Call Us Today! • 888-501-0530
Though it may be uncomfortable discussing it, having life insurance coverage can be an essential component of a solid financial plan. Proceeds from a life insurance policy can make the difference between your loved ones moving on financially or struggling to pay the day to day bills if the unexpected should occur.
When you are seeking life insurance protection, it is important that you ensure you have the right type and amount of coverage. You should also be sure that the insurance company you are planning to purchase the policy through is secure and stable financially, and that it has a good reputation for paying out its policy holders’ claims. One insurance carrier that meets these criteria is Assurity.
The History of Assurity Life
Assurity has a heritage that dates all the way back to the year 1890. The company has been – and remains – a mutual insurance company, which means that its policy holders are a part of the ownership, as versus stockholders.
The parent company – Assurity Group, Inc. – has some affiliated subsidiaries, including Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Other subsidiaries include Assurity PEO Holdings Inc – which owns a majority interest in Resourcing Edge, an innovative leader in human capital management solutions.
Assurity’s insurance products are offered by Assurity Life Insurance Company in all states except for New York – where products and services that are insurance related are offered via Assurity Life Insurance Company of New York.
Over the years, Assurity has added a wide range of products to its mix, including life insurance, critical illness insurance, and disability income coverage, as well as voluntary employee benefits. These are offered via independent brokers across the U.S. Assurity Life Insurance Company is headquartered in Lincoln, Nebraska.
Assurity Company Review
Structured as a B Corp, Assurity is focused on meeting rigorous standards of both social and environmental performance, as well as transparency and accountability. The company has evaluated how their practices may impact its employees, the surrounding community, and its customer base. As a part of its overall vision, Assurity believes in using business as a force for good.
The company practices this through doing good throughout the communities in which it services, as well as working from a corporate office that is an award-winning LEED Gold certified building which is environmentally friendly.
In the year 2016, Assurity Life Insurance Company paid out more than $128 million in living benefits to its policy holders – including nearly $15 million in dividends. Also, the company also paid out more than $63 million in life insurance death benefit proceeds to beneficiaries. These figures represent an increase over those of the prior year.
As of year-end 2016, Assurity Life Insurance Company brought in net premiums of more than $195.5 million, and the company has a total income of over $327.5 million. In total, the company has assets of more than $2.6 billion.
Insurer Ratings and Better Business Bureau Grade
Because of its strong financial foundation and timeliness of paying policy holder claims, Assurity has been rated as an A- (Excellent) by A.M. Best Company. This rating is provided to companies that – in the opinion of A.M. Best – have a great ability to meet their ongoing insurance obligations.
Also, Assurity Life Insurance Company has been an accredited company through the Better Business Bureau (BBB) since October 1, 1992. The BBB has provided Assurity with a grade of A+, which is on an overall grade scale of A+ to F.
Over the past three years, Assurity Life Insurance Company has closed out a total of 4 customer complaints through the Better Business Bureau (of which one has been closed out within the past 12 months). Of the four complaints, three of them had to do with problems with the company’s products and services, and the other one complaint was regarding billing and collection issues.
Life Insurance Offered by Assurity Company
Assurity Life Insurance Company offers a variety of life insurance coverage solutions that can be both short- and long-term financial needs. These include both term and permanent life insurance plans.
With term life insurance, the coverage offers pure death benefit protection only – with no cash value or savings build up. Because of that, term life insurance can often be quite affordable, especially if the insured is young and in good health at the time of the application.
As its name implies, term life insurance policies are purchased for a set amount of time – or term. These time lengths will usually be ten years, 15 years, 20 years, or even 30 years. Because of this, term life insurance is often referred to as being temporary insurance. These policies can be a good option for those who are hoping to cover the balance of a home mortgage and to ensure that a child or a grandchild will have funds that are needed for college in the future.
In some cases, the term life insurance policy will allow the insured to convert over to a permanent life insurance policy (in some instances, without having to provide evidence of insurability or to take a medical exam).
Permanent life insurance offers both a death benefit and a cash value component. With this type of insurance, there is no time limit – so, as long as the premium is paid, the policy will stay in force. The cash that is in the cash value component of the policy is allowed to grow on a tax deferred basis, meaning that there are no taxes due on the growth of these funds unless or until they are withdrawn.
The policy holder of a permanent life insurance policy can either withdraw or borrow the money that is in the cash component of the policy, and they may use this money for any need that they see fit.
