Assurity Life Insurance earns an A- (Excellent) rating from AM Best and an A+ from the Better Business Bureau. They’re a solid choice for affordable term life insurance with no medical exam options up to $1 million. What makes them stand out? They’re one of the few carriers still offering return of premium term life insurance, and their online application can get you approved in as little as 30 minutes.
If you’re researching life insurance companies, you’ve probably come across dozens of names you’ve never heard of. Assurity is one of those carriers that doesn’t spend millions on TV commercials, but they’ve been quietly protecting families since 1890.
We’ve worked with Assurity for years, and here’s what we can tell you: they’re a reliable carrier with competitive rates, especially for term life insurance. They won’t be the right fit for everyone, but for healthy applicants who want straightforward coverage without the hassle of a medical exam, they’re worth considering.
Let’s break down what Assurity offers and whether they might be a good match for your situation.
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About Assurity Life Insurance Company
Assurity is headquartered in Lincoln, Nebraska and operates as a mutual insurance company. That’s an important distinction. Unlike publicly traded insurers who answer to shareholders, Assurity answers to its policyholders. The company doesn’t have stock prices to worry about, which means they can focus on long-term stability rather than short-term profits.
The company formed in 2007 through a merger of three established insurers: Woodmen Accident and Life, Security Financial Life, and Lincoln Direct Life. Combined, these companies brought over a century of experience to the table.
Today, Assurity manages more than $22 billion in life insurance coverage and holds $2.6 billion in assets. They sell policies in 49 states (New York residents are covered through their subsidiary, Assurity Life Insurance Company of New York).
One thing that sets Assurity apart is their Certified B Corporation status, which they’ve held since 2015. They were actually the largest insurance company in the world to earn this certification. It means they meet rigorous standards for social and environmental responsibility.
Assurity’s Financial Strength and Ratings
Before you buy a policy from any insurance company, you want to know they’ll be around to pay your claim. Here’s where Assurity stands:
AM Best Rating: A- (Excellent) with a Stable Outlook. AM Best is the gold standard for rating insurance companies, and this rating means Assurity has an excellent ability to meet their ongoing obligations to policyholders.
Better Business Bureau: A+ rating, reflecting strong customer trust and satisfaction.
NAIC Complaint Index: 0.25, which is well below the national average of 1.0. Lower numbers are better here, and this tells us Assurity generates fewer complaints than most carriers their size.
These aren’t the highest ratings in the industry. Carriers like Guardian, MassMutual, and Pacific Life have stronger financial ratings. But for most families looking for affordable coverage, Assurity’s ratings provide plenty of confidence.
Assurity Life Insurance Products
Assurity focuses on four main life insurance products. Here’s what you need to know about each one.
Term Life Insurance
This is where Assurity really shines. Their term policies come in 10, 15, 20, and 30-year options with face amounts from $25,000 up to $10 million.
What makes their term product competitive is the accelerated underwriting. If you’re between 18 and 50, you can qualify for up to $1 million in coverage without a medical exam. Ages 51-65 can get up to $500,000 without an exam, and ages 66-75 can get up to $100,000.
Assurity’s application is fully online, and more than 50% of applicants get an instant decision. We’ve seen clients get approved and have their policy in force in under 30 minutes.
The standout feature is the return of premium term life insurance rider. This is increasingly hard to find with other carriers. If you outlive your term, you get back all the premiums you paid (available on 20 and 30-year terms only). It costs more than a standard term policy, but some clients love knowing they won’t “lose” their premiums if they stay healthy.
Every term policy includes a free Accelerated Death Benefit Rider. If you’re diagnosed with a terminal illness or need permanent nursing home care, you can access a portion of your death benefit early.
Whole Life Insurance
Assurity recently updated their whole life lineup with two options: Whole Life Protect+ (designed to maximize the death benefit at an affordable cost) and Whole Life Perform+ (focused on cash value accumulation).
Face amounts start at $10,000. You can choose payment periods of 10 years, 20 years, pay to age 65, or pay for life. Accelerated underwriting is available for coverage up to $1 million.
Like all whole life policies, these build cash value over time that you can borrow against if needed. They also include the Accelerated Death Benefit Rider for chronic, terminal, or critical illness.
Single Premium Whole Life Insurance
If you have a lump sum available, this option lets you pay once and have lifetime coverage. It’s popular for legacy planning or transferring assets to the next generation.
Universal Life Insurance
Assurity’s universal life product offers flexible premiums and the ability to adjust your coverage as your needs change. Face amounts start at $25,000, and it’s available for ages 15 days to 85 years.
This policy includes two death benefit options (level or increasing) and a no-lapse guarantee period of 5-20 years depending on your age at issue. The guaranteed interest rate is 2%, with potential for an additional 0.50% bonus.
Available Riders
Assurity offers several riders to customize your coverage:
The Accelerated Death Benefit Rider comes included at no extra cost on term and whole life policies. It lets you access a portion of your death benefit if diagnosed with a terminal illness.
Optional riders include the Critical Illness Benefit Rider (pays a lump sum if you’re diagnosed with cancer, stroke, heart attack, or other covered conditions), Monthly Disability Income Rider (provides income if you become totally disabled), Children’s Term Rider (adds coverage for your kids under one policy), Other Insured Rider (covers a spouse or business partner), and Guaranteed Insurability Rider (lets you increase coverage later without new medical questions).
Who Should Consider Assurity?
Assurity works well for healthy applicants who want affordable term coverage without the hassle of a medical exam. They’re particularly good if you want the return of premium option, which most carriers have stopped offering.
They’re also worth considering if you prefer working with a mutual company that prioritizes policyholders over shareholders, or if you value the convenience of a fully online application process.
Assurity may not be the best fit if you need the highest possible financial strength ratings (look at Northwestern Mutual or MassMutual instead) or if you live in New York and want their full product lineup.
Frequently Asked Questions
Is Assurity Life Insurance financially stable?
Yes. Assurity holds an A- (Excellent) rating from AM Best with a Stable outlook. They’ve maintained this rating consistently and manage over $22 billion in coverage. Their mutual company structure means they focus on long-term stability rather than quarterly earnings.
Can I get Assurity life insurance without a medical exam?
Yes. Their accelerated underwriting program allows coverage up to $1 million without an exam for ages 18-50. Older applicants can still qualify for no-exam coverage at lower face amounts. Over 50% of applicants receive an instant decision.
Does Assurity offer return of premium life insurance?
Yes, and this is one of their competitive advantages. The Return of Premium rider is available on 20 and 30-year term policies. If you outlive your term, you get back all the premiums you paid. Few carriers still offer this option.
What states does Assurity operate in?
Assurity sells policies in 49 states. New York residents are covered through their subsidiary, Assurity Life Insurance Company of New York, which offers a slightly different product lineup.
How do I manage my Assurity policy?
Policyholders can access their accounts through MyAssurity, the company’s online portal. You can also reach customer service at (800) 869-0355 during business hours Monday through Friday.
Key Takeaways
- Assurity is a solid mid-tier carrier with over 130 years of history and strong financial ratings from AM Best (A-) and the BBB (A+).
- Their term life insurance stands out for no-exam coverage up to $1 million, a fully online application, and the hard-to-find return of premium option.
- The mutual company structure means they answer to policyholders, not shareholders, which supports long-term stability.
- Best suited for healthy applicants who want affordable, straightforward coverage with minimal hassle.
Ready to See Your Options?
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