Principal Financial Group vs. Assurity Life Insurance Company Life Insurance: Which is better?
Unveil the optimal life insurance choice for your needs as we compare Principal Financial Group and Assurity Life Insurance Company, exploring their histories, diverse product offerings, and commitment to customer satisfaction.
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Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
UPDATED: Jan 22, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Jan 22, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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In the competitive landscape of life insurance, choosing between Principal Financial Group and Assurity Life Insurance involves weighing various factors that directly impact coverage rates, options, discounts, and overall customer satisfaction. This comprehensive comparison delves into the intricate details, shedding light on each company’s strengths and offerings. Whether you’re seeking tailored policies, competitive rates, or exemplary customer service, our exploration navigates the intricacies to guide you in making an informed decision. From Principal Financial Group’s rich history and diverse insurance products to Assurity Life Insurance’s innovative solutions, discover which company aligns best with your unique needs and financial goals. Join us as we unravel the nuances that set these industry leaders apart, assisting you in securing not just insurance but peace of mind tailored to your individual circumstances.
Principal Financial Group
Pros:
- Diverse Coverage Options: Offers a wide array of life insurance products, including term, permanent, and universal life insurance.
- Financial Stability: As a Fortune 500 company, Principal Financial Group boasts a robust financial standing.
- Longstanding Reputation: With over 140 years of experience, it has established itself as a trusted and reliable institution.
- Customer-Centric Approach: Known for exceptional customer service, providing personalized guidance through a network of financial professionals.
Cons:
- Potentially Higher Premiums: Rates may be comparatively higher, particularly for certain coverage options.
- Complexity in Product Range: The extensive range of products might be overwhelming for customers seeking simplicity.
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Assurity Life Insurance Company
Pros:
- Innovative Solutions: Recognized for offering innovative insurance solutions, adapting to evolving customer needs.
- Longevity and Stability: With over a century of service, Assurity Life Insurance Company brings a wealth of experience to the table.
- Competitive Pricing: Known for providing competitive pricing, making life insurance more accessible.
- Responsive Customer Service: Commended for its responsive and helpful customer service representatives.
Cons:
- Smaller Product Range: Offers a more focused product range compared to larger competitors.
- Limited Brand Recognition: May not have the same level of brand recognition as some larger insurers.
Best Overall: Principal Financial Group
When evaluating Principal Financial Group and Assurity Life Insurance Company comprehensively, Principal Financial Group emerges as the superior choice for several compelling reasons.
Diverse Coverage Options: Principal Financial Group offers a comprehensive range of life insurance products, including term, permanent, and universal life insurance, catering to a wide spectrum of individual needs.
Financial Stability: As a Fortune 500 company with over 140 years of experience, Principal Financial Group demonstrates robust financial stability, instilling confidence in policyholders regarding the company’s ability to meet long-term obligations.
Longstanding Reputation: The company’s extensive history is a testament to its reliability and trustworthiness, establishing Principal Financial Group as a respected and enduring institution within the insurance industry.
Customer-Centric Approach: Principal Financial Group’s commitment to exceptional customer service is evident through its network of financial professionals, providing personalized guidance and support throughout the insurance journey.
Competitive Pricing: While pricing is a critical factor, Principal Financial Group not only offers competitive rates but combines them with a holistic insurance experience, encompassing financial stability, a diverse product range, and superior customer service.
Principal Financial Group excels across various key factors, making it the best overall choice when considering the entirety of the insurance landscape.
Understanding Life Insurance
Before we delve into the specifics of Principal Financial Group and Assurity Life Insurance Company, let’s take a moment to understand the importance of life insurance. Life insurance provides financial security to your dependents by paying a lump sum or an income in the event of your passing.
This financial security can help cover funeral expenses, replace lost income, pay off debts, fund your children’s education, and ensure a comfortable future for your loved ones. Life insurance is not just a financial product; it is a way to show your love and care for your family even after you are gone.
By having a life insurance policy, you are taking proactive steps to protect your loved ones from potential financial hardships that may arise in your absence. It provides peace of mind, knowing that your family will have the necessary resources to maintain their quality of life and achieve their goals.
The Importance of Life Insurance
Life insurance is essential for anyone with dependents or financial obligations. It serves as a safety net to protect your loved ones from potential financial hardship after your death. By having a life insurance policy in place, you can rest easy knowing that your family’s financial well-being is secure.
Imagine the peace of mind that comes from knowing that even if the unexpected happens, your loved ones will be taken care of. Life insurance provides a way to ensure that your family can maintain their lifestyle, pay for everyday expenses, and have the means to pursue their dreams.
Key Terms in Life Insurance
Before we proceed, let’s familiarize ourselves with some key terms commonly used in the life insurance industry.
- Premium: The amount you pay for your life insurance policy at regular intervals.
- Death Benefit: The sum of money paid out to your beneficiaries upon your death.
- Policy Term: The length of time your life insurance coverage is in effect.
- Cash Value: The savings component of certain types of life insurance policies that accumulates over time.
Understanding these key terms is crucial in making informed decisions about your life insurance coverage. The premium is the cost you pay to maintain your policy, and it is important to find a premium amount that is affordable for your budget.
