Assurity Life Insurance Company Review

Assurity Life Insurance
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Assurity Life Insurance Company is headquartered in Lincoln, Nebraska, operates nearly 400 offices nationwide, and sells policies in 49 states.

The company was formed by the merger of three other Nebraska insurers: Lincoln Direct Life, Security Financial Life and Woodmen Accident and Life. The merger was completed in 2007, creating Assurity as it’s known today.

Assurity primarily sells life insurance products and related policies like disability income and critical illness insurance. It also offers fixed annuities for retirement planning. Policies are sold to individuals and businesses; the latter are sold through the Assurity at Work sales division.

Insurance Products

Term Life Insurance

  • NonMed Term 350 – Offers insurance to people between ages 18 and 65. No medical exam is necessary, and policies are available with benefits up to $350,000.
  • Term 350 Plus – Individuals can purchase the policy up to age 74. Medical exams are required, but the benefits are much higher than NonMed Term 350.

Whole Life Insurance

Whole life is sold as simplified, fully underwritten or single premium.

  • Simplified – Benefits are based on the insured’s medical history as gleaned from a health questionnaire. The exact benefits available will depend on those responses.
  • Fully Underwritten – Premiums remain constant for an insured’s life, and the policy includes investments that can be valuable for estate planning.
  • Single Premium – Has a guaranteed death benefit and just one payment. There are no recurring costs for this type of policy, but the upfront cost is large.

Universal Life Insurance

The “Premier Universal Life” plan offers flexible payment for policies of amounts up to $50,000. After holding the policy for 11 years, the insured can take out a zero-interest loan against the policy, utilizing its cash value. The base value can also be boosted by paying more into the policy.

Additional Products

  • Critical Illness – Works alongside major medical policies to provide additional payments to cover the costs associated with serious illness. These costs may include time missed from work, transportation expenses and things otherwise not covered by medical insurance.
  • Disability Income – Doubles as replacement income for an insured who is rendered disabled by an accident or illness. Different types of insurance plans are available with different types of benefit pay-outs.

Both disability and critical illness plans are sold to individuals and through group plans to as voluntary enrollment benefits for employees.

In addition to insurance, Assurity also sells annuities.

Assurity Life Insurance Rates

We were unable to get a quote for price comparison in the markets that we test.

It is important to remember when shopping for life insurance to completely understand what you are buying before signing on the dotted line. The life insurance industry is full of unethical agents that will upsell term life insurance customers to the much more expensive whole and universal products, because the commissions are substantially higher. There is no direct evidence that Assurity agents do this more frequently than other companies, but customers should be aware of this practice regardless.

Be sure and read our write up about Why Term Life is Better Than Whole Life Insurance.

Claims

Claims information for Assurity can be found under the Customer Center tab of the website. In addition to service requests, notifications of death can be placed here in order to start the life insurance claims process.

In general, a life insurance claim is made by filling out the appropriate form and providing a death certificate for the deceased. From there, a representative will contact the beneficiaries and explain the rest of the process as necessary.

For critical illness and disability claims, it’s best to contact Assurity at 1-800-869-0369 to speak to a representative.

Consumer Research and Complaints

Assurity has been accredited with the Better Business Bureau since 1992, and it has an “A+” rating on the BBB site. The company’s page lists just 6 complaints as having been closed in the last three years, with two closed this year. All but one complaint were listed as problems with the product or service. Details on these complaints are not available.

Financial Strength

Rating Company Grade Financial Outlook
AM Best A- Stable
Fitch N/A N/A
S&P N/A N/A

Bottom Line

Assurity life insurance is a pretty average company with nothing that really jumps off the screen as overly positive. They have a pretty good Better Business Bureau rating with few complaints, but their financial strength is sub-par, with an A- coming from AM Best. (Financial ratings are not like grades in school. There are three levels above an A- from AM Best.)

For someone searching for affordable term life insurance, there are many companies out there that can provide great pricing with a better claims process and financial strength ratings. We have no reason to recommend Assurity at this time.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Review Information

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Assurity
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