One of our favorite no exam life insurance carriers is Assurity Life Insurance Company. If you’re looking for a solid company with an excellent no medical coverage option, Assurity may be right for you.
Our Assurity Life Insurance Company Review
In addition to providing you with information regarding the different life insurance options available, it’s also our goal to provide you with simple, straightforward reviews of various market competitors. Premiums and benefits are not the only factors involved in choosing a life insurance policy – you also have to find a trusted company that actually be around throughout the life of your policy!
Welcome to our review of Assurity Life Insurance Company. We’re going to cover some basic information regarding the company’s history, available products, and ratings from some important organizations to help you decide if an Assurity policy is the right fit for you.
About the Company
The product of a 2007 merger between three financial services companies – Lincoln Direct Life, Security Financial Life and Woodmen Accident and Life – Assurity Life Insurance Company is headquartered in Lincoln, Nebraska and sells policies in 49 states with over 400 offices nationwide. Each of these companies had been in operation since the late 1800s prior to the merge.
With a stated focus on middle-income consumers and small businesses, the key points of the company’s value statement are ethical practices, quality associates, entrepreneurial innovation, strong relationships with policyholders, and commitment to financial strength.
The company primarily sells life insurance and related products, such as disability income and critical illness, as well as fixed annuities.
With regard to life insurance policies, we find that Assurity offers particular quality and value in no medical screening policies and final expense plans, but they also offer excellent products in the term and permanent policy categories.
If you aren’t clear on the differences between these different types of life insurance, be sure to check out our pages about term, permanent, and burial insurance for a simple, but comprehensive look.
Term Insurance Products:
Assurity’s term products are impressively affordable compared to other competitors on the market. Here are some of your options:
LifeScape NonMed Term 350 – This is a fully underwritten policy that requires no medical examination or blood work. Still, the potential insured is required to submit a detail health questionnaire with his/her application, and the company will also base approval on MIV, pharmacy and MVR information.
Available term periods are 10, 15, 20 and 30 years, and face values range from $50,000 to $350,000. There are a number of riders available on NonMed Term 350 policies, including critical illness benefit, accelerated death benefit, waiver of premium, and automatic premium loan provision.
This policy offers no preferred rate classes, but there are various underwriting classes.
If you’re between the ages of 18 and 65, and you’re looking for a term policy that requires no medical screening, NonMed Term 350 might be one of the best and most affordable plans out there.
LifeScape Term 350 Plus – This fully underwritten policy is a guaranteed premium policy with much higher benefits than NonMed Term 350, but a medical screening is required. It’s also available for purchase up to the age of 75, whereas the former is only offered through 65.
For insureds between the ages of 18-65, face values start at $350,001, and for 66 and up benefits start at $100,001. Similar term periods, riders and underwriting classes exist between these two policies, but Term 350 Plus also offers two preferred rate classes.
Note: Both of these policies offer a valuable rider called “critical illness benefit” – if you opt for this rider, the company will pay a lump sum if you are diagnosed with a specific critical illness. This is not an advance on your face value – your death benefit will not be affected if critical illness benefits are paid.
Permanent Policy Products:
Whole Life – Assurity’s whole life products are available as simplified, fully underwritten, or single premium policies. Two preferred rate classes are available, and the policy automatically provides two riders at no additional premium. Ten optional riders are also available.
Face values start at $10,000, and these policies can build cash value over time. Additionally, your policy may earn dividends from the company.
Premier Universal Life – In addition to other features providing flexibility, after 11 years, policy holders can take out a zero-interest loan against the policy’s cash value.
Business and Financial Ratings
Assurity Life Insurance Company has been accredited by the Better Business Bureau since 1992 and boasts the BBB’s A+ business rating. This is obviously an excellent rating, so no worries there.
But in terms of financial strength, A.M. Best has rated Assurity at an A-, which isn’t particularly strong. A.M. Best has three financial strength levels above A-, so Assurity could use some work there. Nonetheless, the company’s financial outlook is strong.
The bottom line: Assurity Life Insurance Company is a strong company offering a number of great products, both term and permanent.
Again, we most strongly recommend Assurity to those who are particularly in need of a no medical exam policy or a great final expense product. The company’s other products also shine in certain age brackets, while other companies may be more competitive in other brackets.
Always shop around, and no matter how strong the company you choose, be aware that some insurance agents aren’t always looking to provide you with the best value and fit, but looking to maximize their commissions. Every company will have associates who try to up-sell, so compare policies and talk to as many people as you can before settling on a plan.