If you have been in the process of seeking life insurance, but you aren’t sure which way to turn, there are several important factors to keep in mind that can help you to narrow down the best coverage.
For example, you will want to make sure that you are going with the property type of coverage, such as term or permanent. You will also want to have a good idea of the anticipated financial needs of your survivors so that you can then match this up with a coverage amount.
Also, it is also important that you review the insurance carrier that you are thinking about buying the policy though to determine whether or not it is strong and stable financially, that that it has a good, positive reputation for paying out its claims promptly. One insurer that meets these criteria is Assurity Life Insurance Company.
The History of Assurity Company
Assurity Life Insurance Company is a mutual insurance entity that is headquartered in Lincoln, Nebraska. Founded in 1997, this company is considered to be relatively new as compared to many of the other life insurers that are in the industry today. This, however, does not mean that this company is not ready and able to meet its obligations.
In addition, the company’s heritage dates back to the year 1890. The name Assurity is a marketing name for the mutual holding company Assurity Group, Inc., and it subsidiaries. These subsidiaries include the following:
- Assurity Life Insurance Company / Assurity Life Insurance Company of New York
- Assurity PEO Holdings, Inc.
Assurity Company Review
For the year 2016, Assurity brought in more than $266 million in direct premiums and deposits, with a net gain from operations of over $29.5 million. As year-end 2016, the company held roughly $2.6 billion in total assets, with approximately $17.5 billion of life insurance in force. The company also held 13.8% surplus as a percent of its assets, with total surplus and AVR (Asset Valuation Reserve) of more than $358.5 million.
Throughout the year 2016, Assurity paid out nearly $192 million in benefits to its policyholders and beneficiaries. And, as a mutual company, Assurity paid out dividends in 2016 in the amount of nearly $15 million.
Insurer Ratings and Better Business Bureau Grade
Due to its solid financial strength, as well as its timely payment of benefits to its policyholders, Assurity Life Insurance Company has earned high ratings from the insurer rating agencies. This includes an A- (Excellent) from A.M. Best Company.
In addition, Assurity Life Insurance Company has been an accredited company of the Better Business Bureau (BBB) since October 1992. The company has been given a grade of A+ by the BBB. And, over the past three years, Assurity has closed out a total of four customer complaints. (Only one complaint has been closed out in the past 12 months).
Of the four total customer complaints, three had to do with problems with the company’s products and/or services, and the other one complaint focused on billing and/or collection issues.
Life Insurance Products Offered By Assurity Company
Assurity Life Insurance Company offers a long list of life insurance coverage options to choose from. These include both term and permanent alternatives. This selection can be helpful, as clients can opt for the plan that best fits their needs.
The term life products from Assurity provide life insurance protection only, without any cash or investment build up. Because of this, the premium that is charged can be very affordable.
As its name suggests, term life insurance provides coverage for a certain amount of time or term. Yet, while this is considered to be “temporary” insurance coverage, term life insurance can be a good fit for those who are seeking protection on an unpaid mortgage balance, and/or for those who want to make sure that a child or a grandchild has enough money to attend college in the future.
Assurity Life Insurance Company also offers several different types of permanent life insurance products. With permanent life insurance, there is both death benefit protection, as well as cash value build up. The cash is allowed to grow and compound on a tax-deferred basis, which means that there is no tax due on these funds’ growth unless or until they are withdrawn.
One type of permanent protection that is offered by Assurity is whole life. A whole life plan can offer coverage that lasts a lifetime, with the security of several guarantees. And, the income-tax-free death benefit can provide security for loved ones and survivors. A whole life insurance policy will remain in force for the life of the insured – as long as the premium is paid. In addition, the cash value – which grows at a set rate that is determined by the insurance company – can be borrowed or withdrawn and used for any need that the policyholder sees fit.
Universal life is another type of permanent life insurance coverage that is offered through Assurity. While it is set up in a similar structure to whole life, universal life insurance is considered to be more flexible. One reason for this is because the policyholder can – within certain guidelines – decide how much of the premium goes towards the death benefit, and how much goes towards the cash value. In addition, the timing of the premium with universal life insurance can also be adapted to fit changing life circumstances over time.
Assurity Life Insurance Company also offers an accidental death benefit policy, which can help families financially in the event of an accident. This is because accidental death insurance provides a cash benefit if the loss of the insured’s life is due to an accident (as versus due to an illness or natural causes).
With its competitively priced and guaranteed premiums, this type of life insurance protection can provide families with a secure benefit – regardless of any other types of insurance coverage that is held.
Other Products and Services Offered
In addition to life insurance, Assurity Life Insurance Company offers a long list of other products and services to its customers. These include the following:
- Disability Income – With disability income, the insured is provided with a monthly income if they should become sick or injured and are unable to work.
- Critical Illness Insurance – Should the insured be diagnosed with a covered critical illness such as cancer or stroke, this policy will pay out a lump sum payment that can help with paying medical expenses, as well as assist with other financial needs.
- Retirement Annuities – Because people are living so much longer today, one of the key concerns on the minds of retirees is that of running out of income. However, with an annuity, a guaranteed lifetime income is available – and it can continue paying out for the rest of the annuitant’s lifetime, regardless of how long that may be.
- Voluntary Employee Benefits – Via its worksite solutions area, Assurity Life Insurance Company offers voluntary employee benefits. These include a number of different plans that can be valuable to both employers and to employees. The premiums for this type of coverage are typically paid via paycheck withholding, which can make paying for the coverage – as well as keeping the coverage in force – easy and convenient. Coverage that is offered via the voluntary employee benefits include accident expense, cancer expense, critical illness, disability income, hospital indemnity, term life, whole life, and universal life insurance.
How to Get the Best Life Insurance Premium Rates on Coverage from Assurity Company
If you are looking for the best life insurance premium rates on coverage from Assurity Life Insurance Company – or from any life insurer – we can help. We are an independent life insurance brokerage entity, and we work with many of the top life insurance carriers in the industry today.
We can provide you with all of the key details that you require for making a well-informed life insurance purchase decision – and we can do so for you very quickly, easily, and conveniently – all from your computer, and without you having to meet in person with a life insurance agent. If you are ready to move forward with this process, then just simply take a minute to fill out the quote form for more information.
Should you find that you still have any additional questions or concerns about life insurance coverage, please feel free to call us directly via phone. Our experts can be reached toll-free by calling <XXX-XXX-XXXX>.
We understand that purchasing life insurance coverage can seem somewhat overwhelming. There are many different factors to keep in mind, and you want to ensure that you are getting the proper type and amount of protection that you need. But this can be made some much easier when you are working with an ally on your side. So, contact us today – we’re here to help.