Assurity disability insurance offers financial protection for situations that most standard life insurance plans do not cover.
For example, whereas life insurance provides financial security with a death benefit payable to your loved ones when you pass, disability insurance protects against the risk of losing your income due to a debilitating injury or illness.
Newer life insurance plans can offer optional policy riders to cover life-changing events that can occur while living. For example, you may purchase a waiver of premium rider that can waive your payments after becoming disabled so that you don’t lose your valuable life insurance coverage.
Accelerated death benefit riders are also available when diagnosed with a terminal illness allowing you to access the death benefit to help pay for medical bills or other expenses. Yet, most life insurance policies do not pay a stream of monthly income benefits for injuries or sickness, resulting in a long period off of work.
An affordable disability insurance policy from Assurity can provide financial security when you can no longer work due to an injury or sickness. It can replace a sizable portion of your monthly salary, allowing you to continue meeting your financial obligations. With the funds you can receive from a DI policy, you can cover your monthly bills, medical costs, and any other expenses that may come up.
While disability insurance provides the peace of mind knowing that if you’re unable to work, you will continue to receive a monthly income, it can be a confusing insurance option to try and figure out on your own.
Our in-depth Assurity disability insurance review will help eliminate any potential confusion about this income protection insurance coverage and closely examine one of the most popular disability insurance plans offered by Assurity, called Century Plus Disability Income.
Keep reading to learn more about the application requirements, payable benefit amount, policy riders, and all the other features of Assurity disability insurance to make an informed decision about purchasing disability coverage.
Assurity Insurance Company
Assurity Insurance Company was founded in 1890 in Lincoln, Nebraska. Headquartered in Lincoln, Assurity has been awarded a LEED-certified building, demonstrating the insurance company’s commitment to sustainability.
The company started using the name “Assurity” in 2005 after a merger involving three major Nebraska insurance companies. With over 130 years of experience, Assurity is not only one of the most trusted insurance companies in the Midwest but throughout the entire US.
Assurity offers a broad range of insurance products. Along with disability insurance, the company provides critical illness plans, annuities, accidental death coverage, and life insurance.
In 2012, Assurity received a sustainable business award and a green business award. The company remains committed to green initiatives, allowing it to become a Certified B Corporation in 2015. Assurity has also been recognized for exceptional customer service and working conditions.
Assurity Insurance Company Ratings and Reviews
Assurity has the financial stability to cover the payout claims for the insurance policies it sells. You can learn more about a company’s financial strength by reviewing ratings from independent agencies. AM Best, one of the top rating agencies, gave Assurity the following rating:
A- is the 4th highest rating out of 15 ratings from AM Best. The company also has an A+ rating from the Better Business Bureau (BBB).
While not many agencies have rated Assurity, the company is completely transparent with its financial standings. Assurity has $2.6 billion in total assets and over $22 billion in active life insurance policies.
Assurity has a 632% risk-based capital ratio, which means it holds a lot more capital than its spending. The company has also paid $206 million in benefits and $11.5 million in dividends to policyholders and beneficiaries. Overall, Assurity is a financially stable company that you can rely on.
Important Disability Insurance Terms
As we get into Century Plus Individual Disability Income Protection details, you should know a few essential terms to understand how the coverage works. All disability income policies include an elimination period, a benefit period, and occupation classes.
Starting with the elimination period is the number of days you must be disabled before becoming eligible for benefits. Longer elimination periods will result in lower coverage costs, while a shorter elimination period increases the overall cost.
The benefit period is the maximum timeframe that the benefits are payable while totally disabled and unable to work. A longer benefit period increases the cost of coverage since it puts the insurance company at greater risk of making several payments. Conversely, a shorter benefit period lowers the premiums as it’s less time that the insurance company has to pay on a claim.
All disability plans utilize occupation classes to group jobs into categories based on their risk of potential injury. Each occupation class has limitations on the total amount of monthly coverage that can be applied for, along with the length of the elimination period and payable benefit period.
Now that you are familiar with some key disability terms, here is a closer look at what you get with Assurity Century Plus Disability Income Insurance.
Assurity Century Plus Individual Disability Income Insurance
Century Plus Individual Disability Insurance is designed to pay a monthly benefit payment to help replace lost income if you suffer from a disabling injury or illness and cannot work.
Plans are available to applicants between the ages of 18 and 60. Coverage amounts range from a monthly benefit payment of $500 to a maximum of $20,000 per month, depending on your occupation class.
