Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Aetna vs. Assurity Life Insurance Company

The loss of a loved one to death is painful and it is even worse where the deceased was the sole breadwinner of a family. Aetna and Assurity Life insurance providers help the deceased to choose the persons he wishes to benefit from the policy.

In this manner, the family members of the deceased are able to continue with their lives without any financial constraints. For example, tuition and ancillary expenses can be well taken care of through a proper life insurance. Moreover, life insurance allows the beneficiaries to meet the numerous expenses that accrue as a result of burial preparations.

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Brief Facts

Aetna Life Insurance Company has offered insurance coverage for more than a century. It carries with it a rich history of insurance policies since 1853. Aetna currently stands as one of the most successful insurance companies in the United States.

On the other hand, the Assurity Life Insurance Company exists as a merger of three companies namely, Woodmen Accident, Security Financial Life and Lincoln Direct Life, that were all formed in the late 19th century. These companies have survived multiple seasons of economic recessions and depressions that have enabled them to grow into some of the most successful mutual insurers in North America.

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Locality

Aetna Life Insurance Company administers services throughout the United States of America. It has representative offices in all states. Assurity Life Insurance that has limited operation. Assurity Life Insurance Company only services 49 states including the District of Columbia.

Coverage

Aetna and Assurity Life Insurance Companies offer insurance coverage for individual and group entities. This ensures that a wide range of audience apply for it and benefit from policies available in both companies. The insurance cover, however, differ in the kind of packages available to clients. Their target markets are diverse and this can be observed from the coverage they offer.

 Aetna Life Insurance Company

Aetna Life Insurance caters for the beneficiaries during the lifetime of the benefactor. It also caters for circumstances that may arise after the death of the policy holder.
Aetna’s group life insurance policy allows the employer to take out a group insurance policy for his employees. This is normally in the form of a collective coverage that caters for a wide range of policies such as:

This type of life insurance is only available upon the death of the policyholder. It is payable to persons named under the insurance policy. The amount of money awarded by Aetna depends on the amount of coverage. The amount payable may be restricted by the yearly earnings of the benefactor. In this case, the policy holder is free to take up a supplementary policy.

  • Supplemental Term Life

This policy goes hand in hand with the Basic Term Life cover. It adds to the minimum basic insurance upon the death of the policyholder.

  • Accidental Death & Personal Loss (AD&PL)

The policy covers people who suffer some injury due to an accident. The beneficiary is paid in cash but the amount of money payable could be limited by the type of injury suffered and the extent of the policy. It basically covers loss of any of the senses such as, speech, sight or hearing and injuries such as, death and third degree burns.

  • Dependent Life Insurance and Dependent AD&PL coverage for your spouse and dependent children

As the name suggests, this type of insurance caters for a spouse, children or both. The cash is paid after death and it could be limited by the annual earnings of the policy holder.

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The policies on offer go beyond the conventional life insurance to cover additional aspects such as:

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Living Benefits

The advantage of this cover is that the beneficiary can utilize the insurance during the lifetime of the donor. Some of these benefits include:

  • legal advice
  • finance management counseling

End of Life Benefits

This type of policy comes in handy for the beneficiaries of the insurance policy upon the death of a loved one. Medical expenses and Accelerated Life Benefits can be handled on their behalf through Aetna’s End of Life Benefits policy.

Beneficiary Benefits

Aetna gives beneficiary benefits to its recipients in a bid to console them in time of bereavement. It also caters for legal expenses where the need arises.

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Assurity Life Insurance Company

There are typically three kinds of insurance offered by Assurity:

Term Life

This is the most popular type of policy under Assurity. A policyholder chooses a period in his or her life that he or she wishes to be insures. The period could range from five to ten years. The advantage is that it is affordable because of the low premiums.

Whole Life

Whole Life coverage is the complete opposite of the Term Life insurance. It protects a person from the time of signing up of the policy to when the benefactor dies. The advantage with this cover is that the beneficiary receives tax-free.

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Universal Life

Universal Life insurance caters for the lifetime of the policyholder and can be altered at any time. Any term of the policy can be changed concurrently with the benefactor’s dynamic lifestyle. This means that it is flexible and the policyholder is free to adjust the premium as and when he chooses. The method of payment can also be altered to the specifications of the benefactor. The cash available to the family upon the death of the policyholder is also tax-free.

In addition to the individual and group life insurance policies, Assurity Life Insurance also provides disability income protection. The policies offered by Assurity could either be for the long or short term. Disability income policies offered by Assurity could be of various types:

Simplified Disability Income Insurance

This policy targets persons of low to medium income. Monthly benefits range between $300 to $2500. The policy offers a guarantee for renewal and it lasts for six months to two years.

Individual

Benefits only accrue if the policyholder is injured or is incapacitated to the extent that he can no longer work.

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Graded Benefit

This policy is suitable for persons with a history of medical conditions and who are not liable for disability benefits.

Business Overhead Expense

This policy covers the running expenses of a business where the principal of the business becomes incapacitated due to an accident or health condition.

Both companies offer varying policies that can work for different people with varying preferences and budgets. The choice of which one of the two is better than the other entirely lies with the individual.

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