Finding a life insurance company that you can trust is an important step in getting your life insurance policy in place.
This review of Baltimore Life details the strength of the company and policies that can help you make a proper decision about their policies and coverage options.
Although Baltimore Life has over $1 billion in invested assets and deep reserves of $87 million, over 1/3 of the bonds are from tier two sources.
This means that AM Best Company has rated them B++, and although this represents the fifth highest rating out of 16 possible, it does have some impact on the way the company is viewed.
Baltimore Life does attract the highest rating from the Better Business Bureau, however. This A+ rating, on a scale of A+ to F, comes in spite of Baltimore Life not being accredited by the BBB. Only three complaints were made over three years through the BBB.
As with any insurance carrier you’re considering doing business with, you should do your due diligence. However, these ratings are a solid guideline of trust and financial strength.
Life Insurance Products Offered
Although not the largest insurance carrier, Baltimore Life Insurance Company has one of the most extensive ranges of product categories, belying its size.
Whether you want basic term coverage or some detailed tools to help you plan a complex estate, you should find something to suit your needs.
Term Life Insurance
Baltimore Life offers two term life insurance policies:
- Level Term (Secure Solutions Protector)
- Simplified Issue Level Term (Home Secure)
Level Term (Secure Solutions Protector)
Term life insurance provides you with death benefits without an investment component that leads to accumulated cash value.
After a period of level premiums for ten years, 15 years, 20 years or 30 years, you can renew the policy on a yearly basis.
Both death benefits and premiums come guaranteed up to age 100.
The minimum coverage starts at $50,000.
These policies come with optional riders from children’s insurance benefits to accidental death benefits, and you can convert policies to permanent coverage when eligible.
Simplified Issue Level Term (Home Secure)
If you’ve just bought a new home, and you’re looking for a policy that can be issued quickly, and with minimal underwriting, the simplified issue level term coverage offered by Baltimore Life will achieve this.
You can get approval over the phone for terms of up to 30 years with coverage up to $300,000.
This plan comes with both death benefits and also living benefits if you become disabled or develop a critical illness.
Home Secure also comes with the possibility of a return of premiums.
Whole Life Insurance
If you need cash value as well as death benefits, Baltimore Life has two whole life policies that provide this:
- Whole Life (Secure Solutions Advantage)
- Single Premium Whole Life (Secure Solutions)
Whole Life (Secure Solutions Advantage)
This more permanent alternative to term coverage will give you the guaranteed death benefits you need for peace of mind and also cash value that grows tax-deferred (assuming all premiums are paid).
One factor that differentiates this policy from much whole life coverage on the market is a rider for guaranteed insurability. This permits the purchase of extra coverage with no subsequent underwriting.
You’ll be eligible for dividends which you can take as a cash payment or use toward purchasing extra life insurance coverage.
Single Premium Whole Life (Secure Solutions)
With this policy, you can transfer funds from elsewhere to Secure Solutions coverage.
You’ll get the benefits of a whole life policy while living benefits are an option in the event of terminal illness. These benefits can be used for medical expenses or any other purpose.
Universal Life Insurance (Lifetime Navigator)
If you want the complete security of permanent life insurance but you need more flexibility with premiums, universal life insurance from Baltimore also comes with an integrated insurance protection guarantee.
If you want long-term life insurance with added leeway, Lifetime Navigator is a solid option.
Other Life Insurance Policies
You also have three other types of coverage available through Baltimore:
- Simplified Issue (Silver Guard)
- Generation Legacy
- Critical Illness
Simplified Issue (Silver Guard)
If you want a policy to cover final expenses, you can opt for a simplified issue policy without underwriting or a graded policy involving some underwriting.
A modified death benefit is in place, meaning only partial payment if the insured dies within the first few years of coverage. Accidental death, however, results in full payment regardless of time frame.
If you want a more complex solution, generation legacy is a tax-deferred growth tool that may be worthwhile for your beneficiaries with a whole life contract or a combination annuity available.
The Secure Solutions critical illness covers the insured for serious surgery along with significant health issues like heart attacks, strokes, and even cancer.
Payouts vary depending on the medical condition, but this is a more robust alternative to regular health insurance.
Other Products Offered
As well as this full suite of life insurance policies, Baltimore Life also provides many other products and services.
These include the following:
- Financial Needs Analysis
- Grants Program
- Identification Program
- Personal Planning Guide
- Prescription Savings Program
- Retirement Annuities
- Workplace Solutions
Baltimore Life Insurance was founded as The Baltimore Mutual Aid Society of Baltimore City in 1882, during a period in American history where life insurance was typically used to fund a proper burial rather than used as a tool to replace income.
Initial growth was slow, but when the company changed its name to The Baltimore Life Insurance Company of Baltimore City in 1900, business picked up.
The company has held firm through difficult financial conditions, weathering recessions and depressions. Still going strong today with over 300,000 policyholders, Baltimore Life is now headquartered in Owings Hill, Maryland.
Marketed through a range of agency sales groups in four states from Maryland to West Virginia, there’s also a fully independent sales segment in place. Independent agents are in place throughout 49 states.
Marketing enables agents to form client relationships while these clients are retained due to first-rate customer service, a speedy electronic underwriting process, and a remarkably robust range of products and services.
Coverage is designed for individuals and families as well as small businesses. The prime focus for Baltimore Life Insurance is middle-class professional Americans, and this is a sector they serve effectively.
Baltimore Life might not be quite as large as some of the major insurance carriers, but it more than makes up for this with the sheer breadth of life insurance products offered.
Where buying life insurance is such a personal decision with so many variables in place, there’s a strong chance that you’ll find exactly what you need if you opt for coverage with this carrier.
Whether you have a single income to replace, a large and complex state to plan, or you want coverage for your business, Baltimore Life will put your needs first.
Baltimore Life Insurance Review Bottom Line
Overall Baltimore Life is a solid company with a good reputation.
If they were to offer the best rate on a policy that meets your needs you should have no worries about using them for your life insurance company.