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If you have people that you care about in your life, then you don’t want to leave them in a state of financial hardship if the unexpected were to occur. Unfortunately, when a loved one passes away, it is the survivors, and those who are left behind that can also often end up facing bills and debt to be paid.
Even if you do not currently have any credit card or other debt obligations, family members can be responsible for paying the cost of a funeral and other final expenses. Today, when factoring in the price of a memorial service – along with flowers and transportation – as well as a headstone and a burial plot – loved ones may face an average expense of $10,000 or more.
While many people do not have this amount of cash readily available, there is a way that you can provide those you love with the peace of mind in knowing that these expenses are already taken care of. That is through the purchase of a burial insurance policy.
Burial insurance, which is also typically referred to as final expense insurance or funeral insurance coverage, is a type of life insurance protection that can be used for paying such final expenses. Typically, this type of policy will have benefits in the range of $5,000 to $25,000. However, some insurance carriers will offer a higher amount of benefit.
When you are seeking the right burial insurance plan, it is important that you have a good idea of your anticipated coverage needs. It is also recommended that you review the insurance carrier that you are considering purchasing the final expense insurance coverage through. That way, you will be better able to tell if the insurer has a strong financial foundation and if it has a good reputation for paying out its policy holder claims. One insurance carrier that fits into these parameters is the Baltimore Life Insurance Company.
The History of Baltimore Life Insurance Company
The Baltimore Mutual Aid Society of Baltimore City was initially founded more than 135 years ago, in 1882. The original owners of the insurer pooled their funds and began the company with a total of just $260.93
Over the years, the company has grown and expanded significantly, becoming a trusted leader in life insurance protection, as well as other wealth saving and enhancing financial products. The company has more than 300,000 policy holders – both individuals and businesses – that span across the United States and the District of Columbia.
The Baltimore Life Insurance Company has a focus on offering financial and insurance protection to those who are in the middle-income segment of the U.S. The company is headquartered in Owings Mills, Maryland.
The Baltimore Life Insurance Company Review
Ever since its beginnings, the Baltimore Life Insurance Company has served the mutual interests of its policy holders, as well as the communities in which it serves. The actions of those who represent Baltimore Life are guided by the company’s commitment to the following:
- Openness and honesty
- Integrity and respect
- Making a positive difference
- Financial discipline
Baltimore Life Insurance is considered to be financially stable, and as of year-end 2016, the company has nearly $1.2 billion in invested assets and roughly $1.241 billion in total assets. For the year of 2016, the company had sales figures that exceeded 8 percent as compared to 2015 – and the company’s invested assets also increased over that same period.
Insurer Ratings and Better Business Bureau Grade
Due to its conservative invested assets – along with its timeliness in paying out customer claims – the Baltimore Life Insurance Company is rated as a B++ (Good) by A.M. Best Company, which represents the fifth highest rating out of a possible sixteen.
Also, even though the Baltimore Life Insurance Company is not an accredited business through the Better Business Bureau (the BBB), this insurer has received a grade by the BBB of A+. This is on an overall grading scale of A+ to F.
Over the past three years, the Baltimore Life Insurance Company has only received and closed out a total of three customer complaints. Two of these have been closed out within the past 12 months. Of the three total complaints, all had to do with problems with the company’s product and service.
Burial Insurance Plans Offered by Baltimore Life
Baltimore Company offers several options regarding burial insurance coverage. These include the Silver Guard l, ll, and lll. All of these final expense/burial insurance options are geared towards applicants who are between the ages of 50 and 80, and who want to ensure that those they care about are not left with uncovered expenses upon their passing.
The benefits include the following:
- Guaranteed level premiums throughout the life of the policy. The premiums on this coverage are fixed from day one, and will never go up throughout the life of the policy.
- Guaranteed cash value accumulation. Because the Silver Guard burial insurance plans are a permanent form of insurance coverage, there is a cash value/savings component in these policies – in addition to the death benefit coverage. Cash is allowed to accumulate over time on a tax deferred basis, which means that there is no tax due on the gain of the funds, unless or until the money is withdrawn. Funds may be either withdrawn or borrowed for any reason.
- Coverage that cannot be canceled (other than for the non-payment of premium). Because the Silver Guard burial insurance coverage from the Baltimore Life Insurance Company is non-cancellable, the protection will never be canceled – even as the insured’s age increases, and even if they contract a severe health issue (provided that the premiums are paid).
Coverage can be approved without the need to undergo a medical examination and any blood tests. All an applicant needs to do is answer a few health related questions that are on the application for coverage.
