Baltimore Life Review

July 30, 2020
Written by: Steven Gibbs | Last Updated on: June 5, 2024
Fact Checked by Jason Herring and Barry Brooksby (licensed insurance experts)

Insurance and Estates, a strategic life insurance provider composed of life insurance professionals, is committed to integrity in our editorial standards and transparency in how we receive compensation from our insurance partners.

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Baltimore Life currently makes it into our top final expense insurance companies list. Let’s take a closer look at this interesting insurance company.

About Baltimore Life

Maryland-based Baltimore Life Insurance Company issues life insurance policies in 49 states and Washington, D.C.  Founded in 1882 as the Baltimore Mutual Aid Society of Baltimore City, Baltimore life currently has over 300,000 outstanding policies throughout the country.

Baltimore Life markets its policies through its “Career Agency Sales Group” focused in the Mid-Atlantic region and independent agents throughout the country.

Baltimore Life Financial Ratings

A.M. Best: B++
Fitch: NR
Moody’s: NR
S&P Global: NR
Comdex Ranking: NR

Baltimore Life B++ rating from A.M. Best is “good,” but not outstanding.  However, the company has a fairly steady history and sufficient liquidity to make non-payment of policies very unlikely.

As of March, 2020, Baltimore Life had over $1.3 billion in assets and an operating surplus of close to $90,000,000.  The bulk of the company’s assets are in bonds and stocks, though it also has sizeable holdings in mortgage loans and alternative investments, which is standard fare for most life insurers.

Products Offered by Baltimore Life

  • Term Life Insurance
  • Whole Life Insurance
  • Final Expense Insurance
  • Universal Life Insurance
  • Critical Illness Insurance
  • Flexible Premium Retirement Annuity
  • Single-Premium Deferred Annuity
  • ScriptSave WellRX Card (prescription drug discount card available for no fee)

Life Insurance Policies Offered by Baltimore Life

Protector Term Life:  Baltimore Life’s Protector Term Life policy is specifically designed as income-protection replacement in the event of a wage-earner’s death.

Initial terms are available in periods of 10, 15, 20, and 30 years, and optional annual renewal is available upon the conclusion of the initial term.

Somewhat remarkably, Protector Term Life offers a “guaranteed level death benefit to attained age 100,” though renewal premiums will undoubtedly increase significantly as the insured ages.

Another attractive feature of Protector Term is the built-in conversion option, allowing policyholders to convert the term coverage to permanent whole life or universal life.

aPriority Level Term Life:  “aPriority Level Term” offers level premiums for an initial period of 10, 15, 20, or 30 years, and guaranteed renewal through age 100.

Upon renewal, premiums are likely to increase.  Coverage levels start at $25,000, and policies come with a conversion option allowing a policyholder to swap the term coverage for a permanent policy.

Advantage Whole Life:  As a fairly straight-forward whole life insurance policy, “Advantage Whole Life” offers permanent, guaranteed death benefits and fixed premiums for life.

A policy’s cash value is guaranteed to grow and can be linked to premium obligations to avoid the risk of lapse for non-payment.

Policies are also eligible for dividends, which can be taken as cash, applied to premiums, or used to purchase supplemental paid-up life insurance.

aPriority Whole Life:  “aPriority Whole Life” provides fixed-benefit, fixed-premium life insurance guaranteed through age 100 in coverage amounts starting at $15,000.

Policyholders can elect to schedule premiums so that a policy is paid-in-full after 20 years, at which point the policy remains in place but with no additional premium obligation.

Policies accumulate cash value and are eligible for dividends.

An option is available to automatically apply cash value toward premiums to avoid lapse.

Single Premium Whole Life:  Baltimore Life’s Single Premium Whole Life policy is an estate planning tool designed to enhance a policyholder’s financial legacy, avoid probate, and mitigate tax liability.  Typically, an applicant uses existing assets like an annuity, CDs, or securities to fund the initial premium payment.

