If you’re looking for a substantial life insurance policy with customizable options, Assurity may be a good fit for you. The company offers term, whole, and universal life insurance with available coverage limits as high as $10 million.
- Pros & Cons
- Key Takeaways
- Company Overview
No medical exam required for most policies
Multiple optional riders
High coverage amounts available
Online quotes not available
Insurance must be purchased through an agent
Policy fees apply
- Assurity was founded in 1890 and is based in Lincoln, Nebraska.
- Assurity paid $10.2 million in dividends to customers in 2020.
- It offers term, whole, and universal life insurance policies.
- It also sells critical illness insurance, disability coverage, and annuities.
- Assurity’s policies are not available to residents of New York.
Based in Lincoln, Nebraska, Assurity was founded in 1890. Today, the company sells multiple life insurance products as well as accidental death, disability, and critical illness insurance. It offers accelerated underwriting, allowing eligible customers to purchase insurance without a medical exam.
Assurity is a major insurer. As of 2020, Assurity had over $23 billion of life insurance policies in force, and it has over $2.6 billion in total assets under management.
As a mutual company, Assurity is owned by its policyholders. Policyholders are entitled to a share of the company’s profits in the form of dividends. In 2020, its dividend payout to customers was $10.2 million.
- Year Founded 1890
- Kinds of Plans Term, whole, universal
- Number of Plans 5
- Payment Plan Options Monthly, quarterly, semi-annually, annually
- Customer Service Agent
- Phone 800-869-0355
- Official Website www.assurity.com
Assurity is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
- No medical exam required for most policies: When you apply for a life insurance policy, you typically have to get a medical exam, and a blood sample is taken for testing. If you want to skip the hassle of a medical exam and bloodwork, Assurity offers accelerated underwriting. Depending on your age and policy type, you can get up to $500,000 in coverage without a medical exam.
- Multiple optional riders: Assurity has a long list of optional riders you can add to your policy to get additional coverage for yourself or your loved ones. Riders include children’s term life policies, accelerated death benefits, and disability waiver of premium benefits.
- High coverage amounts available: Some life insurance companies have relatively low coverage amounts. By contrast, Assurity offers policies with death benefits as high as $10 million.
- Online quotes not available: While many insurance companies allow you to get a premium estimate online, Assurity doesn’t offer that feature. You must contact an insurance agent for information about rates.
- Insurance must be purchased through an agent: You can’t purchase life insurance through Assurity online; you have to contact an agent. Agents typically work on commission, so they have a financial incentive to encourage you to apply for certain policy types.
- Policy fees apply: Besides your premiums, Assurity policies also have a policy fee. Depending on your policy type, the fee can be as high as $70 per year.
Through Assurity, you can purchase term, whole, or universal life insurance. Available coverage amounts depend on your age and whether you get a medical exam, but range from $25,000 to $10 million.
Assurity has five insurance plans to choose from:
For those looking for inexpensive protection, term life insurance is a popular option. It provides coverage only for a specified term. With Assurity, you can choose terms of 10, 15, 20, or 30 years.
Policies are available from $25,000 to $10 million. You can qualify for accelerated underwriting and forgo a medical exam, but coverage is capped at $500,000 for ages 18 to 50 and $350,000 for ages 51 to 65 if you opt for accelerated underwriting.
Whole life policies provide a guaranteed death benefit for your lifetime. They can also build cash value that you can borrow against or use to pay for emergency expenses or supplement your retirement fund.
Assurity has three whole life options:
- Whole Life With Accelerated Underwriting: People between 18 and 85 can qualify for this policy and get up to $250,000 of coverage without a medical exam.
- Single Premium Whole Life: With a single premium policy, you make one large payment and get a guaranteed death benefit. People up to age 60 can get up to $700,000 in coverage; people 61 to 85 can get up to $450,000 in coverage.
- Children’s Whole Life: Parents and grandparents can purchase up to $100,000 in coverage for children. Premiums are guaranteed to never increase, and coverage is available starting when the child is 15 days old.
With universal life insurance, you get permanent coverage with a defined death benefit. However, universal life policies also have an investment element that allows you to potentially grow your cash value. Assurity’s universal life policy is available to customers 85 years old or younger.
Like many other companies, Assurity lets customers customize their coverage by adding optional insurance riders to their policies. With riders, you can get coverage for your children or spouse, access your benefits if you become ill, or skip your premium payments if you become disabled.
Assurity offers the following riders:
Accelerated Death Benefits
If you are diagnosed with a chronic or terminal illness, you can receive a portion of your death benefit while you’re living to pay for your expenses.
If you pass away in a covered accident, your beneficiaries will receive a larger death benefit.
