Boston Mutual Life Insurance Reviews [Whole Life vs. Term Life]

Boston Mutual operates under a simple philosophy. Boston Mutual employees are to treat every client and every business partner with the same devotion and respect that you would show its own family.

So does Boston Mutual Life up to its own standards?

Our Boston Mutual life insurance review will evaluate its life insurance products.

We’ll review where we feel Boston Mutual’s products fit in the market and how Boston Mutual partners with the best life insurance companies in the industry to grow their life insurance offerings.

Boston Mutual Life Insurance Reviews

Boston Mutual Life Insurance Company is a great insurer, but unless you want whole life insurance, they are not the right company for you since they don’t underwrite other products.

However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.

You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.

Boston Mutual Life Insurance will even be one of the options for the rates displayed that you can view depending on the parameters and coverage amount you are searching for.

You can do this easily by using our rate engine directly below.

About the Boston Mutual Life Insurance Company

Boston Mutual Life Insurance Company was founded in 1891 and is headquartered in Canton, Massachusetts.

Boston Mutual Life has been honoring their obligations to its policyholders for over 125 years in the public and private sector.

Boston Mutual Life Insurance Company started with individual sales, but in 1956, branched out into the group insurance market.

Today, they do business in all 50 states. Boston Mutual also has a subsidiary, which partners with other insurers to expand its individual product offerings.

Boston Mutual Life Insurance Company offers families individual life insurance solutions as well as workplace solutions to protect your loved ones.

Boston Mutual Life’s flexible insurance options ensure that your family will get precisely what it needs should you die prematurely.

Boston Mutual Life Insurance Company also believes in giving back to the communities that they serve through its robust corporate citizenship program Making an Impact.

The Boston Mutual Life family supports its local communities through volunteerism and charitable giving.

A little known point to consider when selecting a life insurance company is how that life insurance company is structured.

Publicly-traded insurance companies answer to shareholders, but Mutal life insurance companies, like Boston Mutual, are owned by their policyholders.

Boston Mutual Life Insurance Company Ratings and Financials

Boston Mutual Life Insurance Company is as reliable as they come.

Boston Mutual Life has been paying its claims to policyholders for over 125 years. That is a proven track record of excellence.

In addition to Boston Mutual Life Insurance Company’s pristine reputation, they are highly rated by third-party rating agencies.

The A.M. Best Company rates Boston Mutual Life Insurance Company as an A (Excellent) with a stable outlook as recently.

An A rating is one of the top ratings that A.M. Best issues and displays a strong ability to meet its obligations to its policyholders.

In 2018, Boston Mutual Life Insurance Company reported over $1.4 billion in assets, and its surplus has more than doubled in the past 9 years!

Boston Mutual Life Individual Life Insurance Options

Boston Mutual Life Insurance Company offers whole life insurance through its main company and its subsidiary BML Insurance Agency partners with other life insurance companies to provide term life insurance, universal life insurance, and final expense insurance.

Our Boston Mutual Life Insurance review will focus on its proprietary whole life products and workplace solutions.

The BML Insurance agency offers other company’s life insurance products, which would be reviewed separately.

Boston Mutual offers two plans (Infinite Life and Legacy Life) that are available outside of workplace coverage.

The Infinite Life series is offered to the general public, and the Legacy Life series is offered to federal, state, and municipal employees only.

Boston Mutual Infinite Life

The Boston Mutual Infinite Life whole life plan in an affordable life insurance policy that you can use to supplement your group coverage with lifetime death benefit protection.

The Infinite Life plan builds guaranteed cash value that increases annually tax-deferred.

The Boston Mutual Infinite Life whole life plan is eligible to receive annual dividends issued from the profits of the Boston Mutual Life Insurance Company.

These dividends can be used to lower your premiums or reinvested as paid-up additions growing your death benefit and cash value.

You can borrow your cash value with a tax-advantaged loan secured by the death benefit.

Also, you can “cash in” your Boston Mutual whole life policy and receive the cash surrender value if you no longer need the death benefit protection.

Infinite Life Features:

  • Guaranteed premiums that can never increase
  • Lifetime guaranteed death benefits
  • Eligible for dividend payments
  • Builds guaranteed cash value
  • Minimum death benefit $2,500 – $250,000
  • No-exam underwriting under $100,000
  • Optional riders (children term, accidental death, waiver of premium)
  • Optional Premium Deposit Fund

Boston Mutual Legacy Life Series

Boston Mutual Life Insurance Company also has created products to serve the hardworking men and women of the federal, state, and municipal governments of the United States.

These private policies can supplement group employer benefits.

Group life insurance is usually inexpensive when you are young and healthy, but most plans increase significantly in cost as you age.

If you are separated from your employment, you could lose or be unable to afford your coverage when you need it the most.

The Legacy Life Select policy will accumulate guaranteed cash values but is not currently eligible to receive dividend payments.

The cash accumulation can be accessed through tax-advantaged loans and grows tax-deferred.

The benefit of supplementing your government benefits with the Legacy Life Select plan is that it is a private policy with lifetime death benefits.

Your premiums are guaranteed to never increase, and your cash value accumulation is guaranteed to mature at age 98.

The underwriting for the Legacy Life Select plan is simple. All you need to do is answer a few simple health questions in order to determine your eligibility.

Your premiums are conveniently paid through employee elected allotments as well.

Boston Mutual Life Insurance Company also overs a non-government employee version of the policy called the Legacy Life Express.

The Infinite Life Plan that requires a medical exam above $100,000, but the Legacy Express is 100% no-exam life insurance up to $250,000 death benefits

Legacy Life Features:

  • Cash accumulation matures at age 98
  • Premiums cannot be increased
  • No-exam underwriting up to $250,000
  • Optional rider (children term, accidental death, waiver of premium)

Boston Mutal Group Insurance Solutions

While Boston Mutual Life Insurance Company only offers whole life insurance to individuals, it offers a wide selection of life insurance coverage on the group level. These plans are offered to employers that want to offer life insurance to their employees as a benefit.

Boston Mutual Group Life Insurance options:

  • Group term life insurance
  • Interest sensitive life insurance
  • Group term life and accidental death and dismemberment insurance

Outside of group life insurance plans, Boston Mutual also offers other employer insurance plans such as group accident coverage, group critical illness coverage, as well as group short-term and long-term disability.

Final Thoughts: What do agents think about Boston Mutual?

Independent agents can work with multiple life insurance companies, unlike captive agents, who can only sell one companies products.

After working with dozens of life insurance companies, we can assure you that not all life insurance companies are equal.

We like that Boston Mutual knows what it is best at.

Boston Mutual only offers whole life insurance to individuals. Instead of reinventing the wheel, Boston Mutual partnered with other life insurers to offer quality term life, universal life, and final expense coverage.

Boston Mutual has some innovative features like the optional premium deposit fund that accrues interest on your premium deposits that can be used to pay future or overdue payments.

Additionally, we applaud their embrace of no-exam underwriting.

However, no-exam underwriting can add an additional cost to the policy. We recommend looking at all your options before you make a decision.

Our veteran agents can compare Boston Mutual’s rates to the rates of over 25 top-rated life insurance companies.

Different life insurers have different thoughts on rates and underwriting. If you have a pre-existing condition, or even if you are in superman level health, Boston Mutual might not be the right life insurance company for you.

Let our agents save you money on your life insurance. Our agents are experienced field underwriters and will give you their honest analysis with no obligation.

Request a quote today from our website or give our team a call.


Resources: Boston Mutual Life Insurance