Assurity vs. Liberty Mutual: Best Life Insurance Company in 2021

If you need to choose between Assurity vs. Liberty Mutual life insurance, one company gives you more flexibility with your policy. Assurity life insurance costs less than Liberty Mutual life insurance overall, but Assurity charges a yearly fee that can be as high as $70. Both Assurity and Liberty Mutual life insurance companies offer annuities on top of their permanent life insurance policies.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Aug 23, 2021

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Quick Facts

  • Assurity life insurance costs less than Liberty Mutual insurance, but Liberty Mutual has more assets and financial better ratings
  • Both Assurity and Liberty Mutual offer annuities, as well as riders for child life insurance policies, premium waivers, and accelerated death benefits
  • Assurity charges yearly fees that are as high as $70, but Liberty Mutual charges no such fees

Are you considering purchasing Assurity vs. Liberty Mutual life insurance? Liberty Mutual Insurance offers many other products besides life insurance, but Assurity Life Insurance Company is a dedicated life insurance provider.

Assurity offers more riders for term life policies and more life insurance options, including numerous no medical exam life insurance plans. On the other hand, Liberty Mutual requires fewer fees and a larger window of eligibility.

Read on to know more about the differences between Assurity vs. Liberty Mutual life insurance. And if you would like to see rates from top life insurance providers in your area, enter your ZIP code into our quote tool above.

Assurity vs. Liberty Mutual Life Insurance Rates

Can you find affordable Assurity and Liberty Mutual life insurance? Here is a side-by-side comparison between Assurity and Liberty Mutual’s average bi-annual and yearly insurance rates.

Assurity vs. Liberty Mutual: Average Life Insurance Rates
CoverageAssurityLiberty MutualNational Average
Term Life (six months)$182.96$186$155.47
Term Life (one year)$365.92$372$310.94
Whole Life (six months)$224.46$498.82$190.73
Whole Life (one year)$448.92$997.65$381.46
Universal Life (six months)$720.12Does not offer$611.92
Universal Life (one year)$1,440.24Does not offer$1,223.84
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Assurity vs. Liberty Mutual life insurance quotes are higher than the national average, but Assurity offers lower rates than Liberty Mutual.

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Assurity vs. Liberty Mutual Life Insurance Company: What They Both Offer

Assurity and Liberty Mutual both offer term life and whole life insurance plans, similar riders, plus fixed annuities.

Term Life Policies

Both companies’ term life policies are affordable 10-, 15-, 20-, and 30-year term life insurance policies with simple coverage. Each term life policy comes with a guaranteed death benefit, a lower cost per month, and stable rates.

You also have the option to convert policies from both companies to permanent life insurance. However, you need to add a rider to your Liberty Mutual term life insurance policy to exercise that option.

Whole Life Policies

Both companies’ whole life policies are permanent coverage that increases in value over time. Assurity and Liberty Mutual allow you to make withdrawals. Also, you will pay stable rates, but Assurity lets you make yearly payments.

Life Insurance Riders

Assurity and Liberty Mutual both offer the following riders to your life insurance policy:

  • Policies for your children: You can add insurance policies for all of your children if they meet eligibility requirements. Assurity gives your children coverage until they turn 25. You can convert any child life policy to a permanent policy later.
  • Waiver of premium: Both companies will waive rates if you become disabled. However, you may only be eligible with Assurity if you are under 65 years old.
  • Accelerated death: You can request an advance payment on your policy’s death benefit if you are diagnosed with a terminal illness. Assurity also allows this if you need permanent care in a nursing facility. You can add this rider at no extra charge with Liberty mutual and receive up to 90% of the amount.

Both companies also offer riders for accidental death, with a few caveats. Liberty Mutual has a single accidental death and dismemberment rider.

Assurity offers accidental death, disability income, and accident-only disability income riders. The company also offers a full policy for accidental death benefits.

Annuities

After the first year of accumulation with Assurity, you can start receiving payments immediately without a withdrawal charge to use how your see fit. Assurity also gives you the flexibility to schedule payments for a specific date and number of years.

Additionally, your beneficiaries may be able to receive the accumulated value of your annuity if you should die during the accumulation phase.

With Liberty Mutual, you have the choice of a Single Premium Deferred Annuity or Fixed Indexed Annuity. For either, you will make a lump-sum payment to have a steady stream of income during your retirement.

