Life insurance is a key component of most everyone’s overall financial security. That is because the proceeds from a life insurance policy can be used for paying off large debts, ongoing living expenses by the insured’s survivors, and for the high cost of the insured’s funeral and other final expenses.
While many people may believe that life insurance is only necessary for those who are young and have dependents, the reality is that people of all ages may need to carry life insurance coverage.
When choosing a life insurance policy, it is essential to ensure that you are getting the right type and amount of coverage, and also to make sure that the insurance company you are purchasing from is strong and stable financially, and that it also has a good reputation for paying out it insurance claims.
One life insurance carrier that is particularly noteworthy in this case is Assurity Life Insurance Company. This mutual insurance company, based in Lincoln, Nebraska, is primarily focused on providing for the life insurance needs of seniors.
The History of Assurity Life Insurance Company
Assurity Life Insurance Company has been helping its customers protect what is important to them since back in 1890. The company is a mutual organization, which means that it does not have any shareholders or publicly traded stock. Rather, the policyholders of the company are part owners. It also means that Assurity Life Insurance Company is essentially in business to serve the interests of its policyholders first.
Since its initial founding, Assurity has grown significantly and added numerous product lines. The company is licensed to offer its coverage in 49 of the U.S. states (with the exception of New York). The products are offered via a large nationwide network of independent insurance agents and brokers.
Assurity Life Insurance Company Review
Assurity Life Insurance Company also has been recognized throughout the years for its corporate responsibility to its employees, the community, and the overall environment. In 2015, Assurity was certified as a B Corporation by the non-profit B Lab for meeting rigorous standards of environmental and social performance, as well as for transparency and accountability. One of the company’s achievements in this area is its corporate office building, which is an award-winning LEED Gold certified building.
The company also ranks in the 91st percentile of all of the companies that are surveyed by Gallup – on a global basis – when it comes to employee engagement. In addition, Assurity Life has been named numerous times for being one of the best places to work in the Lincoln, Nebraska area.
Assurity Life Insurance Company is one of the many entities that is held by Assurity – which is the marketing name for the mutual holding company, Assurity Group, Inc., and its subsidiaries. In addition to Assurity Life Insurance Company, other life insurance companies that are held by Assurity Group include Assurity Life Insurance Company of New York, and Assurity PEO Holdings Inc., which owns a key interest in Resourcing Edge, an innovative leader in human capital management.
Insurer Ratings and Better Business Bureau Grade for Assurity
In addition, Assurity Life Insurance Company has been a Better Business Bureau (BBB) accredited company ever since October 1, 1992, and it has been given the grade of A+. This is on an overall grade scale of A+ to F.
Over the past three years, Assurity Life Insurance Company has closed out a total of 5 customer complaints, three of which have been closed within the past year. Of the five total complaints, three had to do with problems with the company’s products and / or services, one was in relation to billing and / or collection issues, and the other one had to do with guarantee/warranty issues.
Senior Life Insurance Coverage Offered by Assurity Life Insurance Company
Assurity Life Insurance Company offers a wide range of life insurance coverage – many of which are geared towards those who are in the senior market. (This is typically considered to be those who are between the ages of 50 and 85 years old).
The types of life insurance that are offered by Assurity Life Insurance Company include term life, whole life, and universal life coverage, as well as accidental death and dismemberment coverage.
Term life insurance provides death benefit only protection for a specified number of years – provided that the premium is paid. During this time – which can be for ten years, 20 years or even 30 years – the amount of the life insurance protection will remain the same, as will the amount of the premium that is charged.
Permanent life insurance coverage offers both death benefit protection and a cash value build up. Unlike term, a permanent life insurance policy will stay in force, unless it is canceled by the policyholder or the premium stops being paid for the coverage.
There are many different types of permanent life insurance coverage, including whole life and universal life. With whole life, the amount of the death benefit is guaranteed, and the cash value that is within the policy is allowed to grow on a tax-deferred basis. This means that the increase in the account value will not be taxed each year, essentially allowing it to grow and compound exponentially. Taxes will be due, however, if the policyholder withdraws the cash value from the policy.
A universal life insurance policy will also provide both death benefit protection and cash value build up. These policies, however, are considered to be more flexible than whole life. One reason for this is because the policyholder is allowed, within certain guidelines, to determine how much of the premium will go towards the death benefit, and how much will go towards the cash value component.
