When purchasing life insurance, it can be an easy process for healthy individuals. But, for those who may have an adverse health issue, being approved for coverage can be a challenge. This is why it can often be helpful to consider a no exam life policy.
A no exam policy is unique because the underwriting process does not focus much on the health of the client. So, for those who may have been turned down for a traditional plan in the past, no medical exam life insurance can offer you another alternative.
Before you purchase a no exam life insurance plan, know what type and coverage amount you need to purchase. It can also be essential that you have a good understanding of whether or not the insurance company that is offering the coverage is strong and steady from a financial standpoint, and is known for timely payments of claims. Let’s discuss one of the carriers that exceed these markers, and that is Assurity Life Insurance Company.
Assurity Life Insurance
Assurity has provided insurance products since 1890. The company has remained strong throughout the years, including during difficult times, such as the Great Depression, and even the more recent U.S. economic recession of 2008 and 2009.
Assurity is a mutual life insurance company – which means that the company is essentially owned by its policyholders, not stockholders. Because of this, the company is much more geared towards doing things that can benefit its customers, rather than ensuring a high stock price.
The company offers is a wide range of wealth enhancement and protection products through independent brokers who work throughout the United States. Due to its commitment to financial security, Assurity Life Insurance Company maintains its strong financial foundation – which can offer peace of mind to those who rely on it.
Assurity Company Review
The name Assurity is actually the name of the marketing organization that is also a holding company for Assurity Life Insurance Company, as well as Assurity Life Insurance Company of New York, and Assurity Group, Inc. (The life insurance products that are offered through Assurity are sold under the Assurity Life Insurance Company name in all of the U.S. states except for New York – where the products are sold via Assurity Life Insurance Company of New York).
Another of the Assurity subsidiaries includes Assurity PEO Holdings, Inc. This entity owns a majority interest in Resourcing Edge, which is an innovative leader in human capital management solutions. Assurity is headquartered in Lincoln, Nebraska, in the east downtown area. The state of the art headquarters building was built with world class design in mind, including being environmentally friendly. The building also offers expansive views of the University of Nebraska’s Lincoln campus, as well as of Union Plaza Park.
Assurity is known for acting ethically towards its customers, as well as to the employees that serve it – and because of this, Assurity Life Insurance Company is known for not compromising its ethics for either growth or for financial gains.
As of year-end 2015, Assurity Life Insurance Company took in more than $191 million in net premiums and deposit administration considerations. The company also had net investment income of over $117 million, and miscellaneous income of nearly $21 million – for a total income that year of $328,877,000. The total amount of benefits that were paid out to Assurity’s policyholders in the year 2015 was just under $196 million.
Adding to its strong financial related position is the amount of surplus and reserve that is held by Assurity Life Insurance Company. As of 2015 year-end, Assurity held nearly $350 million in this particular area.
Ratings And BBB Grade
- A.M. Best Company Grade: A-
- Better Business Bureau Grade: A+
No Exam Coverage From Assurity
Assurity Life Insurance company offers different life insurance coverage options. With the company’s whole life insurance offering, an insured can obtain a guaranteed death benefit that will not be reduced over time – even as you age, and if your health worsens.
These whole life insurance policies will also accumulate cash value in a separate component that is within the policy. This cash can rise over time on a tax-deferred basis.
This cash can be looked at such as a savings account and used for events as needed later on in life, or you can borrow against the cash if you plan on keeping the plan active.
Other Products Offered By Assurity Life Insurance Company
A term life insurance plan will provide coverage for a set period of time, such as for ten or twenty years. These policies do not accumulate cash value as a whole life plan does, and because of that, a comparable amount of term life insurance coverage can be more affordable.
With term life insurance, the coverage is considered to be “temporary” in nature. Usually, the owner will purchase this type of plan to cover a mortgage, or maybe even a grandparent to cover a grandchild’s tuition.
Universal Life (UL)
Like whole life insurance, universal life is a permanent type of life insurance protection. This means that these policies offer both the benefit for insurance protection and cash buildup. Universal life insurance, however, is often considered to be as flexible as its whole life insurance counterpart. One reason is that, with universal life insurance, the policyholder can typically choose when to make their premium payment, as well as how much of that premium amount will go towards the insurance coverage, and what amount goes to the cash value (within certain set guidelines).
Disability Income Coverage
With disability income insurance, you can be provided with a regular monthly income if you become ill or injured and you are unable to work due to a disability.
Critical Illness Coverage
A critical illness insurance policy will pay out a lump sum of cash if the insured on the policy has been diagnosed with a covered critical illness.
Worksite Solutions / Voluntary Employee Benefits
Through Assurity at Work, there are a number of different plans that can be offered as part of an employee benefits package. These can provide affordable insurance coverage that is paid for conveniently via employees’ paychecks.
Assurity Life Insurance Company also offers retirement annuities. Retirement annuities are specifically designed to help individuals who are preparing for retirement to both accumulate – on a tax-deferred basis – money for the future. These funds can then be turned into a long-term, guaranteed stream of retirement income that can last throughout the remainder of the annuity holder’s life, regardless of how long he or she lives.