Life insurance can oftentimes be considered an essential component for any overall financial plan. This is because the proceeds that are received from a life insurance policy may be used for paying off debt – including the insured's funeral and other final expenses – as well as for ensuring that ongoing living expenses can be paid.
When you buy a life insurance policy, there are a number of different factors that you should consider. These will certainly include the type and the amount of the coverage that you are purchasing – but, it should also ideally include a review of the company that you are considering buying the policy through.
This is important because you will want to know that the insurance carrier is strong and stable financially and that it also has a good, positive reputation for paying out its claims to its policyholders. One company that meets this criterion is Assurity Life Insurance Company.
The History of Assurity Life Insurance Company
Assurity Life Insurance Company has been in the business of offering coverage and protection to its policyholders for well over 100 years. This company's heritage dates back to the year 1890.
Throughout the years, the company has grown and expanded – and it has repeatedly been named as one of the best places to work in Lincoln, Nebraska. In addition, according to a recent Gallup Poll, Assurity Life Insurance Company has also been ranked in the 91st percentile of all life insurance companies in the Gallup survey when it comes to employee engagement.
Assurity Group, Inc., the parent company of Assurity Life Insurance Company, has various subsidiaries. In addition to Assurity Life Insurance Company, this includes Assurity Life Insurance Company of New York, and Assurity PEO Holdings, Inc., a company that owns a majority interest in Resourcing Edge – an innovative leader in human capital management solutions.
Assurity Life Insurance Company Review
Assurity Life Insurance Company has a strong set of financials. As of year-end 2015, the company had nearly $348 million in surplus – which is $17 million more than what the company had for the year 2014. It also had approximately $2.5 billion in total assets.
For this same time period, the company had more than $190 million in insurance premiums and deposits, as well as more than $38 million in operating income. In addition, as of the end of the year 2015, Assurity Life Insurance Company had paid out nearly $196 million in benefits to its policyholders.
The company also declared nearly $17.5 million in policyholder dividends. While dividends are not guaranteed, they can be a nice benefit for policyholders, as they can be taken in the form of cash or alternatively, they may be used for purchasing additional amounts of insurance, or for adding to the cash value of a permanent life insurance policy. This can help the cash in the cash value component of a permanent life insurance policy to grow and expand even further – without being taxed at the time of receipt.
Today, Assurity Life Insurance Company is well known in the insurance industry for being socially responsible to its employees, the community, and the environment overall. In 2015, the company was certified as a B Corporation by the non-profit B Lab for meeting rigorous standards of both social and environmental performance, as well as accountability and transparency.
The Assurity Center, the company's corporate office, is also an award-winning LEED Gold certified building, which is considered to be cutting edge in both function and design. The company is headquartered in Lincoln, Nebraska.
Assurity is also known for being involved in the communities that it serves. This includes assisting people through difficult times – by not just serving the company's customers, but also via meaningful commitment to strengthening the community overall. The associates of Assurity Life Insurance Company spend countless hours helping and serving, as well as volunteering. Just some of the events that are taken on include blood drives, collections for the Food Bank, Habitat for Humanity, the holiday giving tree, the Special Olympics, and Junior Achievement.
In addition, the company is also known for being high-tech – which includes combining the most sophisticated equipment and processes with the flexibility to anticipate future advances in technology. This includes ensuring the ultimate safety of the company's customer information.
Insurer Ratings and Better Business Bureau Grade
Due to its financial strength and stability, and because it has a good reputation for paying out its insurance claims to its policyholders, Assurity Life Insurance Company has been given the rating of A- (Excellent) by A. M. Best Company.
In addition, Assurity Life Insurance Company has been accredited through the Better Business Bureau since October 1, 1992. The company has been given a grade of A+ by the BBB, which is on an overall grade scale of A+ through F.
Throughout the past three years, Assurity Life Insurance Company has closed out a total of four customer complaints – of which two of these were closed out within the past year. Of the four total complaints, two were in regard to problems with the company’s products and / or services. Another one of these complaints was regarding billing and / or collection issues, and another one was in regard to guarantee / warranty issues.
Life Insurance Offered Via Assurity Life Insurance Company
Assurity Life Insurance Company offers a variety of different life insurance options. This can help policyholders to better customize their life insurance coverage to meet their specific needs.
The Life Insurance Products That Are Offered By Assurity Include:
Term Life Insurance
Whole Life Insurance
Universal Life Insurance
Term life insurance coverage provides pure, death benefit protection only. In fact, term life is considered to be the most basic form of life insurance coverage that is available in the marketplace. Because of this, the premium that is charged for term life insurance can oftentimes be very affordable – even for a large amount of death benefit – if a person is young and in good health at the time that they apply for the coverage.