Assurity can also waive the medical exam depending on your age and the coverage amount. If your monthly benefit amount is less than $4,000 per month, no income verification proof will be required. Coverage amounts over $4,000 in monthly benefit payments will require proof of employment income.
Century Plus Individual Disability Income Protection Insurance Features:
- Monthly benefit amounts from $500 up to $20,000
- Pays a monthly benefit for up two years if unable to work in your own occupation or any other occupation
- Several built-in policy features
- Access to 10 different optional riders
- No medical exam options are available
- Potential for instant approval
|Issue Ages||18 through 60 years|
|Occupational Classes||4A: Accountant, architect, computer programmer, clinical nurse, pharmacist, real estate agent
3A: Day care worker, dentist and hygienist, graphic artist, physical therapist, hospital/surgical nurse
2A: Carpenter, chef, electrician, farmer, landscaper, mechanic, personal trainer, plumber
1A: Construction laborer, custodian, exterminator, firefighter1, police officer1, roofer,
|Maximum Issue Limits||4A: $20,000
|Elimination Periods||30, 60, 90, 180, and 365 days|
|Benefit Periods||1, 2, 5 or 10 years; to-age-65 or to-age-67|
|No Medical Exams||Age 18-50 up to $5,000
Age 51-55 up to $2,000
Age 56-60 up to $1,500
|Policy Riders||Automatic Benefit Increase Rider
Catastrophic Disability Benefit
Critical Illness Benefit Rider
Guaranteed Insurability Rider
Own Occupational Rider
Residual Disability Benefit Rider
Retroactive Injury Benefit Rider
Return of Premium Rider
Supplemental Disability Income Rider
|Renewability||Guaranteed renewable to age 65 or 67, conditionally renewable to age 75|
Century Plus Disability Income Protection plans are available to applicants ages 18 through 60. Underwriting uses age nearest guidelines meaning that if you are within six months of your next birthday, the insurance company will round your age up.
If you need this coverage, don’t wait, as the younger you are, the less the coverage will cost.
Century Plus Individual DI plan includes four occupational classes:
1A: Includes occupations that involve heavy manual labor or work where there’s an increased risk of an accident or injury occurring.
Examples of Class 1A Occupations – Construction laborer, custodian, exterminator, firefighter, police officer, roofer,
2A: Includes skilled and manual occupations in lighter industries and most machine operators.
Examples of Class 2A Occupations – Carpenters, chefs, electricians, landscapers, farmers, mechanics, personal trainers, plumbers
3A: Includes professional or office-type occupations with certain activities or hazards involving laboratory, technical, supervisory, and service work.
Examples of Class 3A Occupations – Daycare worker, dentist and hygienist, graphic artist, physical therapist, hospital/surgical nurse
4A: Includes professional or office-type occupations that are rarely exposed to hazards.
Examples of Class 4A Occupations – Accountant, architect, computer programmer, clinical nurse, pharmacist, real estate agent
The above occupations are a small list divided into classes based on their level of risk of a potential disability claim.
Jobs in the 4A category have less risk of injuries in the workplace. However, the jobs in the 1A category include greater hazards, increasing the risk of Assurity needing to pay a claim.
Occupation classes determine your premiums and the maximum benefit limits you are eligible for.
Assurity cannot offer coverage to the following occupations:
Armed Forces, Athletes, Authors, Bartenders, Entertainers, Longshoreman, Pilots, Self-Employed Artists, Students
Maximum Benefit Limits
Century Plus plan includes the following maximum benefit limits for each occupational class:
- 4A: $20,000
- 3A: $20,000
- 2A: $10,000
- 1A: $8000
The benefit amount will determine your premiums and whether you need to complete income verification and a medical exam. Although each occupation class has a maximum benefit amount, you cannot typically exceed more than 60-80% of your pre-tax monthly income.
If you’re a W-2 employee and are not self-employed, income verification will not be required if your monthly benefit amount is $4,000 or less. However, if your monthly benefit amount is greater than $4,000, the insurance company will need two current paystubs and a copy of your W-2 or Federal Tax Return to verify your income.
Before a disability claim can start paying out, you go through an elimination period. You have the choice to choose from elimination periods of 30, 60, 90, 180, and 365 days.
A longer elimination period decreases the cost of coverage, while shorter durations will increase the cost of your overall coverage. With various elimination periods to choose from, you can select a plan that fits your budget and financial concerns.
The available benefit periods range from 1, 2, 5, and 10 years. You can also choose to have the benefit paid up to a specific age, such as payments to age 65 or 67.
A longer benefit period allows you to continue receiving monthly benefits for an extended period if you become disabled, but with higher premiums.
