Updated January 2022: by licensed life insurance agent Bennett Bier
Assurity Life Insurance, a mutual insurance organization, provides no medical exam life insurance formerly called, LifeScape NonMed Term 350. This policy is now Term Life with Accelerated Underwriting.
What is no exam life insurance? Simply put, no exam life insurance is life insurance issued without the medical examination of the applicant.
Assurity is one of many life insurance carriers that offer life insurance without a medical exam. You’ll want to be familiar with their process and product before making a purchase.
Your unique needs will determine which life insurance carrier will be the best to apply with, as each company’s rates and features vary. Familiarize yourself with the top-rated no physical life insurance companies to compare and contrast.
Below, we will review Term Life with Accelerated Underwriting formerly known as Assurity’s LifeScape NonMed Term 350 (Term Life with Accelerated Underwriting) no exam life insurance policy to decide if it’s a good fit for you.
Table Of Contents
- About Assurity and Their Financial Ratings
- Assurity No Medical Exam Term Life Insurance Review
- Other Key Benefits of Assurity No Exam Term Life Insurance
- How to Apply for Life Insurance with Assurity
About Assurity and Their Financial Ratings
Assurity’s headquarters are in Lincoln, Nebraska. Assurity was born out of the merger of three Nebraska-based life insurance companies: Woodmen Accident and Life, Security Financial Life, and Lincoln Direct Life. It wasn’t until 2007 that Assurity was officially established.
Assurity is a mutual life insurance company. Policyholders share ownership in the company, and there are no shareholders or publicly traded stock.
Financial Strength Rating: “A-” from A.M. Best for the most recent 5 years and was last re-affirmed 1/29/2021.
Assurity No Medical Exam Term Life Insurance Review
Below, we will review the 5 important features for Assurity’s no exam life insurance policy, formerly known as LifeScape NonMed Term 350 (Term Life with Accelerated Underwriting).
The most important aspects of no exam life insurance to evaluate are:
- Wait time – how long you have to wait before your application is approved and your life insurance policy is issued
- Issue ages – the age range of the applicant that the life insurance company is willing to insure
- Policy amount – the dollar amount (policy size) the life insurance company offers
- Policy length – the number of years the life insurance company will allow the policy to last
How does Assurity measure up?
1. The Wait Time for Assurity is Fast
You can receive a policy decision within a few days. If your underwriter (that’s who gauges risk) needs additional information from you, your approval time can bump up to weeks.
2. Assurity Issue Ages are from 18 – 65 Years Old
Assurity issues no exam life insurance to applicants between the ages of 18 – 65. Think of this as standard issue ages for no exam products.
3. Policy Amounts Range from $25k – $10 million
Your accelerated no exam policy amount can range between $25,000 and $500,000.
- Ages 18 to 50: $25,000 to $500,000 (accelerated underwriting)
- Ages 51 to 65: $25,000 to $350,000 (accelerated underwriting)
- Ages 18 to 50: $500,001 to $10,000,000 (traditional underwriting)
- Ages 51 to 65: $350,001 to $10,000,000 (traditional underwriting)
- Ages 66 to 75: $25,000 to $10,000,000 (traditional underwriting)
4. Assurity Offers 4 Policy Length Options
Assurity offers term policies of 10, 15, 20 and 30 years.
There are age limits for term lengths:
5. No Medical Exam is Required
No exam life insurance means you get to skip:
- Liquid samples
Other Key Benefits of Assurity No Exam Term Life Insurance
Assurity has a few other benefits worth noting. They have many policy riders that you can add on to your policy, as well as a few conversion options. We cover those details below.
Assurity Offers Additional Policy Riders
Often overlooked, riders are provisions to your life insurance contract that provide additional benefits.
Rider included with policy purchase:
- Accelerated Benefits Rider – the option to accelerate payment of life insurance proceeds in the event of terminal illness or expected to live in a nursing home until death.
- Proceeds available for acceleration are a percentage of policy amount, up to $250,000 from all policies owned through Assurity.
- Physician documentation required.
Optional Riders you may add to your policy for an additional cost:
- Accident Only Disability Income Benefit – provides a monthly benefit should the insured become totally disabled as a result of a covered accident.
- Children’s Term – provides level-term insurance for the insured’s children, up to age 25.
- Critical Illness – lump-sum benefit paid to insured for a first-time diagnosis of a qualifying critical illness.
