How do you distinguish one insurance company from the limitless possibilities of companies to choose from? For most of us, we get word-of-mouth recommendations from a trusted friend or colleague. We even perform a web search and start comparing.
Beyond great rates and comprehensive coverage, we’re looking for a connection. We are looking for something that resonates. Here’s out Assurity Life Insurance Company review.
Assurity genuinely cares about their policyholders. They strive to stay true to the values in their mission statement. The company “believes in the value of life insurance protection”. They recognize how much their customers depend on good coverage. Moreover, hey understand how beneficial quality policies can be.
So let’s explore Assurity, and see if they are a good fit for you and your life insurance needs.
Assurity Life Insurance Company Overview
Assurity is headquartered in Lincoln, Nebraska. Here’s their contact information.
Assurity Life Insurance Company
P.O. Box 82533
Lincoln, NE 68501-2533
Phone: (800) 869-0355
Assurity Life Insurance Company Financial Ratings
When selecting a life insurance company, it is important to find the right type. You might want to get the right dollar amount and the coverage. It is equally important to select a company that is honest, financially stable and has your best interest in mind.
If you want a life insurance company with a strong industry reputation, Assurity meets these criteria.
Assurity consistently maintains an excellent (A+) rating with A.M. Best. They are a trusted and competent provider of insurance, and the longevity and consistency of their high ratings say it all.
A.M. Best is renowned for their reports on the financial stability of insurance carriers. They consistently rank Assurity with an impressive A+ rating for financial strength.
A.M. Best is the oldest and most recognized of all rating firms. Because of their exclusive insurance industry focus, their ratings are held in high esteem.
Assurity maintains an excellent (A+) rating with A.M. Best. They are a trusted and competent provider of insurance. The longevity and consistency of their high ratings say it all.
Assurity Life Insurance Company History
They have been around for since its founding in 1890. Assurity has spent the past 125 years focusing on providing for those in need.
Assurity has always strived to have exceptional customer service. It is through developing long-lasting relationships and selling innovative products and services.
They not only provide life insurance. Assurity also provides disability and critical illness insurance to help families. They are always of help in times of need.
The two previous aspects of Assurity both solidly secures their place as a company that places the value on the customers.
First, they are a mutual organization. This is important because it means Assurity has no shareholders or publicly-traded stock. Instead, insurance policyholders own shares of the company. That makes all the difference. It ensures that customers and policyholders’ interests are always the focus.
Assurity is also a certified B corporation as of 2015
This means they are a certified non-profit. Assurity is meeting the performance standards of accountability and transparency.
Assurity actually sought out this rigorous certification.
“We’ve evaluated how our practices impact our employees, our community, the environment and our customers, and we believe in using business as a force for good.”
To qualify as a B Corp, a firm must have an explicit social mission. They must place the interests of employees. It is also the same as the community and policyholders in the forefront. They obtained the certification to be a standard bearer for a more mindful way of doing business.
One of the best ways to rate a company is to look at how its employees feel about their jobs. Another factor is their well being and their employers’ integrity.
Assurity ranks in the 91st percentile of all companies worldwide regarding employee engagement. Because of this, Nebraska considers Assurity a top place to work. A company that ensures high job satisfaction for its employees will do the same for its customers. Customers, as before explained, are also their shareholders.
Assurity Life Insurance Products Offered
However, there is an aspect of Assurity that distinguish them from the competition.
First, they are one of the top companies that offer no medical exam policies. Assurity offers the LifeScape NonMed Term which is a fully-underwritten no-medical-exam policy.
Under the confines of this policy, an applicant can have underlying health conditions. Despite these, the person can still get coverage without a medical exam. The only medical requirement is to answer a health history questionnaire. The is far less revealing than a medical exam
Assurity will also check your prescription medications. They will look into your motor vehicle record. This is to see if it might be a rate lowering indicator based on careful driving and road safety. Assurity will use these criteria to help decide a quality policy for their customers.
A no medical exam policy will not be able to classify into preferred class rates granted. Instead, you can choose from select plus, select or standard. Another bonus to this company is people aged 18-65 can qualify for a minimum of $50,000 on up to $350,000.
Although many competitors in the industry do not offer policies for 10-30 years, Assurity does provide options for this amount of coverage.
