Assurity Life Insurance Company came out with a new product that’s making the insurance industry a whole lot more convenient for people to navigate, Assurity StartSmart.
It’s approved in most states, although a few states have limitations on critical illness and disability policies.
Table of contents
- Quick Summary
- What is Assurity StartSmart?
- How to Apply for a StartSmart Policy
- Frequently Asked Questions
- How Abrams Insurance Solutions Can Help
Assurity has a new, no-exam, near-instant underwriting combo policy. It includes term life insurance, disability income protection, and critical illness. It’s an a la carte style, so you can pick what you do and don’t need.
The big advantage of bundling everything is that you only have to do the underwriting and application once.
Did we mention that it’s all online, and you can be approved the same day? It’s like the insurance equivalent of high-speed fiber optic internet.
What is Assurity StartSmart?
Assurity has put together a new 3-in-1 insurance package to make it easy to get everything done fast and at affordable rates.
StartSmart combines term life insurance with critical illness and disability income coverage.
- Life insurance – pays named beneficiary(ies) upon passing away
- Critical illness insurance – pays a lump sum upon diagnosis of illnesses like a stroke, heart attack, or cancer
- Disability income – pays a monthly income if you cannot work your job due to disability
How to Apply for a StartSmart Policy
Click any of the links on this page to enroll in a policy. Input your basic details for the quote. When the Recommended Options pop up, select the benefit amount, term length and then click Customize This Quote. Adjust the benefit and term period. Then select ADD-ON OPTIONS.
When it says Expand your coverage, choose the following riders:
- Critical Illness Rider
- Monthly Disability Income Rider
Select the amounts and then click SAVE.
If everything looks good, then goto APPLY NOW to begin the application online.
You’ll then have a policy that provides life, critical illness and disability insurance in one policy.
Questions? Reach out to us with any questions or for help.
StartSmart Life Insurance
The first part of StartSmart is a term life insurance policy with a death benefit from $25,000 all the way up to $10 million.
You can choose a term length of 10, 15, 20, or 30 years. Although some of the longer term lengths are limited to younger applicants.
The best part is they have an accelerated underwriting option. That’s insurance lingo for no medical exam. If you’re between 18 and 50, you can qualify for accelerated underwriting for up to 1 million in benefits. If you’re 51 to 65, then you can qualify for up to $500,000 in benefits without the exam.
At the end of your term, you have the option to convert the policy into permanent coverage.
The other best part is, you don’t have to talk to anyone about this, you can apply online.
If you have minor health issues, like high blood pressure, high cholesterol, or are a little overweight, then this policy should work for you. If you have more serious health issues, reach out to us first to make sure this is the best option.
StartSmart Critical Illness
Critical illness insurance provides a lump sum payment upon diagnosis of certain types of illness.
Medical care can be ruinously expensive, even with health insurance. Critical illness provides a cash buffer. The insurance company doesn’t care what you use the money for. It’s really as simple as going to the doctor and getting some bad news, then you file the claim with the insurance company, and they send you a check – although nowadays, they often will wire it to your bank account.
The StartSmart Critical Illness Benefit Rider will provide a lump sum benefit between $20,000 and $100,000 (your choice at the time of application) for the first-ever diagnosis of specific diseases.
They have a long list, but the most common ones are heart attack, many types of cancer, and stroke.
Unfortunately, even though the life insurance part of the policy is available in every state except New York, the critical illness rider cannot be added in:
- New Hampshire
- New Jersey
- New York
StartSmart Disability Income
One of the least common (yet commonly needed) types of insurance is disability insurance. You’ll often see it called paycheck insurance or paycheck protection.
Most of the time, it’s a separate policy with a completely separate underwriting process. For StartSmart, it’s combined with easy no-exam underwriting and approval goes with your life insurance.
Okay, so how does it work?
Anyone between the ages of 18 and 60 can add it to their application.
The benefits range from $300 a month to $3,000 a month or 1.5% of the life insurance policy benefit amount. For example, if you were to get a $500,000 life insurance policy, your DI could be up to $3,000 a month. If you purchase a $100,000 life insurance policy, your disability insurance monthly benefit could be up to $1,500 a month. They have a secondary benefit provision where the benefit limits max out at 60% of your gross monthly income.
Now, here’s how it works. If something happens to you, and your doctor says that you cannot go to work, then your disability insurance kicks in. There is an elimination period, which has to count down 90 days before the policy will start paying benefits. It’s not like you get a cold, and your doctor says that you can’t go to work for a few days. It’s something more major, like you have to take time off for chemotherapy or you develop carpal tunnel and can’t use a computer.
The definition of disability is “totally disabled.” That means you can’t work at all, not like you have to drop down to part-time.
The other part to know is the benefit period. For StartSmart, the disability income rider will pay for two years.
There are also some state restrictions. If you live in any of the following states, you cannot add the disability income rider to your policy:
- New Hampshire
- New Jersey
- New York
Frequently Asked Questions
How does Assurity Life Insurance rate among other companies?
Assurity is a highly rated company and It is also one of the only insurance companies that’s a Certified B Corporation. That’s an optional accreditation that companies will go through with a 3rd party certification organization that looks at how companies treat their employees, how they mitigate any environmental impacts and finally looks at how the company interacts with the community where it’s based.
In our interactions with them, their team has been super helpful, whether it’s explaining new products like this one or if we have questions about what’s going on with a client’s application. In short, we like working with them.
What is the AM Best Rating for Assurity Life Insurance Company?
Assurity has an A- rating in financial strength from AM Best with a stable outlook. An A- officially means “excellent.”
AM Best rates insurance companies based on how responsible they are with their finances and how likely they are to stick around long-term. This is an important metric to consider when choosing between life insurance companies. Because if you purchase a 20-year term life insurance policy, it doesn’t do you any good if the company goes out of business in year 18. (Most don’t. But always, always, check.)
How to make changes to my Assurity Life Insurance Policy?
For the StartSmart policy, you can call the company directly or log in to your dashboard and go to the help section if you prefer chatting over a phone call.
If you purchase a policy through a life insurance agent, call your agent. They’ll walk you through making any changes.
Most policies will allow you to reduce benefits. Sometimes when people have big financial setbacks they can adjust their life insurance premiums down or just for a time to avoid catastrophic losses. It varies by type of policy, so you’ll want to talk to an agent about the best way to make those changes happen.
Can I download more information on this policy?
Assurity StartSmart 3-in-1 lets you choose and bundle the policies that you want in an easy online application with underwriting that can be done in minutes.
If you want to get your insurance taken care of as fast as possible, this is the way to do it.
How Abrams Insurance Solutions Can Help
At Abrams Insurance Solutions, we’re a small, family-run independent life insurance agency. We focus on getting people the right policies for their families at the lowest possible price.
If you have any questions about whether or not Assurity StartSmart is right for your family, give us a call at (858) 703-6178.
If you don’t want to talk to anyone and just want to apply online. Go to the link here, and the website will walk you through all of your options and what they mean.