- Disability Waiver of Premium Benefit – waiver of premiums if insured has total disability prior to age 60. Total disability must occur for six months before benefit can be activated (premiums will then be reimbursed for payments made during total disability).
- Monthly Disability Income – provides monthly benefit should the insured become totally disabled as a result of a covered accident or sickness.
- Other Insured Term Insurance Benefit – term life insurance coverage for another individual when insurable interest is established.
- Return of Premium Benefit – provides for a return of premium (the amount you pay in exchange for life insurance coverage) to the owner should the policy be terminated for a reason other than the death of the insured.
Assurity Policy Conversion Options
Assurity’s Term Life with Accelerated Underwriting formerly known as LifeScape NonMed Term 350 is convertible, meaning that you can convert your term policy into a permanent policy.
The conversion period begins at the policy issue date and ends on the earlier of:
- one year prior to the end of a 10 year term policy
- or two years prior to the end of a 15, 20, or 30 year term policy
- or the policy anniversary in which the insured has reached age 65
Compare Assurity with Other No Exam Life Insurance Companies
Assurity does tend to be priced higher compared to other no exam life insurance carriers. You’ll want to run an instant quote to compare rates.
Whether or not Assurity is the best company for you to apply with depends on a number of factors. Consider your:
- Medical conditions
- Tobacco use
- Desired policy amount
- Desired policy length
- Desired riders, if any
How to Apply for Life Insurance with Assurity
You will want to do two things to purchase the best life insurance policy you qualify for, regardless of the life insurance company you apply with:
- Partner up – Collaborate with an independent life insurance agent. This is the most important first step.
- An independent life insurance agent has your best interest in mind. They are not held captive to a particular life insurance company and can shop the top-rated carriers to find the best fit for you.
- You don’t want to apply with a particular life insurance company on your own. Should something concerning come up during the application process (let’s say a medical condition), that information could then be available to other life insurance companies.
- Prepare – Make sure you’re ready to answer all the application questions.
- Have your medical history, lifestyle, and occupation information written out so that it’s easy to communicate.
- Your application process and policy decision will be much faster if you can easily answer the phone interview questions.
Assurity Non Med Term Life Insurance Application Process
Expect a streamlined application process:
Step 1: Electronic Application
Your application will be submitted electronically, so you can avoid tedious paperwork and snail mail.
Step 2: Phone Interview
Expect a straightforward phone conversation, lasting 20 – 30 minutes.
You will be asked questions about:
- The basics – birthdate, gender, height/weight
- Your medical history
- The medical history of close, blood-related family members
- Tobacco use
- Your occupation
- Your lifestyle
Specifically, you will not qualify for Assurity’s no exam life insurance if:
- You apply within from a state where the product is unavailable (including foreign addresses)
- You are not a United States citizen
- You are not a United States resident
- If you are older than age 50 and haven’t seen a physician within the last 5 years
- If you do not have a valid driver’s license, your case will be referred to an underwriter for special handling
Step 3: Database Check
Carriers that offer life insurance with no exam rely on databases to gather information for your application. While the process sounds impersonal, it’s an intelligent way to assess an applicant instead of going through medical underwriting.
Here’s what databases Assurity underwriters will review:
- Motor Vehicle Report (MVR) – your driving record
- Pharmacy – a history of your prescriptions
- Medical Information Bureau (MIB) – a record on previous insurance applications
Step 4: Application Review
Your underwriter will review your electronic application, phone interview, and databases. Ideally, the process will take only a few days.
Step 5: Application Decision
Based on their review, you will receive an application decision. Up to 50% of Assurity applicants are approved for accelerated underwriting.
- Approved as applied – Best case scenario. You are approved for the life insurance policy you applied for. You can be approved for one of the following health classes:
- Select Plus Non Tobacco
- Select Plus Tobacco
- Select Non Tobacco
- Select Tobacco
- Standard Non Tobacco
- Standard Tobacco
- Note – Applicants can still be approved without meeting the Standard health class through a substandard rating. You will be a surcharge of up to 200% on your premiums if you are approved at substandard.
- More information is required – Sometimes, your underwriter will need more information on your application. Let’s say, for example, you have been prescribed an antidepressant. You may be asked to provide more information on the reason for the prescription and dosage.
- Declined as applied – You were not approved for the life insurance policy you applied for. This happens from time to time. Take heart. There are plenty of life insurance options to explore.