Assurance Life Insurance Review

Direct-to-consumer platform to purchase insurance

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Assurance Life Insurance

Assurance Life Insurance

Our Take 

Assurance is the platform Prudential Life Insurance uses to sell its life, health, and auto insurance policies as financial products from third-party providers and parent company Prudential Life Insurance. Prudential Life Insurance is one of the oldest and most established insurers, with a host of policy options, making them an excellent choice for those looking for a wide selection of policies. However, if you’re interested in purchasing a policy, you would be better off using Prudential’s website tools and resources than the scarce information found on the Assurance website.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Quotes available online or by phone

  • Assistance from licensed professionals

  • Customized recommendations

Cons
  • Website lacks information and resources

  • Does not disclose insurance carriers

  • Must provide contact information

Key Takeaways
  • Assurance IQ was founded in 2016
  • Assurance life insurance policies are underwritten by partner companies
  • Prudential and partner insurers offer term, whole, and universal life insurance policies
  • Consumers can purchase life, health, home, auto, and supplemental medicare insurance
Specifications
  • Year Founded 2016
  • Kinds of Plans Whole life, term, universal
  • Number of Plans Varies per partner insurance company
  • Payment Options Monthly, quarterly, bi-annually, annually
  • Official Website Assurance.com

Introduction

Assurance IQ, LLC, a.k.a. Assurance, is a platform that matches prospective insurees with various insurance companies based on information provided by the consumer. Assurance also recommends insurance policies from their parent company, Prudential Life Insurance Company.

We’ve reviewed Assurance life insurance policies, riders, pricing, financial strength, customer satisfaction ratings, and more so you can accurately compare the life insurance policy options of Assurance with its competitors.

Company Overview

Assurance was created in 2016 and was acquired in September 2019 by Prudential Financial, Incorporated. They are headquartered in Seattle, Washington. Assurance sells policies online or over the telephone with a licensed agent. 

Their website makes no mention of the size of their agent network ​​or the company's reach. Since many of the company's partner insurers operate nationwide, it appears you can purchase a policy from every state in the nation.

Available Plans

You can purchase term and whole life coverage with numerous options through Assurance. As stated, the company provides life insurance to consumers from partner insurers and Prudential Life Insurance so you can find the coverage that best suits your needs. 

Here are a few of the carriers that Assurance uses to offer life insurance policy quotes:

  • Aetna
  • AIG
  • Allstate
  • Banner Life
  • Globe Life
  • Liberty Mutual
  • Lumico Life Insurance
  • MassMutual
  • Prudential
  • State Farm
  • Transamerica
  • Mutual of Omaha

Term Life Insurance

Assurance provides term life quotes from its partner carriers with terms that range from five to 30 years. You can purchase life insurance with coverage ranges between $100,000 and $10,000,000, which is more than what you’ll find with most insurance companies. The amount of coverage and the length of terms insurers offer you depend on various factors including your age, health, and smoking history. Depending on the carrier and policy, you may have to complete a medical exam, but some partners may forgo that requirement for healthier customers.

Many partner insurers issue convertible and renewable policies. That means that when your term expires, you can convert your term policy into a whole life policy or you can renew it for another term. Be sure to ask your licensed agent if any policies you’re considering are convertible or renewable.

Whole Life Insurance

Whole life insurance differs from term life insurance in that it doesn’t have a set term. It features a fixed payment for as long as the policy remains in force and grows in cash value over time. Policyholders can borrow from the cash value account tax free and withdraw funds early in certain situations. Assurance offers various whole life policies from funeral and final expense coverage to policies with large benefits you can leave to your heirs.

With so many variables in play, you may be better off contacting a licensed agent for Assurance at 844-563-0386 so you can discuss your needs and learn of the whole life options available to you through the company’s partner carriers. Of course, the rate and coverage options you receive will depend on the insurance company and policy you select.

Available Riders

Many partner insurers of Assurance offer optional insurance riders. Riders are additional coverage features you can use to round out your life insurance coverage for an additional premium. For example, a child term rider may allow you to add insurance coverage for your child.

The cost for riders and the coverage options available will depend on the policy. Contact an Assurance agent for specific coverage and pricing details regarding any riders you’re considering. 

Customer Service: Two Options

You can reach Assurance customer service by phone at (844) 556-8992 during business hours from 8 a.m. to 8 p.m. EST Monday through Friday. You can also initiate email support by submitting a message online.

Unfortunately, their website is limited in content, and it doesn’t provide educational materials, online chat, claims utility, or a trouble ticket system. The company does provide an FAQ page to provide information on frequent questions. 

Customer Satisfaction: Depends on the Insurer

Every year, the National Association of Insurance Commissioners (NAIC) keeps track of customer complaints to their insurance companies and publishes the data. The NAIC gives each insurer a complaint index score to help consumers compare the customer satisfaction records of a carrier against the national average for similar-sized insurance companies.

NAIC’s scoring model is based on a national average score of 1.0. That means any company with a score below 1.0 receives less than the average number of complaints. Conversely, a score above 1.0 indicates the insurance provider receives more complaints than their competition. 

While Assurance doesn’t directly insure consumers, the insurance carriers that underwrite policies through Assurance have NAIC complaint scores. Many of the partner companies mentioned above have below-average complaint index scores (above 1.0) while other insurers fare well against the competition (below 1.0), as we can see below:

NAIC Complaint Scores for Individual Life Insurance Coverage
Insurance Company NAIC Complaint Score 
Aetna 21.58
AIG  3.19
Allstate  0.2 
Banner Life  0.29 
Globe Life  6.56 
Liberty Mutual  0 
Lumico  8.22 
MassMutual 0.14 
Mutual of Omaha  1.22 
Prudential  2.66 
State Farm 0.26 
Transamerica  1.1 

In some cases, a company may receive only a handful of complaints within a year, but its score is higher due to its smaller market share.

