We’re reviewing Assurity Life Insurance Company’s newest accidental death policy – Accidental Death Insurance Plus.
Here’s the thing we love about this. The application can be completed 100% online and you don’t need to talk to an agent (unless you want to). Sometimes it seems like the barriers to getting things done (like getting your finances or risk mitigation strategies in order) boil down to having to talk to someone or go someplace.
Now, it’s all easy and done through the internet.
Table of contents
- Quick Summary
- What Does an Accidental Death Policy Cover?
- Accidental Death Insurance Plus – Policy Review
- Is Assurity a Good Company?
- How Abrams Insurance Solutions Can Help
The newest accidental death policy from Assurity, Accidental Death Insurance Plus, allows you more customization options than the policy it’s replacing, Acci-Flex. They made the application process even easier. Now you can complete everything online and potentially have a policy issued within one business day.
You can turn it into an accidental death and dismemberment policy, add a spouse or children, and even attach a disability income rider.
What Does an Accidental Death Policy Cover?
Accidental death policies cover deaths caused by accidents – things like car wrecks, natural disasters, drowning, or falls. The beneficiary will receive a lump sum payment if the insured person passes resulting from an accident.
As the CDC puts it, unintentional injury is the leading cause of death for Americans ages 1 to 44. The insurance industry calls these accidents.
It’s more affordable than traditional life insurance since it won’t cover causes like cancer, heart attack, renal failure, or the flu. You can cover those with critical illness insurance or traditional life insurance.
Accidental Death Insurance Plus – Policy Review
Accidental Death Insurance Plus is available in every state except Maine, Massachusetts, New Hampshire, New Mexico, New York, and Oregon.
This new accidental death policy will slowly replace the Acci-Flex plan. As of this update, Acci-Flex is only available in the states where Accidental Death Plus isn’t sold, see the state list above.
Here’s what we love about it. You apply through the website and get an offer within one business day. It removes two large insurance hurdles, talking to an insurance agent and getting the medical exam.
It’s all online. You can apply right here. https://quickstart.assurity.com/Abrams
There’s no medical exam. There aren’t smoker rates. It’s simple.
Here’s the best part. For a 45-year old man, a $150,000 to age 80 will only cost about $16 a month.
Accidental Death Insurance Plus Policy Provisions
Anyone between the ages of 18 and 70 can apply.
Your premium will stay level. It won’t change during the entire coverage period, which lasts until age 80.
You can choose any death benefit from $5,000 and cap at $350,000.
It includes two free riders: common carrier benefit and automobile seat belt benefit.
The common carrier benefit doubles the benefits paid to your beneficiary if you’re riding on a bus, plane, boat, or other common carrier vehicle as a fare-paying passenger. If your policy is a $350,000 policy and a death occurs on a plane, then your heirs will receive $700,000.
The Automobile Seat Belt Benefit will pay an additional 10% of the benefit if you pass away from a car wreck while wearing your seatbelt properly. For example, a $250,000 policy will pay $275,000 if the death results from a car accident.
What Does the Dismemberment and Paralysis Benefit Cover?
If you head over to the quotes page for this policy, you’ll see that it says it’s an AD&D or accidental death and dismemberment policy. What does that second part mean?
The dismemberment and paralysis benefit, as Assurity calls it, pays a partial benefit for an injury sustained in an accident that results in severance of a limb, paralysis, or losing sight or hearing.
|Both hands or both arms||50%|
|Both feet or both legs||50%|
|Sight in both eyes||50%|
|Hearing in both ears||50%|
|One hand or one arm and one foot or one leg||50%|
|Sight in one eye||25%|
|One hand or one arm||25%|
|One foot or one leg||25%|
|Paraplegia or Hemiplegia||25%|
Assurity has a remarkable level of customization on this policy. It makes it easier to tailor a policy to one’s family rather than settling for a “close enough” version.
The riders below are not included with the base AD premium and will cost a little extra, depending on your choice.
Accident-Only Disability Income Rider – pays a monthly benefit for an accident resulting in total disability. It pays the benefit each month for two years following a 90-day waiting period. The minimum amount is $300 a month. The maximum is either $3,000 per month or 1.5% of the base policy benefit amount – whichever is less. (Not available in California, Illinois, or Virginia.)
For some quick math, as long as your policy benefits are at least $200,000 – you will qualify for the $3,000 per month benefit. If you are considering a lesser amount, use the following formula with your calculator: Disability benefit = AD Benefit x 0.015
Child Accidental Death Rider Plus – allows you to add a child for a small benefit amount ($5,000 to $25,000) should the unthinkable happen. The rider terminates when the child turns 25, or the policy terminates, whichever occurs first.
