2024 Baltimore Life Burial Insurance Review – Pros & Cons
last updated on July 22, 2024Reading our Baltimore Life burial insurance review is the first step you can take to determine if they are the right fit for you.
Our Baltimore Life burial insurance review will give you all the details you need if you consider Baltimore Life to cover your end-of-life expenses and protect your family.
We will cover the different features of their burial insurance plans, their underwriting guidelines, and how they compare with other companies.
| BALTIMORE LIFE FUNERAL FUNDS 5-STAR RATING | |
|---|---|
| First-day Coverage | ★★★★ |
| Ease of Approval | ★★★ |
| Coverage Amount | ★★★★ |
| Pricing | ★★★ |
| Riders | ★★ |
FOR EASIER NAVIGATION:
- Does Baltimore Life Offer First-day Coverage?
- Pros of Baltimore Life Burial Insurance
- Cons of Baltimore Life Burial Insurance
- Baltimore Life Burial Insurance Product
- Baltimore Life Burial Insurance Riders
- When Does Baltimore Life Burial Insurance Make the Most Sense?
- Baltimore Life Underwriting Guidelines
- Baltimore Life Pricing Examples
- Getting Approved for Baltimore Life Burial Insurance
- The Best Payment Option
- Baltimore Life Company Overview
- How Can Funeral Funds Help Me?
- Additional Questions & Answers On Baltimore Life Insurance
Does Baltimore Life Offer First-day Coverage?
YES, Baltimore Life has a burial insurance plan that offers first-day coverage, but they tend to be more expensive than other companies.
If you qualify, their Silver Guard I comes with immediate first-day coverage. You will be 100% covered from the first day, and your beneficiary will receive your full death benefit when you pass away.
Pros Of Baltimore Life Burial Insurance
Average pricing – Silver Guard 1 is comparable to other A-rated companies
Relaxed underwriting – on circulatory issues
Cash draft benefit rider – allow beneficiaries to advance a $1,000 death benefit while the claim is pending.
Cons Of Baltimore Life Burial Insurance
Higher premium on tobacco use – if you smoke tobacco, chewed tobacco, or use nicotine expect a higher premium.
Graded benefit – many health issues will only qualify for the graded plan.
Baltimore Life Burial Insurance Products
Baltimore Life calls its burial insurance plans Silver Guard. They have two different burial insurance plans available, including:
- Silver Guard I
- Silver Guard II
The Silver Guard burial insurance plans are simplified issue whole life insurance designed to cover final expenses. You only need to answer a few health questions as part of the application process.
You are not required to undergo a medical exam as part of the underwriting process. Which plan you will qualify for is based on your general health.
| SILVER GUARD PRODUCT FEATURES | |
|---|---|
| No medical exam | no medical exam or doctor's visit |
| Whole life | guaranteed never to expire |
| Fixed premiums | premiums stay the same |
| Level benefit | coverage will never decrease |
| Cash value build-up | cash value accumulates |
| Assignable | can be paid directly to a funeral home |
SILVER GUARD 1 – Guaranteed Level Death Benefit
Product Features:
Issue Ages: 50 to 80 years old
Face Amount Available:
Ages 50–75 – $25,000 maximum
Ages 76–80 – $15,000 maximum
- Guaranteed level premium – premium will never increase
- Level death benefit – coverage will never decrease
- Availability: all states except New York and Washington
- Available riders – accidental death benefit rider at minimal cost
Accidental Death Benefit Rider – this rider doubles the payable death benefit amount if the cause of death is accidental. This rider is available to Life Pay policyholders who are 50 to 65 years old and only lasts until you are 70. After 70, this rider is no longer applicable.
You can choose either lifetime payments or 10 Pay. The 10 Pay option allows you to pay for ten years, after which the policy becomes paid up, you stop paying, but you get lifetime coverage.
You can qualify for Silver Guard I if you answer no to all the health questions on the application. Additionally, your prescription history must be clear of all red flag medications for the health issues on the application.
Heath Conditions Accepted
Silver Guard I has more liberal underwriting.
Here are the medical conditions accepted for immediate benefit:
- Diabetes no insulin use
- Heart attack over two years
- Stent implants or pacemaker implants over two years
- Temporary wheelchair confinement
- Cancer diagnosis and treatment over two years
- COPD or chronic lung disease over three years
The Silver Guard I is an immediate benefit plan, which pays 100% death benefit from the first day of policy issue.
