Note: Monumental Life Insurance Company is now Transamerica as of 2014.
If you are considering Monumental Life Insurance Company, now Transamerica, for your life insurance needs, read this review first.
In this article, we will cover Monumental’s company history, including the name change, products offered, customer satisfaction, complaints, and the pros & cons of working with Monumental.
- Monumental Life History & the Shift to Transamerica
- Monumental Life Insurance Company Ratings & Complaints
- Products Offered by Monumental Life Insurance (now Transamerica)
- Pros of Choosing Monumental
- Cons of Choosing Monumental
- Compare Monumental Life Insurance to Other Companies
Monumental Life History & the Shift to Transamerica
Monumental Life Insurance Company is one of the longer-standing life insurance companies in the United States. Monumental Life is in fact, one of the largest life insurance companies in the country due to a strategic partnership with Aegon.
Monumental was originally founded in 1858 and currently provides life insurance and other financial products through Transamerica. The merger between Monumental Life and Transamerica was completed in 2014.
All the products offered have remained the same, and current policyholders can still file claims through Transamerica.
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.
Monumental Life Insurance Company Ratings & Complaints
While financial strength ratings don’t necessarily tell the entire story about a life insurance company, they surely help consumers to have an idea at the stability of the company and the companies ability to honor promises.
Here are the ratings for Monumental Life Insurance (Transamerica):
- A.M. Best: “A+” (superior) rating
- Affordability Index: 4.2
- Ease of Applying: 6.0
- Customer Service: 5.0
- COMDEX Ranking: N/A
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Monumental compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
While Monumental Life Insurance Company may be financially strong, their consumer satisfaction, BBB ratings, and overall information you can find the company tell a different story.
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. These are top of the list from most consumers in regard to complaints lodged against the company.
Monumental Life has an “A+” BBB rating with 0 reviews, and they are not accredited.
The new company, Transamerica, has an “A-” rating with a 1.5-star rating (out of 5), from 66 reviews. This is a cause for concern if you are considering Monumental or Transamerica for life insurance.
Products Offered by Monumental Life Insurance (now Transamerica)
Currently, compared to other life insurance companies, the life insurance products offered by Monumental Life are fairly standard. Here’s a look at the options offered:
Final Expense Life Insurance
Monumental’s most popular product is their final expense life insurance. It is a decent policy in terms of benefits and flexibility.
You can get $1,000 to $50,000 in coverage, depending on your age. However, you can usually find cheaper final expense policies with other companies.
Term Life Insurance
With Monumental Life, you can purchase term life insurance in durations of 10, 15, 20, 25, and 30 years by buying the Transamerica Premier term product.
It is a competitive product but comparing rates with other companies is always advised.
Whole Life Insurance
Whole life insurance option allows individuals to purchase cash value life insurance that typically involves faster underwriting turnaround times.
Pros of Choosing Monumental
Here is what we believed to be the most significant advantages of choosing Monumental Life Insurance for coverage.
- Wide selection of products – They offer most types of life insurance.
- Strong financial ratings – Their financial ratings are very strong, ensuring your policy is safe.
Cons of Choosing Monumental
Overall, Monumental (now Transamerica) has more drawbacks than positives.
- Bad reviews from other independent rating agencies.
- Transamerica has a low BBB rating with hundreds of complaints.
- Their rates are higher than most of the competition.
Compare Monumental Life Insurance to Other Companies
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.
If you are considering Monumental Life Insurance or Transamerica for your policy, first compare their rates with other companies. You can most likely find a company with better customer satisfaction, lower rates, and the same financial strength.
Here are some other final expense life insurance companies to consider along with Monumental Life.