There are several different types of permanent life insurance coverage. At Assurity Life Insurance Company, individuals can choose from whole life and universal life insurance protection.
With a whole life insurance policy, the death benefit amount will often remain the same, as will the amount of the premium that is due. This is true even in the event of a severe future illness.
The cash value in a whole life insurance policy will usually grow, based on an interest rate that is set by the offering insurance company. For those who are seeking coverage that lasts a lifetime, whole life insurance could be a viable alternative.
Assurity Life Insurance Company also offers universal life insurance – which is another form of permanent life insurance protection. Like whole life, a universal life (or UL) policy will have both death benefit coverage and tax deferred cash value build up.
However, universal life insurance is often considered to be more flexible than whole life insurance. One reason for this is because the policy holder is allowed – within certain guidelines – to choose how much of his or her premium will go towards the policy’s death benefit, and how much will go into the policy’s cash value. The policy holder may also be able to choose when the premium is due.
Should a permanent life insurance policy holder decide to withdraw or borrow cash value from their policy, they are not required to pay it back. However, it is important to note that any amount of the balance that is not repaid will be charged against the death benefit proceeds that are ultimately paid out to the beneficiary upon death. (And, if the policy ends up lapsing, the policy holder could be responsible for paying taxes on the borrowed funds).
Other Products and Services
In addition to life insurance coverage, Assurity Life Insurance Company also offers a number of other products to its customers. These include the following:
- Disability Income Insurance – While many people feel that their most valuable asset is their home or retirement plan, the reality is that for many, their most valued asset is the ability to earn an income. So, if an individual becomes ill or injured and is no longer able to work, disability income insurance can provide an ongoing income for a certain number of years – or even until he or she reaches age 65 (depending on the policy that is chosen).
- Critical Illness Insurance – Being diagnosed with various illnesses can – and often do – require much more expense than what is covered under a health insurance policy. But a critical illness policy can help with handling these costs. That’s because critical illness insurance will pay out a lump sum of cash if the insured is diagnosed with a grave covered illness. These funds may be used for any need that the insured sees fit, such as for uninsured medical procedures, transportation, or even paying monthly living expenses.
- Accidental Death – Accidental death insurance provides a named beneficiary (or beneficiaries) a cash benefit if the insured’s loss of life is caused by accident (and not by an illness or natural causes). With competitively priced premiums, this type of insurance protection can provide a secure benefit – regardless of any other types of insurance coverage held.
- Retirement Annuities – Because people are, on average, living much longer today than in previous years, one of the biggest fears on retirees’ minds is that of running out of money. But a retirement annuity can help to alleviate that worry. That is because, in addition to allowing tax deferred growth during the “accumulation” period, annuities can also provide a guaranteed lifetime income – regardless of how long the annuitant lives.
Assurity also offers a wide array of voluntary employee benefits. Some different plans may be available as part of an employee benefits package. The various benefits may include some or all of the following options:
- Accident Expense Coverage
- Cancer Expense Coverage
- Critical Illness Insurance
- Disability Income Insurance
- Hospital Indemnity Coverage
- Term Life Insurance
- Whole Life Insurance
- Universal Life Insurance
How to Get the Best Life Insurance Premium Quotes from Assurity Life Insurance Company
If you’ve been seeking the best life insurance premium quotes on policies that are offered by Assurity Life Insurance Company – or from any life insurance carrier – it is recommended that you first consult with an independent life insurance brokerage. That way, you will be able to view the plans and the premium prices of many different reputable life insurance carriers, and from there, you can choose the one that works the best for you – and for your budget.
When you are ready to proceed, we can help. We are an independent insurance broker, and we work with many of the top life insurance carriers in the country. We can assist you with getting all of the information that you need to make a well-informed decision. We can do so for you very quickly and easily – all directly from your computer – and without you having to meet in person with a life insurance agent. So, if you are ready to move forward and view the plans you may be eligible for now, just simply click on our form and fill it out.
If you still have any additional questions or concerns about life insurance coverage, please feel free to reach out to us directly via phone. Our experts can be reached by dialing, toll-free, 888-389-8676.
We understand that purchasing life insurance can be a bit overwhelming. There are many different variables that you need to be aware of, and you want to ensure that you are going with the right type and amount of coverage for your loved ones’ specific needs.
But the good news is that this process can be made so much easier when you are working with an ally on your side who can walk you through all of the twists and turns, and guide you to the right coverage for you. So, contact us today – we’re here to help.