Assurity Life offers additional products not offered by their competitors.
Some of these are the disability income if you are disabled. If you cannot work due to injury or illness, then critical illness riders can provide a lump sum payment. This is allowable if you are diagnosed with a critical illness.
Assurity is also one of the top final-expense insurance companies
Assurity Term Life Insurance
Term life lasts for a period of time (the term), and once the policy ends, there is a premium increase to renew yearly. These types of policies are a wise option for coverage for a specified period of time. Most people use these policies to protect the family’s primary wage earner.
Assurity’s fully underwritten Lifescape Term 350 Plus policy is available for ages 18-74 for up to 30-year terms.
Assurity offers preferred and preferred plus competitive rates. Customers can get several important insurance riders. These are the Critical Illness Benefit, disability, and even children’s insurance riders.
People up to age sixty-five can convert their term policy to a permanent policy—no questions asked.
Whole Life Insurance
Whole life policies differ from term life policies. It is permanent coverage that lasts an entire lifetime. These policies build cash value as they remain dormant. In addition, they are best used for long-term planning.
Many people pass these benefits on to children, spouses, or other family members.
Assurity has three guarantees when it comes to their whole life policies. These are guaranteed premiums, guaranteed death benefit, and guaranteed cash value accumulation.
Assurity’s own data shows most of their policies have very high non-taxable gains. Some are six figures in some cases—at an average rate of above 5%.
Those numbers are phenomenal.
When looking at the entire accumulation of gathered data about Assurity Life insurance company, you might earn up to 8% return. This is guaranteed—no matter what happens to the market. Unlike term policies that fluctuate, whole life premiums remain fixed for the entire policyholder’s life.
Assurity also offers permanent policies known as Universal Life. It provides flexible premiums and options for death benefits. These are for people up to age eighty-five. Additionally, they offer a guaranteed interest rate of 3%. This rate is very industry-competitive, and policies as low as $25,000.
Assurity Life Insurance Company Customer Service
Assurity’s application process is electronic. They can approve your application online within minutes in most cases. If an internet application is not possible, an application can be completed over the phone. This will be followed by an emailed policy which will require an electronic signature.
With Assuirty, most policies are active within two days of application.
Aside from that, Assurity has an amazing automated underwriting system. This makes all of these impressive movements happen. Underwriters look at three main pieces of information. (1) A prescription medication check, a (2) motor vehicle report, and (3) a review of medical information.
Individuals with no medical history and a good driving record for the past five years receive fast approval.
If for some reason you don’t qualify using this automated process, you can work with one of Assurity’s underwriters. They will help you complete the process. Failure to disclose important information is typically the reason for applications not to process be declined.
BBB rating for Assurity Life
There’s no higher Better Business Bureau (BBB) rating than A+, and that is the rating Assurity has been consistently awarded.
Assurity has an incredible 100% customer satisfaction rating. BBB doesn’t endorse a company or its products. However, they hold the company to a commitment to resolve consumer complaints.
What does the BBB scale of A+ and F mean? How is a company graded?
Here are the BBB criteria
- Trust: Establish and maintain a positive track record in the marketplace.
- Honesty: Adhere to established standards of advertising and selling. Honestly represent products and services, including clear and adequate disclosures of all material terms.
- Transparency: Openly identify the nature, location, and ownership of the business, and clearly disclose all policies, guarantees and procedures that bear on a customer’s decision to buy.
- Honor Promises: Abide by all written agreements and verbal representations.
- Responsiveness: Address marketplace disputes quickly, professionally, and in good faith.
- Safeguard Privacy: Protect any data collected against mishandling and fraud, collect personal information only as needed, and respect the preferences of customers regarding the use of their information.
- Integrity: Approach all business dealings, marketplace transactions and commitments with integrity.
In conclusion, Assurity Life Insurance Company excels in all areas. This customer-first private company has proven for over one hundred years of greatness. Assurity still thrives to have not only satisfied policyholders but also satisfied employees.
Their financial stability, competitive policy pricing, and trustworthy practices are additional plus sides. These make them a top choice as your life insurance provider. Across the globe, people trust Assurity to provide them with life insurance, why shouldn’t you?