AssurityBalance Simplified Critical Illness pays a lump sum benefit for the first-ever diagnosis of specific critical illnesses or procedures using a category approach, described below, subject to policy provisions. There are no survival period requirements and benefits are paid directly to the insured to be used for any purpose.
Issue Ages: 18 through 64; age last birthday as of issue date
Renewability: Guaranteed renewable to age 75
- Non-Tobacco – no use of tobacco or nicotine-based products, or substitutes within the last 12 months
- Tobacco – currently using tobacco or nicotine-based products, or substitutes
Benefit Amounts: $5,000 through $50,000
Waiting Period: Coverage begins immediately for all illness and procedures except Category 1 which during the first 90 days after the issue date pays a reduced a benefit – 10 percent of the benefit amount for invasive cancer and 2.5 percent for carcinoma in situ (non-invasive cancer)
Underwriting: Application is a short form – accept/reject – often giving some indication if the applicant will qualify for coverage.
Rate Structure: Premiums are level; based on gender, tobacco use, age and benefit amount
Policy Fee: $50 annually – not commissionable
Premium Modes: Annual, 1.000; Semi-Annual, 0.510; Quarterly, 0.264; Monthly (automatic bank withdrawal or credit card), 0.088
- Accidental Death Benefit Rider Return of Premium Rider
- Dependent Child Critical Illness Benefit Rider Spouse Critical Illness Benefit Rider
Disability Waiver of Premium Rider
Category Approach: Unlike many CI insurance policies that are “one and done” – pay 100 percent of the benefit amount and then terminate – Assurity’s CI policy can pay up to three times the benefit amount. Benefits are split into three categories – cancer, heart/stroke and other illnesses/procedures – each covering the insured up to 100 percent of the benefit amount. The amount payable for each specified critical illness within a category is the percentage from the chart below multiplied by the benefit amount.
Benefits Payable in the Same Category: If an insured receives a percentage of the benefit amount for a specified critical illness within one category and then becomes eligible for benefits for another specified critical illness within the same category, the benefit amount payable for the subsequent critical illness is the lesser of the percentage amount payable or 100 percent minus the percentage of the benefit amount received for all previous specified critical illnesses within the same category. After 100 percent of the benefit amount has been paid to an insured person for a category, Assurity will not pay any additional benefits for any specified critical illness in that category for that insured person. Assurity Life Insurance Company AssurityBalance® Simplified Critical Illness Insurance
Benefits Payable in Different Categories: If benefits have been paid for a specified critical illness within one category for an insured person, no benefits will be payable for a subsequent specified critical within a different category for that insured person unless the date of diagnosis of the subsequent specified critical illness is separated by at least 180 days from the date of diagnosis of the immediately preceding specified critical illness.
Return of Premium Benefit: If the insured dies while this policy is in force from a cause other than one of the specified critical illnesses, Assurity will return to the policy owner, beneficiary, or estate 100 percent of all policy and rider premiums less any policy and rider benefits paid upon written notice and proof of death. If the sum of all benefits paid is equal to or greater than the sum of the premiums paid, there will be no return of premiums.