Assurity Life Insurance Company
A.M. Best: A-
S&P Global: N/A
Assurity Life insurance company is located in Lincoln Nebraska. The company has been around for over 125 years focusing on providing superior value to all customers and cultivating long-term relationships.
They have innovative life insurance products and have reinforced their financial strength.
Policyholders who choose the whole life insurance policies also received part of the company earnings and they get them in the form of dividends.
The company offers whole and term life insurance policies.
Table of Contents:
- Term Life Insurance
- Permanent Life Insurance
- Life Insurance Riders
- Burial Insurance
- Pros & Cons
- Is Assurity for You?
Assurity Term Life Insurance Options
Assurity offers no exam term life insurance and a fully underwritten term life policy:
LifeScape NonMed Term 350
This is a non-medical exam fully underwritten policy. You have to answer a detailed questionnaire about your health history and they will contact your physician and verify any information available in pharmaceutical databases.
However, if you want it competitively priced life insurance policy without having to get your blood drawn or undergo a physical examination, this is the perfect solution.
This product is available for anyone between the ages of 18 and 65. They do not have preferred rate classes but the underwriting classes they offer are Select Plus, select, and standard. You can select a term of 10 years, 15 years, 20 years, or 30 years.
There are multiple Riders including the critical illness benefit rider. At the end of your term, you have a conversion option until the age of 65 where you can convert your Term Policy to another term or a permanent policy.
LifeScape Term 350 Plus
This is a fully underwritten guaranteed premium term life insurance policy available for anyone between the ages of 18 and 74.
There are coverage amount stipulations based on your age.
If you are between the ages of 18 and 60 for the face amount range from $350,000 and higher. Otherwise, you can choose from the non-Med options listed above.
There are face amount for anyone between the ages of 66 and 74 starting at $100,000 and higher. You can choose your term for 10 years, 15 years, 20 years, or 30 years.
They offer preferred and preferred Plus classes. With this policy, there are multiple Riders including the critical illness benefit rider and the accelerated benefits paid out in case you become diagnosed as terminally ill before the end of your policy.
At the end of your Term Policy, you have a conversion option where you can convert it into a permanent policy without having to undergo a second medical exam.
Assurity’s Permanent Life Insurance
When it comes to permanent life insurance coverage, Assurity offers you a wide range of products to choose from:
Lifescape Universal Life Insurance
This is a permanent universal life insurance policy that offers flexible premiums and death benefit options.
There is a guarantee of 5 year no lapse which means that your policy is guaranteed not to lapse for the first 5 years as long as you pay your premium.
Face amounts are available as low as $25,000 and there is a guaranteed interest rate of 3% which means you will generate cash value.
This is available for anyone between the ages of 18 and 85.
Lifescape Whole Life Insurance
These whole life insurance policies are available as a simplified whole life insurance policy, a single premium whole life insurance policy, or a fully underwritten whole insurance policy.
Lifescape Simplified Whole Life Insurance
This policy is available in a level version, graded death benefit version, or modify death benefit version.
The level version is available for anyone up to age 80 and you get a guaranteed death benefit starting from the very first day. this option is for coverage between $5,000 and $50,000.
The graded version is or anyone between 40 and 80 years old with a face value between $5,000 and $25,000. Or this option you get a reduced death benefit for the first two years.
The modified version is for anyone between the ages of 40 and 80 with a face value between $5,000 and $35,000. You get a reduced to death benefit for the first two years.
Lifescape Whole Life Insurance
With the whole life insurance policies, you get three guarantees. The first guaranty is a guaranteed premium, the second is a guaranteed death benefit, and the third is a guaranteed cash value accumulation.
With these, you are eligible for dividend payments and you can use those dividend payments to pay down your premiums, to pay down any life insurance loans that you take out against your policy, to earn interest, to buy additional life insurance, or to cash out.
These policies are available for anyone between 18 and 85 years old. The amounts start at $10,000. For children up to the age of 14, the amount of coverage is available between $15,000 and $150,000.
You can enjoy an accelerated benefit Rider built into this plan and there are preferred and preferred plus rates available.
These whole life insurance policies add great cash value and they are not taxable. On average they provide an annual gain of 5.6% and a total lifetime value of over $100,000.
Assurity’s Life Insurance Policy Riders
They are a great option for term policies and whole life insurance policy riders:
- Disability Income: They provide you with income if you become disabled because of an injury or an illness and are no longer able to work.
- Critical Illness: They give you a lump sum payment if you get diagnosed with a critical illness to help offset the medical costs.
- Accidental Death: Your death benefit is paid out if your death was caused by an accident rather than natural causes or illness.
Assurity Burial Insurance Options
If you do not want to get a traditional life insurance policy, Assurity also offers burial insurance plans to help cover the costs of your final expenses:
Lifescape Final Expense Program
There is a burial insurance plan that is the cheapest of all options with coverage that never decreases and payments that never increase.
People who have severe health concerns like poorly managed diabetes or smokers can still use this policy to get the death benefit they need.
Three separate plans provided by the company for burial insurance.
Modified Burial Insurance
The modified burial insurance has a two-year waiting time so if you pass away during the first year of your policy your beneficiaries receive 110% of your annual premiums and if you pass away during the second year of your policy they receive 220%. Amount between $5,000 and $25,000.
This is the nearly guaranteed coverage option for anyone who might not qualify for any of the other options provided by this company or another company.
Graded Benefit Burial Insurance
This is great for anyone who was treated or diagnosed with cardiomyopathy or Strokes within the last 12 months. People with diabetes can still qualify for this great a death benefit. It is available for anyone between the age of 40 and 80.
The coverage amount available to you is contingent upon your age. If you are between 40 and 65 years old you can get coverage between $5,000 and $35,000.
If you are between 66 years old and 80 years old You can get coverage between $5,000 and $25,000. This is the perfect plan for anyone who has any type of heart problems.
Assurity’s Level Benefit Whole Life Insurance
This is for people without any pre-existing medical conditions or any history of tobacco use.
The final burial expense plan is the level benefit whole life insurance. Anyone can qualify for this plan up to age 80. The coverage again is based on scale and correlates to your age.
Anyone who is 19 can get coverage between $10,000 and $50,000. Anyone between 20 and 65 can get coverage between $5,000 and $50,000. Anyone between 66 and 80 can get between $5,000 and $25,000.
Anyone who is a smoker and take advantage of this. Very few life insurance companies will allow you to qualify for such an advanced policy if you are a tobacco user.
Pros & Cons
- great financial strength
- numerous policy options
- no online quotes
- not available in NY
Is Assurity The Company For You?
Assurity offers affordable life insurance coverage for term, whole life and burial insurance policies.
Their underwriting is preferential towards smokers and diabetics, allowing them to offer very competitive life insurance rates for people in these classes.
Due to a large number of factors that contribute to the cost of life insurance, it is difficult to be sure that Assurity is the best life insurance company for your needs.
In order to be sure you are comparing the best life insurance rates and policies for the coverage you need, it is recommended you work with a professional.