Finding the perfect term life insurance policy doesn’t generally happen right away. It may require some time and research on the many different plans offered by the life insurance companies competing for your business.
That’s not to say the first company you come across can’t offer you an excellent policy, but without comparing options, how do you know you’re not missing out on a lower rate or highly desired policy features like living benefits, which can pay a monthly income from your policy if you become sick or disable and unable to work?
If you already have started your search, you’re one step closer to finding that perfect term life insurance coverage, and it’s likely you have come across the popular Assurity Life Insurance Company and are interested in what their term life insurance plan can offer?
Assurity term life insurance plans are something we at No Medical Exam Quotes are very familiar with. We have helped hundreds of our customers get term insurance coverage with the insurance company and know a great deal about the term life insurance coverage that they can offer.
To help you in your research, we have put together everything we know about the popular option in our Assurity term life insurance review to determine if it is the best option for you and your family.
This review will provide you with an overview of Assurity as a company, their accelerated non-medical term life insurance coverage, and a list of some of the most frequently asked questions about their term life insurance coverage.
Best of all, you will be able to view rates and even apply instantly online if you think you have found the coverage you have been looking for all from our website.
Assurity Life Insurance Company
Two popular questions often asked when a customer is shopping for coverage are, how long has the company been in business, and how are their ratings?
Assurity does well in both.
The origins of Assurity Life Insurance date back to over 125 years ago, with three insurance companies based out of Lincoln, Nebraska. Woodmen Accident and Life was founded in 1890, followed by Security Financial Life in 1895 and Lincoln Direct Life in 1896.
By 2005 all three Lincoln, Nebraska-based insurance companies merged to form what is now referred to as Assurity Life Insurance. Headquartered out of Lincoln, Nebraska, Assurity is currently licensed to offer its term life insurance plans in 49 US states, including the District of Columbia.
Assurity is a mutual life insurance company which means its policyholders own them. The insurance company has also been named a Certified B Corporation, awarded only to companies that meet the highest standards of verified social and environmental performance, transparency, and accountability.
In 2013, Assurity received the LEED Gold Certification for its office building’s energy efficiency in Lincoln and received numerous sustainability awards.
Assurity is a large company that offers a variety of coverage options for individuals and businesses. Assurity offers disability income, accidental death insurance, critical illness insurance, annuities, and life insurance.
Assurity life insurance products include:
- Term life insurance
- Universal life insurance
- Whole life insurance
Compared to other insurance products from Assurity, its term life policy stands out for its simplicity, option term lengths, guaranteed premiums, and unique policy features.
Assurity Life Insurance Ratings
Assurity receives high ratings from commercial credit rating agencies and consumers. A.M. Best has awarded Assurity with a high A- (Excellent) rating and was last re-affirmed on 01/29/2021. It also marks the 5th consecutive year of Assurity Life Insurance Company awarded the A- rating.
A.M. Best is the leading independent evaluator of businesses across all industries. The A- rating is given to companies that exceedingly meet their ongoing insurance obligations to customers.
The high rating confirms the insurance company has a strong and stable outlook for the foreseeable future. It is the fourth-highest rating out of 15 ratings given by A.M. Best.
Moody’s, Fitch, and Standard and Poor have not rated Assurity Life Insurance company.
Assurity also maintains an A+ rating with the Better Business Bureau (BBB) and has received the BBB Integrity Award, an award given to companies that meet the highest standards of ethics and generate a high level of trust among employees, customers and their community.
Assurity Term Life with Accelerated Underwriting
Assurity offers competitively priced term life insurance plans available in contract lengths of 10, 15, 20, and 30 years. Every plan offers an accelerated underwriting process to qualifying applicants up to age 65.
This means that you will not be required to take a medical exam if you qualify and may have your policy approved instantly.
Assurity considers applications from almost anyone. If you have preexisting health conditions, you may still qualify for coverage.