Availability

Both Assurity and Liberty Mutual are available in all 50 states. However, Liberty Mutual is not available in the District of Columbia. If you live in New York, you will have to purchase a life insurance policy from Assurity Insurance Company of New York.

What does Assurity life insurance offer that Liberty Mutual does not?

Assurity Life offers more life insurance products than Liberty Mutual, plus more riders:

  • Assurity offers a disability income policy. If you sign up for disability income, you can receive payments to give you up to 60%-70% of your lost income if you become ill or unable to work. You can set your payment period between 30 days and two years, and payments can be as little as 1%-3% of your monthly income.
  • You may also purchase critical illness insurance. This coverage provides a monetary benefit to policyholders who have been diagnosed with covered conditions, like heart attacks, cancer, stroke, or advanced Alzheimer’s disease after the policy’s issue date. You can get the full benefit based on the total amount of the plan.
  • Two unique riders that Assurity offers are the Face Amount Increase Rider and the Level Term Rider. The former increases your coverage under a universal life insurance policy at specific times, no matter the state of your health or occupation. You can add a 10- or 20-year term to your policy with the latter.

Additionally, some employers offer Assurity as a benefit. This coverage includes accident expense payments, disability income, and hospital indemnity.

What does Liberty Mutual life insurance offer that Assurity does not?

There are three key advantages to choosing Liberty Mutual as your life insurance provider:

  • Liberty Mutual offers increased eligibility for sign-up: With most Assurity life insurance plans, you need to be 18 to 65 years old to apply. The highest age of eligibility for purchasing a life insurance policy with Liberty Mutual is 70.
  • There are no extra fees for continued coverage: Assurity, on the other hand, charges yearly fees on top of its regular rates. Those fees are as high as $70.
  • Liberty Mutual has an online customer service component: You can sign up for a policy online, pay your bills, and file claims, among other things.

In addition, there are more ways to pay on your life insurance policy with Liberty Mutual.

  • You can pay with a credit card, directly from your bank account, through online banking, by phone, or by mail.
  • You can set up AutoPay or Payroll Deduct. The former will take monthly payments, and the latter will periodically take amounts from your paycheck.
  • Liberty Mutual also offers a free mobile app to allow you to manage your bill.

Read on to learn more about the financial ratings of each company.

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Assurity vs. Liberty Mutual: Which company has better customer service and financial ratings?

Both Assurity Life Insurance Company and Liberty Mutual Holdings, Inc. are in excellent shape financially. As a result, they have high financial ratings.

To date, Assurity Life Insurance, a Lincoln, NE, company, has provided $136.8 million in benefits to its customers. Also, Assurity has shared $10.2 million in dividends with its policyholders.

Assurity has $2.6 billion in assets, and it increased its income from $11.9 million in 2019 to $12.6 million in 2020. The total number of Assurity Life insurance policies in force is worth $23 billion.

For Assurity’s financial strength, A.M. Best gave the company an A- (Excellent) rating. Assurity also received an A+ rating from the Better Business Bureau.

Liberty Mutual, a company based in Boston, MA, has more assets than most insurance companies because it has a global presence. (It operates in 29 countries around the world.)

The company had roughly $145.4 billion worth of assets and carried $119.4 billion in liabilities as of 2020. The company also took in about $43.8 billion in revenues last year.

A.M. Best gave Liberty Mutual Holding Company, Inc. and its subsidiaries a combined Financial Strength Rating of A (Excellent).

In terms of customer service, Assurity has the edge over Liberty Mutual.

For 2020, Assurity received a 0.19 Company Complaint Index Score from the National Association of Insurance Commissioners. (The company only received one complaint.) Liberty Mutual’s NAIC Company Complaint Index Score was about 2.20 for 2020. However, it does not include life insurance.

Should you buy Assurity vs. Liberty Mutual life insurance?

If you already have some insurance policies with Liberty Mutual, and you are happy with its customer service, you should consider purchasing life insurance through the company.

On the other hand, if you want to have more options for life insurance and own a part of the company, Assurity may be your best bet.

If you would like to know more about Liberty Mutual Life Insurance, please read our Liberty Mutual Life Insurance Review. The review tells you more about the company’s eligibility requirements and plans.

We hope that this comparison made it easier for you to decide whether you want to buy Assurity vs. Liberty Mutual life insurance. In the meantime, compare quotes from top companies in your area by entering your ZIP code in the quote tool below.

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