InsuredBetter's Life Assurance Company of America Insurance Score
2.5 Stars
We award Life Assurance Company of America a final rating of 2.5 out of 5 stars. The insurance company has not been rated by AM Best or the Better Business Bureau (BBB). Coverage is also highly limited to Chicago residents.
Life Assurance Company of America was founded in 1969, giving the carrier more than half a century of experience in the insurance industry. Today, Life Assurance Company of America specializes in offering term life insurance and COVID-19 insurance policies with no medical exam required.
Life Assurance's coverage catalog is quite limited. Though the carrier offers affordable rates and instant issue, it's difficult to find customer feedback about coverage or service. So, overall, we recommend looking into other options besides Life Assurance Company of America with your independent insurance agent to be your next trusted carrier.
Life Assurance Company of America Pros and Cons:
| Pros: | Cons: |
|---|---|
Longstanding carrier
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Not rated by AM Best
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Offers term life insurance and COVID-19 policies
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Not rated or accredited by the Better Business Bureau (BBB)
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Affordable premiums
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Limited coverage catalog
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No medical exam required
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Difficult to find customer feedback
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No coverage waiting period
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Coverage is only available in Chicago
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No claims process information provided
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To find insurance in your state, use our national insurance company directory to find the best company to meet your needs. You can locate insurance companies that specialize in your specific coverage needs and get connected to an agent near you.
Life Assurance Company of America Insurance Products by Type
Life Assurance Company of America is a specialized insurance company, with a focus on life insurance. Its products include the following.
Life & Health Insurance:
- Individual term life insurance
- Individual COVID-19 insurance
Life Assurance Company of America Term Life Insurance
Life Assurance Company of America offers term life policies for individuals in Chicago. Coverage lasts for one year, and individuals have the option to either renew their policies or choose a different coverage limit before they expire. Policies are available for applicants aged 18 to 65 and are instantly issued once the premium is paid.
Coverage types, features, and benefits:
No medical exam
Life Assurance's term life insurance policies are guaranteed issue with no medical exam required.
Instant issue
Life Assurance's term life policies are approved immediately upon the first premium payment, so coverage is accessible right away.
Life Assurance Company of America Term Life Insurance Average Prices
Here's an overview of the average pricing for Life Assurance's term life insurance policies.
| Coverage Amount | Term Length | Annual Premium | Medical Exam Required |
|---|---|---|---|
| $5,000 | One Year | $75 | No |
| $5,000 | One Year | $75 | No |
| $10,000 | One Year | $150 | No |
| $15,000 | One Year | $225 | No |
What Discounts Does Life Assurance Company of America Offer?
Life Assurance Company of America does not make information about its specific discounts readily available. However, an independent insurance agent can help find any discounts you qualify for, as well as provide other money-saving hacks on quality coverage. You can also use our life insurance calculator to get a better idea of how much a life insurance policy might cost you.
Life Assurance Company of America Customer Service
Here's a breakdown of Life Assurance Company of America's customer service options and availability:
- Phone
- Live chat
- Snail mail
The customer service phone department has the following hour restrictions:
| Days | Hours (EST) |
| Monday-Friday | 9 a.m.-5 p.m. |
| Saturday | CLOSED |
| Sunday | CLOSED |
To ensure a great customer service experience, work together with an independent insurance agent. Independent insurance agents can help handle claims and other matters for you, so you can relax and enjoy your coverage.
Life Assurance Company of America FAQs
What is Life Assurance Company of America's average claim response time frame?
Life Assurance Company of America does not provide a specific claims response time frame on its website or social media pages. However, an independent insurance agent can find this information for you.
What is Life Assurance Company of America's customer service availability?
Though they do have a phone contact option, the carrier encourages contact through their website or email. They also provide a live chat option on their website. The carrier's phone department is available during standard hours, Monday through Friday.
What is Life Assurance Company of America's claims process?
While Life Assurance Company of America does not make much information about its claims process readily available, an independent insurance agent can greatly assist you. Independent insurance agents can file claims for you, as well as keep you updated through every step of the process.
Does Life Assurance Company of America create a user-friendly experience for customers?
Life Assurance Company of America provides plenty of information about its policies on its official website. However, the carrier doesn't provide any information about its claims process, and has a limited social media presence. The official website also feels a bit dated, especially when compared to many other modern carriers'. Overall, Life Assurance falls short in the user-friendliness category.
Does Life Assurance Company of America have good life insurance?
Life Assurance Company of America specializes in life insurance. Their policies provide the following features and perks:
- One-year terms
- No medical exam required
- Low annual premiums
- Multiple limit options ($5,000, $10,000, or $15,000)
- No coverage waiting period
An independent insurance agent can help provide more information about the insurance company's term life coverage, as well as its other policies.
Is Life Assurance Company of America a good insurance company?
Life Assurance is known for offering affordable life insurance with no medical exam. However, the carrier is not rated by AM Best or the BBB, which can be a huge deterrent for prospective customers.
Who are Life Assurance Company of America's insurance products right for?
Life Assurance's insurance products may be right for individuals in the Chicago area seeking short term life insurance or COVID insurance. Coverage is available with instant-issue and no medical exam.
Sources
https://www.lifeassurancecoa.com/
