Finding a life insurance company is a piece of cake, it’s finding the best life insurance company that is tricky. You probably came across this article trying to find out about Monumental Life Insurance Company and why there is nothing on the web about this company. Don’t worry they are a legit company they have just overcome some changes in which we will go into detail about in this article. If you are looking for an unbiased review about Monumental Life Insurance Company then you have come to the right place! We understand how frustrating it can be trying to find some reviews that are not biased and sadly a lot of our competitors only post opinionated reviews. We find this unfair because the reason why reviews are biased in the first place is because it either benefits the independent agency or it doesn’t benefit them. Basically, if you come across a bashful review of a company it means they don’t provide the best commissions for the agency’s agents or maybe you come across a super recommending company review and that is because the company offers the agency a bigger commission. We don’t deal with that kind of drama, we provide the most unbiased and informative articles on the web! In this article, we will be talking about Monumental Life Insurance Company and their changes, followed by our review with the company’s rating and why it’s important to read a company’s rating and then we will introduce their products and highlights, then lastly, we will include their pros and cons in the end.
We understand how frustrating it can be trying to find some reviews that are not biased and sadly a lot of our competitors only post opinionated reviews. We find this unfair because the reason why reviews are biased in the first place is because it either benefits the independent agency or it doesn’t benefit them. Basically, if you come across a bashful review of a company it means they don’t provide the best commissions for the agency’s agents or maybe you come across a super recommending company review and that is because the company offers the agency a bigger commission. We don’t deal with that kind of drama, we provide the most unbiased and informative articles on the web! In this article, we will be talking about Monumental Life Insurance Company and their changes, followed by our review with the company’s rating and why it’s important to read a company’s rating and then we will introduce their products and highlights, then lastly, we will include their pros and cons in the end.
In this article, we will be talking about Monumental Life Insurance Company and their changes, followed by our review with the company’s rating and why it’s important to read a company’s rating and then we will introduce their products and highlights, then lastly, we will include their pros and cons in the end. The following are some key points from this article;
- Traces of Monumental Life Insurance Company has been found going as far back as 1858.
- Monumental Life Insurance Company merged with Transamerica and renamed themselves to Transamerica Premier Life Insurance Company but Monumental has been around since 1858 and this shows how stable the company is because of how long the company alone has been around.
- They have over $88 billion of life insurance in force and over $32 billion in assets.
- According to A.M Best, Monumental Life is rated an “A+” which is the 2nd of 16 categories. Fitch’s Ratings and Standard & Poor’s both rated the company an “AA-“, and lastly, Moody’s rated them an A1 which is 5th of their 21 categories.
- Monumental or Transamerica Premier Life offer a wide variety of different insurance and protection products such as Term life, Whole life, Universal life, and Index Universal life insurance.
Monumental Life Insurance Company
Traces of Monumental Life Insurance Company has been found going as far back as 1858. The company started out as Mutual Life Insurance Company of Baltimore and they began selling only life and fire insurance coverage. Monumental Life Insurance Company didn’t change their name until the 1930’s. Around this time era, the company decided to introduce the public to other types of insurance protection. Monumental provided their product through independent insurance agents, and through a network of captive agents who were employees of the company.
Monumental Life Insurance Company has integrated into the Transamerican Agency Network Inc. in 2012 and this was formed by uniting Life Investors Financial Group Inc. and the agents of Monumental Insurance Company. Even though they have merged the companies together they still manage to offer the same coverage and policies to their clients. The merger will only change their name and that’s why the type of coverage that policyholders have currently will not be affected by the merger. The premiums that were offered before the merger for the policyholders will also not change and new policies and certificates will not need to be issued.
The company sells their new products under their new name Transamerica Premier Life Insurance Company. Their new home office of Monumental Life Insurance Company is located in Cedar Rapids in Iowa while the company still has administrative offices located in Baltimore, Maryland.
Monumental Life Insurance Company Review 2017
Today we learned that Monumental Life Insurance Company merged with Transamerica and renamed themselves to Transamerica Premier Life Insurance Company but Monumental has been around since 1858 and this shows how stable the company is because of how long the company alone has been around. They have over $88 billion of life insurance in force and over $32 billion in assets. This is important to know because it will give you an idea of how capable they are of paying out a policyholder’s benefits. Transamerica Premier Life Insurance Company’s parent company is AEGON and they are a multi-national, enormous company.