No Medical Exam
Based on their monthly benefit amount, some applicants may qualify for a speedier underwriting process. No medical exams are required for those between certain ages and with different coverage amounts:
- Ages 18 to 50 and up to $5,000
- Ages 51 to 55 and up to $2,000
- Ages 56 to 60 and up to $1,500
If you obtain additional coverage or do not meet the age requirements, you must complete a medical exam and the traditional underwriting process.
Century Plus plan is guaranteed renewable up to the age of 65 or 67 if you have chosen a benefit payable period up to age 67. This means that Assurity will not deny you coverage if you choose to keep your policy up to the age of 65. You may continue to renew the policy up to the age of 75, but your renewal is not guaranteed after age 65.
Built-In Policy Features and Benefits
Included with the Century Plus disability plans are several free built-in policy features and benefits:
- Two-Year Own Occupation Definition
- Non-Tobacco rates for no use in the last 12 months
- Partial Disability Monthly Benefit
- Survivor Benefit
- Home Modification Benefit
- Waiver of Premium Benefit
- Vocational Rehabilitation Benefit
- Organ Donor Benefit
- Presumptive Disability Benefit
Two-Year Own Occupation Definition
Pays monthly benefits during the first two years if you cannot work in your regular occupation regardless if you can work in another occupation.
Partial Disability Monthly Benefit
Pays 50 percent of the monthly benefit if you are partially disabled and have returned to work part-time after receiving total disability payments.
Pays your beneficiary or estate a lump sum of six times the monthly benefit if you die while totally disabled and have received at least 12 months of disability benefits.
Home Modification Benefit
If you become totally disabled, Assurity helps pay for modifications to your home to improve access or use of facilities.
Waiver of Premium Benefit
Waives all premium payments while classified as totally disabled.
Vocational Rehabilitation Benefit
If receiving total disability benefits, Assurity may pay for a rehabilitation program designed to help you return to work.
Organ Donor Benefit
If you become disabled due to surgery for transplanting an organ or donating bone marrow, Assurity pays both the policy cost and rider benefits.
Presumptive Disability Benefit
Pays out the full monthly benefit upon the permanent loss of sight in both eyes, hearing, speech, or use of hands or feet, regardless of the elimination period or whether you are working.
Optional Policy Riders
The Century Plus plan includes access to 10 optional policy riders for an additional cost:
- Automatic Benefit Increase Rider
- Return of Premium Benefit Rider
- Guaranteed Insurability Rider
- Residual Disability Benefit Rider
- Supplemental Disability Income Rider
- Critical Illness Benefit Rider
- Catastrophic Disability Benefit Rider
- Non-Cancelable Rider
- Own Occupational Rider
- Retroactive Injury Benefit Rider
Here is a quick look at the features of each policy rider.
Automatic Benefit Increase Rider
Increases the monthly payable benefit by 5 percent each year, up to two times the original monthly benefit, with no additional underwriting.
Return of Premium Benefit Rider
Provides a money-back option that refunds a portion of premiums paid for your policy and optional riders, less any benefits paid when you cancel, lapse your policy, reach age 65 or die.
Guaranteed Insurability Rider
Allows you to increase your total disability income coverage within a specific time period.
Residual Disability Benefit Rider
Pays a monthly benefit if a disability prevents you from performing some job duties, resulting in losing at least 20 percent of your prior monthly income.
Supplemental Disability Income Rider
Pays you a monthly benefit minus any social insurance or government benefits.
Critical Illness Benefit Rider
Pays a lump-sum benefit for the first-ever diagnosis of a covered illness like heart attack, stroke and cancer.
Catastrophic Disability Benefit Rider
Extends your benefits beyond your policy benefit period if you’re catastrophically disabled and all total disability benefits have been paid.
Guarantees the premiums and policy renewability to age 65.
Own Occupational Rider
Extends your policy’s own-occupation definition of total disability from two years to five years or the entire benefit period.
Retroactive Injury Benefit Rider
Pays a lump-sum benefit after your policy’s elimination period if an injury causes you to become totally disabled.
Application Process for Assurity Disability Insurance Coverage
Through our partnership with Breeze Insurance, our customers can receive an Assurity disability quote and complete an application for coverage in roughly 15 minutes.
The streamlined application process is completed entirely online, starting with estimated rates for coverage. To begin the quote process, you will be required to provide some basic information about yourself, such as your age, gender, occupation, income, and the state you reside in.
That information is then used to instantly generate a couple of different recommendations for disability plans, including the benefit period, elimination period, monthly benefit, and rate for each recommended plan.
