Assurity Life Insurance Company Review 2017

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In this Assurity Life Insurance company review, I will go ahead and take a look at the products and the rates Assurity Life is offering. I will also compare the rates against other top life insurance companies. Let’s find out if Assurity is a good company to be insured with.

Assurity Life Insurance Company History

Assurity started in 1890 marketing life insurance disability and critical illness through independent brokers nationwide. Assurity is a mutual company, which means they are not a traded company and have no shareholders, so their business is to serve only the clients. Assurity’s goal is to bring more peace of mind through life insurance products to the middle-class consumers and the small business owners.

Assurity Life Insurance Company Ratings

According to A.M Best (an industry leader in evaluating financial strength), Assurity Life Insurance company has an A- (Excellent) score with a stable outlook. In 2015, Assurity paid $137.8 million in living benefits to its policyholders including $17.4 million in dividends. They also paid $58 million in death benefits to beneficiaries. Assurity Life has over 2 billion in assets.

Assurity Term Life Products Review

Term life policies are the simplest and most economical policies available on the market. They are called “pure insurance” because there isn’t any saving component to them, and they are a coverage for a length of time or term. The terms are from 1 to 30 years.

LifeScape NonMed Term 350

This is a term life insurance policy that does not require the applicant to go through a medical examination as part of the underwriting approval. This application still requires the applicant to answer health questions. Assurity will check the medical info bureau (MIB), pharmacy use, and motor vehicle report (MVR).

LifeScape NonMed Term 350 Highlights

  • No medical exam needed.
  • Death amount are from $50,000 to $350,000.
  • Term periods: 10, 15, 20 and 30 years.
  • Issue ages: 18–65.
  • Premiums are level and guaranteed for the contract period, and the policy is renewed to age 95.
  • Policy conversion is up to age 65, which means you could convert your policy to whole life without going through the underwriting process again; it’s guaranteed approval providing you can pay for the policy.
  • The policy includes an accelerated benefit rider, which allows the policyholder to tap into the death benefit while he/she is still alive (not available in all states).
  • Optional riders are available for extra customization of the policy. Riders such as other insured, waiver of premium and critical illness are just a few.

LifeScape Term 350 Plus

This is a fully underwritten term life insurance policy. “Fully underwritten” means with an exam.

LifeScape Term 350 Plus Highlights

  • Death amounts are $350,001 and up.
  • Term periods: 10, 15, 20 and 30 years.
  • Issue ages: 18–74.
  • Premiums are level and guaranteed for the contract period, and the policy is renewed to age 95.
  • Policy conversion is up to age 65.
  • The policy includes an accelerated benefit rider.

Assurity Whole Life Products Review

As the name implies, a whole life policy is a policy that lasts for the rest of your life or age 121. Whole life policies provide level premiums and death benefits and can’t be canceled as long as premiums are paid.

Lifescape Simplified Whole Life Insurance

This type of policy is geared toward clients who are looking for a final expense policy and are not in the best of health. Typically, final expense policies are policies that do not offer over $50,000 in death benefit.

There is a cash value attached to it, which you can borrow against. This is a simplified issue policy, which means there are no tests to go through, but MIB and prescription usage will be checked by Assurity. Assurity offers three options on this policy:

Simplified Whole Life – Level Benefit

The death benefit is paid from day one, and this policy is reserved for the healthier group. The policy offers level benefits, and premium issue ages are 6 months through 80 years. The benefit amounts are from $5,000 through $50,000.

Simplified Whole Life – Graded Benefit

The policy will pay 40% of the death benefit if you die within 1 year of coverage, 75% in two years, and 100% in the third year. Issue ages are 40 through 80, and the death benefits are from $5,000 to $35,000.

Simplified Whole Life – Modified Benefit

The policy will pay 10% plus your premium if you die within 2 years. Only in year 3 they will pay 100% of the purchased death benefit. Issue ages are 40 through 80 and the death benefits are from $5,000 to $25,000.

Pay attention every time you purchase a “graded benefit” plan. I may not understand what it means to have a few years or months to live and have no life insurance to cover my final expense affairs, but jumping into a plan that may issue you a policy without fully understand the downfalls may be the worst thing you could do. Insurance companies aren’t doing any favors by using modified or simplified, and while most choose NOT to talk to a broker, I must warn you to read the fine print or have a broker do this for you.

