*Important Note: In 2014, Monumental Life insurance Company changed its name to Transamerica Premier Life Insurance Company. If you still have a policy with the name Monumental Life Insurance Company, you should have received some notifications in the mail.
According to the to the press release, “It’s the same company, just with a different name, so your policy or certificate number will not change.” If you would like to learn more about Transamerica, you can check out our review of the company.
When you decide to purchase life insurance, you need to make sure that you are making an educated decision when you select your company and your policies features.
If you are shopping for life insurance, it is usually a good idea to read customer reviews as well as researching the policies themselves.
Monumental Life Insurance offers policies to replace lost income for loved ones should you unexpectedly die. When you die, your income, obviously, ceases as well, but this can leave your loved ones in quite a bind. Life insurance replaces this income, so you can die with the peace of mind that your loved ones will still have their needs met.
Monumental life insurance reviews indicate that their premiums do tend to increase; however, many policies are very affordable, and you can provide good coverage for your family.
You should never buy a policy before you look at some of the popular companies, like Banner Life Insurance Company.
History And Financial Strength
*Note: We left the history and financial strength of Monumental Life in this review because they are a large part of what Transamerica is today. You need to know the full history of a carrier.
Monumental Life Insurance Company began its operation in the insurance industry back in 1858. The company started out as Mutual Life Insurance Company of Baltimore, and its initial products were life and fire insurance coverage.
It wasn’t until the 1930s that the company changed its name to Monumental Life Insurance Company. It was around that same time period that the insurer also entered into offering other types of insurance protection to its customers. Monumental provides its products through both a network of captive agents who are employees of the company, as well as via independent insurance agents.
Recently, Monumental Life was integrated into the Transamerica Agency Network, Inc. This was formed by uniting the agents of Monumental Insurance Company and Life Investors Financial Group, Inc. Even with this merger, the reps of Monumental Life offer the same coverage and policies to their customers.
This change will take place in name only, meaning that the type of coverage that policyholders have will not be affected. The premium amount that is paid by current policyholders will also remain unchanged. Likewise, new policies and/or certificates will not need to be issued. The new name that products will be sold under will now be referred to as Transamerica Premier Life Insurance Company.
Today, the home office of Monumental Life Insurance Company is located in Cedar Rapids, Iowa, while the company also has administrative offices that are located in Baltimore, Maryland.
Products Offered Through Monumental Life Insurance Company
Monumental Life Insurance offers several kinds of life insurance products:
- Term Life Insurance – With term life insurance that is offered via Transamerica Premier, clients can benefit via highly competitive rates, along with an option for the return of premium.
- Whole Life Insurance – Transamerica Premier Life Insurance offers whole life insurance coverage that provides competitive, guaranteed interest rates, along with cash values. Also, the company also provides options for quick underwriting and simplified issue policies.
- Universal Life Insurance – With universal life insurance coverage, policyholders can, within certain guidelines, choose how much of their premium goes towards the policy’s death benefit, go to the cash value.
- Index Universal Life Insurance – The index universal life insurance policy that is available has some different indexing options to choose from, as well as preferred loan rates.
- Interest Sensitive Whole Life Insurance – Interest sensitive whole life insurance is a guaranteed fixed premium permanent life insurance product that offers a minimum amount of cash value. This cash will increase every year and will eventually be equal to the face amount of the policy when the insured turns 100. The account value of the policy may be enhanced by additional interest that is credited at current rates of interest.
- Disability Insurance – Protecting one’s income is important, as this is considered to be a person’s number one asset. Having disability insurance can help individuals do that.
- Disease Insurance – Disease insurance will pay out a set amount of funds should a policyholder be diagnosed with a certain covered disease.
- Health Insurance Coverage – Health insurance coverage is essential in today’s world of highly expensive health care costs.
- Burial Insurance – With the company’s final expense coverage, applicants will enjoy an average “submit-to-issue” time of approximately three days, along with simplified issue underwriting. Funerals are really expensive, and many people do not have money set aside for these types of expenses. Coupled with lost income, it can be devastating to the family left behind. Life insurance, however, can help your family through this trying time by allowing them to cover funeral expenses.
- Annuities – Considered to be an insurance product, annuities can allow their holders to receive a guaranteed lifetime retirement income that cannot be outlived. If the joint lifetime income is chosen, then two individuals, such as a husband and a wife, can both receive an income that is guaranteed to last throughout the remainder of each of their lives from the annuity.
- Medicare Supplement Insurance Coverage – While Medicare Parts A and B cover a large number of services for those who are over age 65, there are also many deductibles, copayments, and coinsurance charges that seniors are required to pay out-of-pocket. These can add up over time. This is why many people opt to purchase Medicare Supplement insurance – also referred to as Medigap. This coverage helps to fill in the “gaps” in Medicare’s coverage. There are 10 Medicare Supplement insurance plans, each named after a letter of the alphabet, with Plan A offering the most basic coverage. All of the other Medicare Supplement insurance plans are required to offer at least the benefits that are provided in Plan A. While all Medigap plans of the same letter must offer identical benefits, the premiums that are charged can differ a great deal. This is because Medicare Supplement insurance coverage is offered by private insurance carriers, and not through Medicare directly.
- Long-Term Care Insurance – Long-term care insurance is coverage that can protect consumers from the high cost of long-term care need. Today, the average cost of just one year in a skilled nursing facility (private room) can exceed $80,000 in some areas of the country. This can easily wipe away a retiree’s savings within a very short period. Having long-term care insurance can help to pay for this type of care – and many policies will cover care that is received in a skilled nursing home, as well as the care that one received in their very one home. Unfortunately, there is a misconception that Medicare and another regular health insurance coverage provide benefit for long-term care services. This, however, is not necessarily the case. Having long-term care can help in paying for this need.
- Accident Insurance Coverage – Accident insurance coverage can provide additional benefit payout to an insured and their survivors if the individual dies of an accident. This coverage can often be purchased as either a stand-alone product or it can be purchased as a supplement to other types of coverage.
Monumental also offers a series of financial services products. Retirement products can help consumers to save for future income. Today, people are living much longer than they were in the past. Because of this longevity, peoples’ savings – and in turn, their retirement income – is needed also to last for longer periods of time. In some cases, people are living for 20, 30 or even more years in retirement.
You can also use Monumental life insurance reviews from consumers to get a clearer idea of what kind of policy will benefit you the most. Consumer reviews offer a better idea of whether or not the policy will help you in layman’s terms, rather than insurance jargon, which can keep you from being overwhelmed. It can help you to read reviews from people who have already been through the process of purchasing insurance so that you can be sure you’re getting the right policy.
You should consider what you are looking for in a life insurance policy when you’re selecting your policy. If you are already retired, for example, replacing income is less of a concern than final expenses wiping out the remainder of your retirement, but if you’re currently working and just want to give yourself and your family additional peace of mind, then you’ll want a final expense policy that covers lost income as well.
How And Where To Get The Best Life Insurance Premium Quote
Life insurance companies are always changing. You need to find a carrier which has been around for thousands of years and has a great financial outlook.
There are thousands of companies out there. In fact, over 6,000. That’s a lot of options. Unless you want to waste away a month calling companies, you can make one call to us, and we can give you quotes from all of the best rated life insurance companies.
If you still have questions, we can help with answering any of the concerns that you may have – whether it be in relation to obtaining premium quotes, with determining the right type or amount of coverage for your needs, or in deciding which of the many carriers in the marketplace may fit your needs and goals the best.
Have you had an experience with Monumental Life? Share in the comments below.