Assurity Life Insurance Company is currently headquartered in Lincoln, Nebraska, but also has nearly 400 satellite offices across the nation. The insurer offers life insurance policies in all states, but in New York, they operate as Assurity Life Insurance Company of New York.
Assurity Life Insurance is the result of a 2007 merger of three other Nebraska based insurance companies, Woodmen Accident and Life, Security Financial Life, and Lincoln Direct Life.
Although Assurity focuses on various life insurance products, they also offer disability income insurance, critical illness insurance, and annuities. The company offers their insurance and financial products to individuals and businesses using independent insurance agents. The sales force that offers Assurity insurance products to businesses does so through a separate sales division called Assurity at Work.
Assurity Life Insurance Products
Assurity offers Term Life, Whole Life, and Universal Life Insurance products:
- Term Life Insurance
NonMed Term 350: This term insurance product is designed to offer insurance to applicants between 18 and 65 years- old. There is no medical exam requirement, and face amounts are available up to $350,000.
Term 350 Plus: This term product is available to individuals up to 75 years-old, but medical exams are required. Since it is fully underwritten, the policies can be purchased with a much higher face amount.
- Whole Life Insurance
Assurity’s Whole Life product is available as simplified issue, fully underwritten, or single premium purchase.
Simplified Issue Whole Life: The death benefit in the simplified issue policy is based on the applicant’s medical history which is provided on the application and does not require a medical exam.
Assurity’s Simplified Issue Whole Life has become one of the most popular life insurance products for agents that offer final expense insurance. The underwriting guidelines are very liberal and the pricing is ultra-competitive. The company offers this easy to issue product in three types to accommodate anyone looking for Final Expense Insurance.
- Level Benefit Whole Life
Issue Ages: The issue ages are 6 months to 80 years-old as of the applicants last birthday.
Face Amounts $10,000 – $50,000
Ages 0 through 14: Male/Female – Select Non-Tobacco
Ages 15 through 19: Male/Female – Select Non-Tobacco, Tobacco
Face Amounts $5,000 – $50,000
Ages 20 through 65: Male/Female – Select Non-Tobacco, Tobacco
Face Amounts $5,000 – $25,000
Ages 66 through 80: Male/Female – Select Non-Tobacco – Tobacco
To qualify for the Select Non-Tobacco class, the proposed insured must not have used any form
of tobacco or nicotine-based products within the last 12 months.
- Graded Benefit Whole Life
The Graded Death Benefit plan has a reduced death benefit for the
first two years the policy is in force. If death due to natural causes occurs during the first year of
coverage, the benefit is limited to 40 percent of the face amount. If death due to natural causes
occurs during the second year of coverage, the benefit is limited to 75 percent of the face amount.
After the second year, the full face amount of the policy is payable.
Issue Ages: This issue ages for graded benefit are age 40 through 80
Face Amounts $5,000 – $35,000
Age 40 through 65: Male/Female – Select Non-Tobacco – Tobacco
Age 66 through 80: Male/Female – Select Non-Tobacco – Tobacco
- Modified Benefit Whole Life
The Modified Death Benefit plan has a reduced death
benefit for the first two years of coverage. For death due to natural causes, the benefit is limited to
110 percent of the annual premium amount in year one of coverage and 220 percent return of the
annual premium amount in year two of coverage. After the second year, the full face amount of the policy is payable.
Issue Ages: The issue ages for Modified Benefit Whole Life are 40 through 80 years-old
Face Amounts $5,000 – $25,000
Ages 40 through 80: Male/Female – Select Non-Tobacco – Tobacco
Fully Underwritten Whole Life: The fully underwritten whole life policy offers guaranteed level premiums for the lifetime of the insured, and includes investments that can be used for estate and retirement planning.
Single Premium Whole Life: Assurity’s single premium whole life product has a guaranteed death benefit with a single premium payment. There are no recurring costs for this product after the upfront single premium payment.
Universal Life Insurance: The flexibility of Universal Life insurance is what makes it so attractive to consumers. The policy is designed to provide lifetime coverage, cash value accumulation, and the ability to alter coverage and premiums as the insured’s life changes.
Additional Products from Assurity
Although death is certain, other health issues can also affect the financial stability of individuals and families.
- Critical Illness – This product is designed to work alongside the insured’s health insurance policy to cover the costs associated with a serious or terminal illness. The costs covered are typically not covered by conventional health insurance, like lost wages, transportation expenses, and home services provided by a third-party.
- Disability Income – This policy protects the insured’s ability to earn. When the insured is rendered disabled by an accident or illness, the disability income policy can help prevent financial devastation that can result from being unable to draw a paycheck.
- Accidental Death Insurance – This product is designed to supplement traditional life insurance as a very inexpensive way to increase the life insurance benefit when the death is the result of an accident.
Example Insurance Rates
Rates are for a 30-year-old male non-smoker in Good Health
|Policy Term||Face Amount||Monthly Payment|
Assurity Life Insurance is very competitive with all other Term Insurance companies and typically places in the top five during rate comparisons. Prospective insureds can easily purchase $500,000 in coverage for what it costs to feed a family of four at a fast-food restaurant.
Ratings and Complaints
Assurity Life Insurance Company enjoys an A- rating with an outlook of Stable from A.M. Best Rating Services. They are accredited with the Better Business Bureau and are currently enjoying a rating of A+. There are only four complaints listed; one regarding billing/collections, and three regarding products/services. All four complaints have been resolved by the insurer.
At Docktor’s Insurance, we invite all prospective clients to visit with us over the phone or through our website to get the solutions you need for your individual situation. Please call our insurance professionals during normal business hours at (888) 773-1181, or you can contact us through our website at your convenience.