Life Insurance

Assurity Life Insurance Company Review

Assurity Life Insurance
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Written by Brandon

This is a mutual insurance firm that is based in Lincoln, Nebraska. It has employed approximately 400 home office associates and also licensed to handle business in 49 states in the U.S. and alongside the District of Columbia. This insurance firm was established due to the merging of three insurance firms such as Lincoln Direct Life, Woodmen Accident and Life, and Security Financial Life. The merger of all these insurance firms ended in 2007.

Lincoln Direct Life started in 1896 with the name ‘The Royal Highlanders’. Women Accident and Life started in 1890 with the name ‘ Modern Woodmen Accident Association, and Security Financial Life in 1895 with the name ‘Security Mutual Life’. Assurity has contracted brokers independently who helps in marketing worksite and individual insurance products. 

Each of these establishing firms has been helping the public since the 1800s. This company is known for its principles and this has made them spread their tentacles in over 49 states with their slogan ‘helping people through difficult times’. This firm offers different options such as whole life, universal life and term-life for its customers.               

Different Insurance Options by Assurity:

Assurity has been in the business of providing insurance plans to its customers for over 100 years and their pedigree can be traced back to 1980. The main purpose is to help policyholders to have better customization of their life insurance plans to meet their different needs. The following is a list of insurance options:     

1. Term Life insurance: 

This is an insurance that usually lasts for a particular number of years. Within that time frame, death benefits will be issued out to all the survivors if the insured goes six feet. The rate on such insurance policies is based solely on age, because the younger the age, the lower the rate.

Term life insurance offers death premium benefits only. As a matter of fact, it is being considered to be one of the most essential forms of life insurance that can be available in the marketplace. The premium that is the charge for this type of insurance is oftentimes very affordable. 

Even for a huge amount when it comes to death benefit – if an individual is still young with sound health at the time they had applied for insurance coverage. With Assurity a policy is bought for a certain time frame, such as from 10 to 30 years.

A term life insurance plan can provide the best solution for anyone who is in search of covering temporary needs such as pay off for the balance of a mortgage or funding a child’s education. It is also capable of providing the protection that may be demanded during different occurrences in one’s life, either by marriage, buying a new apartment or child adoption.

2. Whole Life Insurance:

This insurance provides coverage for the lifetime of the policyholder with defined set premiums. The insurance of the policyholder will still go on as long as the payment is being made. This kind of policy is meant to last for the entire life duration of the insured. It offers a sure death benefit and also a cash value component for the policyholders. 

Whereby, the fund grows upward at a definite tax-deferred basis. This implies there will be no tax that will be due to the growth except they are being withdrawn. The cash can also be withdrawn by the policyholder in case of any emergency. It is necessary to know that the amount of unpaid balance at the period of the insured death is being counted against any amount of money that will be issued out to the supposed beneficiary.

3. Universal Life Insurance:

They also offer lifelong coverage. This is quite different from whole life insurance especially in universal life’s flexibility in terms of payment. They don’t have a set of premium rates, so the policyholder can alter the amount of coverage and this depends on the changes in their regular life.

This is a form of life insurance that has a cash value portion and also death benefit. However, this life insurance (universal) has been considered to be flexible when compared to the whole life insurance plan, because the policyholder can decide on how much premium that will go along towards the death benefit and how much to the cash value.

Assurity Life Insurance Company Review:

According to a new survey by Gallup Poll, Assurity has been ranked in the 91% of the entire life insurance companies when it has to do with employee engagement. In the year 2015, the firm had almost $348 million in surplus – this is $17 million more than what they had in 2014. In total assets, the company has an estimated $2.5 billion.

Within this same duration, the firm had more than $190 million in insured deposits and premiums, alongside more than $38 million through their income operation. Also, as at the end of 2015, Assurity has made a total payment of nearly $196 million in premium benefits to its policyholders. The company also revealed almost $17.5 million in dividends to its policyholders. 

This has been taken in the form of cash transactions or they can be used for buying extra amounts of insurance or add to the cash value of a permanent life insurance plan. This has also helped the cash when it comes to the cash value component to grow and expand geometrically. Presently, the Assurity Life Insurance Company is highly recognized in the insurance world for being socially responsible to all its workers, the environment, and the community overall. 

They are also known for their involvement in the communities they serve. This includes helping people through turbulent times – by not just helping the firm’s customers, but also through meaningful dedication to strengthening the overall community. The business of associates of Assurity spends numerous hours assisting and serving, alongside volunteering. 

Some of these events that are going on include the Special Olympics, holiday giving tree, habitat for humanity, blood drives, and collection for the food banks. Also, this insurance company has been known for its high technology – which includes combining the most advanced equipment and different processes with all flexibility to anticipate future advances in technology. This includes making sure the company’s customer information is well protected.

Products offered through Assurity:

Assurity provides a wide range of coverage products including retirement annuities, disability income, and critical illness insurance.

1. Retirement Annuities: 

Due to a longer life expectancy, many individuals are disturbed about living beyond their income when they retire. But by securing an annuity, income can be paid throughout the remaining part of your life not minding how long it’s going to last.    

2. Disability Income:

This policy allows you to receive income monthly if you are sick, injured or ill and you don’t have the energy to work. Having this disability income policy helps you ensure that all your living expenses are being paid without you touching your savings, financial assets or retirement plan.           

3. Critical Illness Insurance:

This policy covers your payment when you have an illness that is critical by allowing you to get a lump sum payment. These funds can also pay your medical expenses or any other additional expenses. 

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