It was time to buy a life insurance policy and you heard about Baltimore Life Insurance Company. Now, you want to know if this is a good or bad choice for a life insurance policy you’re trying to secure. The great news is that we will find out together if this is the best choice for your family. Here at InsureChance, we work with tons of different companies and have quite a knack for getting down to small details to help you in your life insurance quest. So let’s review what Baltimore Life has to offer and see how they stack up against other big companies.
Baltimore Rating and Reviews
In 2017 A.M Best rated Baltimore Life a B++. A.M Best evaluated and compared the company’s balance sheet, strength and operating performance and business profile, to Best’s quantitative standards and came up with this rating. However, we only provide our customers with the best companies we have available and those are A+ rated. They are rated 5th highest and still considered safe or secure, but since Baltimore Life is not rated A+ they receive less trust from consumers. A Pro for Baltimore Life is the stability; Baltimore Life has been in business for over 130 years and is the thirty-sixth oldest life insurance company in the United States. A con is their rating; it is considered good according to A.M Best but it is lower than many of the other top companies.
Baltimore Life Insurance Products
Baltimore offers a wide range of insurance products such as the following.
- Secure Solutions Protector (Level term life insurance) – This policy can be renewed annually once you choose your initial level premium periods of 10, 15, 20, or 30 years. This policy is guaranteed to cover the applicant for the duration of the term length basis as long as the premiums are paid. Several riders that are available are Disability Income Rider, Children’s Insurance Benefit, Waiver of Premium, and Accidental Death Benefit.
- Secure Solutions Advantage – This product provides lifetime coverage at a premium that never increases. It also offers guaranteed cash values that increase yearly on a tax-deferred basis.
- Silver Guard Simplified Issue series – This product is for minimal final expenses and has several levels of guaranteed coverage (no underwriting at all) to graded (minimal underwriting). If death occurs in the first couple years. It would pay in full regardless of time frame.of
- Lifetime Navigator Universal Life – This policy has a no-lapse guarantee which keeps the policy in good standing, no matter what. Baltimore Life offers a 61-day grace period; this can help those who meet financial hardship at whatever point during their lifetime.
- Generation Legacy – This product makes it very easy to be able to pass a significantly larger gift to your heirs, by transferring funds from non-qualified annuities and other qualified plans. In an event of a terminal illness, you can also receive a portion of your death benefit for nursing home confinement, or if you need extended care such as home health care or adult day care. This policy and annuity contract is available for ages 60-80.
- Critical Illness Insurance – This coverage provides cash that can be used for expenses not usually covered by health insurance, such as home care, lost income of spouse or caregiver. Provides for medical expenses associated with key critical illnesses, including cancer, heart attack, kidney failure, major organ transplant or stroke.
Policy Types
Baltimore Life may not have the greatest rating score but they sure do have a couple policies available. They offer the following.
- Term– It is the most cost effective policy with pure protection.
- Simplified Issue Term– You will be answering a few questions about your medical history for the life insurance application, instead of undergoing a medical exam.
- Universal– This is a type of cash value life insurance.
- Whole– A permanent life insurance plan that is locked in until age 100 with fixed premiums and stable returns.
Shopping for Life Insurance?
Getting a life insurance policy can be a breeze when you use an independent life insurance marketplace. Our state of the art quote comparison tool allows you to shop for life insurance with over 60 top rated companies with a few clicks of the mouse. You can browse both term and permanent life insurance options so feel free to decide which coverage you need first by reading this article. In a nutshell, a term life insurance policy will cover you for a certain duration of 10 or 30 years. If you need coverage for a longer period than that you should go with a permanent plan. Most popular permanent life insurance options are Whole Life and Universal Life.
Who should I buy life insurance from?
This may sound a bit bias but you should only work with an independent online agency. The reason is simple, an independent broker has many companies to choose from and is not tied to one company like a State Farm agent for instance. In addition to that, life insurance rates are fixed by the law so it is the same rate no matter where you go, so might as well see all your options.
How much life insurance do I need?
Simply multiply your income by 10 to 20 and that should help you find out how much life insurance you need.
I want to get life insurance, what do I do now?
Now you can use one of our quoters to shop for and select a plan of your choice so we can prepare everything for you and reach out. Otherwise, you can call us directly to get started. We have some of the most experienced agents in the country that will help you without any sales gimmicks.
What is the application process?
- The first step in the life insurance shopping process is determining your need. This is done with an agent that will do a complete evaluation of your situation to come up with the right amount and type of coverage you’ll need. If you’d like to get started yourself we have a needs analysis calculator that you can use here.
- Once you have figured out how much and what type of plan to get it’s time to go shopping. You can use a service like ours that will allow you to show rates from all the top companies in the entire marketplace from the comfort of your home. We have 4 types of comparison tools: Term Life Insurance, No Medical Exam Life, Permanent Life and Guaranteed Issue.
- When you find a plan of your choice the next step is to complete an application. The application takes about 1o minutes to complete and can be e-signed with most of the big companies. You’ll want to make sure you have an experienced agent helping you to ensure accuracy.
- If you go with a traditional plan you’ll also have to complete a medical examination. This examination will include a height/weight check, blood pressure reading and also a blood/urine sample. For those that are busy and have good health a no exam option is a great alternative.
- The last step is the actual underwriting process. Here is where the company will look over all your medical history, review your exam, check your motor vehicle history and pharmacy records. Once they have all the information the company will come back with an approval that will determine your final rate. This process takes about 4 to 6 weeks from the point of application to the policy being mailed to you.
Final Thoughts
In conclusion, when buying life insurance, it is best to review or shop around different life insurance companies before settling on the first one you see. As you read before, Baltimore Life Insurance is a stable insurance company that offers a lot of products for different sorts of people. As an agency that works with a lot of different companies we always recommend that you shop around and get the best plan you and your family deserve. Call, chat or email us today!
