You may be looking for a life insurance policy provider that is offering competitive rates and comprehensive coverage. If your answer is ‘Yes’, Assurity Life Insurance Company is the best choice for you. Here, we will take a look at the products and services of this company. This overview will help you to make an informed decision whether it is the right choice for you or not. In this review, we will cover term & permanent policies, customer service, and competitive pricing of this company. We will also try to cover that why it is the most respected life insurance company in the US.
Overview of the Company
Assurity Life Insurance Company was established in 1890. After its establishment, it has grown to be a prominent player in the insurance industry. The headquarter of this company is in Lincoln, Nebraska. This company is providing a wide range of life insurance products to customers. In these products, there comes term life insurance, whole life insurance, and universal life insurance. They offer critical illness and disability insurance policies to their clients. Assurity prides itself on its customer-centric approach to business. As a result, it is offering various incentives to the policyholders. In these incentives, there come wellness programs and member discounts.
The company also uses advanced technology to ensure a seamless customer experience. Assurity has a reputation for financial stability. That’s why it has consistently received high ratings from major rating agencies such as A.M. Best and Standard & Poor’s. The company is committed to giving back to its community. As a result, it has been recognized for its charitable work. Assurity Life Insurance Company is a reliable choice for those who are in search of comprehensive life insurance coverage.
History of the Company
Assurity Life Insurance Company has been providing its services to its customers since 1890. The company started in Lincoln, Nebraska. After that, it has grown into a well-established insurance provider in the United States. It was formerly known as Woodmen Accident and Life Company until 2007. After that, it changed its name to Assurity Life Insurance Company.
The company has been committed to its values and principles. The main focus of this company is on providing top-notch insurance services to its customers. Throughout its history, Assurity Life Insurance Company has worked to enhance its products and expand its services. Today, it has three regional offices and its headquarters in Lincoln, Nebraska.
Over the years, Assurity Life Insurance Company has managed to maintain its reputation for delivering quality and reliable services to its clients. It has also been awarded several accolades and recognition for its commitment to customer satisfaction. With such a rich history, Assurity Life Insurance Company remains a trusted and reputable insurance provider in the industry.
The Products Offered
Assurity Life Insurance Company offers a range of insurance products to suit the varying needs of its clients. Here are the products offered by the company:
Term Life Insurance: Provides coverage for a specific period at affordable rates. Assurity Life Insurance Company offers a choice of term lengths and options to customize your coverage according to your needs.
Whole Life Insurance: Provides lifelong coverage with fixed premiums and a guaranteed cash value accumulation. This type of insurance is a good choice for those who want permanent coverage and a way to build wealth over time.
Universal Life Insurance: Offers the flexibility to adjust the coverage and premium payments according to your changing needs and circumstances. It also comes with a cash value component that grows tax-deferred over time.
Accidental Death Insurance: Pays a lump-sum benefit to the beneficiary if the insured person dies as a result of an accident. This insurance provides an added layer of protection to your life insurance coverage.
Critical Illness Insurance: Provides a lump-sum benefit to the insured person in the event of a serious illness such as cancer, stroke, heart attack, or kidney failure. This insurance helps to cover the expenses associated with the treatment and recovery from a critical illness.
Disability Income Insurance: Pays a monthly benefit to the insured person if they become unable to work due to a covered disability. This insurance provides a way to replace lost income and maintain financial stability during a difficult time.
Assurity Life Insurance Company’s products offer a comprehensive range of coverage options that cater to the diverse needs of its clients. It is important to consult with a financial advisor to determine the best type and amount of coverage for your specific situation.
The Financial Stability of the Company
Assurity Life Insurance Company has been awarded an A- (Excellent) rating by A.M. Best, a leading insurance rating organization. This rating reflects the company’s financial stability and its ability to meet its financial obligations to policyholders. In addition, the company has a strong capitalization level and has consistently demonstrated positive earnings. As of December 31, 2020, Assurity Life Insurance Company had total assets of $2.2 billion and a surplus of $238.5 million. This demonstrates that the company is in a strong financial position, which should give policyholders peace of mind that their investments are in safe hands.