Assurity term life insurance provides the following benefits:
- Fixed premium contract lengths of 10, 15, 20, or 30 years
- Non-medical accelerated underwriting up to $500,000
- Potential to receive instant approval for coverage
- Two included no-cost Accelerated Benefits Rider that advances the death benefit due to diagnosis of a terminal illness or if required to reside in a nursing home permanently
- Several optional policy riders, including the return of premium rider and monthly disability income rider
- Option to convert to permanent life insurance
Assurity Term Life Insurance with Accelerated Underwriting Overview
|Assurity Term Life Insurance with Accelerated Underwriting|
|Term Lengths||Guaranteed Level Premium Term (10, 15, 20 and 30 years)|
|Issue Ages||10-year level premium period: 18-75|
15-year level premium period: 18-70
20-year level premium period: 18-65
30-year level premium period: 18-55 (18-50 Tobacco)
|Coverage Amounts||Minimum Amount: $25,000|
Maximum Amount: 10,000,000
(No Medical Exam)
|Coverage amounts $25,000-$500,000: (Ages 18-50)|
Coverage amounts $25,000-$350,000: (Ages 51-65)
|Coverage amounts $500,001-$10,000,000: (Ages 18-50)|
Coverage amounts $350,001-$10,000,000: (Ages 51-65)
|Policy Riders||Accelerated Benefits Rider (Living Benefits)|
Accident Only Disability Income Rider
Children's Term Rider
Critical Illness Benefit Rider
Disability Waiver of Premium Rider
Endowment Benefit Rider
Monthly Disability Income Rider
Other Insured Level Term Rider
|Conversion Option||Convertible to age 65|
What Makes Assurity Term Life Insurance Unique?
Assurity term life insurance offers a few different unique features outside of the valuable death benefit protection the insurance coverage provides.
For starters, every application is automatically underwritten using an accelerated non-medical underwriting process to applicants under age 65 and who require less than $500,000 coverage.
Rather than having to go through a traditional life insurance medical exam, Assurity can use what is referred to as real-time data to help underwrite applications for quick, sometimes instant approval for coverage.
In addition to a fast no medical exam life insurance process, Assurity term life insurance offers a wide selection of policy riders, two of which are included at no extra costs.
Many of the optional policy riders offered on Assurity term life insurance plans are not even offered by their competitors, making them highly sought-after policy features.
Who Is Eligible to Apply for Assurity Term Life Insurance?
Assurity term life insurance is available to applicants that are between the ages of 18-75.
While some factors may require additional underwriting, they do not automatically disqualify you from receiving coverage. Assurity will underwrite many pre-existing health conditions accordingly to see if there is a potential for an offer for coverage.
Assurity term life insurance coverage is available in all states except for New York.
What are the Minimum and Maximum Coverage Amounts?
The minimum coverage amount for Assurity term life insurance is $25,000, and the maximum coverage amount is $10,000,000. However, choosing coverage greater than $500,000 may disqualify you from the accelerated underwriting process resulting in a required medical exam.
Here are the minimum and maximum coverage amounts based on age and underwriting process:
- Ages 18 to 50: $25,000 to $500,000 (accelerated underwriting)
- Ages 51 to 65: $25,000 to $350,000 (accelerated underwriting)
- Ages 18 to 50: $500,001 to $10,000,000 (traditional underwriting)
- Ages 51 to 65: $350,001 to $10,000,000 (traditional underwriting)
- Ages 66 to 75: $25,000 to $10,000,000 (traditional underwriting)
What Are the Available Assurity Term Contract Lengths?
The available term contract lengths include 10, 15, 20, and 30 years. Premium payments are guaranteed to remain the same price throughout the contract length selected.
Your age at the time of approval will determine which contract length you are eligible to apply for.
- 10-year level premium period, 18 through 75
- 15-year level premium period, 18 through 70
- 20-year level premium period, 18 through 65
- 30-year level premium period, 18 through 55 (Non-Tobacco); 18 through 50 (Tobacco)
Assurity Term Life Insurance Policy Riders
Assurity term life insurance products are available with a variety of optional riders. Keep in mind that many of the riders increase the premium of the policy. However, the riders provide increased flexibility for building a policy that meets your specific needs. The available riders include:
Accelerated Benefits Rider: The accelerated benefits rider allows you early access to the death benefit if diagnosed with a terminal illness or expected to stay in a nursing home until death. The maximum amount that can be taken from the death benefit is up to $250,000. (Not available in CA)
Included at no additional cost.
