Disclaimer: We are not Monumental Life Insurance Company. This review is designed to bring you up to date information about the company and provide unbiased information to consumers.
This Monumental life insurance review is roughly a 3-minute read.
During this review, we will cover several topics, including the name change from Monumental Life to Transamerica Premier as well as potential products offered and complaints to be concerned with about the company.
Additionally, for those of you only needing information on one specific area of the company, we have provided easy to navigate links directly below that will allow you to skip to any specific area of this post that you are interested in learning more about.
Here’s what we intend on covering in this post:
- Our Monumental Life Insurance Review
- Monumental History and The Shift to Transamerica
- Financial Strength Ratings
- Complaints, BBB Ratings, and Customer Satisfaction
- Products Offered by Monumental Life
- Pros of Choosing Monumental
- Cons of Choosing Monumental
- Final Thoughts on Monumental
Lastly, for those of you in a big-time crunch, we wanted to be sure to provide a quick summary of the company below.
Here’s the 30-second overview of what you should know about Monumental Life Insurance Company.
Monumental Life Insurance Company changed its branding and name to Transamerica Premier Life Insurance Company back in 2014.
For all policyholders that were active prior to 2014, nothing changes for you.
Your policies are all 100% valid, assuming you have continued to make your premium payments.
Life insurance companies undergo these changes relatively frequently.
Furthermore, Monumental Life insurance is well known for offering a variety of life insurance products, including term life, whole life, and universal life insurance to consumers.
Monumental wouldn’t necessarily be the most significant household name in the life insurance industry and isn’t necessarily all that competitive compared to other top life insurance companies available.
In 2019, running a quote with the now known “Transamerica” may not be a waste of time, but we know for a fact that you can find better options for your life insurance coverage.
That’s the fastest way to give you the information you need about Monumental Life.
If you do have those 3 minutes to spare to read our short and to the point review, we recommend you stick around and do so directly below.
Here are the details.
Our Monumental Life Insurance Review
Like stated previously, the most significant notable change with Monumental Life Insurance is that 5 years ago, a merger was completed with Transamerica Agency.
Again, don’t be alarmed by this change.
All the products offered have remained the same, and no current policyholders will be impacted.
All life insurance policies remain in force when these mergers take place.
Monumental Life Insurance Co. doesn’t necessarily have the most glowing feedback from consumers, but nonetheless, it’s still a long-standing and reasonably known life insurance provider in the country.
Monumental History and The Shift to Transamerica
Monumental Life Insurance Company is one of the longer-standing life insurance companies in the United States.
Monumental was originally founded in 1858 and currently provides life insurance and other financial products through Transamerica.
What some consumers may not be aware of, is that Monumental Life is in fact, one of the largest life insurance companies in the country due to a strategic partnership with Aegon.
Monumental Life one of the most financially stable life insurance companies offering coverage to consumers.
Financial Strength Ratings
While financial strength ratings don’t necessarily tell the entire story about a life insurance company, they surely help for consumers to have an idea at the stability of the company and the companies ability to honor promises.
Currently, Monumental Life is considered about as good as it gets in this category.
According to A.M. Best, Monumental Life is currently being provided an A+ rating.
This is considered the second-best rating a life insurance company can be provided.
Additionally, Standard and Poor’s and Fitch rate Monumental Life as an A+ and AA- company which is also considered very stable and ranked amongst the top of all life insurance companies.
However, while Monumental Life Insurance Company may be financially strong, their consumer satisfaction, BBB ratings and overall information you can find the company tell a completely different story.
Here are those details.
Complaints, BBB Ratings, and Customer Satisfaction
While reading other reviews online about Monumental Life Insurance, it’s not all that pleasant.
Complaints are about issues with claims-paying and lapsing policies.
At least these are top of the list from most consumers in regards to complaints lodged against the company.
Currently, Monumental Life is only backed by a B- BBB rating, which is lower than we typically see from other life insurance providers.
Additionally, Monumental has more than the average amount of complaints compared to other life insurance companies relative in size.
While this may not paint a full picture for the consumers, it’s certainly worth noting before ultimately deciding if Monumental is the life insurance company for you or not.
Products Offered by Monumental Life
Currently, compared to other life insurance companies, the life insurance products offered by Monumental Life are typical and your “standard lineup” with most life insurance companies.
Here’s a look at the options offered:
Term Life Insurance- With Monumental Life, you can purchase term life insurance in durations of 10 years, 15, 20, 25, and 30 by buying the Transamerica Premier term product.
It’s a competitive product but comparing rates with other options is always advised.
Whole Life Insurance- This option allows for individuals to purchase cash value life insurance that typically involves faster underwriting turnaround times.
In addition to those primary forms of life insurance, you can also choose from the following types of life insurance with Monumental (Transamerica)
- Universal Life Insurance
- Interest Sensitive Whole Life
- Disability Insurance
- Disease insurance
- Medicare Supplements
- Long Term Care Coverage
- Accidental Death Coverage
Pros of Choosing Monumental
When we broke down and considered all factors with Monumental Life Insurance, here is what we believed to be the most significant advantages of choosing them for coverage.
- Competitive Rates
- Wide Product Selection
- Strong Financial Strength Ratings
Cons of Choosing Monumental
On the other hand, we did have a few items that didn’t necessarily impress us about Monumental.
Here’s what we believed to be the most significant drawbacks of choosing them for coverage.
- Bad Reviews from other independent rating agencies
- More Competitive Pricing and More Robust Coverage is Available
- Not the Best Platform for Purchasing Coverage
Final Thoughts on Monumental
No matter how financially strong or reputable a life insurance company may or may not be, it’s always wise to compare rates with several life insurance companies and consider all options.
Often, life insurance companies offer unique underwriting niches or policies that could be tailored made for your situation.
Tunnel vision when shopping for life insurance can ultimately cost you money and result in subpar coverage.
Do yourself a favor and compare rates with a half dozen life insurance companies or work with an independent life insurance agent before ultimately making your final decision.
Best of luck in your search.