Upon issuance, the policy is fully paid-up and will pay out the full death benefit tax-free to beneficiaries upon the insured’s passing.

Terminal illness and long-term care riders are available to help defray late-in-life expenses, and, as whole life insurance, policies have cash value that can be withdrawn or borrowed against if needed.

Silver Guard Senior Life Insurance: “Silver Guard” is Baltimore Life’s burial insurance offering for seniors.

Available for applicants from ages 50-80, the policies are whole life, with fixed premiums, a fixed death benefit, and guaranteed cash-value accrual.

As a simplified-issue policy, Silver Guard does not require a medical exam or blood test, but new applicants must complete a health-screening questionnaire.

Silver Guard I provides immediate coverage, with full benefits kicking in as soon as a policy is issued.

Silver Guard II has less strict underwriting and a graded-benefit with a two-year waiting period.  During year 1, policies pay out 30% of face value, and during year 2 the payout is 70%—except that policies always pay in full if the cause of death is an accident.

Silver Guard I has an available “10 Pay” option allowing premiums to be scheduled so that a policy is fully paid-up after ten years.

Lifetime Navigator Universal Life:  Lifetime Navigator features the flexible premium structure of universal life and a lifetime, no-lapse guaranty.

As long as a minimum specified premium is paid at the required schedule, policies are guaranteed to stay in place for life with a level death benefit.

And the policy’s “catch-up privilege” allows policyholders two months to make up any missed premiums to avoid jeopardizing the no-lapse guaranty.

aPriority Universal Life:  “aPriority Universal” has premium flexibility and anti-lapse protection similar to Lifetime Navigator, with a death benefit guaranteed through age 100.

Coverage amounts are available as low as $25,000, and, like other universal life policies, aPriority Universal policies accumulate cash value that grows tax-deferred and can double as a retirement-savings asset.

Generation Legacy:  Generation Legacy is a combined annuity and life insurance policy available for new insureds aged 60 to 80.

The way it works is that, at the time of issuance, the applicant enters into both a single-premium annuity and a life insurance contract.

The annuity is funded with a lump-sum, and the annuitized payments are then applied toward life insurance premium payments for a period of usually ten years.  At that point, the life insurance is paid in full.

Upon the insured’s passing, policy proceeds are paid to the beneficiary tax-free.  Generation Legacy can be a good way to minimize tax liability for existing, tax-deferred investments while providing an enhanced inheritance to heirs.

Accelerated benefits riders are available to provide early payout in the event of terminal illness or an extended need for long-term care, such as in a nursing facility.

Available Life Insurance Riders

Accelerated Death Benefit:  In the event that the insured is either diagnosed with a terminal illness or confined to a qualifying nursing facility, a percentage of policy proceeds will be paid out early.  This rider comes standard with many Baltimore Life policies.

Accidental Death Benefit:  The policy’s death benefit is increased by as much as 100% if the insured’s death is accidental and occurs before age 70.

Children’s Insurance Benefit:  provides term coverage for all of the insured’s children up to age 14 when the policy is issued.  Coverage continues through the child’s 25th birthday, or the insured’s 70th, whichever comes first.

Disability Income:  If the insured becomes totally disabled resulting from a non-work-related illness or accident, the insurer will pay out monthly benefits for up to two years.  Disability must last for at least 90 days before the benefits kick in.  The disability income rider is not available for new applicants over age 55.

Waiver of Premium for Disability:  If the insured sustains a total disability before reaching age 60, the insurer will cover the premium payments until the disability subsides or the policy reaches the end of its term.

Single Premium Additional Insurance (permanent policies only):  This rider can be purchased for a one-time premium payment and gives the policyholder the right to buy in the future supplemental paid-up fixed-benefit life insurance.

Guaranteed Insurability (permanent policies only):  The policyholder has the option of purchasing additional life insurance up to $50,000 without any further underwriting.

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