You can purchase a term life policy for your child. Once they reach adulthood, the policy can be converted to permanent coverage.
Disability Waiver of Premium
If you become permanently disabled, your premiums will be waived, but your coverage will stay in effect.
During specified times, you can purchase additional coverage without undergoing another medical exam.
To get information about Assurity’s policies and rates, you must contact an insurance agent.
If you’re an existing policyholder and have questions, contact customer service at 800-869-0355, extension 4279. You can also email email@example.com. Assurity’s customer support team is available Monday through Thursday from 7 a.m. to 6:30 p.m. CST, and on Fridays from 7 a.m. until 5 p.m. CST.
Assurity does have an online portal for policyholders. Once you create an account and log in, you can make payments, change your beneficiaries, start a claim, or even request a loan or withdrawal.
The National Association of Insurance Commissioners (NAIC) manages a database of complaints that consumers submit about insurance companies. To help consumers compare companies, the NAIC issues complaint ratios every year; the complaint ratios are a number that shows how many complaints a company received relative to its size.
The industry standard is 1.0. A company with a ratio above 1.0 received more complaints than expected for its share of the market, while a company with a ratio below 1.0 received fewer complaints than expected.
In 2020, Assurity’s complaint ratio was 0.19, far better than the industry average. In fact, the company received just one complaint during the year.
Assurity’s complaint ratio is consistently better than the industry standard. Since 2018, its complaint ratio has been below 1.0.
Before purchasing a life insurance policy, do some research into the company’s stability. A good resource is AM Best, a credit rating agency dedicated to the insurance industry. AM Best releases its Financial Strength Ratings to give its opinions on companies’ outlook and reliability.
In 2019 (the last available data0, AM Best gave Assurity an “A-” (Excellent) rating, recognizing the company’s strong balance sheet.
Assurity is a smaller life insurance company; its premiums make up just 0.016% of the life insurance market. As a smaller company, it was not included in the 2020 J.D. Power U.S. Individual Life Insurance Study. The study evaluated and ranked 24 insurance companies based on products, pricing, and customer service.
As with other companies, you have a 10-day "free look" period with Assurity. During the first 10 days after your policy is issued, you can cancel your policy and get a full refund.
Once the free look period expires, cancellation policies depend on the type of insurance you have. You can typically cancel term life policies at any time, but you won’t receive a refund on the premiums you paid to date.
With whole or universal life policies, you can receive a surrender cash value, but there is sometimes a surrender fee. Contact your agent to discuss any fees associated with canceling your policy.
Assurity doesn’t publicly list its premium rates, and online quotes aren’t available. To get information about Assurity’s premiums, contact an insurance agent.
Like other insurance companies, Assurity requires you to select “male” or “female” when applying for a life insurance policy. Being nonbinary doesn’t disqualify you from getting life insurance. However, you should be aware that most insurance companies haven’t updated their underwriting processes to reflect a current awareness of gender issues.
Assurity offers multiple insurance policies and riders, but pricing isn’t available online, and you have to contact an agent for additional information.
Due to those drawbacks, we compared Assurity to Ethos, a company that allows customers to get quotes and purchase insurance online.
Ethos only sells term and whole life insurance policies. The whole life policy is guaranteed issue, meaning you can’t be denied coverage because of your health. However, Ethos’ coverage limits are much lower than Assurity offers; the maximum coverage with an Ethos guaranteed issue whole life policy is just $25,000, and the maximum term life policy benefit is $1.5 million.
Where Assurity has the edge over Ethos is with its customer service. Assurity has a very low complaint ratio and promises quick response times. Ethos policies are underwritten by other insurance companies, and their complaint ratios can be quite high.
For those looking for larger policies to provide for their beneficiaries and excellent service, Assurity may be a better choice.
|Number of Plans||5||3|
|Dividends for 2020||$10.2 million||$600 million|
|Wellness Program Discounts/Quit Smoking Incentives||N/A||N/A|
|Service Method||Agents||Online, phone|
|AM Best Rating||A- (Excellent)||A and higher (based on company underwriting the policy)|
|Price Rank||Not available||Average|
|Complaints Trend||0.19||0.12 to 1.24 (based on company underwriting the policy)|
If you are looking for a life insurance policy to provide for your beneficiaries’ long-term needs, Assurity is not one of our top picks but is still a solid choice. You can purchase up to $10 million in coverage with a fully underwritten policy, but lower amounts are available without a medical exam. The company also has a wide variety of riders you can add to your policy to enhance your coverage.
How We Review Life Insurance Companies
Our reviews of life insurance companies are based on a quantitative methodology that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.