The death benefit is the financial protection that your loved ones will receive upon your passing, and it is essential to select a death benefit amount that adequately meets their needs. The policy term refers to the duration for which your life insurance coverage will be in effect.
It is important to choose a policy term that aligns with your financial goals and obligations. Additionally, certain types of life insurance policies have a cash value component, which allows you to build savings over time. This cash value can be accessed during your lifetime, providing a source of financial flexibility.
By understanding these key terms, you can navigate the world of life insurance with confidence and make informed decisions that align with your financial goals and the needs of your loved ones.
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Overview of Principal Financial Group
As one of the leading life insurance companies in the United States, Principal Financial Group has been providing financial services for over 140 years. With a strong commitment to helping individuals and businesses achieve financial security, Principal Financial Group has earned a reputation for its comprehensive range of insurance products and investment solutions.
At Principal Financial Group, their mission is to empower people and businesses to make financial progress. They believe that financial security is not just about wealth accumulation, but also about protecting what matters most to their customers. With a focus on innovation and personalized solutions, Principal Financial Group strives to be a trusted partner in their customers’ financial journeys.
Through their extensive network of financial professionals, Principal Financial Group offers personalized guidance and expertise to help individuals and businesses navigate the complexities of financial planning. Whether it’s retirement planning, investment management, or insurance coverage, Principal Financial Group is dedicated to helping their customers achieve their financial goals.
History and Background of Principal Financial Group
Principal Financial Group was founded in 1879 and has since grown into a global financial powerhouse. Originally established as a life insurance company, it has expanded its offerings to include retirement planning, investment management, and banking services.
Over the years, Principal Financial Group has adapted to the changing needs of its customers and the evolving financial landscape. They have continuously innovated their products and services to provide comprehensive solutions that address the challenges and opportunities of each era.
With a rich history spanning more than a century, Principal Financial Group has established itself as a trusted and reliable financial institution. Their commitment to integrity, transparency, and customer-centricity has been the driving force behind their success and longevity.
Principal Financial Group’s Life Insurance Products
Principal Financial Group offers a wide range of life insurance products to meet the unique needs of individuals and families. Whether you’re looking for term life insurance, permanent life insurance, or universal life insurance, Principal Financial Group has options tailored to suit your requirements.
Term life insurance provides coverage for a specified period, typically 10, 20, or 30 years. It offers affordable premiums and a death benefit if the insured passes away during the term. This type of insurance is ideal for individuals who want coverage for a specific period, such as when they have dependent children or outstanding debts.
Permanent life insurance, on the other hand, provides lifelong coverage and builds cash value over time. It offers a death benefit that is paid out to the beneficiaries upon the insured’s passing. Permanent life insurance can be a valuable tool for estate planning, wealth transfer, and providing financial security for loved ones.
Principal Financial Group’s universal life insurance policies combine the flexibility of permanent coverage with potential cash value growth. These policies offer the opportunity to accumulate cash value that can be accessed during the insured’s lifetime. Universal life insurance is suitable for individuals who want the flexibility to adjust their coverage and premiums over time.
With their diverse range of life insurance products, Principal Financial Group aims to provide individuals and families with peace of mind, knowing that their loved ones will be financially protected in the event of their passing.
Customer Service and Reviews of Principal Financial Group
When choosing a life insurance company, it’s important to consider the quality of customer service and the experiences of other policyholders. Principal Financial Group prides itself on providing exceptional customer service, ensuring that policyholders receive the support they need throughout their insurance journey.
Their team of knowledgeable and responsive representatives is dedicated to assisting customers with their insurance needs, whether it’s selecting the right coverage, understanding policy details, or filing a claim. Principal Financial Group understands that navigating the world of insurance can be complex, and they strive to make the process as seamless as possible for their customers.
Customers have praised Principal Financial Group for its commitment to customer satisfaction. The company’s dedication to delivering personalized solutions and building long-term relationships has garnered positive reviews and loyalty from policyholders. Whether it’s a small question or a major concern, Principal Financial Group’s customer service team is always ready to assist and provide peace of mind.
In conclusion, Principal Financial Group stands out as a leader in the life insurance industry, offering a comprehensive range of products and services to help individuals and businesses achieve financial security. With a rich history, a commitment to innovation, and a focus on customer service, Principal Financial Group continues to be a trusted partner in their customers’ financial journeys.
Overview of Assurity Life Insurance Company
Founded in 1890, Assurity Life Insurance Company has been serving families and individuals for over a century. With a strong focus on providing innovative insurance solutions, Assurity Life Insurance Company has built a reputation for its commitment to policyholder satisfaction.
History and Background of Assurity Life Insurance Company
Assurity Life Insurance Company has a rich history in the insurance industry. It started as the Woodmen Accident Insurance Company and has since evolved and expanded its offerings to include life, critical illness, and disability insurance.
Assurity Life Insurance Company’s Life Insurance Products
Assurity Life Insurance Company offers a variety of life insurance products designed to fit different financial situations and objectives. Their policies include term life insurance, whole life insurance, and universal life insurance. Term life insurance from Assurity provides coverage for a specific period, ensuring financial protection during the initial years when it is most needed.