Critical Accident Rider – pays a specific lump-sum benefit if you are confined to a hospital by a physician for an injury in a covered accident. (Not available in Illinois, New Jersey, Pennsylvania, or Virginia.)
|Days of Confinement||Benefit|
|One Day without Surgery||No benefit payable|
|One of Two Days Requiring Surgery||$5,000|
|Two Days without Surgery||$2,500|
|Three – Six Days||$7,500|
|Seven – 13 Days||$15,000|
Disability Waiver of Premium Rider – will waive the premiums on your AD policy if you are totally disabled while allowing the policy to remain in force. (Not available in Minnesota, New Jersey, or Virginia.)
Return of Premium Rider – returns a portion of your premiums at the end of the term. It’s only available on the 20-year, 30-year, and guaranteed renewable to age 80 term lengths. (Not available in New Jersey, Pennsylvania, Tennessee, Texas, or Virginia.)
Spouse Accidental Death Rider Plus – covers your spouse too. Adding a spouse through a rider on one person’s policy typically results in cheaper coverage than two separate policies.
How to Apply for the Assurity Accidental Death Insurance Plus Policy
You can apply right on Assurity’s website through their secure portal. You can do everything from filling out the application to setting up the premium payment.
Use the link to apply now: https://quickstart.assurity.com/Abrams
What are the policy exclusions?
All accidental death policies have exclusions. The concepts are standard across most AD policies, but the wording can have major effects on the outcome.
- Operating, learning to operate or serving as a crew member of any aircraft
- Engaging in hang-gliding, hot air ballooning, bungee jumping, parachuting, scuba diving, sail gliding, parasailing, parakiting, mountain or rock climbing, B.A.S.E. jumping, skydivingsky diving or cave diving
- Riding in or driving any motor-driven vehicle in an organized race, stunt show or speed test
- Officiating, coaching, practicing for or participating in any semi-professional or professional competitive athletic contest for which any type of compensation or remuneration is received
- Having a sickness, disease or infection, other than infection from an injury received while this policy is in force
- Being exposed to war or any act of war, declared or undeclared
- Actively serve in any of the armed forces or units auxiliary thereto, including the National Guard or Reserve, except during the active duty training of less than 60 days
- Being addicted to drugs, including those prescribed by a Physician that are misused or suffering from alcoholism
- Being under the influence of an excitant, depressant, hallucinogen, narcotic, or any other drug or intoxicant (except those used as prescribed to the Insured Person by a Physician)
- Being intoxicated (as determined by the laws governing the operation of motor vehicles in the jurisdiction where loss occurs) or under the influence of an illegal substance
- Committing or attempting to commit a felony
- Being incarcerated in a penal institution or government detention facility
- Participating in a riot, insurrection or rebellion
- Engaging in an illegal occupation
- Intentionally self-inflicting an injury
- Committing or attempting to commit suicide, while sane or insane
Is Assurity a Good Company?
Assurity holds an A- from A.M. Best for financial strength. Generally, you only want to purchase insurance from a company with an A- or better. The idea is that you will hold the policy for a long time, and a policy from a company that can’t meet their financial obligations doesn’t do you any good.
The company has an A+ rating and accreditation from the Better Business Bureau. They have a good reputation for customer service within the insurance industry.
The interesting thing about Assurity is it sought out and became a certified B corporation in 2015. In short, the certification means they comply with a set of guidelines for transparency, environmental, and social responsibility.
Assurity offers many types of life insurance and disability insurance products: whole life products with accelerated underwriting, universal life insurance, a single premium whole life policy, and term life insurance. We like them because they often have lower rates than their competitors for strong products.
What if I want additional benefits?
If you purchase the maximum benefit for your AD policy, then it’s possible to stack insurance policies for increased benefits. Coverage options might include the following: additional accidental death insurance policies, life insurance policies, critical illness policies, and disability insurance policies. Life insurance coverage (or final expense insurance) will help with financial stability more than a second AD&D policy if you don’t already have that type of policy. It’s even getting easier to get life insurance policies with high benefits and no exam.
Is supplemental AD&D worth it?
It’s always better to have a little risk protection than none at all. For families that may struggle to access additional traditional life insurance (whether changing health, expense, or age prevents an additional policy), a supplemental AD or AD&D policy is better than being under-insured.
Assurity’s quick turnaround on online applications through streamlining the underwriting process makes the search for insurance easier than ever.
The term periods are longer than we commonly see in other AD or AD&D policies. The number of available riders allows for more customization than previous accidental death policies.
How Abrams Insurance Solutions Can Help
Assurity designed Accidental Death Insurance Plus to streamline the process so you can fill out the short application entirely online.
But, if you want to talk to someone about the policy details or compare options, we’re also here to help. Give us a call at (858) 703-6178. We work with over 70 top life insurance companies to help families customize their financial safety nets to their specific needs.