Monumental Life Insurance Review

Overview

AEGON N.V. is an international life insurance, pension and investment company based in The Hague, Netherlands with major operations located in the U.S.A. AEGON has businesses in over 20 markets in the Americas, Europe and Asia with nearly 28,000 people in their employ and with over 40 million customers all over the world. They have achieved high ratings from A.M. Best (A+), Moody’s (AA3), Standard & Poor’s (AA) and Fitch ( AA+).

Policies / Plans

Monumental Life Insurance provides 4 types of life insurance plans:

Term Life Insurance

Monumental Life Insurance’s Term Life Insurance provides affordable protection for a specific period of time but does not allow for accumulation of cash value. Usually purchased to service a specific need, such as financing college education or servicing a home loan! Monumental Life Insurance has two offerings in the form of a fixed term life insurance plan that offers protection at fixed premium payments for 5 years. The coverage levels range from US$ 5,000 to US$ 25,000. The other term life insurance plan which allows more flexibility offers protection for 7 years with minimum coverage levels starting at US$ 25,000. Their term life insurance plans may be converted into a whole life insurance plan during a certain period. Customers may also opt to renew their term life insurance plans without any health queries but usually at a higher rate.

Whole Life Insurance

The Whole Life Insurance plan from Monumental Life Insurance is aimed at permanent lifelong protection allowing for cash value accrual over the life of the policy. This is usually purchased for expenses at the end of one’s life such as funeral costs, legal costs or debt repayment.

Interest Sensitive Whole Life Insurance

Monumental Life Insurance offers a variable whole life insurance protection plan which although similar to whole life insurance differs in the sense that cash value accrual is determined by interest rates that are subject to market fluctuations. As all whole life insurance plans, cash values and death benefits are guaranteed while premium payments remain consistent. Monumental Life Insurance offers customers two of such plans but with differing minimum death benefit payments in order to meet customer’s individual budgets. Customers may also opt for additional riders or benefits may also be added but at an additional premium in order to customize customer’s coverage.

Universal Life Insurance

Offering flexible premium payments with varying levels of coverage in accordance to the premium payments, this plan from Monumental Life Insurance can accommodate a family’s every changing needs. Coverage plans can start from US$ 25,000 or US$ 50,000, depending on the age of the individuals.

Pricing / Rates

Monumental Life Insurance have a reputation for competitively low priced insurance policies in the market. Discounts can be obtained through a careful selection of products. However, pricing cannot be obtained directly from the Monumental Life Insurance website.

Getting A Quote

Monumental Life Insurance quotes are not available online can only be acquired through their agents or representatives. Customers may log onto their website to obtain the relevant telephone contacts or they may also opt to fill in a customer request form to request for an agent.

Customer Service

Customers may fill in a service form according to their needs and Monumental Life Insurance will then direct them to the nearest customer care offices in their vicinity. A toll-free number is also provided. There are no customer service forms to print and Customer FAQs are virtually non-existent. Contacting Monumental Life Insurance is not very convenient.

Summary

Based on the factors stated, Monumental Life Insurance scored what it did as their online presence is sadly lacking although their life insurance product offerings are on (or even above) par with their industry peers.