Baltimore Life Insurance Company Review 2020
By James Tobin, CFP®
Last Updated on
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Expert Review Of Baltimore Life Insurance Company
Baltimore Life Insurance Company is a Maryland financial services company that specializes in simplified issue "no exam" life insurance policies.
This review will address company history, financial ratings, and the positives and negatives of Baltimore Life Insurance Company.
Additionally it will address some specific situations where it may make more sense to go outside the Baltimore Life Insurance family of products.
The goal is to make sure that you get the policy that provides you the most value.
Baltimore Life Insurance Company History
Founded in 1882 as the Baltimore Mutual Aid Society, Baltimore Life Insurance would take it's current name 18 years later..
Since its humble beginnings, the group has expanded its reach in the financial services market to insure more than 300000 clients with over a Billion dollars in assets under management.
Baltimore life is distributed through independent agents in 49 states and the District of Columbia. (No New York Business)
Baltimore Life Insurance Company Ratngs
Baltimore Life Insurance received stellar ratings for financial stability. This indicates that the company is in strong position to meet it's obligations going forward.
- A.M. Best Company: The Baltimore life insurance rating given by A.M. Best was an B++ (Superior). This is the fifth best possible out of 16 total ratings.
- Fitch Ratings: Baltimore life insurance is not covered by by Fitch.
- Comdex Score- Baltimore Life is not covered by Comdex.
Baltimore Life Insurance - (Term)
Baltimore Life offers simplified issue term life insurance. The policies offered are 10,15,20, and 30 year terms like many of the best life insurance companies.
Baltimore life term policies have conversion privileges that are policy specific.
The primary difference between these policies and most term policies is that underwriting is instant (done while you wait on the phone). This process is both convenient and more expensive than traditional coverage.
Other Baltimore Life Products
In addition to it's term life insurance product, Baltimore Life also offers small whole life insurance for "final expenses". Although these products can be found with better pricing in the open marketplace, they are worth noting.
Additionally, Baltimore life insurance company is a virtual insurance/financial services supermarket.
- Long Term Care
- Critical Illness
- Dental care
- Medicare Supplement
Baltimore Term Life Insurance Rates and Quotes
Because Baltimore life term insurance is not not carried by most independents at this time (possibly changing), you will need to contact the Baltimore Life company to get a Baltimore life term quote
You can then take that quote and compare with the major carriers quotes that are available by using the quote tool on this site.
Are Baltimore Term Life Insurance Rates Competitive?
Maybe not the answer you were looking for, I know. It is however, the truth.
Carriers that are distributed through independent brokers, but are not carried by those same brokers are usually disregarded for one reason: Price.
Baltimore life markets a more competitive whole life "final expense" product that is carried by most independents.
Cases where Baltimore Life Insurance is not a great choice
While Baltimore Life may be competitive with "final expense"carriers for certain circumstances, the fact remains that they are not competitive with term. Moreover, even with final expense, different carriers have differing appetites for specific health risks.
Is Baltimore Life competitive on all of them? Not likely.
If you have a specific condition, you are best off speaking with an independent agent to find out which carrier will give you the best chance to get approved at a great rate.
That being said, if you are using Baltimore Life Insurance for other financial services, you may want to keep everything under one roof.
Baltimore Life Insurance Suicide Exclusions
The 2 year suicide clause that is part of all life insurance policies in the United States, is the same. (Note that some states use a 1 year exclusion)
Baltimore Life Insurance Customer Service
The National Association of Insurance Commissioners reports a complaint index of .00 for Baltimore Life. This is well below the national average of 1 percent
Additionally, while Baltimore Life Insurance is not rated by JD Power & Assoc., it has a BBB rating of A+.
Baltimore Life Insurance Contact Info
Address:10075 Red Run Boulevard
Owings Mills, MD 21117
The Baltimore Life Insurance Review Final Verdict
Is Baltimore Life Insurance Company right for you?It really all depends on your situation.
If you have notable health impairment(s), you will likely be better suited by shopping around on the open market where it is convenient to make apples to apple comparisons.
Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that Baltimore life can't offer.
However, if you happy with other services being being provided by Baltimore Life Insurance and in good health, it may be convenient to keep things "in house".
Thank you for choosing the Life Insurance Help Desk to shop for life insurance.
Bonus: The most common mistakes people make buying life insurance and how to avoid them