This plan also includes a $1,000 cash draft benefit that allows the beneficiary to withdraw up to $1,000 of the death benefit immediately after the insured’s death. This can be done as long as the policy is in force while processing the claim. It will be deducted from the total amount after the company completes the claims process.
SILVER GUARD II – Guaranteed Graded Death Benefit
Face Amount Available: $2,500 to $15,000
Benefit Schedule:
- 1st year – 30% of the face amount
- 2nd year – 70% of the face amount
- 3rd year – 100% of the face amount
The company pays 100% of the face amount in all years if death is due to an accident.
Heath Conditions Accepted
- Insulin-dependent diabetic
- Heart attack under two years
- Stent implant under one year
- Pacemaker implant under one year
- Atrial fibrillation
- Arrhythmias (irregular heart rhythm)
- Congestive heart failure
- COPD under three years
- Chronic lung disease under three years
- Cancer over one year but not two years
- Parkinson’s disease
- Bipolar disorder, depending on the medication
- Schizophrenia depends on the medication
Baltimore Life Burial Insurance Riders
Cash Draft Benefit
Your beneficiary can access up to $1,000 of your death benefit immediately after your death while the claim is processed. When an attending doctor certifies the cash draft form, your beneficiary can take it to a local bank. The $1,000 draft will be deducted from the total claim check.
When the policy is issued, the cash draft benefit is automatically included with any Silver Guard plan. Your insurance policy must be in force for at least two years to use this cash draft feature.
Automatic Premium Loan (APL) Option
This feature allows Baltimore Life to pay your overdue premium automatically by taking a loan against your accumulated cash value if your cash value is equal to or more than the amount of premium due.
You must answer yes on the application for this feature to apply.
OTHER BENEFITS:
POLICY LOANS – you can borrow up to 100% of your cash value. This is tax-free. Loans reduce your cash value amount and are subtracted from your death benefit. The interest on policy loans varies by state.
When Does Baltimore Life Burial Insurance Make The Most Sense?
Immediate benefit Silver Guard plan has liberal underwriting and accepts minor health issues. This plan is average-priced and comes in the middle range regarding pricing.
The Silver Guard II with graded death benefit is better than a guaranteed issue policy with a waiting period. Most policies with graded benefits will only pay a return of premiums plus interest, while Silver Guard gives a portion of the death benefit if you die during the first two years of the policy.
These two plans are priced slightly higher than guaranteed issue policies. However, Silver Guard II provides some form of immediate protection for many high-risk medical conditions.
Their relaxed underwriting accepts these conditions that will only qualify for a two-year waiting period on some companies. In this case, you must choose between paying less and enduring a waiting period or paying more for immediate protection.
Baltimore Life Underwriting Guidelines
Baltimore Life’s final expense products are all simplified issue whole life insurance, which means you don’t have to undergo a medical exam or submit a doctor’s record to qualify for coverage. The company uses five methods to verify your health:
- Your answer to the health questions on the application
- They check your prescription history
- They check your Medical Information Bureau file
- They reference their height and build chart
- The perform point-of-sale telephone verifications
Your answers to the health questions carry the most weight in determining the type of funeral insurance you qualify for.
HEALTH QUESTIONS
Part 1
1. Have you been medically diagnosed as having Alzheimer’s or any other form of dementia, or have you been told that you have a life expectancy of 12 months or less? (Yes – No)
2. Have you been diagnosed by or received treatment from a member of the medical profession as having AIDS (Acquired Immune Deficiency Syndrome) or any other disorder of the immune system, including systemic Lupus, or have you tested positive for exposure to the HIV infection? (Yes – No)
3. Have you ever been medically advised to have an organ transplant, are you receiving kidney dialysis, or have you been diagnosed with hepatitis C? (Yes – No)
4. Are you currently bedridden, confined to a wheelchair due to chronic illness, in a hospital, living in a nursing home, hospice, assisted living facility, or long-term care facility, or using oxygen, or has a doctor recommended that you use oxygen? (Yes – No)
(If the answer to any question in Part 1 is “Yes” then you are not eligible for any coverage.)
