Assurity Life Insurance Review 2020

Thang Truong
Thang Truong
Updated on:

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

ProsCons
– 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. 

Term life: Term life insurance is available in terms of 10, 15, 20 or 30 years. Term insurance policies are convertible, meaning you can transfer to an equal amount of whole 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. 

>>MORE: Why is Whole Life Insurance Not Worth It? and A Guide to the Best Whole Life Insurance Companies

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:

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

>>MORE: The Best Life Insurance Companies

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.

Last Thoughts

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.

Thang Truong
Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

More Stories

6 Best Indexed Universal Life Insurance (IUL) for 2023

Are you looking for a way to set aside some extra money for your senior years, and maybe a little extra for loved ones to inherit? Most people opt for indexed universal life insurance because it offers the greatest cash value growth tied to the performance of S&P 500 index with the least risk thanks […]

Thang Truong
Thang Truong

Best Self-Directed Roth IRA Companies for 2023

A self-directed Roth IRA is much like a regular Roth IRA, but offers more flexibility as far as what you can invest in. Whereas a regular Roth will only let you invest in stocks, bonds, mutual funds, ETFs, and real-estate investment trusts, a self-directed Roth lets you invest in a greater variety of investment options.  […]

Thang Truong
Thang Truong

The 5 Best Hybrid Long-Term Care Insurance Companies for 2023

If you’ve decided to plan for every eventuality, you’d be smart to include a plan to cover long-term care. Someone turning 65 this year has an almost 70% chance of needing some type of long-term care, and about 13% of those will need it for five years or more. Long-term care is expensive and can […]

Thang Truong
Thang Truong

The 3 Best Traditional Long-Term Care Insurance Companies for 2023

Long term care is something that no one likes to think about, but unfortunately, many people will eventually need. Health care costs are skyrocketing, and a lengthy stay at a long-term care facility can easily bankrupt most people’s nest eggs. Long-term care insurance is one way to protect both yourself and your retirement savings. Out […]

Thang Truong
Thang Truong

The Best Long-Term Care Insurance Companies in California for 2023

California residents who are keen to protect themselves and their families against the worst events in life may be considering long-term care insurance. However, you might not know much about LTC insurance or how it is handled in California. Let’s take a look: What is Long-Term Care Insurance? Long-term care insurance helps pay for long-term […]

Thang Truong
Thang Truong

The Best Long-Term Care Insurance Companies in Arizona for 2023

Arizona is a great place to retire. It’s warm, there’s no snow to shovel, and Arizona improves the quality of life for anyone with allergies or asthma. When you pack your bags and retire to Arizona, you’re probably not thinking about long-term care. But the sad reality is that 47% of men and 58% of […]

Thang Truong
Thang Truong

The Best Long-Term Care Insurance Companies in Florida for 2023

There’s a lot of good reasons to retire in Florida. The weather is warm, the beaches are beautiful, and there are lots of other retirees to socialize with. Also, Florida has no state income taxes, no inheritance taxes, and no estate taxes. When you pack up your things and move to Florida, you’re probably not […]

Thang Truong
Thang Truong

Private Placement Life Insurance: Everything You Need to Know

If you haven’t heard of private placement life insurance, you probably don’t qualify to buy it. Private placement life insurance is typically for investors with millions in liquid cash that they need to invest for tax reasons.  What is Private Placement Life Insurance? Who Qualifies for Private Placement Life Insurance? Benefits of Private Placement Life […]

Thang Truong
Thang Truong

Nationwide IUL – A Strong Product With Great Features and Excellent Ratings

The Nationwide IUL product can help you either supplement your retirement income or ensure your beneficiaries future by leaving them a nice tax-free death benefit. Obviously, you have many options when it comes to IUL policies, so you want to know how does Nationwide’s policy stack up against the competition? Let’s take a look. Pros […]

Thang Truong
Thang Truong

Transamerica IUL – A Solid Product but High Consumer Complaint Score & Law Suits

Consumers looking to supplement their retirement income often settle on an indexed life insurance policy. These policies build cash value based on market performance and allow your heirs to enjoy a tax-free death benefit. Let’s take a look at Transamerica’s indexed universal life insurance policy and see what makes it stand apart from other such […]

Thang Truong
Thang Truong