Assurity was originally founded to help residents of the Midwestern United States purchase insurance. Since then, Assurity has expanded (almost) nationwide with the same conscience, honesty, and heart in the Midwest.
Life insurance remains one of their flagship products, and their non-audit and accident-specific policies may provide just the right coverage for a young person who thinks ahead.
What is security
security focuses on providing insurance for difficult and unpredictable times – their products include disability and health insurance and accidental death coverage. Some of their permanent life insurance policies offer the opportunity to build wealth through investment.
The Nebraska-based company was founded in 2005 through the merger of three old and trusted insurance companies. You have moved to 21st Century as a Certified B Corporation, an official designation that shows a company is committed to “public transparency, legal accountability, environmental sustainability and social impact”. Security isn’t kidding about the transparency part:B beat number“Is open to the public, as is theirs financial holdings.
How does security work?
Life insurance buyers can choose Runtime, overall, or universal guidelines.
Of their life insurance products, Assurity only gives potential interest rates for the term and Acci-Flex. their accidental death policy. You must speak to an agent for permanent policy offers. Still, I was surprised at how quickly I could get an offer without giving a lot of information.
After adding your state and age (note: not all products are available in every state), Assurity will ask if you are using nicotine or tobacco products. Most insurers are increasing their premiums for tobacco users, so this question came as no surprise.
However, unlike some other providers, Assurity doesn’t ask if you’ve recently done this stopped Tobacco Use – Many vendors differentiate between current and past tobacco use and offer better prices if you’ve recently quit. I’m not sure Assurity makes that distinction.
Your short health questionnaire made me laugh, I admit:
I wish I knew more about what these vague names mean for assurity underwriters! As someone who works primarily with one or two chronic conditions, I picked “good”. The best rewards are reserved for people in “excellent” health. So I would check this box if you are basically healthy with no pre-existing conditions.
Then you will be asked how much coverage you want. The amount is up to you, but Assurity suggests buying enough coverage to replace 5-10 years of your salary.
You can get a quote right away or fill out Assurity’s optional needs assessment which will give you a better idea of how much you should buy.
The needs assessment will ask more detailed questions about your salary and expenses.
See the list on the right? The column of numbers is automatically adjusted as you add your income and expense information.
Security involves your debt in your planning as long-term debt may outlive you.
And they’ll ask about future expenses that fall under the life insurance umbrella, like college grants for loved ones and funeral expenses for you.
You will get a more accurate quote once you have an idea of how much that cost will be (which may require a little research).
After all, security takes into account any other coverage or savings you have.
Then you will receive an offer for a term of 20 or 30 years.
Like most insurers, security offers optional functions, so-called drivers, which you can adapt to your policy for an additional charge. If you click on the blue bar above your offer (the text “20 years” or “30 years”) you can see which drivers are available and how much they cost.
I liked that I never had to give my name or contact information. This means that I can choose whether or not to follow up on Assurity instead of avoiding their calls. However, it makes the process a little more labor intensive when I want to buy a policy. Assurity offers to send the offer to your email address so that you can consider it while comparing providers.
Getting a quote for an Acci-Flex policy is much easier because these policies are designed to be short term. You will not go through the needs analysis.
Pricing for security
Below is a breakdown of the benefit amounts, terms and fees for Assurance life insurance:
|Policy type||Benefit amounts||Term lengths||Annual insurance fee|
|running time||$ 25,000 to $ 10 million||10, 15, 20 or 30 years||$ 70|
|Term, expedited underwriting||$ 25,000 to $ 500,000 (ages 18-50)||10, 15, 20 or 30 years||$ 75|
|Acci-Flex (accident time only)||$ 50,000 to $ 350,000||10, 15, 20 or 30 years||$ 45|
|Whole life||$ 10,000 to $ 1,000,000||Permanent||$ 65 ($ 25 for policyholders under 18)|
|Whole life, one-time bonus||$ 10,000 to $ 700,000 (ages 0-60)||Permanent||$ 75|
|Universal life||$ 25,000 +||Permanent||$ 75|
As you may have noticed, the fees are quite high.
Monthly premium offers are only available for Term Policies (Standard and Acci-Flex). I looked at the prices for a 30 year old woman who bought a policy with $ 250,000 coverage. The premiums are higher when you want more coverage and lower when you want less.
|Monthly Premium Cost (USD 250,000 Policy)||20 years term||30 year term||Optional drivers|
|Excellent health||$ 12.40||$ 16.75||$ 7.74|
|Sound Health||$ 18.49||$ 26.97||$ 7.74|
|Good health, nicotine use||$ 31.10||$ 45.02||$ 9.11|
|Acci-Flex||$ 13.64||$ 13.64||$ 23.41|
These are pretty good prices, especially for young people in excellent health. Smokers pay higher rates, but not astronomically higher, and the Acci-Flex term policy is cheap without a driver.
If you’re considering a permanent policy, you can’t get an online quote, but the monthly premiums are much higher – think of three numbers instead of two. However, permanent guidelines are more associated with built-in drivers.
