Monumental Life Insurance Review (2024)
Our Monumental life insurance review discusses the company's history, life insurance products, industry ratings, and more. Monumental Life Insurance Company is in the process of changing its name to Transamerica Life Insurance Company. They offer term life, whole life, universal life, index universal life, and final expense life insurance. Read more below.
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
UPDATED: Mar 25, 2024
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Mar 25, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Monumental Life Insurance Company is also known as Transamerica Life Insurance Company.
- They offer term life insurance, whole life insurance, universal life insurance, index universal life insurance, and final expense life insurance.
- You may get a quote by contacting the company on its website or by phone, as well as by searching for an insurance agent near you.
Monumental Life Insurance Company has been in the process of changing its name to Transamerica Premier Life Insurance Company. They offer multiple types of insurance and other financial services.
Today, we’ll discuss its life insurance products, rates, industry ratings, the best types of policies, and more all in our Monumental life insurance review.
If you need help during your search for adequate life insurance, enter your ZIP code into our free quote comparison tool above.
Who is the Monumental Life Insurance Company?
The Monumental Life Insurance Company was founded in 1858 as the Mutual Life Insurance Company of Baltimore. Its primary insurance products were life insurance and fire insurance.
The name of the company changed to the Monumental Life Insurance Company during the 1930s when they began to offer more insurance products through both in-house agents and independent insurance agents.
By merging the Monumental Life Insurance Company and Life Investors Financial Group, Inc., Transamerica Agency Network, Inc. was created. The Monumental Life Insurance Company has been in the process of changing its name to Transamerica Premier Life Insurance Company since approximately 2014.
This change is in name only and does not affect coverages, policies, or premiums. The company headquarters is now located in Cedar Rapids, Iowa, and has offices in Baltimore, Maryland.
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What life insurance products does Monumental offer?
Monumental offers term life insurance, whole life insurance, universal life insurance, index universal life insurance, and final expense life insurance. Let’s take a look at each of these in a little more detail.
Term Life Insurance
Monumental offers term life insurance in 10-, 15-, 20-, 25-, and 30-year terms ranging from $25,000 to $10 million. Depending on your specific circumstances, they may even offer higher coverages.
While most policies require a medical exam, some individuals under a certain age and coverage amount can be approved by just answering medical questions.
Monumental’s TrendSetter Super may be converted to a permanent policy after the initial term period. Its trendsetter LB policy offers up to $2 million in coverage with living benefits, such as an accelerated death benefit if you are diagnosed with a chronic, critical, or terminal illness.
Whole Life Insurance
Monumental offers both individual and group whole life insurance.
The individual whole life insurance offers coverage from $25,000 to $2 million. It also allows you to borrow against the cash value of the policy for living expenses.
Read more: Top Life Insurance Company That You Can Borrow From
Group whole life insurance offered through your employer can offer coverage up to $25,000 with approval based on answers to a medical questionnaire.
Universal Life Insurance
There are two parts to Monumental’s universal life insurance: the death benefit and cash value. You can choose how much of your premium is going toward the death benefit and how much is going toward the cash value component to withdraw from as needed.
Index Universal Life Insurance
The index universal life insurance policy has multiple choices in indexing. Your policy could grow in cash value based on the interest rates of the S&P 500 Index, EURO STOXX 50 Index, and Hang Seng Index.
Its Transamerica Financial Foundation IUL (FFIUL) policy may allow you to access the cash value of your policy during retirement for living expenses. The policy comes with a guaranteed interest rate floor and the ability to withdraw cash tax-free.
Final Expense Life Insurance
Monumental offers three final expense life insurance policies without a medical exam needed: Immediate Solution, 10-Pay Solution, and Easy Solution.
The Immediate Solution and 10-Pay Solution policies offer coverage up to $50,000 depending on age. While the Immediate Solution is a permanent policy (paid out at age 121), the 10-Pay Solution is a 10-year term policy.
The Easy Solution policy is a graded death benefit with coverage up to $25,000 depending on the cause and timing of death.
How much is Monumental life insurance?
Monumental life insurance rates can be difficult to find online. You will have to get a quote from an insurance agent to get an exact rate, but we can give you a look at the average rates for a 20-year term life insurance policy for males.
Sample Monthly Rates for a Male on a 20-Year Term Life Insurance Policy| Age | $100,000 Policy Sample Monthly Rates for Males | $250,000 Policy Sample Monthly Rates for Males | $500,000 Policy Sample Monthly Rates for Males | $1,000,000 Policy Sample Monthly Rates for Males |
|---|---|---|---|---|
| 20 | $9.03 | $12.90 | $19.69 | $34.62 |
| 30 | $9.03 | $13.11 | $20.12 | $38.27 |
| 40 | $10.92 | $19.01 | $32.68 | $58.48 |
| 50 | $22.27 | $40.85 | $74.39 | $143.96 |
| 60 | $53.23 | $110.28 | $205.97 | $406.54 |
| 70 | $207.52 | $411.85 | $804.87 | $1,546.62 |
And here are the average rates for a 20-year term life insurance policy for females.
Sample Monthly Rates for a Female on a 20-Year Term Life Insurance Policy| Age | $100,000 Policy Sample Monthly Rates for Females | $250,000 Policy Sample Monthly Rates for Females | $500,000 Policy Sample Monthly Rates for Females | $1,000,000 Policy Sample Monthly Rates for Females |
|---|---|---|---|---|
| 20 | $8.26 | $11.52 | $16.68 | $27.86 |
| 30 | $8.26 | $11.70 | $17.11 | $28.72 |
| 40 | $10.23 | $15.26 | $25.37 | $50.09 |
| 50 | $18.09 | $31.56 | $56.67 | $113.73 |
| 60 | $36.98 | $77.90 | $144.96 | $294.55 |
| 70 | $157.21 | $382.48 | $730.14 | $1,406.10 |
Some Monumental products are comparable to competitors, but others may be more expensive.
What are Monumental industry ratings?
Monumental Life Insurance Company is listed as Transamerica Retirement Solutions on the BBB website. While the company is not accredited by the BBB, it does have an A+ rating. There are three customer reviews that leave it with a 1/5 star rating, plus 36 complaints closed in the last year.
A.M. Best has evaluated the company’s financial strength and reputation to give consumers an idea of how well the company can pay claims. According to their page listed under Transamerica Life Insurance Company, Monumental has an A rating, meaning they have excellent financial strength.
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How can I get a quote?
Monumental does not offer quotes online. You must contact them by using the contact form on its website, calling, or searching for an agent in your area using your ZIP code.
Monumental Life Insurance Company is also known as Transamerica Premier Life Insurance Company. They offer multiple life insurance products, including term life insurance, whole life insurance, universal life insurance, index universal life insurance, and final expense life insurance.
Rates are not listed on its website and Monumental life insurance quotes are not easily offered online, but its rates may be a little more expensive than its competitors. You may contact the company or an insurance agent near you for more information.
Before you buy Monumental life insurance, use our free quote comparison tool to find affordable life insurance from a company near you.
Your one-stop online guide for life insurance quotes. Get free quotes now!
Secured with SHA-256 Encryption
Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.