If you would like to view other options, you have the opportunity to customize your plan by choosing your benefit period, elimination period, and benefit period. After viewing rates for coverage, you may decide to proceed with the application.
This process will require a few extra identifying information and lifestyle questions ending with health questions. However, it should only take a few minutes to complete all the application questions.
As you wrap up with the application questions, your submitted information will be analyzed and transferred to an official Assurity e-application. You will be required to submit payment information and electronically sign the application to complete the application process. You will not be charged until you have been approved for coverage and officially accepted the coverage.
While instant approval is possible, most applications will go to Assurity underwriting for review. Upon approval, you will be notified and can accept coverage with your policy sent to you by email.
The entire process for applying for disability coverage is incredibly easy with Breeze.
Assurity Disability Insurance Frequently Asked Questions
After reviewing the previous details, you may still have a few questions about Assurity disability insurance. Use the following FAQ to find the answers you need. If we missed anything, feel free to leave a comment at the end of the review.
Is Assurity a good company for disability insurance?
Several insurance companies can offer disability coverage. Assurity, on the other hand, is at the top of our list when it comes to this type of insurance coverage.
Starting with the company, Assurity has been in business for more than 130 years, helping build the disability insurance space. They are also a mutual insurance company which means the company is owned by its policyholders.
As previously mentioned, Assurity has been awarded an AM Best A- letter grade indicating they have a strong financial strength rating.
When it comes to the disability insurance coverage offered by Assurity, their plans offer many benefits and features that are not typically found in many plans offered by other companies. For example, you can potentially receive coverage without taking a medical exam leading to a quick application and approval process.
Assurity disability product also offers an incredible definition of disability. For example, if you become disabled and cannot do your job, even if you can do another job, Assurity will pay out your monthly benefit for two years. That is a unique offering as some disability plans may stop paying a monthly benefit as soon as you can perform work, even if it’s not in your original occupation.
While the base coverage has a lot to offer, you will have the opportunity to further enhance the coverage with a wide selection of optional policy riders that Assurity offers with its Century Plus disability plan.
Who are Assurity Disability Insurance plans best for?
Assurity disability insurance is available to applicants ages 18 through 60. However, the company fits best with applicants in the following criteria:
- 25-55-year-old working Americans
- Household incomes of $35,000 to $150,000
- Middle-income occupations like nurses, realtors, teachers, etc.
- High-income occupations like doctors, lawyers, engineers, etc.
- Have one or two dependents
- Post-fulltime education and pre-retirement
How much disability coverage do I need?
Disability insurance can replace up to 60-80% of your monthly pre-tax income to keep enough money flowing into your household if you’re disabled and unable to work.
So when determining how much disability coverage you will need, it’s essential to look at your monthly expenses and determine how much you’ll need for replacement.
To calculate an amount of coverage, start by adding your monthly household expenses:
- Car payment
- Student loans
- Credit card payments
- Child care
- Cell phone
In addition, if the disability becomes long-term, planning for things like retirement, future living expenses, and children’s education expenses is also essential.
How quickly does Assurity process disability claims?
Assurity processes disability claims swiftly. Keep in mind that you must wait for the elimination period to end before payments will begin paying out. The elimination period is the number of days you must be totally disabled before receiving benefits.
Are there restrictions on how claims money is used?
There are no restrictions on how the payout is used. Claim payments are paid to you directly, and you can use the money in any way that you choose. For example, it may help cover your mortgage, living expenses, or lost income.
Disability income insurance is used for financial security if you become disabled, likely resulting in a loss of income. The insurance can replace your income to maintain the same standard of living while you recover from your disability.
What determines eligibility for an Assurity disability insurance plan?
Eligibility for Assurity disability insurance is based on various factors, including your age, health, income verification, credit history, and criminal background. Assurity may deny applications from felons and those with certain pre-existing conditions.
Your health history is one of the main factors when determining eligibility for an insurance plan. Cancer, Alzheimer’s disease, heart disease, and other major health issues are more likely to prevent an applicant from receiving coverage.
Is a medical exam required to apply for an Assurity disability insurance plan?
Assurity disability plans are available in both medical and non-medical exam options. Medical exam requirements will be based on the monthly benefit amount being applied for and your age when you complete your application. Keep in mind that if you are within six months of your next birthday, your age will be rounded up.