Because there are no blood or medical underwriting requirements to wait for, these policies can be approved very quickly – allowing seniors to ensure financial protection. In some cases, coverage may even be approved and issued on the same day of application.
The Silver Guard l plan offers a guaranteed level amount of death benefit, which means that from the date of policy issue, the amount of the life insurance coverage will never decrease. And, up to $1,000 of the policy’s death benefit can be made immediately available after the insured’s passing while waiting for the remainder of the proceeds to be paid out. This can allow loved ones to pay any immediate financial obligations.
With the Silver Guard ll and lll plans, there is also a guaranteed death benefit. These plans are geared more towards those who may already have an underlying health condition before they apply for coverage. With these policies, if the insured passes away due to natural causes, the policy beneficiary can receive 25 percent of the policy’s face amount in year one, and 50 percent of the face amount if the insured passes away during the second year of being covered by the plan. Should the insured pass away anytime in year three or after that, 100 percent of the policy’s face amount will be paid out.
As with the Silver Guard l policy, Silver Guard ll and lll offer level premiums that cannot ever increase. So, over time, these policies can remain affordable. Likewise, because the coverage is non-cancellable, as long as the premium is paid, coverage will remain in force.
Other Products and Services Offered
In addition to burial insurance coverage, the Baltimore Life Insurance Company also provides numerous other helpful products and services to its clients, including:
- Life Insurance Protection – Baltimore Company, offers a broad range of different life insurance coverage options. These include both term and permanent policies, such as the Secure Solutions Protector Level Term Insurance, the Home Secure Simplified Issue Level Term Life Insurance, the Secure Solutions Advantage Whole Life Insurance, the Lifetime Navigator Universal Life Insurance, the Generation Legacy (which allows for the transfer of money from non-qualified annuities and other qualified plans and provides an easy and tax-efficient manner of passing a large gift to loved ones), and the Secure Solutions Single Premium Whole Life plan.
- Critical Illness Insurance – With critical illness insurance, a payout can be received by the insured if he or she is diagnosed with a qualifying health condition, such as heart attack, cancer, stroke, kidney failure, and the need for a major organ transplant.
- Retirement Solutions – Because so many people are living longer today, a primary fear for retirees is outliving their money. But having an annuity can ensure that an income stream continues for life. The Baltimore Company offers several retirement annuity alternatives, such as the Flexible Premium Retirement Annuity (FPRA), the Single Premium Deferred Annuity (SPDA), and the Single Premium Immediate Annuity (SPIA).
- Workplace Financial and Insurance Options – some workplace solutions can be offered by business owners to help protect their employees. These include the Benefit Solutions Whole Life Insurance coverage, Critical Illness Insurance, and other coverage products like disability insurance, dental insurance, long term care insurance, and personal major medical coverage.
- Financial Needs Analysis – Through the company’s Financial Needs Analysis, consumers can determine – in a no-cost, no-obligation manner – how much insurance coverage they may need. This can help consumers to adequately protect those they love, without having to pay for coverage that is out of their budgetary range.
- Prescription Savings Program – Through the company’s ScriptSave program, insured can save on necessary prescription medications.
- Personal Planning Guide – As a service to policy holders’ loved ones, the Baltimore Life Insurance Company offers a personal planning guide that can help individuals to record valuable information that can help their loved ones with handling future financial affairs.
- Identification Program – Baltimore Life also offers an identification program which can help with enhancing the safety of the communities in which it serves.
- Grants Program – With the grants program through Baltimore Life, certain organizations may be eligible for a financial grant that can help them to move forward with various projects and programs.
How to Get the Best Premium Rate on Burial Insurance
If you are seeking the best premium rate on burial insurance from the Baltimore Life Insurance Company – or from any insurer – we can help. We are an independent life insurance brokerage, and we work with many of the top burial insurance policy providers in the market place today.
We can assist you with getting all of the essential information that you need for deciding on the proper type and amount of protection, and to also secure this coverage within your budget.
This can be accomplished very quickly and easily – all directly from your computer – without you having to set up an in-person meeting with a life insurance agent. If you are ready to move forward with determining the burial insurance plan that is best for you, then just simply fill out our quote form.
If you find that you still have any additional questions regarding burial insurance coverage, please feel free to reach out to us directly via telephone. Our experts can be reached, toll-free, by calling 888-389-8676.
While the purchase of a burial insurance plan may seem to be a bit overwhelming, there are ways that you can obtain the coverage that you need – and the process can be smooth and seamless – as well as within your budget. By working with a burial insurance expert, you can ensure that your loved ones will have the peace of mind that they deserve. So, contact us today – we’re here to help.