We understand that the increasing number of insurance companies in the market can become difficult for you at times. However, in this blog, we will try our best to break down the policies and plans offered by the Assurity life insurance company so that you can make a well-informed decision.
It doesn’t qualify as ‘the best insurance company available in the industry, but after reviewing their programs, it indeed is an impressive pick. So can purchase a plan with coverage as high as $10 million without a medical examination. In addition to that, you can also choose from the number of riders available to enhance the coverage of your purchased plan.
A short analysis of policy pros and cons below will help you decide more easily.
What Kind of Insurance plans does it offer?
There is a wide variety of insurance plans that the company offers. From all the plans available, you can choose whatever is suitable and reliable for you. In addition, you can opt for universal, whole or term life insurance based upon your preferences. Each plan ranges from about $25,000 to $10million, respectively.
We’ve compiled a list of five plans available for you:
Term Life Insurance Plan
Term life insurance is the most popular option available in Assurity’ s arsenal. Since it offers a coverage plan of specific years, decades and terms as per what is feasible to you. Therefore, most customers prefer to choose term life insurance.
For term life insurance, standard policies from $25,000 to $10 million are available. You can skip the medical examination and qualify for underwriting if you wish to. Typical coverage is capped at $350,000 for customers ranging from age 51 to 65 and at $500,000 for customers aged 18 to 50.
Whole Life Insurance Plan
Whole life insurance is preferred by customers looking for guaranteed death benefits in an insurance policy. This plan also builds cash value that can support your retirement plans or help you in emergencies expanses.
There are three basic, whole life insurance plans that the company offers:
- People from 18 to 85 years can purchase ‘Whole Life with Accelerated Underwriting’ and cover up to $250,000 without a medical exam.
- Or you can go for the ‘Singe Premium Whole Life’ option that guarantees death benefits and significant sum returns at the end of the plan. People from age 61 to 85 can get up to $450,000 in coverage.
- Lastly, you can also consider the ‘Children’s Whole Life’ plan. It comes with $100,000 in coverage, with guaranteed regular premiums, and is available for children from and above 15 years old.
Universal Life Insurance Plan
This is specifically available to customers 85 years old or sometimes slighter younger than that. It comes with defined death benefits and permanent coverage. But unlike other plans, Assurity life insurance’s universal life plan encourages you to grow your cash value. Thus, at the end of the program, a large sum may return to you if you plan it that way.
Does Assurity offer Insurance Riders?
Like many other insurance companies in the market, the Assurity life insurance company allow its customers to customize their policies by including insurance riders in their coverage. Riders can get coverage for their living spouses, children or parents. They can also make your access to death benefits in case of a medical emergency more feasible for you.
Assurity offer the following insurance riders:
- Foremost, it offers accelerated death benefits. So, in case of terminal or chronic illness, you can get a significant part of your death benefits to may medical dues.
- If you are expired in an accident, your family, spouse, or other beneficiaries will get a valuable portion of your death benefits.
- With riders, you can purchase a term life plan for your children to be converted to permanent coverage later when the child reaches adulthood.
- Lastly, with riders, your premium can be permanently waived, although your coverage will remain in place if, by any chance, you are disabled.
Advantages and disadvantages of getting an Assurity Life Insurance Policy
For your better judgements, here’s a list of advantages and disadvantages that come with choosing an Assurity life insurance company.
- Assurity life insurance policy saves you from the hustle of medical examination. You can choose to rely upon underwriting and avail up to $500,000 coverage, as per your policy.
- There is a wide variety of optional riders that can make your purchased plan more efficient. For instance, Assurity offers a term life plan for your children, waive premiums in case of permanent disability and let you use death benefits in case of a terminal illness.
- As compared to other companies in the market, Assurity offers a relatively higher coverage amount. It can go as high as $10million.
- You can not find information about the company’s premium estimation online. Its website does not offer much on it. Therefore, you will have to personally contact their information agent to confirming and purchasing insurance rates or plans.
- Assurity charges a specific amount of policy fee after you have purchased the plan. Its cost can be as high as $70/year, and this arrangement is besides standard premiums.
Assurity Life Insurance Company’s Rating in Market
In 2019, a reliable credit rating company, AM Best, gave Assurity an excellent rating of A-. It praised the company for its solid balance sheet. AM Best’s opinions and ratings are a reliable source for customers to consider before purchasing a final policy.
Meanwhile, please do not fret about why Assurity did not make it to 2020 J.D. Power’s U.S. Individual Life Insurance Study. Because it is a small company and its premiums only contribute 0.016% to the life insurance market. Hence, it was not included in the study.
Why should you choose the Assurity Life Insurance Company?
All policy plans and riders that the Assurity life insurance company offers makes it look like a suitable candidate to pick. Moreover, according to the National Association of Insurance Commissioners (NAIC) record of complaint ratios, the Assurity life insurance company’s ratio was 0.19 in 2020.
The typical industry standard ratio is 1.0. However, in 2020, the company only received one complaint, and since 2018, it has managed to keep the complaint ratio below 1.0 successfully.
How to opt for Assurity Life Insurance
Since there is no contact portal available online for applying for any insurance plan, thus you will have to personally call or contact the Assurity policy agent if you want to apply for, purchase or get information about Assurity life insurance. You can contact them at the customer service number available on their website or email them