Part 2
In the past two (2) years, have you been told or have you had a medical diagnosis, received treatment, had a symptom(s), or been hospitalized for any of the following:
1. Heart attack, congestive heart failure, irregular heartbeat, circulatory disorder, aneurysm, or any other disease or condition of the heart or arteries, have you undergone angioplasty or bypass surgery, or have you used a pacemaker? (Yes – No)
2. Uncontrolled high blood pressure, uncontrolled diabetes or blood sugars, diabetic coma, or any diabetes requiring the use of insulin? (Yes – No)
3. Internal cancer, melanoma, leukemia, sickle cell anemia, kidney disease, liver disease, cirrhosis, chronic lung disease, chronic obstructive pulmonary disease (COPD), or emphysema? (Yes – No)
4. Alcoholism or drug abuse? (Yes – No)
5. Stroke, any paralysis, Parkinson’s, mental retardation, psychosis, suicide attempt, disease or disorder of the brain, or any condition affecting or relating to circulation to the brain? (Yes – No)
PRESCRIPTION HISTORY CHECK
Your prescription history must not show treatments for any medical conditions mentioned in the health questionnaire.
Here’s a list of prescription medications that may cause a decline in your application:
- Aricept
- Baclofen
- CellCept
- Cognex
- Coreg
- Digoxin
- Fentanyl
- Lasix
- Methadone
- Morphine
- Namenda
- Oxycontin
- Risperdal
- Seroquel
- Tamoxifen
- Zofran
- Zoladex
DETERMINING SILVER GUARD FINAL EXPENSE INSURANCE ELIGIBILITY
Silver Guard I
You would qualify for Silver Guard 1 with immediate benefit if you answered NO to all the health questions in the application. If your prescription history is clear and you fall under the recommended height and weight ratio.
Silver Guard II
You will be eligible for Silver Guard II if you answer YES to one of the health questions in Part 2 of the questionnaire. They will offer you this plan if your height and weight ratio fall within the build guidelines.
Baltimore Life Pricing Examples
| FEMALE AGE | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $14.58 | $26.66 | $40.00 | $53.33 | $66.66 |
| 55 | $16.66 | $33.33 | $50.00 | $66.66 | $83.33 |
| 60 | $20.83 | $41.66 | $62.50 | $83.33 | $104.16 |
| 65 | $26.66 | $53.33 | $80.00 | $106.66 | $133.33 |
| 70 | $34.16 | $68.33 | $102.50 | $136.66 | $170.83 |
| 75 | $48.33 | $96.66 | $145.00 | ||
| 80 | $73.75 | $147.50 | $221.25 |
| MALE AGE | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $17.50 | $35.00 | $52.50 | $70.00 | $87.50 |
| 55 | $21.66 | $43.33 | $65.00 | $86.66 | $108.33 |
| 60 | $27.50 | $55.00 | $82.50 | $110.00 | $137.50 |
| 65 | $35.00 | $70.00 | $105.00 | $140.00 | $175.00 |
| 70 | $47.91 | $95.83 | $142.75 | $191.66 | $239.58 |
| 75 | $66.66 | $133.33 | $200.00 | ||
| 80 | $91.66 | $183.33 | $275.00 |
*Pricing for illustration purposes only and are subject to change without notice.
Getting Approved For Baltimore Life Burial Insurance
| BURIAL INSURANCE APPLICATION PROCESS | |
|---|---|
| Rates & coverage | Agent can help provide help with this |
| Underwriting | Agent will help you qualify for the best plan |
| Beneficiary | You determine who will get your death benefit |
| Application | Agent submits application to insurance company |
| Approval | Congratulations on your new policy! |
| Policy start date | Policy active after 1st payment date |
| Policy delivery | 7-10 business days after first draft date |
The Best Payment Option
| PAYMENT METHOD | RECOMMENDED? |
|---|---|
| Savings Account | Best way to pay |
| Checking Account | Best way to pay |
| Cash | Not recommended |
| Money Order | Not recommended |
| Cashier's Check | Not recommended |
| Debit Card | Not recommended |
| Credit Card | Not recommended |
| Direct Express | Not recommended |
| PAYMENT FREQUENCY | RECOMMENDED | ACCEPTED BY |
|---|---|---|
| Monthly | Recommended | All Companies |
| Quarterly | Not Recommended | Some Companies |
| Semi-annually | Not Recommended | Some Companies |
| Annually | Not Recommended | Some Companies |
Baltimore Life Company Overview
Baltimore Life Insurance was founded in 1882 as the Baltimore Mutual Aid Society of Baltimore City. Five businessmen established it in the city to provide an insurance option for families looking to cover funeral expenses.
