Mutual Trust Life Insurance Review

Mutual Trust Life Insurance Company Review 2020

By James Tobin, CFP®

Last Updated on

 

Critical Takeaways

  • A.M. Best Rating :  A
  • Term and Whole Life Offered
  • Corporate Parent -Spanish friendly  
  • Term Pricing Inconvenient to Compare
Mutual Trust Life Insurance Review

Life Insurance Help Desk Rating

Mutual Trust Life Insurance Specifics

Policy Options

Term, UL, Whole Life

Term Lengths

10,15,20,30

Riders

Available

Ratings

 A  -A.M. Best,  A  -Fitch

States

NY Unavailable

Pricing

Less Competitive

Customer Service

Issue Age

18-75 Term

Min. Coverage

$100K

No Exam Option

Yes

MUTUAL TRUST LIFE INSURANCE COMPANY REVIEW 2020
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Mutual Trust Life Insurance Specifics

Policy Options

Term, UL, Whole Life

Term Lengths

10,15,20,30

Riders

Available

Ratings

 A  -A.M. Best,  A  -Fitch

States

NY Unavailable

Pricing

Less Competitive

Customer Service

Issue Age

18-75 Term

Min. Coverage

$100K

No Exam Option

Yes

Expert Review Of Mutual Trust Life Insurance Company

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Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

Mutual Trust Life Insurance (MTL) is a member of the Pan-American financial services family.

This review will address company history, financial ratings, and the positives and negatives of Mutual Trust Life Insurance Company.

Additionally it will address some specific  situations where it may make more sense to go outside the Mutual Trust Life Insurance Life Insurance family of products. 

The goal is to make sure that you get the policy that provides you the most value.

Mutual Trust Life Insurance Company History

Founded in 1904  Mutual Trust has grown to be part of a 2 Billion dollar enterprise. MTL, itself, accounts for approximately $200,000,000 a year in US premiums or well less than 1 % of the overall market.  

While the carrier offers term life insurance (the focus of this site), Mutual Life's primary focus in the life insurance market has been whole life insurance. 

The success in the cash value life insurance world has evolved into annuity sales as well.

It is worth noting that the Pan American life insurance group (the parent organization) is very well known in the Spanish speaking market.

Mutual Trust Life Insurance Company Ratings

Mutual Life Insurance received stable ratings for financial stability. This indicates that the company is in strong position to meet it's obligations going forward.  

A.M. Best Company: MTL life insurance rating given by A.M. Best was an A (Excellent). 

Fitch Ratings: MTL life insurance rating given by Fitch was an A (Very Strong). This is the second highest out of 21 possible total ratings.

Comdex Score- 78/100

Mutual Life Insurance - (Term)

MTL offers traditional term life insurance. The policies offered are 10,15,20, and 30 year terms like many of the best life insurance companies.   

MTL term policies have conversion privileges to all MTL permanent products. Note that conversion privileges are policy specific.

Other MTL Products

In addition to it's term life insurance product, Mutual Life Insurance also offers  Universal life insurance and it's flagship whole life insurance. Although these products can be found with better pricing and stronger riders in the open marketplace, they are worth noting.

Additionally, MTL is a participant in the annuity marketplace.

MTL Term Life Insurance Rates and Quotes

MTL only markets it's products directly and though MTL and through Independent brokers.  

Because Mutual life is not carried by most independents at this time (possibly changing), you will need to go to the the MTL site to get a Mutual life Insurance quote.

You may need to set up an appointment through a representative as there is no obvious quote path.

Once you obtain a quote ,you can  compare with the major carriers quotes that are available by using the convenient quote tool on this site.   

Are MTL Term Life Insurance Rates Competitive?

Hard to tell.

Probably not the answer you were looking for, I know. It is however, the truth. 

Because MTL does not make it easy for the public to access rate information, it is difficult to make apples to apples comparisons.  

However, it has been our experience that companies (even good ones), that are not conveniently transparent with pricing , are seldom the price leaders. 

Price busters, like Banner LifeProtective and Lincoln are likely to be  less expensive. Whereas impaired risk carriers like Prudential may be  slightly more.

Cases where Mutual Life Insurance Company is not a great choice

While MTL may be competitive with major carriers for certain circumstances,  the fact remains that different carriers have differing appetites for specific health risks. 

Is Mutual Life Insurance 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 MTL Financial for other financial services, like annuities,  it may make sense to keep everything in house.   

MTL 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)  

Mutual Life Insurance Customer Service

The National Association of Insurance Commissioners reports a complaint index of .00 for MTL. This is well below the national average of 1 percent

Additionally, while MTL Life Insurance is not rated by JD Power & Assoc., it has a BBB rating of A+.

Mutual Trust Life Insurance Contact Info:

Address:1200 Jorie Boulevard
Oak Brook, IL 60523

Phone:(800) 323-7320

Web:https://www.mutualtrust.com

The Mutual Trust Life Insurance Review Final Verdict

Is MTL 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 MTL can't offer.

However, if you happy with other services being being provided by Mutual Trust 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

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