When applying for a life insurance policy, it is often required that the applicant undergoes a medical examination. This is to help the insurance company’s underwriters know how much of a risk they may be taking on. During this medical exam, the applicant will need to provide a blood and a urine sample that will be tested for various risk factors. If you would like to obtain high risk life insurance quotes, we can help.
Unfortunately, because many seniors may not be in perfect health, it can occur that an applicant for coverage will be denied. However, with a no medical exam life insurance policy, there is not exam to worry about – and therefore, someone who may otherwise have been rejected for life insurance coverage will still have the ability to be approved.
No Medical Exam Life Insurance Option
Assurity Life Insurance company offers no medical exam life insurance coverage. One of the plans that is offered via Assurity is the NonMed 350 Term life insurance. This plan offers death benefit protection of between $50,000 and $350,000. Coverage can be purchased for some different time frames with this policy – although the 30-year plan can only be purchased by those who are age 50 or under.
While there are no medical exams to contend with on this particular policy, the underwriters at Assurity Life will check the driving record of the applicant. Therefore, if there are any infractions such as a DUI and / or accident, it could affect the coverage application.
In addition, while there will be no blood and urine tests to comply with, the application for coverage will inquire about family health history. Therefore, it is important to know whether certain family members were afflicted with various types of health issues. As an example, the insurance carrier will want to know whether or not the applicant has had a natural sibling or a parent who had / has been diagnosed with (or who died due to) heart disease, cancer, or diabetes before the age of 60.
Certain health questions will also be asked on the application for coverage. These may include asking if you have been treated for, hospitalized for, diagnosed with, and / or prescribed medication for certain issues such as a heart disorder, diabetes, high blood pressure, stroke, and / or rheumatic fever.
The insurance company will also want to know if the applicant has other health issues such as Alzheimer’s disease or other types of memory loss / dementia, internal cancer (including a tumor or a cyst), emphysema, COPD, sleep apnea, dizziness, anxiety, arthritis, varicose veins, hernia, and / or any other disorder of the ears, eyes, throat, or nose. Likewise, questions regarding the use of any controlled substance will also be asked, as will inquiries regarding whether or not the proposed insured has been advices to have any medical test – other than for HIV – for a condition which has not yet been completed, or for which the results have not yet been received by the applicant.
Yet, even with the variety of different questions to answer, a no medical exam policy can provide those with various health issues to obtain the life insurance coverage that they need, and the peace of mind that their loved ones deserve.
In addition to allowing individuals that may have adverse health issues to obtain life insurance coverage, there are other advantages to applying for a no medical exam policy, too. For example, because there are no medical exams to review, this type of coverage can often be approved and issued in a much shorter period of time – in some cases, even within just days, or sooner.
Other Products Provided by Assurity Life
In addition to life insurance coverage, Assurity Life Insurance Company also offers a number of other insurance and financial products to its customers. These include the following:
This insurance will provide the insured with a certain amount of monthly income if he or she becomes injured or sick and is unable to work and earn an income.
Critical Illness Insurance
With critical illness insurance, if an individual is diagnosed with a serious illness, the coverage will pay out a lump sum payment to help with paying bills, transportation costs, and / or any other need that the policyholder sees fit.
Because people are living longer than ever before now, a key concern for retirees is running out of income. With an annuity, an individual – and in some cases, a couple – will be able to receive an ongoing retirement income for the rest of their lives, regardless of how long that may be.
Voluntary Employee Benefits
Assurity Life Insurance Company also offers a wide range of voluntary employee benefits. These include accident expense coverage, cancer expense, critical illness, disability income, hospital indemnity, term life, whole life, and universal life insurance coverage.
Where to Find the Best Rates on Life Insurance Coverage
When searching for the best rates on life insurance coverage, it is important to work with an independent life insurance brokerage or agency that has access to numerous life insurance carriers. This is because by doing so, you will have a much better ability to directly compare policies, companies, and premium prices – and from there, you can determine which plan will be the best for you.
If you are in the market for life insurance coverage, we can help. We work with many of the top life insurance carriers in the marketplace today, and we can assist you with getting all of the key details that you need. When you are ready to move forward, then just simply fill out the form on this page.
Should you find that you still happen to have any additional questions or concerns about life insurance, please feel free to call our experts directly. We can be reached via phone, toll-free, by dialing 888-430-7668.
We understand that the purchase of life insurance coverage can at times seem a bit confusing. There are a lot of different variables to contend with, and you want to be sure that you are getting the proper amount and type of insurance protection that you need. So, contact us today – we’re here to help.