Whole life insurance offers permanent coverage and increases in cash value over time, serving as a long-term financial asset. Assurity’s universal life insurance policies, like those offered by Principal Financial Group, combine life insurance coverage with the potential for cash value accumulation.
Customer Service and Reviews of Assurity Life Insurance Company
Assurity Life Insurance Company is dedicated to delivering excellent customer service to its policyholders. The company understands the importance of providing prompt and accurate assistance to ensure a positive customer experience.
Customers have commended Assurity Life Insurance Company for its responsive and helpful customer service representatives, making it a reliable choice for individuals seeking reliable support throughout their life insurance journey.
Comparing Life Insurance Policies
Now that we have explored both Principal Financial Group and Assurity Life Insurance Company individually, let’s compare their life insurance policies side by side.
Policy Options: Principal Financial Group vs. Assurity Life Insurance Company
Both Principal Financial Group and Assurity Life Insurance Company offer a range of policy options to cater to different needs. Whether you’re seeking temporary coverage or lifelong protection, both companies have products to suit your requirements.
When comparing policies, consider factors such as coverage amounts, policy durations, premium affordability, and any additional features or riders that may be available. Assessing these elements will help you determine which company aligns better with your specific life insurance needs.
Pricing Comparison: Principal Financial Group vs. Assurity Life Insurance Company
The cost of life insurance premiums can vary based on factors such as age, health, and coverage amount. As such, it is crucial to obtain quotes from both Principal Financial Group and Assurity Life Insurance Company to compare their pricing.
By utilizing the free tools available, such as the comparison tool at Exercise.com, you can review insurance rates from different companies online and potentially find the best rates for your desired coverage.
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Making The Decision: Which is Better?
Choosing the right life insurance company is an important decision that should be made after careful consideration of various factors.
Factors to Consider When Choosing a Life Insurance Company
When evaluating Principal Financial Group and Assurity Life Insurance Company, some key factors to consider include:
- Product offerings and their suitability for your needs
- Premium affordability and long-term affordability
- Policy flexibility and additional features
- Customer service and reputation
By assessing these factors and weighing them against your personal requirements and preferences, you’ll be able to determine which company is better suited for your individual circumstances.
Final Verdict: Principal Financial Group Vs. Assurity Life Insurance Company
Ultimately, the decision of which company is better for your life insurance needs rests with you. Both Principal Financial Group and Assurity Life Insurance Company have solid reputations, offer a variety of policies, and provide excellent customer service.
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By conducting thorough research, acquired knowledge of the life insurance industry, and comparing the offerings of Principal Financial Group and Assurity Life Insurance Company, you can select the company that aligns best with your financial goals and provides confidence and security for your loved ones.
Frequently Asked Questions
What is the difference between Principal Financial Group and Assurity Life Insurance Company?
Principal Financial Group and Assurity Life Insurance Company are both insurance providers, but they differ in terms of their size, offerings, and reputation. Principal Financial Group is a larger company with a wide range of financial products and services, including life insurance, retirement plans, and investment options. Assurity Life Insurance Company, on the other hand, is a smaller insurer that primarily focuses on life insurance policies.
Which company has better financial stability?
Both Principal Financial Group and Assurity Life Insurance Company have a strong financial stability. Principal Financial Group is a Fortune 500 company with a long-standing reputation and a solid financial track record. Assurity Life Insurance Company, although smaller, also has a good financial standing and is known for its financial strength and stability.
What types of life insurance policies do Principal Financial Group and Assurity Life Insurance Company offer?
Both Principal Financial Group and Assurity Life Insurance Company offer various types of life insurance policies. These may include term life insurance, whole life insurance, universal life insurance, and indexed universal life insurance. The specific policy options, coverage amounts, and features may vary between the two companies, so it’s important to review their offerings to find the best fit for your needs.
How can I compare the life insurance policies offered by Principal Financial Group and Assurity Life Insurance Company?
To compare the life insurance policies offered by Principal Financial Group and Assurity Life Insurance Company, you can consider factors such as coverage options, premium costs, policy terms, riders or additional benefits, customer reviews, and the financial strength of the companies. It’s advisable to request quotes and speak with representatives from both companies to get a comprehensive understanding of their policies and determine which one aligns better with your requirements.
Do Principal Financial Group and Assurity Life Insurance Company have good customer satisfaction ratings?
Both Principal Financial Group and Assurity Life Insurance Company have generally positive customer satisfaction ratings. However, it’s important to note that customer experiences can vary. It’s recommended to research customer reviews and ratings from reputable sources, such as J.D. Power or the Better Business Bureau, to gain insights into the experiences of policyholders with each company.
Can I purchase life insurance directly from Principal Financial Group or Assurity Life Insurance Company?
Yes, you can purchase life insurance directly from both Principal Financial Group and Assurity Life Insurance Company. They have online platforms and customer service representatives who can assist you in selecting and purchasing a life insurance policy that suits your needs. Alternatively, you may also choose to work with an independent insurance agent who can provide guidance and help you navigate the options available from multiple insurers.
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Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.