Assurity life insurance review 2020
This insurer's lineup includes a no medical exam policy and three types of whole life insurance.
finder.com's rating: 3.5 / 5
- Get a quote if… You want a no-medical exam policy, or the ability to pay for your permanent policy up front.
- Choose a different provider if… You want an online quote, or you live in New York.
18 to 85
$25,000 to $10,000,000
Medical Exam Required
|Policy options||Term, Whole, Universal|
|Term lengths||10, 15, 20, or 30 years|
|Monthly cost||Not listed|
|Claim methods||Online, Phone, Mail|
|Available states||Not available in New York|
|Customer support||Phone, Email|
|Riders||Accelerated death benefit rider, Accidental death benefit rider, Child rider, Conversion rider, Critical illness benefit rider, Disability income benefit rider, Level term rider, Payor benefit rider, Portability rider, Spouse rider, Term insurance rider, Waiver-of-premium rider|
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Assurity boasts solid financial ratings, a strong reputation and a wide range of term and permanent policies — including three different types of whole life insurance. Plus, 50% of term life applicants qualify for accelerated underwriting, which means they can skip the medical exam.
But you’ll need to contact an agent to get a quote, and customer service department is only available during business hours on weekdays.
To explore your options, compare life insurance companies.
What type of life insurance coverage does Assurity offer?
Assurity sells a mix of term and permanent policies as part of its LifeScape product line:
- Term life insurance. This policy is available in 10-, 15-, 20- or 30-year terms, with coverage amounts ranging from $25,000 to $10 million. Assurity also has an accelerated underwriting option for eligible applicants that skips the medical exam.
- Whole life insurance. Assurity offers a standard whole life policy with the potential to earn dividends on the company’s profits, plus a joint whole life policy that covers two people. If you want to pay for your entire policy up front, the insurer also has a single premium option.
- Universal life insurance. This policy offers lifelong coverage and grows cash value. It also comes with flexible premiums and death benefits.
What riders can I add to my policy?
Assurity offers a long list of riders that you may be able to add to your coverage:
- Accelerated death benefit rider. Allows you to withdraw a specified percentage of your death benefit if you’re diagnosed with a terminal illness.
- Accidental death benefit rider. If you die due to an accident, your beneficiaries will receive an additional benefit up to a maximum of $350,000.
- Child rider. Covers a child or multiple children under your policy.
- Conversion rider. This add-on allows you to convert your term life policy into permanent life insurance within a specified time period.
- Critical illness benefit rider. Pays out a portion of the death benefit if you’re diagnosed with a critical illness.
- Disability income benefit rider. If you’ve been injured in an accident, the insurer will pay monthly benefits — $1,800 a month — for a specified period of time.
- Guaranteed insurability rider. Gives you the option to purchase extra coverage later on without having to go through the underwriting process.
- Level term rider. Confirms your benefit amounts stay the same during the term of your policy.
- Payor benefit rider. If the person paying the premium dies or becomes disabled, the insurer will waive premiums for a specified period.
- Portability rider. If you’re participating in group coverage, this add-on makes sure you can take your coverage with you if you change jobs.
- Spouse rider. Allows you to add life insurance for your spouse without purchasing a separate policy.
- Term insurance rider. Adds additional insurance to your permanent policy for a specified amount of time.
- Waiver-of-premium rider. Pauses your premiums if you can’t work due to a disability.
How much does Assurity life insurance cost?
Like most insurers, Assurity doesn’t disclose its rates online. But expect to pay more for coverage if you’re a smoker or senior, or have a serious health condition.
Pros and cons of Assurity life insurance
Assurity might suit your needs if you’re looking for one-on-one agent help or quick underwriting on a term policy. Still, it won’t be right for everyone. Before committing, consider:
- No-exam policy. Assurity offers accelerated underwriting on its term life policy, and says 50% of applicants are eligible.
- Variety of whole life insurance. The lineup includes a joint and single premium policy for those who want to pay for their coverage in full.
- Personalized service. You’ll be paired with an agent, who will help you to apply for and manage your policy.
- Potential to earn dividends. Since Assurity is a mutual company, permanent policyholders may be able to earn dividends on the company’s profits.
- Financial strength. Assurity has an A- rating from AM Best, which means it has the funds to pay out claims.
- No online quotes. You’ll need to contact an agent to get a quote.
- Short customer service window. Reps are only available by phone on weekdays from 7 a.m. to 5 p.m. CT.
Compare other life insurance companies
Assurity life insurance reviews and complaints
Assurity isn’t accredited with the Better Business Bureau (BBB), but has an A+ rating for its customer engagement. The BBB hasn’t recorded any complaints over the past three years, which is a good sign in terms of customer satisfaction.
In 2015 Assurity became a certified B Corporation, which means it meets high standards of public transparency, legal accountability, environmental sustainability and social impact. It’s the largest insurance company in the world to hold this title.
How do I apply for Assurity life insurance?
Assurity’s site doesn’t support online quotes. Here’s how to reach an agent:
- Phone. 800-869-0355
- Email. email@example.com.
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