With term life insurance, a policy is purchased for a certain period of time, such as ten, fifteen, twenty, twenty-five, or even thirty years. In many cases, the amount of the premium will remain level throughout the term of coverage.
A term life insurance policy can be a good solution for someone who is seeking to cover “temporary ” needs, such as the payoff of a mortgage balance, or the funding of a child's or a grandchild's college education. This type of coverage can also provide the protection that may be needed during various events in one's life, such as marriage, buying a new home or business, and / or the birth or adoption of a child.
Whole life insurance is a type of permanent life insurance protection. This type of life insurance is intended to last for the entire lifetime of the insured. It offers a guaranteed death benefit, along with a cash value component where the funds are allowed to grow on a tax-deferred basis. This means that there is no tax due on the growth of these funds unless or until they are withdrawn.
This cash may be withdrawn or borrowed by the policyholder for any need or want – such as supplementing retirement income, paying off debts, and / or even for taking a nice vacation. While the cash does not have to be paid back, it is important to note that any amount of unpaid cash balance at the time of the insured death will be counted against the amount of death benefit that will be paid out to the named beneficiary.
Another type of permanent life insurance coverage is universal life. This form of life insurance also has a death benefit and a cash value portion. However, universal life is considered to be somewhat more flexible than a whole life insurance plan.
One of the main reasons for this is because when the premium is paid, the policyholder is allowed – within certain guidelines – to determine how much of those dollars will go towards the policy's death benefit, and how much will go towards the cash value. Also, the policyholder may be allowed to change the due date of the premium.
Other Products Offered Through Assurity Life Insurance Company
In addition to life insurance protection, Assurity Life Insurance Company also offers a number of other coverage products, including:
- Disability Income – With a disability income policy, you can obtain a monthly income if you are sick or injured and you are unable to work. Having a disability income plan can help you to better ensure that your living expenses can be paid – without you having to dip into your savings, retirement plan, or other financial assets.
- Critical Illness Insurance – When you have a critical illness insurance policy, if you are diagnosed with a covered serious illness, you will be able to obtain a lump sum payment. These funds can be used for paying your medical expenses, or any other need that you see fit.
- Accidental Death and Dismemberment (AD&D) Coverage – AD&D coverage will provide a cash benefit if a loss of covered life is caused by an accident, as versus by illness or other types of natural causes. The premiums on the Assurity Life Insurance Company AD&D coverage are guaranteed – and the benefit will be paid out, regardless of what other types of insurance you may hold.
- Retirement Annuities – Today, due in large part to longer life expectancy, many people are worried about outliving their income in retirement. But, by having an annuity, income can be paid out for the remainder of your lifetime – regardless of how long that may be. With a deferred annuity, the funds that are accumulated are allowed to grow on a tax-deferred basis. This means that there will be no tax due on the growth of these funds until the time they are withdrawn.
Assurity Life Insurance Company offers a number of different plans that are available via the worksite. These could be offered as a part of an overall employee benefits plan. In many cases, the premium can be paid via paycheck withholding.
Where To Find The Best Premium Rates On Life Insurance Coverage
When seeking life insurance coverage, it is often best to work in conjunction with an independent insurance brokerage or agency that has access to many different life insurance carriers, we do not only recommend Assurity Life, there are other great companies available that may be better for your needs such as Mutual of Omaha or Banner Life, we are here to help you find the best company to meet all of your insurance needs. That way, you will be better able to compare and shop from a number of policies, companies, and premium quotes. From there, you can determine which one will be the best for you.
If you are ready to move forward with the comparison of life insurance products, we can help. We work with many of the top life insurance carriers in the marketplace today, and we can assist you with obtaining all of the pertinent details that you may need for making a well-informed life insurance purchase decision. We can do so for your very quickly and easily – all from your own computer – and without you having to meet in person with a life insurance agent. When you are ready to being the process, all you need to do is just simply take a few moments to fill out the form on this page.
Should you find that you still have any additional questions regarding Assurity Life Insurance Company and its policy offerings – or, even if you just happen to have a question or concern about life insurance in general – then please feel free to call us directly, toll-free, by dialing 888-836-7071.
We understand that the purchase of life insurance can seem a bit overwhelming. There are many different variables to consider – and you want to be sure that you are getting the very best coverage for you anticipated needs. So, contact us today – we're here to help.