The table below represents standard medical exam underwriting guidelines for Assurity Century Plus individual income protection disability coverage.
|Ages||Monthly Benefit||Exam||Urinalysis||Blood Sample||EKG|
|$5,001 and above||Yes||Yes||Yes||No|
|$5,001 and above||Yes||Yes||Yes||Yes|
|$5,001 and above||Yes||Yes||Yes||Yes|
Assurity disability insurance plans will require a mandatory telephone interview for monthly benefits exceeding $4,000. If a medical exam is required, Assurity will provide the medical exam at no cost.
An examiner will contact you to schedule an exam day based on your availability. The medical exam should take less than 30 minutes, and the lab results will be made available to you a few days after the exam has been completed.
How quick is approval for Assurity disability insurance coverage?
Approval for an Assurity disability insurance coverage will depend on a few factors. If your coverage does not require a medical exam, approval may be determined in a few days, and in some cases instantly.
If a medical exam is required, approval can take a few weeks. For higher benefit amounts, depending on how quickly the medical exam can be completed and if medical records are requested from your primary care physician.
What happens after you are approved for disability insurance coverage?
When approved for an Assurity disability insurance plan, the company will send you a copy of the policy to sign and accept. If your original application was completed online, the delivery process and acceptance of the coverage will also occur online.
After you make the initial payment, your policy is activated.
Is Assurity disability insurance affordable?
Assurity can be an affordable choice for disability insurance coverage, but your rates will be based on various factors such as your age, gender, occupation class, and benefit amount.
The average cost of a disability insurance plan tends to be between 1 to 4% of your annual income. Those with high-risk occupations will have a higher price than those employed in less risky occupations.
The same applies to individuals who may not have a high-risk occupation but are employed in high-income earning occupations requiring a more considerable monthly benefit amount.
Can You Get Assurity Disability Insurance with a Pre-Existing Health Condition?
You can get disability insurance with a pre-existing health condition. Minor conditions are unlikely to result in denial of coverage. In addition to Century Plus disability coverage, Assurity also offers a Simplified Issue and Graded Benefit plan.
These two options can offer coverage to those with pre-existing medical conditions that do not meet the underwriting guidelines for Century Plus DI coverage.
Not everyone who applies for Assurity disability coverage will qualify. For example, pre-qualifying questions can determine if you will be eligible for a plan.
- Are you between the ages of 18 and 60?
- Are you currently working at least 30 hours per week, and have been continuously during the past 6 months working at least 30 hours per week performing all of your regular occupational duties?
- Are you currently an active member of the military, excluding reserve duty and the National Guard?
- Are you a United States citizen or have permanent resident status in the United States?
- Are you currently receiving any disability benefits, or are in the process of applying for any disability benefits including social security or workers’ compensation?
- During the past two years have you filed for personal or business bankruptcy or had a bankruptcy discharged?
- During the past five years have you had a heart attack or stroke or been diagnosed with or treated for any type of cancer?
- During the past 10 years have you plead guilty to or been convicted of a felony?
- During the past 10 years have you used narcotics, barbiturates, amphetamines, hallucinogens, heroin, cocaine, or other habit forming drugs?
In addition to the pre-qualifying questions, you must also meet height and weight guidelines.
How Do You Get an Assurity Disability Insurance Quote?
Through our partnership with Breeze, you can instantly receive quotes for Assurity disability insurance coverage and apply online in minutes. The quote and application process takes roughly 15 minutes to complete.
What Is the Cancellation Policy with Assurity?
The cancellation policy includes a 30-day free look period for a full return of premiums. You can cancel the policy within the first 30 days to receive a refund of any paid premiums. After 30 days, the refund only includes unused premiums.
Pros of Assurity Disability Insurance Plans
Assurity disability insurance stands out for providing a variety of advantages, including:
- Flexible options
- Affordable premiums
- Multiple policy riders
Assurity offers a wide range of solutions for building a disability insurance plan that covers your biggest concerns. You can choose from various elimination periods, benefit periods, and coverage amounts.
Cons of Assurity Disability Insurance Plans
Assurity is a dependable choice for disability insurance, but it may not appeal to everyone. You need to work with a licensed insurance agent to apply for a policy. Some people may prefer to handle everything online without assistance. However, an insurance agent helps ensure that the policy you choose meets your specific needs.
Conclusion: Is Assurity Disability Insurance Worth it?
Assurity disability income (DI) insurance is a worthwhile option for gaining greater financial security. You receive benefits if you become disabled and can no longer earn income.
The benefits that you receive can help cover anything, from mortgage payments and living expenses to medical costs. There are no restrictions on how you use the money.
The bottom line is that Assurity has a variety of options to suit almost anyone. Consider getting your quote today.