If you have someone counting on you financially – or even if there is someone in your life who may be required to pay off your debts and your final expenses in case of the unexpected – then you likely need to have life insurance.
You can use life insurance proceeds for any number of circumstances, such as paying off a home mortgage and credit card debt, as well as replacing lost income. Replacing lost income ensures loved ones can continue to pay their everyday living costs, in turn, keeping those you care about from financial hardship.
When you are shopping for life insurance, you want to make sure that you choose the right type and amount of coverage for your specific needs. You should also ensure that the life insurance carrier you obtain the policy from is reliable and stable financially so that your loved ones can be more assured that they will get the funds that are owed to them. One insurer that fits these criteria is the Baltimore Life Insurance Company.
The History of The Baltimore Life Insurance Company
The Baltimore Life Insurance Company was initially founded back in 1882, as The Baltimore Mutual Aid Society of Baltimore City. Five men began the company with a starting sum of $260.93 in company asset. At that time in U.S. history, many people purchased life insurance coverage so that they or a loved one would not have to buried in a potter's field, as versus replacing lost income of a breadwinner.
While it took several years for the company to start growing, by the year 1900, it was starting to pick up steam. At that time, the company's name was also changed to The Baltimore Life Insurance Company of Baltimore City.
Over the years, the Baltimore Life Insurance Company has held steady through several recessions, and even depressions, in the United States. But it has persevered. Today, Baltimore Life Insurance Company insures more than 300,000 policy holders – both families and businesses – in communities across the country.
With its home office now located in Owings Mills, Maryland, the Baltimore Life Insurance Company operates in 49 of the U.S. states, and in the District of Columbia. The products and services of the Baltimore Life Insurance Company are marketed through 13 different career agency sales groups that operate in Maryland, Pennsylvania, Ohio, South Carolina, and West Virginia, as well as through an independent sales division.
The company's independent marketing organizations' ability to develop strong relationships with clients is the key to the success of clients as well as the insurer. To achieve this, the Baltimore Life Insurance Company offers extensive support, such as:
- A competitive product portfolio
- An electronic application and underwriting process (known as INSpeed)
- Stellar customer service
The key market segment that the company targets is those who are in middle-class America.
The Baltimore Life Insurance Company Review
As of year-end 2016, the Baltimore Life Insurance Company had invested assets of nearly $1.2 billion – which equates to approximately 4 percent more than year-end 2015, and total assets of $1.241 billion. The company's surplus stood at more than $81 million, which is a significant increase over the year prior.
The company also increased its new business sales in 2016, by 8 percent over its 2015 figures. Given its normalized sales and its death claims, the Baltimore Life Insurance Company continues to demonstrate positive operating income.
Today, just as it was when the company began in 1882, the Baltimore Life Insurance Company serves the mutual interests of its policyholders, its agents, its employees, and the communities around it. Commitment to excellence guides the company's actions to the following:
- Financial discipline
- Making a positive difference
- Integrity and respect
- Openness and honesty
The Baltimore Life Insurance Company serves in some ways, including through sponsorships and employee volunteerism. Just some of the charities the company supports include the United Way and the Community Grants Program, as well as regular blood drives via the Red Cross.
Insurer Ratings and Better Business Bureau (BBB) Grade
Based on the company's financial stability, and its ability to pay out its policyholder claims, the Baltimore Life Insurance Company has a rating of B++ (Good) from A.M. Best Company. This rating is fifth out of a possible 16 ratings.
Also, even though the Baltimore Life Insurance Company is not a Better Business Bureau (BBB) accredited company, the BBB has given this insurer a grade of A+. This is on an overall grading scale of A+ to F. Over the past three years, the Baltimore Life Insurance Company has only had to close out three customer complaints through the Better Business Bureau (and only one of these was in the past 12 months). All three of the complaints centered on problems with the company's products and services.
Life Insurance Coverage Offered Through The Baltimore Life Insurance Company
The Baltimore Life Insurance Company offers a long list of personal life insurance options to choose. These can help to address both individual and family needs. These policy offerings include the following:
- Secure Solutions Protector – Level Term Life Insurance – The Secure Solutions Protector level term life insurance coverage offers initial level premium periods of 10, 15, 20, or 30 years. After that, the policy may be renewed on an annual basis. All of the death benefits and the premiums are fully guaranteed to the insured's age 100.
- Home Secure – Simplified Issue Level Term Life Insurance Coverage – This plan provides both a death benefit that can be used by beneficiaries, as well as the option for living benefits, which can be applied if the insured becomes disabled or is diagnosed with a terminal illness. These living benefits may also be used if the insured is confined to a skilled nursing home facility. Also, this plan has a return of premium option.