Monumental Life Insurance Company Ratings
Knowing a company’s rating is similar to checking a person pulse, it let’s you know that the company is alive and doing well. A company can be around for hundreds of years but their rating is important to know before you invest in a company. According to A.M Best, Monumental Life is rated an “A+” which is the 2nd of 16 categories. Fitch’s Ratings and Standard & Poor’s both rated the company an “AA-“, and lastly, Moody’s rated them an A1 which is 5th of their 21 categories.
A company’s rating does not come out of thin air, they are created by a rating agency just like the ones we mentioned above. If the company wants a rating from an agency they must ask the rating agency and then the rating agency would send the company a contract in which allows them to do whatever they have to do in order for them to get a rating. The rating agency has a group of people that look at the company’s financials and undergo a deep investigation before they make a rating recommendation. Depending on their findings the group of people come up with a recommended rating for the company and then gets brought to the board who have to vote to make sure it is the fairest rating for the company. They cannot vote on the rating without a president or vice president present. Once they vote for the rating they will notify the company on their ratings and then post the company’s rating on the rating agency’s website.
Transamerica or Monumental Life Gives Back
Just like any other large insurance company, Transamerica Premier Life Insurance company takes great pride in their involvement with communities. A lot of companies do charitable acts in order to give back to communities in which without them the companies wouldn’t even exist. The company has an AEGON Foundation in which donates and gives granonprofit-profit organizations. The Foundation is known to give these grants in the following categories. They give to the Arts & Culture community who have programs that foster creativity in the areas of music and the performing arts and those who make arts accessible for youth and the underserved. Civic & Community programs that encourage community development and promote civic engagement and leadership, is another are in which they give grants to.
The company also gives a lot to education and financial literacy programs that provide and promote education and especially in the areas of financial literacy. They promote health and wellness organizations that commit to improving the health and well-being of families in the community by providing health awareness and education. The Foundation also gives grants and dollars to United Way in addition to leading an annual campaign in which includes employees’ contributions are matched by 50%. We figure this is enough talk of their community involvement it’s time to get down to business.
Monumental Life Insurance or Transamerica Premier Life Insurance Policies
Monumental or Transamerica Premier Life offer a wide variety of different insurance and protection products such as Term life, Whole life, Universal life, and Index Universal life insurance. The following are some quick highlights of the products they offer in terms of life insurance.
Term Life
- Term life insurance is only available for a short and specified period of time.
- This type of insurance doesn’t offer cash value build up.
- There is a policy that doesn’t require a medical exam.
- Death benefits begin at $100,000.
- You can choose what term length you would like to be covered for 10, 15, 20, 25, or 30-years.
- There are no annual fees for a term policy.
Whole Life
- This is a type of permanent life insurance which means it provides coverage for an entire lifetime.
- Death benefits start at $100,000.
- This policy is available for anyone until age 75.
- This policy allows you to build some cash value.
- A medical exam may be required.
- Premiums are higher than a term life policy since it provides cash value build up and is a permanent life insurance policy.
- Your returns are guaranteed.
- There is an option for quick underwriting.
- There is also an option for simplified issue policies.
Universal Life
- This policy is another type of permanent life insurance that provides you with a lifetime of coverage.
- This product differs from a whole life policy because it offers more flexibility.
- You can decide how premium payments are handled.
- The minimum death benefit amount is $25,000.
- You have flexibility with your death benefit as well and how much will go into the cash value component.
- Your premium payments will also go towards the policy’s death benefit.
Index Universal Life
- This is another type of life insurance in which offers a lifetime of coverage.
- This policy builds cash value.
- This policy is available for ages 0-80.
- This product differs from a regular universal life insurance policy because the cash value accumulation depends on the activity of the market.
- There is a minimum of $100,000 of death benefits.
Final Thoughts
In conclusion, Transamerica Premier Life Insurance or Monumental Life is a reputable company who offer a wide variety of life insurance products and also has a pretty high rating. However, as a consumer you should always shop around for quotes, if you have 30 seconds fill out the quoter below and compare quotes with different highly rated companies just to make sure that you are getting the best life insurance quote possible. Or you can always give us a call so that we, as an independent life insurance agency, can do all the comparing for you. Here at InsureChance, we work with over 60 top A rated companies and it just vies us a bigger selection to work with to make sure you are getting the most affordable premium amount with the maximum coverage amount. Give us a call or leave us a comment below!
