Monumental Life Insurance

Monumental Life Insurance Company was founded in 1858 and offered only life and fire insurance. The company was originally known as the Mutual Life Insurance Company of Baltimore. The city of Baltimore was known as the “Monumental City.”

Currently, Monumental Life Insurance Company offers a variety of insurance and unique insurance offers targeted to specific markets. Monumental Life Insurance is responsible for $71 billion in insurance on the table. They are licensed for business in every state in the United States except the District of Columbia and New York. Monumental Life Insurance Company enjoys an AA- rating from Stand and Poor. Moody gives them an A1 rating. Those 2 exceptional ratings put Monumental Life Insurance Company in the top 25% of rated companies.

In regard to paying claims and meeting obligations, AM Best rates Monumental Life Insurance Company with an A and Fitch Rating awards them with an AA rating for their ability to satisfy outstanding commitments.

Monumental Life Insurance offers whole life insurance policies. They offer 3 policies starting at $1k. All three policies are available for children. Two of the policies are “Life Paid Up at Age 65” and “Life Paid Up at Age 95.” Each policy offers lifetime protection with the only difference being the number of years for premium payment. The policy “Paid Up at 65” is only available up to age 55. An additional policy choice is “Limited Pay Life” that is available for those age 0 to 80 years old. The policy has a face value of $1k to $25k. This policy also has lifetime coverage and the premium payment schedule covers 10, 15 or 20 years.

Universal Life insurance is offered but called “Interest Sensitive Whole Life Products.” The policies utilize current or excess payments to boost cash value or increase the amount of coverage throughout the years of the policy. There are 2 different policies but the only difference between the two is the amounts of coverage. The first policy is named “Dynamic 1” is available with a value up to $24.99k and the second policy is named “DynaMax” and the value is $25k and greater. Both policies have a guaranteed death benefit, level premiums and cash values. Access to the cash value is through withdrawals and loans and an accelerated death benefit rider in the event of a terminal illness.

Term Life Insurance is another type of policy offered by Monumental Life. The term policies are offered in 5, 7 and 12 year level terms, which are much shorter terms than other insurance companies offer. There are 3 policies available and all are guaranteed renewable at the end of the term, but only the 7 year term is available for renewal after age 55 and up to age 80. Monumental Insurance also offers a 15 or 30 year mortgage protection policy. The policy decreases in protection to mirror the diminishing balance of a mortgage. Premiums remain level throughout the term. The policy is also meant to approximate a mortgage principal with a 10% interest rate.