Monumental Life Insurance Review & Complaints: Life Insurance (2024)
Monumental Life Insurance provides life insurance, extended benefit, and financial products to individuals and businesses. Policies are primarily sold through independent agencies, but the website does offer an online tool for finding local agencies. Monumental Life Insurance products are available in every state.
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Shawn Laib
Insurance and Finance Writer
Since graduating from the University of WA with a B.A. in English Literature, Shawn has been professionally writing in the spheres of entertainment, insurance, business, marketing, and politics. He is passionate about using his writing skills and insurance knowledge to educate the general population on everyday issues surrounding these misunderstood topics. His work has been published on SUPERJ...
Insurance and Finance Writer
UPDATED: Dec 22, 2024
It’s all about you. We want to help you make the right coverage choices.
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different 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 insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Dec 22, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one 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 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, founded in 1858, provides life insurance, extended benefit, and financial products to individuals and businesses. It is a subsidiary of The Transamerica Corporation, which includes Transamerica Life Insurance Company. It is headquartered in Cedar Rapids, Iowa, and a partner in the Transamerica Network, which in turn is a subsidiary of Netherlands-based Aegon. Thanks to its relationship with Aegon, Monumental is one of the largest life insurance companies in the U.S. and is very stable financially.
Policies are primarily sold through independent agencies, but the website does offer an online tool for finding local agencies. Monumental Life Insurance products are available in every state.
Monumental Life is in the process of changing its name to Transamerica Premier Life Insurance Company.
The goal is for everything from service to policy numbers to remain the same, and for the process to be smooth. Their website, however, is now under the Transamerica name.
What types of insurance products are offered?
The insurer offers basic but competitive life insurance policy options:
- Term insurance
- Whole life insurance
- Universal life insurance coverage with plan flexibility
- Cancer Check/Expense insurance that will help offset the high costs of cancer-related treatment, medical expenses, and other indirect costs
- Accidental death and injury policies, including coverage for loss or limb or sight
The company also offers retirement planning and products such as annuities and structured settlements. All the basic plans mentioned above are available to businesses as group products for employees but with different underwriting requirements and premium structures.
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What are Monumental’s rates?
Currently, quotes are not available online, but only through the insurance agents of the Transamerica Network. Term and whole life insurance products are not very competitive on price, but more complex products, such as universal life and annuities, compare more favorably with competitors.
Monumental Life Insurance Claims Process
Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)
Monumental Life Insurance offers various options for filing a claim, making it convenient for policyholders. You can file a claim through your insurance agent or by calling their dedicated claims hotline at 800-638-3080. This phone line operates during regular business hours, from Monday to Friday, 8 am to 6 pm EST.
However, it’s worth noting that the availability of online claim filing or a mobile app for claims was not mentioned in the available information.
Average Claim Processing Time
Unfortunately, the available information does not provide specific details about the average claim processing time for Monumental Life Insurance. It’s advisable to reach out to the insurance company directly or consult with your insurance agent to get more accurate information regarding claim processing times.
Customer Feedback on Claim Resolutions and Payouts
While there is no specific customer feedback data provided in the available content, it’s essential to consider customer reviews and ratings when evaluating an insurance company’s claim resolution and payout processes. You can search for online reviews and consult with existing policyholders to gain insights into Monumental Life Insurance’s performance in this regard.
Read more: How to File a Life Insurance Claim
Monumental Life Insurance Digital and Technological Features
Mobile App Features and Functionality
The available content does not provide detailed information about Monumental Life Insurance’s mobile app features and functionality. To assess the digital capabilities offered by the company, it’s recommended to visit their official website or contact their customer service to inquire about any mobile app they may have and the features it offers.
Online Account Management Capabilities
Similarly, the content does not elaborate on Monumental Life Insurance’s online account management capabilities. Online account management is a crucial aspect of modern insurance services, enabling policyholders to access and manage their policies conveniently.
To get a comprehensive understanding of their online account management tools, it’s advisable to visit their website or reach out to their customer service.
Digital Tools and Resources
The presence of digital tools and resources can significantly enhance the overall customer experience with an insurance provider. However, the content does not specify the digital tools and resources available through Monumental Life Insurance.
To explore these offerings, visit their official website or contact their customer service for detailed information about the digital resources they provide to policyholders.
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Are there any consumer complaints against the insurer?
Monumental Life Insurance, aka Transamerica Premier Life Insurance Company, has many different offices with different ratings listed on the BBB. Transamerica Life Insurance’s headquarters in Cedar Rapids, IA, however, is listed and although it is not accredited by the Better Business Bureau, it holds a B- rating. The website states the reason for the poor rating is due to the company failing to respond to four complaints filed against them. The company received 399 complaints with BBB in the last three years, of those, 122 complaints were closed in the last 12 months.
What is the insurer’s financial strength rating?
Rating Company | Grade | Financial Outlook |
---|---|---|
AM Best | A+ | Stable |
Fitch | A+ | N/A |
S&P | AA- | Stable |
What’s the bottom line?
Monumental Life is owned by one of the largest life insurance companies in the world and is distributed through a large network in the United States so nearly every person in America has access to their products. They have a strong financial rating, despite their poor Better Business Bureau rating, but there are complaints about the company regarding sudden rate increases and problems with their customer service.
Individuals and families looking for a financially strong company should consider Monumental Life. They are part of Aegon and TransAmerica, both large names in the insurance and financial industries.
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Frequently Asked Questions
What is Monumental Life Insurance?
Monumental Life Insurance is a life insurance company that provides a range of insurance products and services to individuals and families. They offer various life insurance policies, including term life insurance, whole life insurance, and universal life insurance.
How can I contact Monumental Life Insurance?
You can contact Monumental Life Insurance through their customer service hotline at [insert phone number] or visit their official website to find additional contact information. Their customer service representatives will be able to assist you with any inquiries or concerns you may have.
What types of life insurance policies does Monumental Life Insurance offer?
Monumental Life Insurance offers a variety of life insurance policies, including:
- Term life insurance: Provides coverage for a specific period, typically 10, 20, or 30 years.
- Whole life insurance: Offers lifetime coverage with a cash value component that grows over time.
- Universal life insurance: Provides flexible coverage with a cash value component and the ability to adjust premiums and death benefits.
How do I apply for life insurance with Monumental Life Insurance?
To apply for life insurance with Monumental Life Insurance, you can either contact their customer service or visit their website to initiate the application process. A representative will guide you through the necessary steps, which typically include filling out an application form, undergoing a medical examination (in some cases), and providing relevant personal and financial information.
What factors should I consider when choosing a life insurance policy with Monumental Life Insurance?
When selecting a life insurance policy with Monumental Life Insurance, consider the following factors:
- Coverage amount: Determine the amount of coverage you need to protect your loved ones adequately.
- Policy type: Decide whether term life, whole life, or universal life insurance aligns with your financial goals and needs.
- Premiums: Evaluate the cost of premiums and ensure they fit within your budget.
- Cash value component: If interested in accumulating cash value over time, explore policies with a cash value component.
- Additional features: Review any additional features or riders offered by Monumental Life Insurance, such as disability income or critical illness riders, which can enhance your coverage.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Shawn Laib
Insurance and Finance Writer
Since graduating from the University of WA with a B.A. in English Literature, Shawn has been professionally writing in the spheres of entertainment, insurance, business, marketing, and politics. He is passionate about using his writing skills and insurance knowledge to educate the general population on everyday issues surrounding these misunderstood topics. His work has been published on SUPERJ...
Insurance and Finance Writer
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.