If you’re looking for reliable critical illness insurance that's easy to apply for, Assurity Life Insurance Company may be an option.
If you’re applying for smaller benefit amounts, you can apply online and receive an instant decision — without underwriting. This option is available for benefit amounts up to $75,000. If you need a benefit above $75,000, you will have to go through full underwriting.
Assurity’s website also enables policyholders to make payments and file claims.
Another benefit of Assurity is that you can get benefits faster than with other policies. Investopedia considers Assurity one of its top critical illness policies, especially because its policy does not have a waiting period before benefits are payable.
Other provisions of Assurity’s critical illness policy include:
- Issue ages of 18 to 70
- Guaranteed renewable for life
- Benefit amounts available up to $500,000
- Available in every state except New York
- Additional benefits are available if you are diagnosed with another illness after six months of receiving benefits for a separate illness. Additional critical illness cannot be caused or contributed to by a critical illness for which benefits have been paid.
- Benefits are reduced by 50 percent following the later of the insured’s 70th birthday or three years from the policy’s issue date. This will be the benefit amount available for the remaining years the policy is in force.
Assurity’s critical illness policy covers the following conditions:
- Heart attack
- Coronary artery bypass surgery
- Invasive and non-invasive cancers
- Kidney failure
- Major organ transplant
- Advanced Alzheimer’s disease
Depending on where you live, you may also be able to purchase coverage for advanced conditions such as Advanced ALS, Advanced Parkinson’s Disease, blindness, deafness, benign brain tumors, and severe burns.
According to online quotes provided on Assurity’s website, two 35-year-old spouses (one male, one female, could get base coverage of:
- $25,000 for $37 a month
- $50,000 for $72 a month
- $75,000 for $106 a month
At age 45, this couple could get base coverage of:
- $25,000 for $67 a month
- $50,000 for $132 a month
- $75,000 for $197 a month
At age 55, the couple could get base coverage of:
- $25,000 for $119 a month
- $50,000 for $236 a month
- $75,000 for $352 a month
Learn More: Is Critical Illness Insurance Worth It?
Optional riders available with Assurity’s critical illness insurance include:
- Accidental Death Benefit. This rider provides a lump-sum benefit for death from an accidental bodily injury.
- Additional Critical Illness. This rider expands the list of covered conditions and provides a lump‐sum benefit if the insured is diagnosed with an illness from a list specified in the rider.
- Critical Accident. This rider provides a lump‐sum benefit if the insured is confined to a hospital as an inpatient for more than 20 hours due to an injury sustained in a covered accident. Hospitalization must occur within 45 days of the covered accident.
- Loss of Independent Living. This rider pays a percentage of the benefit amount if the insured experiences the loss of independent living with the permanent inability to perform two or more Activities of Daily Living persisting at least 180 days.
- Increasing Benefit. This rider increases the policy benefit amount by five percent of the initial amount on each policy anniversary for 10 years. The increase also applies to any Additional Critical Illness Rider or Loss of Independent Living Rider.
- Reoccurrence. This rider provides a lump-sum benefit, under certain conditions, if the insured receives a subsequent diagnosis of the same critical illness for which a benefit was previously paid. The reoccurrence must have occurred following at least 12 consecutive months of no treatments or symptoms. If the critical illness is cancer, it must be in complete remission for 12 consecutive months before this rider will pay a subsequent benefit.
- Waiver of Premium. This rider provides for waiver of policy premiums during the insured’s total disability occurring prior to their 65th birthday and lasting at least six months. The duration for which premiums are waived during the insured’s total disability depends on the age at which total disability begins.
- Return of Premium. This rider provides a return of a portion of the premiums paid less any benefit received upon policy cancellation, policy lapse, or the policy anniversary following the insured’s 75th birthday.
Assurity also offers group critical illness insurance. Its group plan is guaranteed issue. The plan will pay up to $30,000 for employees, 50 percent for spouse benefit, and 25 percent for dependent children or grandchildren.
The group policy includes a health screening rider, which provides payment for a number of preventative care procedures.
Assurity Life was formed through a 2005 merger of three companies there were founded in the 1890s: Woodmen Accident and Life, Security Financial Life, and Lincoln Direct Life.
The offers long and short-term disability income policies for worksites and individuals in 49 states and the District of Columbia.
The company has more than $2 billion in assets. It is rated A-, Excellent, by A.M. Best for its financial strength, the fourth highest of 15 rating classes.
Assurity is also a certified B Corporation. This is a designation determined by B Lab, a nonprofit organization with a vision of an "inclusive and sustainable economy that creates a shared prosperity for all.” The organization’s certified B Corporations “meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.” In addition, they are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment.
Assurity become a B Corporation in 2015. There are currently more than 3,900 B Corporations in 70 countries and 150 industries, according to B Lab.
Joel Palmer is a freelance writer and personal finance expert who focuses on the mortgage, insurance, financial services, and technology industries. He spent the first 10 years of his career as a business and financial reporter.
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