Surety Life Insurance Reviews

Surety offers two types of life insurance, along with other necessary policy types like renters insurance and auto insurance. Their parent company, Surety Insurance Groups, Inc., earned a distinction for customer satisfaction in the 2018 U.S. Auto Claims Satisfaction Study in 2018. If you’ve spent time looking for Surety life insurance reviews, you probably haven’t found much. There are several similarly named companies, so it may be difficult to sort out the differences between them. Luckily, we’re here to help!

Surety Life Insurance

Advantages of Surety Life Insurance

Surety offers two types of life insurance policies: term and whole life. This means you have two very different options to help you find the policy type that best meets your needs, lifestyle, and budget. Term life covers you for a limited period of time, called the “term.” Because it’s limited, it’s more affordable than longer-lasting coverage. Whole life, on the other hand, covers you for the rest of your life. As a result, it costs more than term life. Since Surety offers both, you can select the price point and policy type that fits your family’s needs and financial goals.

Surety offers coverage by phone, online, and through independent insurance agents. If you use their website to shop for coverage, you can apply for and purchase some policies on the same day. Underwriting is done within hours of the application being submitted and coverage can begin immediately. This may be attractive for someone looking to purchase coverage quickly due to a major change, such as the birth of a child or the start of a new job.

In addition, Surety’s term life policies offer renewal and conversion options to ensure you’re never left without coverage. If you decide that whole life is a better fit, you can adjust your term policy to meet your needs without going through a whole new application process.

Disadvantages of Surety Life Insurance

It may be hard to find Surety life insurance reviews because of a few similarly named companies:

Surety Life Insurance (the company we’re talking about here, headquartered in Denver)
Surety Life Insurance Company, owned by the Allstate Life Insurance Group
Old Surety Life Insurance Company, headquartered in Lincoln, Nebraska

The Surety company we’re covering here does not have a financial stability rating. Why does this matter? Because it’s important to trust your insurance carrier. Comparing the financial ratings of different insurers helps you determine which carrier has a solid track record of financial strength and responsibility you can trust.

Another disadvantage is the Surety website. It’s a little outdated, with several links that don’t work. For example, there is still a link to the now-defunct Google+ social network. Also, they provide an alternate URL for their company in the website footer, sureyinsurance.com, which is no longer a valid URL. Although these website problems don’t indicate a problem with their coverage, it may indicate a lack of awareness or attention on the company’s part. It’s all part of the big picture you should consider when choosing an insurer.

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Products offered by Surety Life Insurance

Surety offers whole and term life products. Whole life insurance provides permanent coverage and builds a cash value component over time. All Surety whole life policies are eligible to earn dividends, but they are not guaranteed.

Term life is a temporary policy that offers coverage for a set number of years, oftentimes with an option to convert to a permanent policy or renew once it expires. Term products are less expensive than whole life products.

Surety Whole Life Insurance Options

Limited Pay Life is designed to give you a lifetime of coverage, without a lifetime of premium payments. You choose a period of 10, 15, or 20 years during which you'll pay premiums, but the policy will remain active for your entire life. The 10-year pay period will have the highest premiums, while the 20-year period will have the lowest. In addition to the death benefit paid to your named beneficiary, there is also a tax-deferred cash value component that grows and can be accessed while you're still living once it has reached a certain value.
Single Premium Life requires just one premium payment for coverage that will last for your entire lifetime. There's a tax-deferred cash value component that will grow, and your death benefit generally is income tax-free when passed on to your named beneficiary.
Final Expense Life is meant to lighten the financial load associated with end-of-life costs, such as medical bills and funeral expenses. There is a fixed death benefit of $10,000 as well as tax-deferred growth of cash value. Premiums are guaranteed level up to age 100, meaning you won’t have to worry about an unexpected increase in cost.

Surety Term Life Insurance Options

Select Term Life offers terms of 10, 20, or 30 years of coverage and a guaranteed benefit. There is a level premium period for the initial policy term, and then premiums will increase annually. Coverage starts at $100,000 and the policy is guaranteed to renew up to age 95. It can be converted to a permanent policy regardless of health, though there are age limits.
Return of Premium offers coverage with a level premium for either 20 or 30 years and guaranteed renewal up to age 95 with the option to convert to a permanent policy regardless of health, but subject to age limits. Following the level premium period, premiums will increase annually. What makes this policy an attractive option to many is the built-in guarantee that if you outlive the 20- or 30-year premium period, all policy premiums will be refunded.
Mortgage Term is available in 15- or 30-year periods and has a minimum coverage amount of $50,000. Following the first five years, the death benefit begins to decrease and will continue to do so over the life of the policy. The level of coverage you choose is based on your mortgage balance, and the decreasing term is meant to behave like your mortgage. The policy can be converted to a permanent policy regardless of health, but within certain age limits.
Instant Answer Term is a policy that allows you to apply for coverage, receive an underwriting decision and purchase your policy all in the same day with an agent. The policy provides $50,000 of coverage for 10 years or until age 50, depending on which is longer. It is meant to be a base level of protection for an affordable price.

Surety Life Insurance Ratings

Surety Life Insurance does not have a financial rating as of November 2022.

A financial rating indicates a company’s likelihood of being able to meet all of their financial obligations in a timely manner. A score in the “A” category indicates that an independent rating agency reviewed a company’s finances and determined that there is a very strong likelihood that they can meet financial obligations such as paying a death benefit to a beneficiary following the death of a policyholder. Click here to learn more about the rating process and why it's important to consider the financial rating of a life insurance company before buying a policy.