Waiver of premium

Review Breakdown

Overall

4.01

Price/Value

4.1

Financial Strength

2.2

User Experience

4.3

Product Availability

2.5

Brand/Size

3.0

Price/Value

There’s no doubt that the cost of coverage is at the top of most insurance shoppers’ lists of priorities.

The top life insurance companies offer life insurance with reasonable underwriting and competitive rates for the majority of applicants.

When you apply for life insurance, your rates will be determined by factors like:

  • Age
  • Sex
  • Height and weight
  • Family health history
  • Medical conditions
  • Tobacco use
  • Career and hobbies
  • Driving record

While most companies use the same criteria for underwriting, they judge each risk factor differently, with some looking more leniently on certain conditions than others.

Overall, Assurity ranks high for affordability, with competitively priced policies for several demographics of applicants.

The company is best for young healthy applicants, who can get particularly low rates.

Prices become less competitive for older applicants and individuals with health conditions.

Financial Strength

One of the first places you should turn when you are assessing a life insurance company is to its financial strength.

You need to buy life insurance from a company you can trust wholeheartedly with your family’s financial wellbeing.

Federally recognized credit rating agencies are excellent resources for investors and life insurance shoppers alike.

These agencies review a company’s financial history, habits, and projections to predict their likelihood of meeting their financial obligations and paying out policies as promised.

Ideally, you should compare ratings from A.M. Best, Moody’s, Standard and Poor’s, and Fitch Ratings.

Assurity Life has only been rated by A.M. Best, where it received an “A-” (Excellent) rating for financial strength and security.

Based on its credit rating and financial performance, you can count on Assurity to pay out your policy, even under financial duress.

In 2019, Assurity boasted over $2.6 billion in total assets, with a net income of $11.9 million.

User Experience

Another important consideration for life insurance shoppers is user experience.

The life insurance company that underwrites your policy should also focus on creating an exceptional and easy experience for its customers, from start to finish.

To evaluate user experience, we look at a company’s:

  • Customer service rankings
  • Website
  • Application process

Ratings

Ratings are just as useful for evaluating a provider’s user experience as they are for assessing financial strength.

Two of the best assessments of user experience are the J.D. Power U.S. Life Insurance Study and BBB ratings.

Unfortunately, Assurity is not rated by J.D. Power; however, its rating from the Better Business Bureau is excellent.

The company has been BBB-accredited for nearly 30 years and holds an “A+” rating for its communication with clients, transparency, and overall business practices.

Website

Assurity’s website is fairly straightforward and easy to navigate.

It provides plenty of information if you’re looking to learn more about the company’s history, financial performance, and corporate initiatives.

When it comes down to comparing coverage options, Assurity presents users with adequate details about the features of each of its policies.

The site also allows you to:

  • File a claim
  • Designate a beneficiary
  • Make payments

Additionally, you can get some quick life insurance quotes on the site.

Application

Assurirty’s application process for traditionally underwritten policies is fairly standard compared to most companies in the industry.

After speaking with an agent, you’ll be expected to complete an application and may have to undergo a medical exam.

Assurity also offers accelerated underwriting and instant decision policies that do not require a medical exam.

Applicants between the ages of 18 and 50 can get $500,000 of non-med coverage, and applicants from 51 to 65 are eligible for up to $350,000.

To apply for a policy, you simply complete an online application with an agent, let the company access your MIB, prescriptions, and driving record, and see if you qualify for instant approval.

Assurity also underwrites policies for popular online non-med providers like Ethos and LeapLife.

Products

Assurity is a company that offers insurance products to individuals and businesses alike, such as:

  • Accidental death
  • Annuities
  • Critical illness
  • Disability income
  • Life insurance

It also offers group life insurance products and other voluntary benefits for businesses and their employees.

We’ll focus on Assurity’s individual life insurance products here, which include term, universal, and whole.

Term

Term is the most popular type of life insurance, suitable for most families’ needs.

It offers a guaranteed death benefit in exchange for premium payments, covering the insured for a term of time such as 10, 20, or 30 years.

