Baltimore Life Reviews – Rates and More!

This Baltimore Life review will give you all the details that you need if you are considering Baltimore Life insurance to protect your family.  We will cover Baltimore Life’s credit rating, history, and life insurance products.

Baltimore Life Reviews

There are hundreds of life insurance companies operating in the United States, but is Baltimore Life the right one for you? If you are considering purchasing life insurance with Baltimore Life, do not move forward without reading this review.

Shall we begin?

Baltimore Life Insurance History

Five businessmen in 1882 founded the Baltimore Life Insurance company, which at the time was known as the Baltimore Mutual Aid of Baltimore City.  Quite a mouthful, but eventually the company shortened its name to the Baltimore Life Insurance Company that we know today.

During that time period, many families looked to life insurance to cover burial expenses.  Today, Baltimore Life still his helping families bury their loved ones as a big player in final expense insurance.

Baltimore Life has weathered through the Great Depression, the Great Recession, and two world wars. From the modest beginnings of just $260.93 in total assets, Baltimore Life has grown into a nationwide company that manages over $1 billion in assets.

The Baltimore Life Insurance Company Rating

A.M. BestBBB
B++
A+

Baltimore Life is rated a “B++” (Good) by A.M. Best.  B++ is just below an investment grade rating.  Baltimore Life can be viewed as being in fair financial health with a good ability to meet its ongoing life insurance obligations.

While Baltimore Life does not hold an investment-grade credit rating, it is generally viewed as financially stable.  That being said, we try to recommend life insurance companies with “A” ratings that are in excellent financial health when possible.

Baltimore Life Insurance Company has not been accredited by the BBB but has received an A+, which is their top rating.  While every business has complaints, Baltimore Life complaints are few and far between.

Baltimore Life Insurance Solutions

Baltimore Life offers term life, universal life, and whole life insurance.  They also offer other financial services products, such as annuities, critical illness insurance, long-term care insurance, disability insurance, and more.  However, for the purposes of this review, we will focus strictly on their life insurance products.

Baltimore Life Term Life Insurance

Term life insurance is a cost-effective way of achieving higher death benefits temporarily.  Term insurance is a great solution for replacing your income, covering your mortgage, or providing funds for higher education upon your passing.

Baltimore Life offers term life insurance in 10-year, 15-year, 20-year, and 30-year term options.  Your monthly premium will remain fixed for whichever term period you select. Additionally, there is no savings component or cash value associated with term insurance.

Baltimore Life’s term life insurance can be converted to a permanent life insurance plan made available at the time of conversion. Having conversion options offers great flexibility later on in life if you decide you want to keep a portion or all of your term policy

Baltimore Life Final Expense Insurance

Baltimore Life started serving its customers with burial insurance and that service lives on today.  Baltimore life offers affordable whole life insurance in order to cover burial and final expenses.

Final expense policies usually are simplified issue whole life policies. This means you can avoid the hassle of a medical exam and get covered quickly and simply.  Baltimore Life issues final expense insurance for people between the ages of 50-80.

Simplified issue is different then guaranteed issue life insurance.  You still need to qualify for 1st-day or level coverage medically. Baltimore Life has three tiers of coverage with their final expense policies; the Silver Guard I, II, and III.

The Silver Guard Death Benefit Tiers:

  • Silver Guard I - Guaranteed Level Death Benefit from date of issue
  • Silver Guard II and III - Graded Death Benefit in the first 24 months
  • Accidental Deaths receive 100% of the death benefit from day 1
  • Medically-related deaths receive 25% of the death benefit in the first 12 months
  • Medically-related deaths receive 50% of the death benefit in months 12-24
  • Medically-related deaths receive 100% of the death benefit after 24 months

Like traditional whole life policies, final expense whole life insurance guarantees level premiums for the remainder of your life.  Also, final expense whole life insurance grows modest cash value over time that can be accessed in a pinch if needed.

Baltimore Life Whole Life Insurance

Whole life insurance is a form of permanent life insurance. Whole life insurance is designed for permanent life insurance needs like final expenses and burial costs or estate planning. Whole life insurance provides lifelong death benefit protection with the most guarantees of any life insurance policy.

Whole life has guaranteed cash accumulation, guaranteed level premiums, and guaranteed death benefits.  The policy may also receive non-guaranteed dividend payments that can be reinvested within the policy to purchase additional death benefit or reduce premiums.  The cash value can also be accessed through tax-advantaged loans in a pinch.

Additionally, Baltimore Life offers an optional 10-year or 20-year term rider.  This rider allows you to cover both short-term and long-term needs in one policy and helps keep the monthly premiums affordable.

Baltimore Life Universal Life

Baltimore Life also offers guaranteed universal life policies, which is another type of permanent life insurance policy. Universal life insurance was designed to offer permanent death benefit at a lower cost than whole life insurance.

Baltimore Life includes a lifetime no-lapse guarantee benefit that will ensure your policy never lapses based on poor policy performance as long as you make the minimum premium payments. As a result, guaranteed universal life usually has little cash surrender value if any. If you are interested in cash value, you are better off looking at whole life or indexed universal life.

Baltimore Life Rates for Final Expense

We have included some sample Baltimore Life final expense insurance quotes to illustrate just how great Baltimore’s final expense insurance is.  Please note that you need to qualify for these rates based on your health, lifestyle, and other factors.

Sample Baltimore Life Insurance Quote: Silver Guard 1 (Age 55)

Death BenefitMaleFemale
$ 7,000
$ 29.34
$ 24.30
$ 10,000
$ 39.60
$ 32.40
$ 15,000
$ 76.95
$ 65.47

Please note that these Baltimore Life Insurance quotes are for the standard non-tobacco health class. 

Sample Baltimore Life Insurance Quote: Silver Guard 1 (Age 60)

Death BenefitMaleFemale
$ 7,000
$ 35.64
$ 28.71
$ 10,000
$ 48.60
$ 38.70
$ 15,000
$ 70.20
$ 55.35

Sample Baltimore Life Insurance Quote: Silver Guard 1 (Age 65)

Death BenefitMaleFemale
$ 7,000
$ 43.83
$ 35.01
$ 10,000
$ 60.30
$ 47.70
$ 15,000
$ 87.75
$ 68.85

Please note that these Baltimore Life Insurance quotes are for the standard non-tobacco health class.

The Final Word

Thank you for reading our Baltimore Life review. Baltimore Life has a long company history of serving their policyholders  The Baltimore Life Insurance Company phone number is (800) 628-5433 or you can visit them on the web.

Today, Baltimore Life offers life insurance, disability insurance, and other insurance services to their policyholders.  Overall, Baltimore Life’s life insurance is a solid option and they are well known for their final expense whole life insurance.

If you are concerned about credit rating or are looking strictly for term life insurance there may be a better option out there for you. Give one of our veteran agents a call or request a free no-obligation quote today. A simple phone call could potentially save you thousands of dollars on your life insurance.

Joseph Cirillo of Good Life Protection

Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs.  Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.