Assurity Disability Insurance Review
An independent review of Assurity Disability Insurance.
Article Summary – Assurity Disability Insurance Review
Assurity is an A+ rated carrier that is well established in the Disability market. This review is for the “Century+” Product from Assurity. The other two Assurity DI Products have lower quality benefits. I seldom would recommend any product other than the Century+.These products are designed for middle-income workers. Gray-collar and blue-collar workers are best suited for Assurity.
This product is designed for middle-income jobs. Especially Gray-collar and blue-collar workers. They do cover white-collar professionals, however, these occupations can qualify for a much more comprehensive policy. Some of the benefits it lacks are:
- Base Coverage for High Incomes
- Work Modification Benefit
- Recovery Benefit
- Hospice Care Benefit
- Serious Illness Benefit
- Retirement Savings Benefit
- Suspension for Unemployment
Also, Benefits for higher incomes will be offset by any type of “social assistance” such as Social Security or Workers Comp. Making it a sub-par choice for many white-collar professionals, but a strong choice for middle-income & blue-collar jobs.
Company Profile – Assurity Disability Insurance Review
Assurity has an A- (Strong) rating by S&P, with over $12 Billion in assets Their history dates back to the late 1800s. Three companies (Modern Woodmen, Security Mutual, & Royal Highlanders) merged in 2007 to form Assurity Life.
In addition to Disability Insurance, Assurity offers Life Insurance, Annuities, and Employee Benefits. Despite being a newer name in the industry, Assurity is very well known by both agents and consumers. They are known for having competitive products at competitive prices. Their customer service is very good as well.
Product Features – Assurity Disability Insurance Review
Assurity Disability Insurance has most features a person needs. It is geared towards the middle market, so the features and benefits reflect that to an extent.
The “Base Benefit” only covers incomes up to $80k. Any amount over this is covered with the “Social Substitute Rider Benefit”. The Social Substitute will be reduced by any disability benefits you receive from Workers Comp, Social Security, or Medicare.
Definition of Disability:
True Own-Occupation optional via Rider
Premiums and Contract Provisions:
Guaranteed Renewable (premiums can increase but coverage is guaranteed).
Non-Cancelable (premiums are locked-in) by optional Rider.
Benefits Period choices:
1 year – 2 years – 5 years – 10 years – To age 65 – To age 67
Included. 20% Loss of Income Required.
2 years “Own-Occupation”, “Any-Occupation” after.
Waiver of Premium when Disabled:
Included. Not extended for any period after being Disabled.
Waiver of Elimination Period for Recurrent Disability:
Catastrophic Disability Coverage:
Included. No COLA on the benefit.
COLA (Cost of Living Adjustment):
5% Simple. Capped at 100%.
Future Increase of Coverage:
Future Increase Rider optional. No Automatic Benefit Enhancement or Benefit Purchase Option.
Mental Health Benefit:
Capped at 60 months or 24 months, depends on Occupation.
Occupational Rehab Benefit:
Home & Work Access Modifications:
Home Modifications only. No Work Modification Benefit.
Lump Sum Benefit Option:
Retirement Savings Protection:
Critical Illness Benefit:
Optional via Rider for an additional cost.
Studen Loan Protection:
Target Market – Assurity Disability Insurance Review
This product was developed for the middle market. Mid to low-income, blue-collar, & gray-collar workers are the target market for Assurity Disability Insurance.
It is designed to be affordable but still provide well-rounded benefits.
Alternative Options – Assurity Disability Insurance Review
There are a few alternatives to Assurity within the gray-collar / blue-collar market. Ameritas is a good alternative for gray-collar jobs. Illinois Mutual is a good alternative for blue-collar jobs. However, I would recommend Assurity over Illinois Mutual if one can qualify for it.
Summary – Assurity Disability Insurance Review
Assurity has a well-rounded and competitively priced Disability Policy. It is a good choice for gray-collar professionals, blue-collar jobs, and middle-income workers. They are a well-rated carrier and have excellent customer service in my experience. Overall, it is a good option for someone who needs income protection at a competitive price.
If you would like a Quote for Assurity Disability Insurance, feel free to contact me or schedule a consult.
Thanks for reading and have a great day!