Accident-Only Disability Income Rider: This rider provides a monthly benefit if you become disabled due to an accident. The injury must result in total disability, keep you from doing essential duties in your own occupation, and require a physician’s care. The benefit amount is between $300 and $3000 with a maximum benefit no greater than 1.5% of the death benefit. There is an elimination period of 180 days, and benefits are payable for up to 2-years. (Not available in CA, KS, MD, MA, NH, NJ, and VA)
Available at an extra cost.
Children’s Term Rider: This rider adds term life insurance for your children up to the age of 25. The dependent child must be between the ages of 15 days and 18 years old when adding them to the policy. The maximum coverage is $25,000 per child but cannot exceed the face amount of the base policy. Each child will have the option to convert their term coverage into their own policy five times the amount received as a child rider.
Available at an extra cost.
Critical Illness Benefit Rider: This rider creates a benefit if the insured is diagnosed with a specific critical illness such as a heart attack, stroke paralysis, cancer, etc. Depending on the illness, you may receive up to 25% or 100% of the policy’s death benefit. (Not available in CT, FL, IL, KS, MD, MA, MN, NH, NJ, PA, VA, and WA)
Available at an extra cost.
Disability Waiver of Premium Rider: This rider provides a waiver of all premium payments if you become disabled due to an injury or illness before your 60th birthday. However, it terminates at age 65 and requires you to add the rider at the time of application.
Available at an extra cost.
Endowment Benefit Rider (Return of Premium Rider): This rider provides a return of premium (ROP) if you choose to terminate the policy for any reason other than death. If you outlive the term of the policy, you receive the full amount of every premium payment paid minus expenses. If you cancel before the end of the contract length, you will receive a portion of your paid premiums. (Only available with 20 or 30-year term plans)
Available at an extra cost.
Monthly Disability Income Rider: This rider provides a monthly benefit if you become disabled due to an accident or illness. The injury or illness must result in total disability and keep you from doing essential duties or caring for yourself. The benefit amount is between $300 and $3000 with a maximum benefit no greater than 1.5% of the death benefit. There is an elimination period of 180 days, and benefits are payable for up to 2-years. (Not available in KS, MD, NH, NJ, and VA)
Available at an extra cost.
Other Insured Level Term Rider: The rider allows you to add your spouse to receive their own level premium term insurance coverage but under a single policy. The term length must match the policyholder’s term length.
Available at an extra cost.
Assurity Term Life Insurance Conversion Option
A conversion is an optional policy feature that automatically converts your existing term life policy into a permanent life insurance policy without going through any new medical requirements. However, the new policy comes with new premiums.
The new premiums are based on your gender, age, and the original underwriting rate class of your term insurance policy. Naturally, switching from temporary coverage to permanent coverage will cause an increase in rates by itself.
If you choose to convert your term policy into permanent life insurance coverage, you will receive a full year’s premium credit equal to the term life insurance cost, which will be applied towards the new cost of the permanent life insurance policy.
To qualify for a policy conversion, you need to convert the existing term coverage one year before the end of the contract length for 10-year plans or before age 65, whichever comes first.
If you have a 15, 20, or 30-year plan, you must convert the policy two years before the end of the contract or before age 65, whichever comes first.
Assurity Term Life Insurance Frequently Asked Questions
After reviewing the technical details of Assurity’s term life policy, you may still need a few questions answered. Here are answers to some of the most frequently asked questions about Assurity and its term life policy.
How Do You Apply for Assurity Term Life Insurance?
The application process follows the standard approach used by most insurance companies. You may choose to complete the application online with an agent or by paper application.
We highly recommend the electronic application if you’re looking for a quicker underwriting decision, as those are processed much quicker than paper applications.
As soon as your application is submitted for processing, Assurity will utilize real-time data to verify your response to the application and medical questions. If underwriting does not require any additional information to any application questions, your coverage could be instantly approved.
If you do not receive instant approval, or your life insurance coverage is more than the guideline of the accelerated underwriting program allows, the insurance company will work to schedule a medical exam with you.