Baltimore Life survived the Great Depression, the Great Recession, and World Wars. In the 1900s, it changed its name from Mutual Aid Society to Baltimore Life Insurance Company.
The company has grown nationwide and expanded to serve 49 states and the District of Columbia. Baltimore Life’s headquarters is located in Owing Mills, Maryland.
Baltimore Life offers term life, whole life, and universal life insurance. They also provide other financial service products such as annuities, critical illness insurance, disability insurance, long-term care insurance, and more. However, we will focus on their burial insurance plans for this insurance review.
Baltimore Life Financial Ratings
Financial ratings are one of the things we look at when we do this Baltimore Life burial insurance review to see if the company is financially stable and will be able to pay the claims of its policyholders.
A.M. Best, one of America’s financial rating companies, awarded Baltimore Life an A- (Excellent). Baltimore Life is considered to have good financial health and the ability to meet its life insurance obligations.
The Better Business Bureau gives Baltimore Life an A+ rating due to its excellent consumer service and a few numbers of complaints.
How Can Funeral Funds Help Me?
Finding a policy if you want Baltimore Life burial insurance needn’t be frustrating; working with an independent agency like Funeral Funds will make the process easier and quicker.
We will work with you every step to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time searching for multiple insurance companies because we will do the work for you.
We work with many A+ rated insurance carriers that specialize in covering high-risk clients like you. We will search all those companies and match you up with the best burial insurance company that gives the best rate.
We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for Baltimore Life funeral insurance, Baltimore Life burial insurance, or Baltimore Life life insurance.
Fill out our quote form on this page or call us at (888) 862-9456, and we can give you an accurate quote.
Additional Questions & Answers On Baltimore Life Insurance
Is Baltimore Life Insurance still in business?
Yes, Baltimore Life Insurance is still in business. It was founded in 1882 and is currently headquartered in Owing Mills, Maryland.
Is Baltimore Life Insurance legitimate?
Yes, Baltimore Life Insurance is a legitimate company. It is licensed and regulated by the Maryland Insurance Administration.
What are the different types of life insurance policies offered by Baltimore Life?
Baltimore Life offers several life insurance policies, including term life insurance, whole life insurance, and universal life insurance.
Who owns Baltimore Life insurance?
Baltimore Life is a mutual company, meaning its policyholders own it.
What are the rates for Baltimore Life insurance?
Rates for Baltimore Life insurance varies depending on the policy type, and the insured’s age and health. typically, rates are competitive with other insurers in the market.
Is Baltimore Life associated with Fidelity?
No, Baltimore Life is not associated with Fidelity Investment Baltimore. It is a separate company.
How long has Baltimore Life been in business?
Baltimore Life was founded in 1882. It is a longstanding, reputable company with a strong financial history.
How is Baltimore Life Rated?
Baltimore Life is rated B++ by A.M. Best.
Is Baltimore Life affiliated with any other companies?
Baltimore Life is not affiliated with any other companies. It is a standalone, independent company.
What is Baltimore Life’s financial rating?
Baltimore Life is rated B++ by A.M Best. This strong financial rating indicates that Baltimore Life is a stable and reliable company.
What is Baltimore Life’s website?
Check out Baltimore Life at www.baltlife.com
What is Baltimore Life insurance phone number?
Call Baltimore Life at (410) 581-6600 or (800) 628-5433
What is Baltimore Life’s fax number?
Fax Baltimore Life at (866) 660-6253.
How can I get a copy of Baltimore Life’s brochure?
You can download a copy of Baltimore Life’s brochure from their website.
What is Baltimore Life’s customer service number?
Baltimore Life’s customer service number is (800) 628-5433.
What is Baltimore Life’s email address?
You can contact Baltimore Life at info@baltlife.com.
What is Baltimore Life’s members’ login?
You can log in to the Baltimore Life website at www.baltlife.com.
Where is Baltimore Life’s headquarters?
Baltimore Life is headquartered in Owing Mills, Maryland.
Where is Baltimore Life located?