Assurity Simplified Issue Health Questions

Assurity simplified health questions app

Assurity Simplified Issue Sample Rates

Male Whole Life $10,000 Graded Benefit

CompanyAge 50Age 60Age 70Age 80
 Fidelity $45.35 $59.59 $102.86 $164.86
 American Amicable $36.90 $57.24 $101.77 $219.82
 Gerber Life $38.41 $56.65 $87.91 $220.92
 Assurity $42.20 $61.70 $105.88 $231.79
 Foresters$45.04 $71.82 $106.89 $216.09
 Mutual of Omaha$46.15 $74.63 $119.79 $254.18
 AIG$51.92 $63.17 $93.14 $175.15
 United Home Life$66.63 $67.46 $114.94 $212.38
 Transamerica$76.97 $108.60 $168.87 $297.89
 Americo$94.77 $131.82 $220.83 NA

Female Whole Life $10,000 Graded Benefit

CompanyAge 50Age 60Age 70Age 80
 Fidelity $34.33 $48.04 $71.53 $117..89
 American Amicable $36.32 $59.60 $105.34 $194.48
 Gerber Life $28.14 $46.47 $68.75 $152.17
 Assurity $37.58 $51.22 $80.56 $173.33
 Foresters$37.07 $48.93 $79.59 $166.95
 Mutual of Omaha$38.36 $53.49 $85.75 $183.87
 AIG$35.83 $45.14 $70.41 $135.12
 United Home Life$42.08 $80.05 $85.38 $141.62
 Transamerica$63.70 $84.41 $127.56 $210.86
 Americo$73.55 $101.95 $157.39 NA

Assurity Life Insurance Optional Riders

Think of riders as an adds-on to an existing life insurance policy to customize and enhanced its benefit. Personally, I shy away from most riders except for living benefit riders that let the insured tap into some of the death benefit while he/she is still alive.

For the most part, riders aren’t necessary, but your circumstances may be a bit different, and you may find value in having them. Keep in mind that you will pay an extra premium for them.

  1. Other Insured Rider – Provides a term life policy on your business partner or spouse.
  2. Waiver of Premium Rider – Your premiums will be waived if you become disabled and can’t work while keeping your policy active.
  3. Monthly Disability Income Rider – Pays a monthly disability income should you become disabled due to an accident or sickness.
  4. Accident-Only Disability Income Rider – Pays a monthly income should you become disabled due to accident only.
  5. Critical Illness Rider – Pays a lump sum if the insured is diagnosed with a critical illness. Assurity does not deduct it from your death benefit but pays this as additional benefit.
  6. Children’s Term Insurance Rider – Provides term life insurance for your children to age 25 plus the ability to convert it to a whole life policy when they turn 25. The children are guaranteed insurability regardless of health conditions when the permanent insurance is purchased.
  7. Return of Premium Rider – This will refund all your premium should you outlive the policy. It’s available on 20- and 30-year plans.

Assurity vs Other Carriers Sample Rates

Male 20-year Term $350,000

CompanyAge 30Age 40Age 50Age 60
 Lincoln $14.96 $21.70 $55.69 $263.59
 Protective $18.51 $25.07 $58.74 $158.00
 AIG $16.74 $24.91 $57.61 $158.42
 Banner $17.19 $24.32 $57.62 $157.72
 Mutual of Omaha$17.67 $25.94 $63.00 $185.50
 SBLI (Non-Med)$18.20 $27.83 $69.84 $204.28
 Assurity$19.79 $38.06 $93.48 $244.82
 Sagicor  (Non-Med)$31.60 $55.81 $128.55 $307.99
 Assurity (Non-Med)$37.15 $79.17 $181.79 $443.96
 Phoenix (Non-Med)$52.43 $85.65 $159.35 $424.55