Acci-Flex term life insurance
Acci-Flex policies only offer payouts if the policyholder dies in an accident, and they are designed to be fairly easy to come by. You can be covered with (usually) no medical examination and just a few questions within a few days of receiving your quote. Some applicants may receive follow-up questions or require an exam depending on their situation and medical history.
Whole and universal life insurance
All of life and universal life insurance are permanent policies with death grants and deferred tax accounts that increase cash value. Universal policies allow policyholders to be more flexible about changing their preferences (e.g. adding more or less money to a death benefit or changing the premium due date).
There are dozens of drivers or additional functions. Some are included in the policy you have purchased (mainly for permanent policies), others are chargeable. Here are just a few:
- Waiver of premium – Suspend premium payments if you are diagnosed with a disability.
- Disability income only – Receive $ 1,500 monthly benefit when accidental injury results in total disability.
- Return of rewards – Get back premium payments when your policy expires.
- Accelerated death benefit – Access part of the death benefit if you suffer from an incurable disease (included in life insurance).
- Guaranteed insurability – Receive additional coverage later without additional underwriting.
- conversion – Switch a runtime policy to a permanent policy with no additional underwriting.
- Level term – Bonus payments remain the same during your term.
- Spouse – Add a spouse as a policyholder to an existing policy.
Eligible applicants (those without major health concerns) can qualify for an expedited term, full, or universal policy without a medical exam. Assurity uses other relevant data for underwriting and can get you insured within a few days.
This benefit makes a lot of sense – exams can be one of the most inconvenient aspects of buying life insurance, and more and more providers are letting applicants opt out of the process.
There is a limit to the security coverage you can get with a no-audited policy (runtime policies are capped at $ 500,000 if you are under 50). If you don’t qualify for expedited underwriting, you can still get coverage by going through the standard process.
Life insurance with a single premium
Instead of paying year-long installments, Assurity’s LifeScape Single Premium Whole Life Insurance lets you pay the entire premium at once if you have cash.
A single premium policy is most beneficial for building up cash value. The premiums are deferred for tax purposes and you can earn dividends. If your beneficiary makes a claim, he or she will have tax-free access to an extended death benefit.
Business Owner Guidelines
Safety works mostly with individuals, but their secondary market is entrepreneurs looking to offer life or accident insurance to their employees. The health of your employees is a top priority investment and a fairly attractive trait to an employer.
There is a Group life insurance with constant premiums and death grants. There is a Group accident insurance This covers the medical costs for all employees injured in accidents. The coverage is portable, which means that participating employees can take it with them when they leave jobs or retire.
The chance to earn dividends on permanent policies
Assurity is a mutual insurance company, which means it is owned by the people who buy policies (including potentially you). When mutual insurance companies invest, their policyholders receive dividends or part of the profits. This structure gives consumers more power as they can participate in the company’s profit sharing.
Insurance involves a lot of paperwork. That’s no surprise. Security gives you an abbreviation to most of the major forms You or your beneficiaries may need credit to borrow from your policy, payment and dividend options, and beneficiary names.
My experience in researching security
I am always interested in policies that add monetary value and expedite death benefit benefits. Since I don’t want to have children, I want the money to be available to me (or possibly a partner) if my health worsens. Security seems to have many permanent policy options where living policyholders can access benefits and even grow their wealth.
I also try to be a socially conscious investor and Assurity clearly prides itself on its commitment to global responsibility – it is not easy to find a life insurance company that is so open to its values.
However, as an insurance buyer, I could have used more guidance during the online process. Assurity’s first questionnaire doesn’t ask much about your health. I was curious about how chronic illness and family history would affect my premiums, but I haven’t found out. Likewise, I wasn’t entirely sure whether or not I would qualify for one of the key benefits of Assurity, which is expedited underwriting without a medical exam.
The site doesn’t have the bells and whistles of other insurers’ websites – there’s no FAQ page, research center, or mobile app. This is not necessarily a bad thing. It seems like the company has embraced a more traditional way of doing business. There is a secure email form and multiple agent phone numbers if you have any questions.
Who is security best for?
Healthy young people
With premiums as low as $ 12 a month, Assurity helps healthy policyholders get low prices when they are young.
If you want to round off a comprehensive insurance package for employees, you have come to the right place.
People who want accident-specific insurance
The relatively inexpensive Acci-Flex policy may be ideal for those with high-risk jobs or hobbies, or for those for whom “disabling an accident” is more than an abstraction.
Who shouldn’t use Assurity?
Resident of New York State
However, there are no security plans in New York their New York office provides limited coverage (disability and accidental death insurance) for citizens.
People with significant illnesses
You could still get good coverage, but you probably won’t qualify for expedited underwriting and getting an accurate online estimate for term guidelines is difficult.
People who prefer a full online application
If it’s more convenient to answer health questions online than discussing them in person with an agent, you may want an insurer with a more automated process.