Monumental Life Insurance Review

I’ve been in the insurance industry for 7 years, and have heard some good things and bad things about Monumental Life Insurance.  We don’t offer their products because we are an independent agency.  We prefer to keep it that way so we can use any insurance carrier we want for a particular client.

This is not an option with Monumental, unfortunately, since they require their “career agents” to be captive, meaning they can only sell Monumental Life Insurance policies.

A bit of history on Monumental

They’ve been in business since 1858.  They have quite an impressive line of insurance related products, including term life, interest sensitive whole life, cancer policies, and accident insurance.  Generally speaking, due to their age and great size, they are considered one of the most respected life companies in the U.S.

A few Positives – Financial Strength

They are rated A+ by the rating agency A.M. Best, which is issued to those carriers with superior financial health.  They also have over $88 billion of insurance in force, and over $32 billion in assets, both as of 2010 financial statements.  Compare that to the insurance giant, Prudential , whose life insurance company (Pruco Life) has just over $22 billion in assets.

Another advantage of doing business with Monumental is their parent company is Aegon, same as parent company for Transamerica Life Insurance, Stonebridge Life Insurance Co.  This is a multi-national, enormous company, so it’s hard to think of Monumental ever becoming insolvent under the Aegon Group.

Monumental Products – Term and Whole Life

They seem to offer a wide variety of products and payment plans.  Of course Monumental, has your traditional term life insurance policies, but nothing out of the ordinary such as 25 year term life insurance, like ING Reliastar has.

Many reviews pointed to the fact that their whole life policies do grow nicely as far as cash accumulation is concerned, and at guaranteed rates to boot….(continued on page 2)