Female 20-year Term $350,000

CompanyAge 30Age 40Age 50Age 60
 Lincoln $12.82 $18.02 $41.61 $221.02
 Protective $16.73 $21.62 $44.33 $109.95
 AIG $14.62 $23.70 $47.62 $123.31
 Banner $14.74 $19.95 $42.99 $111.52
 Mutual of Omaha$15.53 $22.27 $48.30 $129.46
 SBLI (Non-Med)$16.13 $24.08 $48.54 $124.01
 Assurity$15.83 $30.75 $72.47 $190.31
 Sagicor  (Non-Med)$24.65 $46.98 $102.35 $211.76
 Assurity (Non-Med)$25.27 $53.59 $121.50 $292.62
 Phoenix (Non-Med)$41.86 $68.13 $122.50 $308.26

Male 20-year Term $500,000

CompanyAge 30Age 40Age 50Age 60
 Lincoln $20.13 $28.87 $77.83 $214.33
 Protective $20.38 $28.92 $76.86 $207.96
 AIG $21.11 $31.05 $78.20 $213.57
 Banner $20.96 $32.37 $78.18 $213.27
 Mutual of Omaha $21.61 $33.42 $85.49 $249.55
 North American $22.44 $33.44 $79.20 $218.68
 Principle $22.75 $31.94 $79.63 $216.56
 Transamerica $22.36 $38.27 $92.45 $212.42
 Assurity $25.67 $51.76 $130.94 $347.13
 Prudential $34.20 $43.65 $88.65 $262.35

Female 20-year Term $500,000

CompanyAge 30Age 40Age 50Age 60
 Lincoln $17.06 $24.94 $56.39 $148.05
 Protective $17.93 $25.26 $55.78 $140.83
 AIG $18.08 $29.32 $63.06 $163.40
 Banner $17.94 $26.25 $56.87 $153.12
 Mutual of Omaha $18.99 $28.61 $64.05 $169.93
 North American $19.36 $28.16 $61.60 $154.88
 Principle $20.04 $27.56 $59.24 $149.27
 Transamerica $19.78 $30.96 $62.78 $170.71
 Assurity $20.01 $41.33 $100.92 $269.27
 Prudential $27.90 $38.70 $76.95 $181.80

Male 20-year Term $1,0000,000

CompanyAge 30Age 40Age 50Age 60
 Lincoln $49.00 $70.00 $147.70 $418.78
 Protective $34.99 $51.99 $143.84 $400.83
 AIG $36.68 $54.84 $146.53 $418.14
 Banner $36.67 $59.50 $146.30 $418.13
 Mutual of Omaha $37.80 $59.68 $163.80 $481.42
 North American $39.16 $60.28 $150.92 $427.24
 Principle $38.94 $56.00 $149.63 $422.63
 Transamerica $39.56 $69.66 $147.92 $415.38
 Assurity $45.24 $97.44 $255.78 $688.17
 Prudential $52.65 $77.85 $166.05 $485.55

Female 20-year Term $1,000,000

CompanyAge 30Age 40Age 50Age 60
 Lincoln $38.50 $53.38 $108.50 $283.80
 Protective $29.43 $43.94 $103.55 $269.92
 AIG $30.62 $52.25 $117.12 $309.15
 Banner $29.75 $47.25 $108.50 $286.12
 Mutual of Omaha $31.67 $51.80 $119.18 $324.80
 North American $32.12 $48.84 $113.08 $283.80
 Principle $32.16 $47.25 $108.94 $286.13
 Transamerica $30.96 $55.90 $116.10 $323.36
 Assurity $33.93 $76.56 $195.75 $532.44
 Prudential $38.25 $64.12 $139.05 $349.65

Last Word

Assurity Life Insurance is an outstanding company with a strong financial rating and an array of products to choose from. As a consumer, the only mistake you could make is not comparing your options and choices. Since every insurance company will see you as a different risk, you may want to compare all the options before you narrow your selection to one company.

We represent Assurity Life and 50 other carriers to fit each and every client’s needs. If you would like to receive personalized quotes, please reach out at 866-326-3053, or you may use our online life insurance quoter below to run the quotes yourself.

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2017-10-24T19:44:41+00:00 April 6th, 2017|Company Reviews|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has 2 amazing rescued pit bull puppies. He also enjoys real food, heavy squats, critical thinking, and reading.

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