subject: Monumental Life Insurance [print this page] Monumental Life InsuranceCompany is one of the leading insurance companies in the US and the rest of the world today. It offers various insurance policies, ranges, coverages as well as less common niche types of insurance policies aimed at specified and small market segments. Its success has been attributed to excellent services to its customers and this has led to its tremendous growth in the insurance policy market as well as its strong financial ability and great performance.
History of monumental life insurance
Monumental life insurancewas founded in 1858 in Maryland State in USA. It was originally known as Mutual Insurance Company of Baltimore and they then offered life insurance and fire insurance policies. It is a subsidiary of AEGON, a Dutch insurance giant company since 1989 which is located in Holland.
Monumental life insuranceproducts and policies target the middle class level group of people and their products are designed to meet the protection and security of the consumers. This is done by conducting a needs analysis by its marketing department of their potential and existing customers.
Monumental life insurance products
Monumental Life Insurance Company offers a wide range of insurance policy products but mostly specializes in life insurance policies and they are therefore able to offer quality services to the consumers.
Their products include:
Universal life insurance policy. This policy is also called interest sensitive whole life insurance policy and here two different products are offered: the Dynamic 1 which is available at the value of up to $24000 and the Dynamicmax which is available at the value of $25000.Both policies use current or excess payments so as to enhance the cash value or the coverage.
Whole life insurance policy. This is a policy that is guaranteed until the policy holder is deceased. These policies are divided into three main variations which are available starting from a $1000 price and are offered for both children and adults. Two identical premiums that pay for life are available at the age of 65 and 95.the only difference being the number of premium payment. This policy is offered to people of 55 years and below .The third policy of whole life insurance offered by monumental life insurance is the Limited pay life plan which divides the payments over 10,15 or 20 years and is offered to customers of the age between 0-80.
Monumental life insurance also offersterm life insurance policiesin 5, 7 and 12 year increaments.The policies are renewed at the end of the contracted time. However they restrict renewal terms and issuing of term policies to individuals less than 55 years old on most of their policies. The value term 7 is the only policy offered after the age of 55 and is renewable up to the age of 80.
Mortgage protection policiesfor 25 to 30 years is also available through monumental life insurance. This policy is designed to decrease the protection annually as the outstanding balance of your mortgage decreases. It approximates the principle balance with a10% interest rate but the mortgage premiums remain the same during the period agreed upon.
Monumental life insurance also offers consumers several special insurance policies that are usually ignored and unadressed.They is aimed for a specific niche and they include theFlex65that serves individuals between the age of 18 to 55 years which has a stable premium but decreased protection after the age of 55.
Monumental life insurancealso offers 12 policies that guarantee insurability for 12 years before the first term contract.
Advantages for applying with monumental life insurance
Every person should have a comprehensive life insurance policy that provides protection and financial stability for the family. The following are pros of monumental life insurance policies:
Life insurance policies provide financial assistance for burial expenses which would have been incurred by family members and are usually unplanned for.
It also helps in case of emergency occurrences such as divorce, if you are retiring or changing the occupation field or employer.
Life Insurance policies are very essential since they help us plan and secure our finances and the best life insurance covers and policies are available at monumental life insurance.
by: Alex Shawn
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