This is our independent review of Baltimore Life’s insurance products and services. Baltimore Life is in our top 20 final expense companies. Reading a company review may be the first step a potential customer takes to determine if they are the right fit for them.

While we do believe reading a review is the first step, comparing Baltimore Life company to the best in the industry is the next step for you to undertake. This is why we took the extra step in doing just that in this article. Let’s find out how Baltimore Life stacks up against the best.

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Baltimore Life Insurance History

The Baltimore Mutual Aid Society was founded in 1889 by five business people. Their first office was a small brick building on the first floor in downtown Baltimore. In 1900, the directors changed the name to “The Baltimore Life Insurance Company of Baltimore City.”

A very humbling history from a start in a small brick building through the Great Depression and two world wars, Baltimore Life survived it all. Today they sell life insurance products in 49 states, have more than 300,000 policyholders, and are focused mainly on middle-income individuals in the US.

Baltimore Life Financial Ratings

According to A.M. Best, a benchmark in life insurance ratings, Baltimore Life has a B++(Good).

Life Insurance Products Offered by Baltimore Life

Baltimore Life offers a wide range of products, from term, whole, and universal life insurance. They also offer annuities and critical illness insurance, however, this review will focus on the life insurance products that Baltimore Life offers.

Secure Solutions Protector – Term Life Insurance

This is a fully underwritten (applicant must complete an exam) term life insurance policy, which offers a guaranteed death benefit, and a level premium for the chosen initial period. Term life is considered the best bang for your buck because you can get the highest death benefit for the lowest amount.

Baltimore Life’s term policy is fully convertible to whole life at the end of your term, or if you choose to keep the plan when the term is over, it will renew on an annual basis until the age of 100.

Secure Solutions Protector Highlights

  • Issue ages 18–75
  • Initial term periods of 10, 15, 20, or 30 years
  • Guaranteed level premium and death benefit
  • Minimum face amount $50,000
  • Guaranteed death benefit to age 100

Optional Riders

You can read more about life insurance riders here.

Silver Guard I, II, and III – Final Expense

The Silver Guard portfolio is for those who are looking for final expense coverage. Final expense policies are simplified issue, whole life, with a level premium and level death benefit.

In other words, you don’t need to undergo an exam as part of the underwriting process, the premiums will stay the same, and your coverage will never decrease. You will, however, need to answer a few health questions as part of the application process, which will classify your coverage as Silver Guard I, II or III.

  • Silver Guard I – offers immediate death benefit for all policy years. To qualify for this plan, the applicant must answer “no” to all questions in Part I and II of the application.
  • Silver Guard II – offers a graded benefit coverage for the first two years. If you pass away in the first year, your beneficiaries will collect 25% of the purchased face amount, 50% the second year, and only in year three and thereafter will the policy pay 100%. The premium rates are higher than the Silver Guard I. To qualify for this plan, an applicant must answer “no” to all questions in Part I, and no more than one “yes” in Part II of the application.
  • Silver Guard III – this is the same plan as Silver Guard II. However, the premium is higher because the company’s risk is higher. To qualify for this plan, an applicant must answer “no” to all questions in Part I, and no more than two “yes” responses in Part II of the application.

Baltimore Life’s Application

baltimore life application

Silver Guard Highlights

  • Issue ages 50–80
  • Silver Guard I: ages 50–75, $25,000 maximum; ages 76–80, $15,000 max
  • Silver Guard II: $15,000 maximum
  • Silver Guard III: $10,000 maximum
  • Whole life policy with cash component savings
  • Non-cancelable
  • Simplified underwriting
  • Accident death benefit is available on Silver Guard I

Secure Solutions – Single Premium Whole Life

As the name implies, single premium whole life is a type of coverage where you pay one large lump sum premium. In return, you get a fully-paid life insurance coverage with a guaranteed death benefit that will pay whenever the time comes.

Single-pay life insurance may build cash value a lot faster than a traditional whole life (paid monthly) because the policy is already funded and there is more money to be invested. This product is designed for individuals who are looking for an estate planning strategy.

