Assurance Life Insurance: What You Need to Know
- Learn how the Assurance life insurance marketplace works, including its benefits and drawbacks and what types of permanent and term life insurance are available.
Assurance is an online marketplace that lets potential insurance customers compare and purchase various life insurance policies. Using a service like Assurance can be a convenient way to buy life insurance, but it won't suit everyone. Below, you can find out how the Assurance marketplace works and what insurance types it brokers.
Assurance is an insurance marketplace that helps customers access personalized insurance products and loans to meet their financial needs. It doesn't sell its own insurance policies. Instead, its network of licensed insurance agents uses data science systems to suggest the most appropriate carriers and plans and guides customers through the policy selection and application process. Customers can also compare and apply for life insurance plans online.
What Life Insurance Products Does Assurance Offer?
Assurance helps customers access a diverse range of term and permanent life insurance products through various third-party carriers. Its data systems and agents allow customers to compare different product quotes and receive personalized advice to help them choose the most appropriate plan. Alternatively, you can enter your information on the Assurance website for an instant quote. Assurance brokers term and permanent life insurance plans with coverage between $5,000 and $1 million.
Whole Life Insurance
Whole life insurance is a kind of permanent insurance. Therefore, you're covered until you die at any age as long as you keep up to date with your premium payments. The coverage and premiums are fixed, so your insurance company won't increase your premiums or change the death benefit amount as you get older.
Whole life insurance includes a savings account that accumulates cash value. Therefore, it could be a good option for people who want permanent life insurance coverage and a potential income stream for later life.
Term Life Insurance
Assurance sells term life insurance plans spanning 10, 15, 20 or 30 years. This plan type charges fixed premiums throughout the policy's duration in return for a fixed, guaranteed death benefit if you die while the policy is in force. Coverage terminates at the end of the policy term, and a term policy doesn't earn cash value like permanent life insurance.
However, term life insurance is generally more affordable than other life insurance types. Some carriers may let term life insurance customers convert their plans to permanent insurance at the end of the term or renew their existing coverage.
Final Expense Insurance
Final expense insurance covers final medical bills, burial or cremation costs, and funeral expenses. However, most carriers let the beneficiary use the death benefit however they wish. Final expense insurance policies generally have fixed premiums and coverage. You won't usually need to undertake a medical exam for this insurance type. Assurance brokers final expense insurance policies with coverage up to $30,000.
What Other Insurance Products Does Assurance Sell?
Assurance also sells a wide range of other insurance products online and through its agents, including auto, home and pet insurance policies. It also helps customers find suitable ACA-approved health care plans and short-term medical (STM) plans.
Assurance sells various supplemental Medicare plans so Medicare enrollees can cover gaps in their existing coverage. These plans include Medicare Advantage and Medigap policies.
The Pros and Cons of Assurance
One of the primary advantages of purchasing insurance through Assurance is the option to receive personalized insurance advice from a licensed agent. This service can help customers with specific needs find the most appropriate coverage for their circumstances. Its online services also make it quick and easy to access customized quotes if you need to purchase insurance in a hurry. Its wide range of carriers and policy options makes comparing different companies more straightforward.
However, there isn't much information about Assurance's partner carriers and plans available on the company website. You'll need to complete the online quote questionnaire or contact an Assurance agent for information about prices, riders and plan benefits.
Assurance Reviews: What People Are Saying
Assurance has been accredited by the Better Business Bureau (BBB) since 2016 and has an A+ rating. It also has a 4.5-star rating on Trustpilot. According to Trustpilot reviews, customers are generally impressed with Assurance's high customer service standards and say that its agents are helpful and knowledgeable. Several reviewers appreciate being able to talk to an agent to create a personalized plan to meet their needs. Customers also praise Assurance's agents for providing thorough policy explanations and ensuring they understand their plans.
However, a few reviews say that they had difficulty canceling their plans and that the benefits they received were not what they expected. A couple of reviewers also mention slow response times.
Is an Assurance Life Insurance Policy Right for You?
Buying a life insurance policy through Assurance could be a good option for you if you have specific insurance needs and want to discuss your options with an agent before committing to a policy. The Assurance marketplace could also be suitable if you want to compare multiple providers and purchase your policy online. However, it's worth checking if you can get a cheaper quote directly from the insurer before purchasing through Assurance.