Assurance is not listed in the 2020 J.D. Power Life Insurance Study of the best insurers according to customer satisfaction data. However, four of their partners—State Farm, Globe Life, Mutual of Omaha, and MassMutual—rank in the top 10.

Financial Strength: Varies

Assurance is a third-party platform that helps consumers get life insurance through Prudential, their parent company, and several partner companies. Financial rating service AM Best affirmed Prudential’s A+ (Superior) ratings in November 2020, which means the company has the financial strength to uphold all of its ongoing financial obligations. All of the above partner carriers received AM Best ratings of A (Excellent) or higher. Two insurers, MassMutual and State Farm, scored top grades of A++ (Superior) for their strong operating performance and business profile. 

Cancellation Policy: Follows Free Look Guidelines

Assurance doesn’t provide policy cancellation details online, but it can be assumed they follow the minimum “free look” period for insurance policies, which are regulated on a state-by-state basis. The free look gives consumers a minimum of 10 days to cancel their insurance policy and receive a full refund. The time frame for free look periods varies from state to state.

If you cancel your term life insurance policy after the free look period expires, you won’t be eligible for a refund for the premiums you’ve paid. If you wish to cancel a whole life policy, you may receive a surrender cash value, but you could also be on the hook for cancellation fees and surrender charges.

Before you sign for a life insurance policy, speak with an Assurance agent to make sure you understand the specifics about canceling your policy.

Price of Assurance Life Insurance: Depends on Carrier

Assurance provides quotes after you answer a series of questions on their website or speak with a representative, but the quote you receive is a tentative estimate. Your premium rate is not finalized until you complete an application and go through the underwriting process. Term quotes rely on several factors including your gender, age, height, weight, tobacco use, current health profile, and more. Depending on the insurance provider that underwrites your policy, you may be able to pay your premiums monthly, quarterly, semi-annually, or annually.

To receive a personalized whole life policy quote, you’ll need to speak with a licensed agent at (833) 625-0148. Generally, the rates for whole life insurance are higher than for term life. That’s primarily because whole life premiums are fixed for life, not for a specific term, and contain a cash value investment component.

Sample Term Life Insurance Quote
 Term Man  Woman
10 years $40/month $27/month
20 years  $46/month  $33/month 
30 years $64/month $52/month

Sample rates shown are for a 30-year-old person with no health conditions with $263,000 of coverage (underwritten through Lumico Life Insurance Company).

The Assurance website offers dynamic quoting tools, but be aware your final premium rate might not match the quote.

How Assurance Compares to Other Life Insurance

Assurance isn’t an insurer—it’s a shopping platform that matches customers with policies from partner carriers and Prudential, for which they are a subsidiary. While online quotes are convenient, you’ll need to speak with a licensed agent to apply for a customized term, whole life, or universal life policy, negating some of the convenience.

Here’s how Assurance stacks up against a competitor.

Assurance Life Insurance vs. Northwestern Mutual Life Insurance

Assurance and Northwestern Mutual offer a wide breadth of coverage options for consumers. While Assurance matches customers with life, home, health, and auto insurance from partner insurers, Northwestern Mutual focuses on life insurance and investment solutions. 

Unlike Assurance, which provides a platform for customers to purchase insurance from various companies, Northwestern Mutual underwrites its own policies only. Assurance partners with companies that earn financial strength ratings from AM Best of at least A (Excellent), while Northwestern Mutual maintains an A++ (Superior), AM Best’s highest possible financial strength rating.

Assurance offers few details about their policies online with little in the way of resources and tools to assist customers. By contrast, Northwestern Mutual’s website provides helpful information for consumers and the ability to file claims online.

  Assurance Northwestern Mutual 
Market Share Not applicable Largest in U.S., 8.2%
Number of Plans  Not applicable  17 
Dividends for 2020  Depends on carrier $6 billion 
Wellness Program Discounts/Quit Smoking Incentives  Not applicable  Not applicable 
Service Method  Licensed agents, phone  Financial advisors and agents 
Financial Strength (AM Best Rating)  A (Excellent) and higher  A++ (Superior) 
Complaint Index  Depends on insurer  0.02 (above average)

Read our full Northwestern Mutual life insurance review.

Final Verdict

Assurance provides a direct-to-consumer platform for consumers to get quotes for life insurance coverage up to $10,000,000. While getting quotes from partner companies can be useful if your insurance needs are standard, you’ll want to speak with a licensed agent to get customized whole or universal life policies to address your unique requirements. Assurance may be a good fit for consumers who need term life coverage over $1,000,000 or who prefer working with a licensed third-party representative to examine different policies. Assurance does provide access to Prudential’s full line of coverage, which may be an option if you prefer a more comprehensive selection of policy options.

The strength of the website for Assurance is its online quoting system, but there’s very little there beyond that. If you’re looking for an insurer with online resources and tools to file claims, research policy details, chat virtually with agents and even finalize policies, you will need to look elsewhere.

Methodology

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed August 12, 2021.

  2. AM Best. "AM Best Downgrades Credit Ratings of Globe Life Inc. and its Subsidiaries." Accessed August 12, 2021.

  3. AM Best. "AM Best Affirms Credit Ratings of State Farm Mutual Automobile Insurance Company and Most of Its Subsidiaries." Accessed August 12, 2021.

  4. AM Best. "AM Best Affirms Credit Ratings of Massachusetts Mutual Life Insurance Company and Its Subsidiaries." Accessed August 12, 2021.