What Determines Eligibility?
Eligibility for term life from Assurity is largely based on your age and health. Assurity term life is available to applicants between the ages of 18 and 75. If you are outside of this age range, you are ineligible for term life insurance.
Along with your age, the following factors may influence whether you get approved:
- Tobacco use
Assurity Life Insurance uses a variety of resources to review each application. Before issuing a policy, the company will evaluate the potential risk of you dying before the end of your policy’s term. They search public records, contact the medical information bureau (MIB), and perform a pharmaceutical database check.
Using the MIB and pharmaceutical database, Assurity can determine whether you receive prescriptions for any medical conditions that may disqualify you from receiving term life insurance or trigger the standard underwriting process to get a better picture of your overall health.
If you have a clean criminal record and medical record, you are more likely to receive fast approval. Applicants who have filed bankruptcy or been charged with a DUI in the past years may be ineligible. Prior felony convictions and engaging in high-risk activities can also lead to higher premiums or disqualification.
Tobacco use does not automatically disqualify you from obtaining term life from Assurity Life Insurance. It places you in a tobacco underwriting class with higher premiums.
The underwriting classes include:
- Preferred plus non-tobacco
- Preferred non-tobacco
- Standard non-tobacco
- Preferred tobacco
- Standard tobacco
- Substandard (reserved for high-risk applicants)
The underwriting classes define the perceived risk of an applicant dying before the end of the policy, triggering the company to pay the coverage amount to the listed beneficiaries.
The preferred class is reserved for those who do not have a history of serious medical issues. You may still qualify for the preferred underwriting class if you take medications for certain conditions, such as high blood pressure.
However, more serious health issues, such as cancer or diabetes, may place you in the “standard or substandard rating” underwriting class. Knowing which underwriting classification you will qualify for can be tricky, so be sure to reach out to us for any assistance.
How Quickly Can You Be Approved for Coverage?
Through Assurity’s accelerated underwriting process, approval for some people can be very fast. Assurity states that roughly 50 percent of all applicants that apply under the accelerated underwriting program will likely be approved instantly.
The remaining applicants may take a few more days or longer if further underwriting or additional information is required.
If your application is outside of the accelerated underwriting limits, typical approval can average around two weeks after your medical exam has been completed.
Will a Medical Exam Be Required?
A medical exam is required for individuals who do not qualify for the accelerated underwriting process or requesting coverage over the allowable non-medical limits. The no-medical-exam option is open to those between the ages of 18 and 65. It also limits the maximum coverage.
To qualify for no medical exam coverage, you need to choose a face amount between $25,000 and $500,000 (for individuals between 18 and 50). If you are between the ages of 51 and 65, you can choose a coverage amount up to $350,000.
If an individual does not qualify for the accelerated underwriting process, the company automatically transitions the application to its standard underwriting process, which will require a medical exam offered by Assurity.
If your life insurance application requires a medical exam, one will be provided to you at no cost, and an examiner will schedule a time that conveniently works with your schedule. The majority of medical exams are complete at your home or workplace and take about 20-30 minutes.
The medical exam generally requires blood pressure readings, a height and weight check, and a blood and urine sample.
When Would a Medical Exam Be Required?
A medical exam is often required when you do not qualify for accelerated underwriting due to health concerns or high-risk activities, such as skydiving or private aviation.
Assurity is really generous when it comes to non-medical underwriting with pre-existing health conditions, but unfortunately, not every health condition or lifestyle activity will qualify for the accelerated underwriting process.
Some of the common factors that disqualify someone from the accelerated underwriting and require an automatic medical exam include:
- Coverage amounts above the allowable accelerated program
- Height and weight over the underwriting guidelines
- History of bankruptcy in the last 2 years
- DUI or reckless driving charges in the last 2 years
- High-risk activities or hobbies like private aviation or skydiving
Prescription drugs taken for or a history of the following health issues that would require a medical exam include:
- Bipolar disorders
- Chronic pulmonary disease
- Heart disease
- Kidney disease
- Multiple sclerosis (MS)
- Parkinson’s disease
|Assurity Uninsurable Height & Weight Chart|
|Height||Max Weight||Height||Max Weight|
Is Assurity Term Life Insurance affordable?