The Claims Process
Filing a claim: Filing a claim with Assurity Life Insurance Company is a relatively straightforward process. The first step is to contact the company either through their toll-free number or their website and notify them of the death of the policyholder. The claims representative will then guide the beneficiary through the process of filing the claim.
Claim documentation requirements: In terms of documentation, the beneficiary will need to provide the company with a copy of the policyholder’s death certificate, as well as any other documents the company may require. The company may also require additional information, such as medical records or proof of beneficiary designation.
Claim review and evaluation: Once the claim has been filed and all the necessary documentation has been received, the claim will undergo review and evaluation by the company’s claims department. The department will determine whether the claim is covered under the policy and whether there are any exclusions or limitations that apply.
Claim decision and notification: Once the claim decision has been made, the beneficiary will be notified of the outcome.
Disbursement of claim proceeds: If the claim is approved, the disbursement of claim proceeds will be made.
Appeal process (if applicable): If the claim is denied, the beneficiary will be given the reasons for the denial and any options for appeal.
The claims process with Assurity Life Insurance Company is efficient and well-organized. The company is known for its quick claim processing times and excellent customer service, which makes the claims process less stressful for beneficiaries during difficult times.
Assurity Life Insurance Company prides itself on providing excellent customer service. They understand that choosing a life insurance policy can be overwhelming, so they have a team of knowledgeable agents available to answer any questions you may have. Customers have access to an online portal where they can view their policies, make payments, and even file claims. Assurity also offers a 24/7 customer service hotline for those who need immediate assistance.
Their customer service team has received positive feedback from customers, with many noting the promptness and professionalism of their interactions. Assurity also offers a unique program called “Assurity Select,” which provides policyholders with personalized health and wellness resources. This program includes access to health coaches, discounted gym memberships, and healthy living tips. Assurity’s customer service is top-notch and shows its dedication to providing its customers with the best possible experience.
Advantages and Disadvantages
Assurity Life Insurance Company has several advantages that make it a reputable life insurance company.
Strong Financial Stability: The company has strong financial stability with an A- rating from A.M. Best. This rating signifies the company’s financial strength and its ability to meet its obligations to policyholders.
Diverse Range of Insurance Products: The company offers a diverse range of insurance products, including term, whole, and universal life insurance policies. This allows customers to choose a policy that best fits their needs and budget.
Competitive Premium Rates: The company offers competitive premium rates, making its policies affordable and accessible to a wide range of customers.
Excellent Customer Service: Assurity Life Insurance Company is also known for its excellent customer service. Their representatives are responsive, knowledgeable, and helpful in guiding customers through the process of choosing and managing their policies.
Convenient Online Policy Management: The company offers convenient online policy management, making it easy for customers to access their policy information and make changes.
However, there are a few disadvantages to consider.
Limited Availability in Certain Regions: The company’s availability is limited in certain regions, which may make it difficult for some customers to access their services.
Stringent Underwriting Criteria: The underwriting criteria can be stringent, making it harder for some customers to qualify for policies.
Some Complaints about Claims Processing: Some customers have complained about the claims processing, citing slow response times and difficulties in resolving disputes.
After conducting a comprehensive review of Assurity Life Insurance Company, it’s safe to say that they are a reliable option for life insurance coverage. With a long history dating back to 1890, Assurity has proven to be a stable and trustworthy insurer. They offer a variety of products, including term life, whole life, and universal life insurance, which can accommodate different financial situations. In terms of financial stability, Assurity has consistently received positive ratings from third-party rating agencies such as A.M. Best. Their claims process is straightforward and customer service is available to help with any questions or concerns. While there may be some minor disadvantages, such as limited availability in certain states and the lack of a mobile app for policy management, the overall benefits and strengths of Assurity make them a strong contender in the life insurance market. If you’re looking for a reputable and stable life insurance company with a range of products to choose from, Assurity is worth considering.