Baltimore Life has offices in Owing Mills, Maryland, and is licensed in all 50 states.
What is Baltimore Life corporate address?
The Baltimore Life Companies
10075 Red Run Boulevard
Owings Mills, MD 21117-4871
Where can I find Baltimore Life insurance reviews?
Keep reading to know how Baltimore Life compares with other companies.
Where can I find Baltimore Life BBB reviews?
The Better Business Bureau does not accredit Baltimore Life. However, you can find reviews of the company on the BBB website.
How can I get a Baltimore Life insurance quote?
Fill in the quote form to get a free quote.
How can I make Baltimore Life insurance online payment?
You can make an online payment to Baltimore Life by logging into their website and clicking on the “Make a Payment” link.
How can I access Baltimore Life’s life insurance claim form?
You can access Baltimore Life’s life insurance claim form on their website.
Where can I check Baltimore Life’s life insurance complaints?
You can check Baltimore Life’s life insurance complaints on the Maryland Insurance Administration website.
What type of insurance is Baltimore insurance?
Baltimore Life offers several types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance.
What are the different life insurance products offered by Baltimore Life?
Baltimore Life offers term life insurance, whole life, and universal life insurance.
Is Baltimore Life a good company?
Yes, Baltimore Life is a good company. It has a strong financial rating and offers competitive rates on its life insurance policies.
How old do you have to be to apply for Baltimore Life insurance coverage?
You can apply for Baltimore Life insurance coverage at any age. However, depending on their age and health history, the company may not offer coverage to everyone.
Does Baltimore Life have a customer service department?
Yes, Baltimore Life has a customer service department. You can reach them by calling (800) 628-5433.
What is the minimum coverage amount available with Baltimore Life insurance?
The minimum coverage amount available with Baltimore Life insurance is $50,000.
Can you get first-day coverage with Baltimore Life?
Yes, you can get first-day coverage with Baltimore Life. This means that your coverage will begin on the day you buy the policy.
How much life insurance can you get with Baltimore Life insurance?
Baltimore Life offers coverage amounts of up to $1,000,000.
What does Baltimore Life insurance cost?
Baltimore Life insurance rates vary depending on the age and health history of the applicant. However, the company offers competitive rates on its life insurance policies.
Where can I get Baltimore Life insurance pricing?
You can get Baltimore Life insurance pricing by filling out the quote form.
Is Baltimore Life insurance expensive?
No, Baltimore Life insurance is not expensive. The company offers competitive rates on its life insurance policies.
Do you need a medical exam to qualify for Baltimore Life insurance?
No, you do not need a medical exam to qualify for Baltimore Life insurance.
Does Baltimore Life ask health questions?
Yes, Baltimore Life does ask health questions.
Does Baltimore Life have a waiting period?
No, Baltimore Life does not have a waiting period. Your coverage will begin on the day you buy the policy.
Does Baltimore Life insurance accumulate cash value?
Yes, Baltimore Life insurance accumulates cash value. This means you can borrow against the policy or withdraw money from it tax-free.
What other benefits does Baltimore Life offer?
Baltimore Life offers several other benefits, including accidental death and dismemberment insurance, waiver of premium coverage, and a children’s insurance policy.
Does Baltimore Life insurance expire?
No, Baltimore Life insurance does not expire. The policy will continue until the death of the insured.
How can I find a replacement for my Baltimore Life insurance policy?
You can contact the company’s customer service department if you need to find a replacement for your Baltimore Life insurance policy. They will be able to help you find a policy that meets your needs.
Can I cancel my Baltimore Life insurance policy?
Yes, you can cancel your Baltimore Life insurance policy at any time. However, you will likely have to pay a cancellation fee.
How do I cancel my Baltimore Life insurance policy?
You can cancel your Baltimore Life insurance policy by contacting the company’s customer service department.
Is there a grace period with Baltimore Life insurance?
Yes, there is a grace period with Baltimore Life insurance. This means you will have a certain amount of time after your policy expires to renew it without going through the underwriting process again.
What is the surrender value of a Baltimore Life insurance policy?
The surrender value of a Baltimore Life insurance policy is the amount of money you will receive if you cancel the policy.
What is the death benefit of a Baltimore Life insurance policy?
The death benefit of a Baltimore Life insurance policy is the amount of money that will be paid to the beneficiary if the insured dies.