Assurity term life insurance rates are competitively priced, but they are not the cheapest by far. When compared against two dozen top life insurance brands, Assurity remains below average on overall price.
When we compare term life insurance rates with Assurity versus other companies that offer a similar accelerated non-medical underwriting option, such as ANICO and SBLI, their rates tend to do well, but again are not always the cheapest.
Where does Assurity term life insurance have the upper advantage?
If you are looking for a term life insurance that can offer more than death benefit protection, Assurity offers some unique living benefit type policy riders such as the critical illness rider and monthly disability income.
These riders definitely give Assurity an upper advantage combined with the accelerated non-medical option.
Assurity is also one of the few remaining life insurance companies currently offering a return of premium option on its 20 and 30-year plans. When compared to rates of its competitors who still offer a return of premium rider, Assurity often comes out ahead on pricing, making them a go-to choice.
$500,000 Assurity Term Life Insurance Sample Rates
|Male||10 Years||15 Years||20 Years||30 Years|
|Female||10 Years||15 Years||20 Years||30 Years|
*Preferred Plus Non-Nicotine underwriting classification. Monthly Male/Female premium rates current as of 02/19/2021 representing the cost of a $500,000 Assurity term life insurance policy.
What Happens After You Are Approved for Coverage?
If you receive approval for coverage, Assurity will send you confirmation paperwork that verifies the coverage amount, contract length, additional riders, and monthly premium. After you sign and submit the paperwork and complete your first payment, the policy goes into effect.
Assurity offers customers access to an online payment portal. Within the customer portal, you will have access and the ability to:
- Make payments
- Set up re-occurring draft payments
- Download copies of your policy
- Change beneficiaries
- Update address
- Submit claims
What Happens After Coverage Ends?
When your Assurity term insurance ends, you can let the coverage lapse and terminate. If you pay monthly with an automatic draft, cancel it, or payment will continue to draft at a much higher rate.
Assurity allows you to continue paying for coverage outside of the expired term length up to age 95. Your coverage will turn into an annual renewable term policy, which increases cost each year. Because the rates can become expensive, we don’t recommend keeping an expired term policy.
As mentioned, Assurity term insurance offers a conversion option in which you can switch to permanent coverage without evidence of insurability. Just make sure that you exchange your policy within the required timeframe, or the option will not be available.
A final and most affordable option if you still require coverage after your term insurance policy expires is to get new quotes for a new policy. It will require you to go through new underwriting, but your rates will be locked in for an entirely new term duration if approved.
Pros and Cons of Assurity Term Life Insurance
Term life from Assurity Life Insurance comes with many advantages, including the peace of mind that comes with buying an insurance product from a reputable company. However, each policy comes with pros and cons. Here is a closer look:
Assurity Term Life Insurance Pros
- Strong ratings and reviews that demonstrate the company’s integrity
- No medical exam option up to age 65 with fast approval
- Two-built in living benefit rider at no additional costs
- Access to a wide range of optional policy riders, including disability income riders, critical illness rider, and return of premium
- $25,000 minimum coverage option great for covering funeral costs
- Optional conversion option to convert to permanent coverage
Assurity Term Life Insurance Cons
- Although a long history, the Assurity brand name is relatively new and not as widely recognized as well as their top competitors
- Rates are competitive but rarely the cheapest option compared to their competition
- No medical exam coverage amounts limited to $500,000 or less if between 51-65, while other companies can offer up to $1,000,000
How to Get an Assurity Term Life Insurance Quote
Getting an Assurity term life insurance quote is simple when you use our online quote tool. By answering a few simple questions about yourself and the type of life insurance coverage you’re looking for, our online quote tool will instantly display rates from dozens of the top life insurance providers.
You will have the ability to view information about the different life insurance plans and what the coverage can offer, and the option to complete an online application once you’re ready to apply for coverage.
As always, we encourage that you reach out to one of our life insurance experts if you have questions or need help determining your life insurance needs.
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