- Secure Solutions Advantage – Whole Life Insurance – This whole life insurance policy offers guaranteed cash values, along with a level death benefit. The policyholder may also receive dividends from the company to take as cash, or to put towards the purchase of additional life insurance coverage.
- Silver Guard I, II, and III – For those who are between the ages of 50 and 80, final expense life insurance protection may be necessary. The Silver Guard plan can provide those funds. And, once qualified, as long as the premium remains paid, the plan will stay in force.
- Lifetime Navigator – Universal Life Insurance – The Lifetime Navigator universal life insurance plan combines the affordability of permanent life insurance, flexible premiums, and a built-in lifetime insurance protection guarantee feature. For those who are seeking long-term protection with a competitive premium cost, this could be a viable option.
- Generation Legacy – The Generation Legacy allows the transfer of funds from non-qualified annuities and other qualified plans, and offers an easy, tax-efficient way of passing a much later gift from these proceeds to the insured's loved ones.
- Secure Solutions – Single Premium Whole Life Insurance – The Secure Solutions Single Premium Whole Life insurance plan allows the transfer of cash funds such as money market and CD accounts. Plus, if the insured is diagnosed with a terminal illness, he or she may access the policy's living benefits for paying their medical costs, or any other financial need that they see fit.
- Critical Illness Insurance – The critical illness coverage from the Baltimore Life Insurance Company provides for medical expenses that are associated with the major critical illnesses, such as cancer, heart attack, kidney failure, major organ transplant, and stroke. This plan provides a cash benefit that can be used for costs that are not typically covered by regular health insurance policies such as home health care, experimental medical treatments, copayments and deductibles, and the lost income of a spouse or other caregiver.
Other Products and Services Offered
In addition to the life insurance coverage products that are offered via the Baltimore Life Insurance Company, there are also other products and services that can be obtained through this insurer. These include the following:
- Retirement Annuities – The annuities that are offered by the Baltimore Life Insurance Company include options such as flexible premium retirement annuities (FPRAs), single premium deferred annuities (SPDAs), and single premium immediate annuities (SPIAs). All of these financial vehicles can help to ensure that a retiree will have an income for a set amount of time in the future.
- Workplace Solutions – Baltimore Life Insurance Company works with business owners to help provide voluntary supplemental benefits for better meeting the needs of employees and their loved ones. These solutions include a permanent whole life insurance product, critical illness insurance coverage, disability income protection, dental insurance, long-term care insurance, personal major medical coverage, and more.
- Financial Needs Analysis – The Financial Needs Analysis, or FNA, can help clients to set financial goals, prioritize them, and initiate a plan of action. The FNA should ideally be reviewed on a regular basis.
- Prescription Savings Program – The Baltimore Life Insurance Company offers the ScriptSave Value Program that can help individuals and families to save money on necessary prescription medications. Both name brand and generics are eligible for this savings program.
- Personal Planning Guide – Although nobody wants to dwell on it, there can be unexpected expenses thrust upon loved ones when an individual passes away. But, by going through the personal planning guide, individuals and families can plan for such costs in advance, and can often avoid having to dip into savings or other assets to pay these expenses.
- Grants Program – For over fifteen years, the Baltimore Life's Community Grants Program has helped many organizations in the communities where the company's employees live and work.
- Identification Program – As a community service, Baltimore Life Insurance Company offers several ID card programs to local groups and organizations. These programs can enhance the safety of the communities where the company serves. These cards include Child ID and Youth SportSmart cards, as well as medical emergency cards.
How to Find the Best Life Insurance Premium Quotes with Baltimore Life Insurance Company
If you have been looking for the best life insurance premium quotes on coverage from the Baltimore Life Insurance Company – or from any insurance provider – it is typically recommended that you work in conjunction with an independent life insurance agency or brokerage that has access to many different insurance carriers. In doing so, you will be better able to compare, side-by-side, the plans and the premium prices of different options, and from there you can decide which one will be the best for you and your specific needs.
When you are ready to move forward with comparing available life insurance options, we can help. We are an independent insurance broker, and we work with many of the top life insurance carriers in the industry. We can provide you with all of the important information that you will need for making a well-informed decision – and we can do so right from your computer. If you are ready to begin the process, then all you have to do is just simply fill out our quote form.
Should you still have any additional questions or concerns regarding the purchase of life insurance coverage, please feel free to reach out to us and discuss your needs with our experts. We can be reached directly via phone, toll-free, by calling 888-836-7071.
We understand how overwhelming it can seem when you are in the process of shopping for life insurance. There are many different policies and companies to choose from – and you want to be sure that you are moving in the right direction. Our life insurance experts can get you through this process easily, though. So, contact us today – we're here to help.