At InsuranceBrokersUSA, we pride ourselves on offering our clients a diverse array of different carriers, including some of the best final expense and burial insurance companies. Today we bring you our Baltimore Life review.
In this review of Baltimore Life we will cover the company’s history, its ratings and the different life insurance policies offered. Is Baltimore Life the right company for you?
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Review of Baltimore Life Insurance Company
About Baltimore Life
Initially, it was five businessmen who came together to form Baltimore Life. After launching, they had assets of $260 and the need for life insurance was completely different in the early 1880s.
In 1882 The Baltimore Mutual Aid Society of Baltimore City was established. This later became Baltimore Life. In 2017, Baltimore life currently insures more than 300,000 individuals, families, and businesses. They are active in 49 states and the District of Columbia. Their corporate office is in Maryland.
Nowadays, the early risks look to have paid off since they have 300,000 Americans on-board whether it is individuals, businesses, or full families. As well as the District of Columbia, Baltimore Life operate in 49 states and they continue with their promise to help those in the middle-income segment of the market.
Baltimore Life Official Ratings
To start with our Baltimore Life review today, we are going to be assessing the financial position of the company. By looking at the ratings given by A.M. Best, we can see how strong they are with their finances and how likely they are to pay out any claims that come their way.
Let’s not beat around the bush, as of April 2020 they have an A.M. Best rating of ‘B++’ which might set the alarm bells ringing immediately. For those of you that are unaware, there is a general rule in the life insurance industry that suggests all reputable life insurance companies should have a grade of at least ‘A-’. Whenever a grade starting with a ‘B’ is seen, it often brings about a few nerves.
This being said, we also have to consider the history of Baltimore Life. For example, the fact that they have been through some very tough times including the Great Depression in the late 1920s and even the global crisis around a decade ago.
With this in mind, we know that they have the financial strength to survive even the harshest environments. Since they have over 300,000 customers, we also see that there is a lot of trust in the brand. Therefore, it is your personal decision whether or not you trust the ‘B++’ rating. Let’s face it, they are just one promotion away from the coveted ‘A-’ and their current rating is still considered ‘Good’.
After this, we can also assess their Better Business Bureau (BBB) rating because this will tell us how good they are with customers. If you were to choose a life insurance policy with Baltimore Life, you need to know whether they will take your calls, fix any problems, and give advice whenever necessary.
Luckily, they have an ‘A+’ rating with the BBB so this should give you confidence. If you didn’t know, the BBB consider numerous factors from their complaint history to whether there has ever been advertising issues with the company.
Baltimore Life Insurance Policies
Products – Overall, Baltimore Life has a number of different life insurance policies. As we know, you will need to choose with your needs taken into account so we have laid out the main options below, including term life vs permanent life insurance:
Level Term Life Insurance
Secure Solutions Protector is a level term life insurance policy that offers competitive prices for 10, 15, 20, or 30 years.
Once the initial contract has expired, there will be an option to keep renewing each year but this will become expensive after a short while.
Ideally, this policy is used to cover short-term costs like a mortgage loan or to ensure that a child can pay for college if you die prematurely.
Once the policy has been set up, the premiums and death benefits are guaranteed until the age of 100.
Simplified Issue Level Term Life Insurance
As the name suggests, this is no medical exam life insurance. As with typical coverage, you will have a death benefit to go to the beneficiary income tax free.
Furthermore, you may even have an opportunity to include living benefits in case you experience injury or disability via additional insurance riders.
However, the main difference comes from the application process because there will be no medical examination. With simplified issue, you will answer a few questions on your health to decide whether you will be covered and what premiums you will pay.
Although this may be a more expensive option than taking an exam, it can be beneficial if you want to avoid the exam. Finally, many also choose the Return of Premium life insurance rider to receive a refund of all premiums at the end of the policy.
Whole Life Insurance
If you require a more permanent policy, whole life insurance could be the one for you and Baltimore Life offer a policy where the premiums remain level throughout.
With this in mind, you won’t have to worry about being ‘priced out’ of your policy at a later date.
Of course, you will also have the cash value component that grows tax-free. Furthermore, there may also be chances to earn dividends which can be reinvested into the policy or kept as cash.
Sometimes, people want to transfer assets over to heirs before they pass away and this policy allows you to do so without the normal restrictions in place.
Without having to pay a significant percentage in tax, the policy can even offer living benefits if you have a terminal illness. Initially, this policy will become available to you at the age of 60 and it must be in place before 80 otherwise you may not have this option with Baltimore Life.
Single Premium Whole Life Insurance
Again, this is a method of transferring assets to heirs and you will receive living benefits if you have a terminal illness or need to spend time in a care home or healthcare facility. As long as you are between 50 and 85, this single premium life insurance option from Baltimore Life will be open to you.
Silver Guard I, II, III
Silver Guard Simplified Issue Senior Life Insurance
This policy has three very important guarantees:
- Guaranteed Level Premiums
- Guaranteed Cash Value Accumulation
- Guaranteed Death Benefit
There are two policies under the Silver Guard Simplified Issue Life Insurance category:
Silver Guard I: Guaranteed Level Death Benefit
This means from the day you issue your policy, the death benefit will remain the same – never decreasing; no matter what. You can also get an accidental death benefit rider.
Silver Guard II & III: Guaranteed Graded Death Benefit
If you don’t qualify for Silver Guard I, this is a nice alternative. In the first two years, the policy is graded (25% of the policy value in year one, and 50% in year two). However, if you have an accidental death you will get 100% of the policy value from day one.
Universal Life Insurance
If you’re looking for the security of a permanent life insurance policy but with a more flexible look towards premiums and the cash value, this universal life policy might be the one you need. Designed for individuals and families, you will find competitive premiums and a good opportunity to build the cash value component faster than with others.
Critical Illness Insurance
Finally, this type of life insurance can help to cover the expenses not normally provided by health insurance. For example, it could be for kidney failure, cancer, heart attack, stroke, or a transplant for any major organ. Once the policy has been set up, the funds can be used for expenses that arise from these health issues. Furthermore, they can be put towards treatments, home health care, and replacing the income of family members who are looking after you.
Life Insurance Riders
Although you should now have a good insight for what Baltimore Life could do for you, there is one last topic we wish to discuss – life insurance riders. Ultimately, your rider options will depend on what policy you are choosing but they do offer a good selection for extra protection. For example, we saw earlier that you can earn your premiums back in a term life policy if you outlive the expiry date.
Accelerated Death Benefit Rider: allows you to access a portion of your death benefit in advance if you are diagnosed terminally ill.
Disability Income Rider: covers non occupational hazards and sickness. The company will pay you a monthly benefit for up to two years if your are totally disabled.
Disability Waiver of Premium Rider: If you become totally disabled before age 60 the company will pay your premiums due.
Children’s Term Rider: allows you to add your kids to your policy, providing additional coverage to your children until they turn age 25 or your turn age 70.
Conversion Option: you can convert all or a portion of your term life insurance into permanent coverage.
Baltimore Life Insurance Review Conclusion
Baltimore life is an excellent company in certain situations. However, Baltimore Life is but one company of many available.
At InsuranceBrokersUSA, we are a life insurance broker that offers many of the top rated best life insurance companies in the U.S. If you are interested in finding the company that best fits your needs, goals and objectives, give us a call today for a free consultation.