Assurity vs. North American: Best Life Insurance Company in 2021

When comparing Assurity vs. North American life insurance companies, take into consideration their financial strength, creditworthiness, and interactions with customers. These life and disability insurance companies offer different experiences, with North American life insurance financials rated A+ by A.M. Best, while Assurity is rated A-. You shouldn't buy Assurity or North American life insurance until you compare their quotes to other companies'.

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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 26, 2021

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Quick Facts

  • North American and Assurity both have established business dating back to the late 1800s
  • North American is higher rated amongst the credit bureaus
  • Assurity offers annuities in addition to its life insurance products

To find the most affordable Assurity or North American life insurance policy for you by, consider a variety of factors before you make a decision. It’s smart to consider the insurers’ term vs. permanent life insurance policies, financial information, and the customers’ experience.

Having the right life and disability insurance companies can be the difference between making a tough time easier or harder. That’s why comparing Assurity vs. North American life insurance rates and products is so important.

Before learning more about Assurity vs. North American life insurance companies, enter your ZIP code below to get your free quotes to compare.

Comparing Assurity vs. North American Life Insurance Rates

As with all competing businesses, Assurity and North American life insurance quotes will vary depending on each of their products and internal pricing model. This competition can be beneficial to the client, as this competition opens up the opportunity for an client to save more on their monthly premiums.

A 35-year old male with no use of nicotine or health issues can expect to pay the following:

  • At Assurity, this person could get a 10-year term policy with a death benefit for as low as $10.35 a month.
  • North American provides a similar policy at $9.33.

While both companies are relatively affordable, North American is more so. In fact, North American’s rates for a policy don’t approach Assurity’s 10-year price until the chart gets to the 20-year policies.

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Assurity vs. North American: Financial Standing

When deciding to buy Assurity or North American life insurance, checking out their financial standing is an important step.

An insurer’s finances should be a huge consideration when comparing life insurance companies. It can be the difference between them being able to pay out on your policy or leaving you in the dust during your most vulnerable moment.

A good insurer will have plenty of assets to draw from.

This can be determined based on an insurer’s creditworthiness, which will state their reliability in paying out on policies in the past. These reviews are available through a number of professional rating services that help keep the insurers in check through professional oversight.

Current Assets

According to Assurity’s website for 2019, the life insurance company held:

  • Over $2.6 billion in assets.
  • $22.3 billion worth of in-force life insurance policies.
  • In 2019, the insurer paid out $206.1 million in death benefits to customers.

According to an informational document from North American life insurance, the company has:

  • Over $32 billion in assets on hand.
  • Some report the number to be around 400,000 policies, which is smaller than other insurers.

Both insurers have a fair amount of money in the bank in case they need it, so either is a safe bet for a life insurance policy. That being said, North American seems to be slightly less active than Assurity, even though they’ve both been insuring people for just as long.

Credit Worthiness

Professional rating services evaluate insurers based on their ability to follow through on their contractual obligations. Companies like A.M. Best make sure that insurers stay true to their word and their customers.

Assurity has a stable credit rating with A.M. Best, rated as Excellent by the rating service.

This is indicative of Assurity’s commitment to providing continuous service and the ability to payout on their obligations when the time comes. Assurity has kept this rating since it’s first review in 2018.

North American is rated higher, though, with Superior ratings in its financial strength and long-term issuer credit. This shows that North American has a long history with little to no issues paying out its death benefit obligations.

North American has also managed to maintain this rating for longer, extending beyond Assurity’s 2018 rating. When it comes to Assurity vs. North American credit worthiness and financial strength, it’s North American that stands above Assurity.

Assurity vs. North American: Reviews

If a customer has an issue with a company, it’s likely that they’ll make it known one way or another. Since the internet allows people to share their thoughts more freely, some customers will take to airing their frustrations out on a public forum for other customers to see.

Some websites, like the Better Business Bureau, will let customers file complaints against insurers, letting the public see how they are or aren’t resolved. This can show the quality of the company’s customer service department and its willingness to help customer issues.

There are also a number of professional review services that take a look at companies and insurers to see what level of service they provide. Some of these companies include the Better Business Bureau, Standard & Poor, amongst others.

Customer Reviews

The Better Business Bureau has Assurity Life Insurance Company as an A+ rating on its site, and there have been 5 complaints closed in the last year.

That being said, there are negative reviews regarding communication of policy features and limitations. There are two one-star customer reviews.

North American Company for Life and Health Insurance Review has closed nearly 30 complaints in the last year, 21 of them in the last three months. There are 22 reviews about North American on the BBB website, with an average of 3.5/5 starts.

While there are reviews that reflect negatively upon North American’s different services, the insurer has been quick to reach out in the hopes that it can solve whatever issue. It seems most issues can be resolved by getting in touch via the North American life insurance phone number.

Industry Reviews

As stated above, both North American and Assurity have had their financials rated by A.M. Best. North American is rated higher as “Superior,” while North American is rated as “Excellent” for both it’s credit worthiness and financial strength.

At Moody’s, North American Life had their ratings withdrawn in the middle of November 2003. Assurity life insurance has no ratings on Moody’s database.

Assurity vs. North American: Policies Offered

While any company can hoard assets and get by on good reviews, what’s really important for an insurer to have is comprehensive policies. If the insurer doesn’t offer any good products, it doesn’t matter how many assets they hold, because there isn’t any new income.

Assurity and North American both offer a variety of life insurance policies that have been researched and crafted to contain the benefits that their clients need.

Assurity Life Insurance

Assurity life insurance offers a number of individual and business policies that can help cover the worst possible future. Assurity recognizes that there are people who depend on you and its life insurance can be paramount to making sure they’re taken care of in the future.

To this end, Assurity offers Term, Whole, and Universal life insurance policies with a range of death benefits as a part of its no one-size-fits-all policy. Their agreements can be further customized with riders to make sure that no accident goes unprotected.

Assurity also offers Critical Illness insurance, which converts a portion of your paid premiums to help take care of any expenses while you may be out of work. The Accidental Death insurance can be used to make sure that you’re covered if there is an unforeseen accident.

North American Life Insurance

North American Life is dedicated to providing comprehensive insurance to its customers that goes above and beyond. In addition, the insurer offers annuities that can help during retirement or otherwise.

North America offers Term and Universal life insurance with varying death benefits, depending on what kind of coverage the insurer needs. These policies can cover varying circumstances and opens North American to a wider customer base.

The insurer also offers annuities that can be used to replace income or serve as consistent income during retirement. North American goes even further in splitting those annuities into Fixed Index, Multi-Year Guarantee, and Single Premium Immediate.

Each of the annuities offer unique ways to pay the premiums and how the benefit is paid out.

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Assurity vs. North American: The Bottom Line

When it comes to picking an insurer, it comes down to making sure that they have the products and service you’re looking for. When it comes to Assurity vs. North American, both have a long history of pleasing their customers with a variety of products.

For the individual consumer, it comes down to which company offers more of what you’re looking for. North American is higher rated by credit services, but Assurity offers more life insurance products that are more customizable. Either should pose minimal problems during the policy.

Now that you know more about Assurity vs. North American, enter your ZIP code into our free quote tool to get an idea of what you can pay.

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