Assurity’s term life policy benefits range from $25,000 to $10 million and are available to applicants between the ages of 18 and 65.

Though the policy is temporary, you can convert it into permanent coverage later.

Depending on your age and health, you may be able to qualify for one of Assurity’s no exam policies.

Universal

If you find yourself in need of a policy with a little more permanence, Assurity has you covered with universal life insurance.

While Assurity doesn’t release a lot of details about its universal product, there are several features you can expect to find with this standard policy type.

Universal coverage can last as long as you live, assuming payments are kept up to date.

In addition to the death benefit, you get access to a growing cash value account which you can draw from.

However, it’s important to note than any outstanding balance from a cash value loan when you pass away will be subtracted from the death benefit your loved ones receive.

Whole

The most permanent and secure life insurance money can buy is also the most expensive, by far.

Whole life insurance offers guaranteed premiums, a guaranteed death benefit, and a guaranteed rate for the cash value’s growth.

With Assurity, you can choose to pay for your policy over your lifetime, up to a certain age, or all upfront.

Assurity also sells small simplified whole life policies, which serve as final expense insurance for elderly applicants.

Since Assurity is a mutual company, whole life policyholders could earn dividends on an annual basis.

Brand/Size

Assurity Life Insurance Company has been providing customers with access to affordable life insurance for more than a hundred years under a few different names.

Before the turn of the 20th century, three insurance entities, Modern Woodmen Accident Association, Royal Highlanders, and Security Mutual Life got their insurance start in Nebraska.

Each would undergo name changes and home office locations over the last century, before finally consolidating as Assurity Life Insurance Company in 2007.

With a strong focus on life insurance, Assurity has continued to add more options to an even greater lineup of products, including disability, critical illness, worksite policies, and others.

Working with iPipeline, an insurance tech specialist, Assurity streamlines insurance quotes and applications online to assist agents and get insurance in the hands of consumers quickly and easily.

Their innovative approach has proven successful. In 2019, Assurity had $22.3 billion of life insurance coverage in force.

Philanthropy

In addition to aiding individuals and business with solutions during the most challenging times in their life, Assurity is committed to making a difference in the areas it serves.

Assurity proactively aids communities, assisting with events like blood drives, American Heart Association activities, food bank drives, and fundraising for other local charities.

There is also strong support for the United Way, and Assurity makes active strides in becoming a greener company every year.

The company is also a certified B Corporation, a title given by B Lab to corporations who exhibit commitment to social and environmentally sound practices who operate responsibly and honestly.

Assurity also seeks to convey transparency and goodwill to customers in its very business structure.

As a mutual organization, Assurity’s policyholders are the ones who have ownership in the company, so Assurity’s decisions are made with their customers’ best interest in mind.

Brand Recognition

Though it may not be as well known as some of its competitors, the companies that consolidated as Assurity have spent over a century building a solid reputation in homes nationwide.

The company utilizes social media to connect with clients, though its social presence is a small one.

Assurity posts sporadically on Twitter and Facebook, with an inactive Instagram account.

Although it doesn’t have the highest brand recognition on social media, it is known and highly regarded in communities and households across the country.

Assurity is perhaps recognized most for its community involvement and partnership with nonprofits.

Consensus

When you choose a life insurance company, you should pick one that is respected by policyholders and industry experts.

Assurity doesn’t rank among everyone’s list of the best life insurance companies, but that’s largely due to its relatively new status.

While Assurity itself is a fairly new company, it has a rich history in its founding companies.

With a focus on ethics and integrity, Assurity Life Insurance Company’s aim to provide exceptional products and service is not going unnoticed, and Assurity is making a positive mark on the life insurance industry.

Though its policies aren’t the most affordable in the industry, the company does offer reasonably priced term and permanent coverage from a solvent name you can trust.

Assurity Life Insurance Company Review

Phone
(402) 476-6500
Address
2000 Q Street (68503) PO Box 82533
Lincoln, NE 68501

Author:

Avatar

Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.