Secure Solutions Highlights

  • Issue ages 50–85
  • Minimum coverage
  • A simplified issue application
  • Accelerated death benefit rider is included at no extra charge
  • Cash values accumulate with income-tax deferred
  • Guaranteed death benefit

Baltimore Life vs. Other Carriers’ Sample Monthly Rates

Male $10,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $28.82 $41.65 $73.05 $155.57
 Mutual of Omaha $29.16 $42.76 $73.70 $132.65
 Americo $32.06 $43.68 $72.93 $145.65
 Liberty Bankers Life $30.51 $45.80 $73.31 $146.80
 Phoenix$30.15 $43.27 $72.74 $146.92
 American-Amicable $30.80 $45.76 $76.57 $151.36
 United Home Life $31.02 $44.69 $74.63 $138.60
 Settlers $31.45 $45.31 $72.85 $153.80
 Transamerica $30.73 $43.85 $74.66 $140.22
 Baltimore Life $33.30 $48.60 $78.30 $147.60

Female $10,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $25.48 $34.74 $56.41 $113.89
 Mutual of Omaha $24.67 $32.87 $53.24 $98.43
 Americo $24.56 $33.93 $53.43 $112.77
 Liberty Bankers Life $25.57 $34.67 $54.79 $109.16
 Phoenix$26.63 $36.46 $55.26 $110.24
 American-Amicable $25.96 $37.22 $58.70 $110.44
 United Home Life $26.06 $35.42 $73.28 $141.58
 Settlers $26.01 $36.38 $55.76 $113.48
 Transamerica $25.32 $33.72 $71.59 $104.11
 Baltimore Life $27.90 $38.70 $61.20 $117.90

Male $20,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $55.44 $81.10 $143.90 $308.93
 Mutual of Omaha $55.11 $82.31 $144.20 $262.11
 Americo $60.33 $83.56 $142.06 $287.51
 Liberty Bankers Life $56.39 $86.97 $141.99 $288.97
 Phoenix$56.16 $82.40 $141.34 $289.69
 American-Amicable $58.96 $88.88 $150.50 $300.08
 United Home Life $57.68 $85.03 $144.91 $272.05
 Settlers $62.90 $90.61 $145.69 $291.13
 Transamerica $57.89 $84.05 $145.74 $276.88
 Baltimore Life $61.20 $91.80 $151.20 $289.80

Female $20,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $48.77 $67.28 $110.62 $225.58
 Mutual of Omaha $46.14 $62.53 $103.28 $193.66
 Americo $45.32 $64.07 $103.06 $221.75
 Liberty Bankers Life $46.51 $64.71 $104.95 $213.69
 Phoenix$49.12 $68.78 $106.37 $216.34
 American-Amicable $49.28 $71.81 $114.75 $218.24
 United Home Life $47.76 $66.49 $100.59 $204.87
  Settlers $52.02 $72.76 $111.52 $226.95
 Transamerica $47.07 $63.87 $104.41 $204.65
 Baltimore Life $50.40 $72.00 $117.00 $230.40

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Jun 2018 and are subject to underwriting approval.*

Bottom Line

So there you have it, our Baltimore Life Insurance company review. The level benefit Silver Guard I is middle-range when it comes to pricing, and companies like Mutual of Omaha or Assurity will have the upper hand. But you may still want to compare the rates based on your age and state of residence to see if they are good for you or not.

When it comes to the graded benefit Silver Guard II and III, they are overpriced and are not guaranteed issue policies. Instead, you should get AIG or Gerber, which will cost you less without having to answer any health questions on the application.

I can’t ignore the fact that they are a B++ rated company, either. Sure, they have been in business over 100 years and it may be safe, but since I don’t have any kind of price incentive to pick them over another company (their premium rates are not lower), I may opt to go with one that is A-rated instead.

Buying life insurance will never be as easy as choosing a company based solely on picking a brand with which you are familiar with. Instead, you need to consider how your health conditions, age, and financial goals match you with the right company and product for your unique situation.

Here at Effortless Insurance, we represent over 50 companies from which to choose. You can go ahead and run the quotes on this page and compare the Baltimore Life’s rates with the rest.

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