Assurity Life insurance began way back in 1890, near Lincoln, Nebraska as the Modern Woodmen Accident Association. They are a mutual corporation, which means they are owned by their policyholders instead of shareholders.
In 2005, Woodmen Accident and Life, Security Mutual, and Lincoln Mutual Life all merged and became Assurity Life Insurance. They hold $2.6 billion dollars in total assets and have paid $11.5 million in dividends. They serve 49 states (every state but New York) and the District of Columbia.
They pride themselves on being named a Certified B Corporation in 2015, the world’s largest insurance company to become one. A certified b corporation meets high standards of social and environmental responsibility and is committed to using business as a force for good. Even the corporate offices are in a LEED Gold Certified building, which means it meets standards for energy and resource efficiency.
- Pros and Cons of Assurity Life Insurance
- Products Offered by Assurity Life Insurance: 60/100
- Financial Strength Rating of Assurity Life Insurance: 60/100
- Customer Satisfaction Rating of Assurity Life Insurance: 80/100
- Consumer Complaints Rating of Assurity Life Insurance: 60/100
- Digital Experience Rating of Assurity Life Insurance: 60/100
Pros and Cons of Assurity Life Insurance
|– Some policies earn dividends|
– Certified B corporation
– Excellent financial strength
|– No online quoting|
– Basic policy information on the website
– No 24/7 customer service
Products Offered by Assurity Life Insurance
Assurity offers term life, whole life, and universal life insurance.
Some term insurance policies don’t require a medical exam, and some offer accelerated underwriting, depending on your age and health.
Whole Life: Whole life insurance is permanent life insurance that builds cash value. Customers can access through loans or withdrawals. Assurity has several whole life policies, which vary in how the premiums are structured: you can pay for twenty years, until you’re 65, or for as long as you own the policy.
As a mutual company, Assurity pays dividends, which you can use to add to the cash value, purchase paid-up insurance or pay the premiums.
Whole life also comes with an accelerated death benefit rider.
Universal Life: Assurity offers level and increasing death benefit options for universal life.
Like whole life insurance, universal lasts your entire life. It’s sometimes called adjustable life insurance because you can increase or decrease the death benefit and adjust the amount and frequency of the premiums. It also builds cash value you can borrow against and is generally much less expensive than whole life insurance for similar benefits. Learn more about our case studies when universal life insurance policies make the most sense.
There is not a lot of information about the specifics of any policy on the website, however. This makes sense, as they sell policies through agents and prefer you reach out to one to get information.
Assurity also offers life insurance benefits through employers. In addition to life insurance, they also offer:
- Disability income
- Critical illness
- Accidental death. Learn more about accidental death life insurance
You really have to dig around on the internet to find them, but Assurity also has these riders available:
- Accelerated Benefits rider
- Disability waiver of premium rider
- Monthly disability income rider
- Critical illness benefit rider
- Return of premium
- Children’s term insurance rider. Learn more about life insurance for children
- Accident only disability income benefit rider
- Guaranteed insurability rider. Learn more about guaranteed insurability
- Level term rider
Financial Strength Rating of Assurity Life Insurance
Assurity earns an A- (Excellent) score from A.M. Best. This is important because you want to be assured (no pun intended) that a company has the resources to pay claims.
Customer Satisfaction Rating of Assurity Life Insurance
Assurity doesn’t appear on J.D. Power’s life insurance study. On the BBB’s website, Assurity earns an A+. They’ve been accredited since 1992.
There are three company complaints with the BBB, which is hardly any for a company this size. Two of the complaints are unavailable, and one involves a miscommunication on a beneficiary. Interestingly, there are no reviews at all. That’s probably a good thing.
Consumer Complaints Rating of Assurity Life Insurance
The NAIC (National Association of Insurance Commissioners) rates every insurance company based on the total number of complaints they receive compared to the total amount of customers. The median average ratio is 1.0. Assurity gets a ratio of .67, which means they get fewer complaints than you might expect.
Digital Experience Rating of Assurity Life Insurance
Assurity sells individual insurance policies through agents. It will come as no surprise that they do not offer online quoting for any of their policies. Pricing in general is hard to find. Usually this means a company doesn’t offer the absolute lowest prices, because if they did, they would be singing it from the rooftops. Also, insurance companies that sell through agents are usually priced a bit higher to account for the commissions.
What can you do online at Assurity? You can make a payment, check on your policy or submit wellness forms.
If you want to file a claim, you can call the claims number, or you can fill out a form. If you want to change your beneficiaries, you’ll also have to fill out a form.
If you have a problem with your policy, you can call or email client services. They don’t have a mobile app. Even the call center is only open Monday through Thursday 7:00 a.m. to 6:30 p.m. and Fridays 7:00 a.m. to 5:00 p.m. You can, of course, email them whenever you’d like.
If a seamless digital experience is important to you, you probably won’t be happy with Assurity.
Assurity has basic information about their insurance policies on the website, as they prefer you work with an agent. If you like working with an agent, then Assurity might work for you, as long as you don’t demand a lot of customer service contact or online experience. If sustainability and environmental responsibility is important to you, you will find Assurity to share your values.