Baltimore Life Insurance Review (2023)

Who is Baltimore Life?

The Baltimore Mutual Aid Society was established in 1882. The company’s name was later changed to “The Baltimore Life Insurance Company of Baltimore City” in 1900.

Since its founding, the organization, the company has survived the country’s Great Depression, multiple recessions, and two wars. Despite enduring the impact of these incidents, the company has managed to grow stronger, develop, and succeed.

Today, the organization insures over 300,000 people, families, and companies. The company’s Silver Guard Series is a portfolio of whole life insurance plans designed to cover final expenses. They are non-participating (in other words, they do not pay dividends) plans that offer guaranteed premiums and death benefits.

Attribute	Details
Founded	1882
Address	10075 Red Run Boulevard Owings Mills, MD 21117-4871
Email	[email protected]
Phone	866.211.0811
Website	https://www.baltlife.com/contact-us
BBB Rating	A+
A.M. Best Rating	B++ (Excellent)

Baltimore Life’s product portfolio offers a variety of insurance solutions to meet your family’s needs.

Silver Guard is a whole life insurance policy that guarantees you and your loved ones level premiums, non-cancelable coverage, and cash value accumulation. Silver Guard has two different plans, which we’ll cover in the following sections:

Plan Name	Standard	Special
Issue Ages	50-80	50-80
Coverage Amount	$2,500-$15,000	$2,500-$15,000
Death Benefit	Immediate Coverage	2 Year Waiting Period
Riders	2-Year Waiting Period	Cash Draft Benefit

Baltimore Life Standard Brochure

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Baltimore Life Silver Guard Standard Overview

Silver Guard Standard is Baltimore Life’s “level benefit” offering. This means that the death benefit stays flat (level) for the life of the policy, and neither increases nor decreases over time.

As an applicant, you must meet the height/weight limits for Silver Guard I and be able to respond “no” to every question in Parts A and B of the insurance application.

State Eligibility

Baltimore Life’s Silver Guard Standard final expense insurance plan is available in all states except New York.

Age Eligibility

To be eligible for this plan, you must be between the ages of 50 and 80. Your age is one of the primary factors that determine the rate you are charged. The basis for your premium will also depend on your age.

For those who are looking to get coverage and have a birthday coming up, note that your age is determined based on the effective date of the policy. The date of the policy’s underwriting approval is the date the policy goes into effect, unless otherwise requested.

What happens if you are cutting it close to your birthday? Thankfully, Baltimore Life allows you to “save age,” and be priced at your current age vs. the age your are about to turn.

If you would like to “save age”, you can request an effective date up to 30 days before the date of application. Those close to their 81st birthday can “save age” to become eligible for the policy, but only via a paper application.

To request a date up to 30 days in the future, simply write your request in the comments portion of the application form.

Coverage Amounts

Baltimore Life’s Silver Guard Standard plan is whole life insurance; therefore, there is no “term length”. Your coverage is “permanent” and never expires, as long as you continue to pay your monthly premiums.

Baltimore Life has a narrower coverage range than most final expense insurers. Its Standard plan offers coverage between $2,500 and $25,000.

This $25,000 coverage maximum is lower than 14 of GetSure’s 15 burial insurance partners, especially companies like Aetna and Transamerica, which offer up to $50,000 of coverage.

Age	Coverage Amount
50-80	$2,500 – $25,000

Death Benefit Terms

The death benefit for this plan is straightforward. Your policy will pay out your full death benefit, starting day 1, no matter what your cause of death.
This death benefit stays flat for the life of your policy, regardless of your age or changes in your health.

Cash Value

As with all whole life insurance policies, Baltimore Life’s Silver Guard Standard whole life insurnace plan builds cash value over time.

In other words, Baltimore Life allocates a portion of each of your premium payments to your “cash value account,” which is essentially a savings account that is built into your policy.

This money in this account is referred to as your policy’s “cash value”. You can take out a loan against your policy’s cash value at any time, for any purpose. If you have not paid it back at the time of your death, the oustanding amount will simply be deducted from the death benefit paid out to your beneficiary.

Available Riders

Additional benefits that come with this plan include those shown in the table above.

Baltimore Life Silver Guard Special Overview

Baltimore Life’s second final expense insurance plan, Silver Guard Special, is designed for individuals with pre-existing conditions and therefore, poses a greater risk to the insurance company.
This plan differs in two key ways from the Standard plan: it has higher rates and a “graded” death benefit.

State Eligibility

Baltimore Life’s Silver Guard Standard final expense insurance plan is available in all states except New York.

Age Eligibility

To be eligible for the Silver Guard Special final expense life insurance plan by Baltimore Life, you must be 50-80.

Coverage Amounts

It is a whole-life policy with set premiums, a set death benefit, and a guaranteed cash-value accumulation rate.

Like its level benefit “cousin,” Silver Guard Special is permanent life insurance (life insurance that lasts for your “whole life”). It therefore, does not have a “term length” and does not expire.

How much coverage can you buy with this plan? Unfortunately, your options are even more limited than with the Standard plan. Coverage starts at $2,500 and maxes out at $15,000.

Life insurance companies often offer lower coverage amounts to riskier buyersto reduce their exposure to potential losses.

Age	Coverage Amount
50-80	$2,500 – $15,000

Death Benefit Terms

With a 2-year waiting time and less stringent underwriting, Silver Guard II offers a graded benefit. It pays 30% of face value in Year 1, 70% in Year 2, and 100% in Year 3+.

Note, however, that this schedule applies only to deaths from natural causes. The Silver Guard Special Plan always pays in full if the cause of death is accidental.

Cash Value

Like the Standard plan, Baltimore Life’s graded death benefit policies accumulate cash value over time. This cash value can be especially helpful in terms of financial emergencies.

Available Riders

The Special plan does not include any options for additional coverage (i.e., riders). However, it includes the $1,000 cash draft benefit described above, which allows the beneficiary access to $1,000 of the policy’s death benefit immediately upon the insured’s death (before their claim with Baltimore Life has been resolved).

Baltimore Insurance Application Process

Baltimore Life uses simplified underwriting for its Silver Guard life insurance plans.

This means that it does not use paramedical examinations, blood samples, attending physician statements (APS), or urine samples to decide on approval.

Instead, the application screening process uses the applicant’s build, health question answers, prescription drug history, and report from the Medical Information Bureau (MIB).

In some cases, this information may not be enough, in which case Baltimore Life will require a tele-underwriting interview with the insured before they can make a decision.

Baltimore Life Silver Guard Application

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How Baltimore Life Will Decide On Your Approval

All of Baltimore Life’s Silver Guard plans are simple-issue whole life insurance policies, so there are no medical requirements or records to complete to be eligible for coverage. They use five techniques to confirm your health:

• Your response to the application’s health questions
• Your prescription history
• Your file at the Medical Information Bureau
• A height and weight chart
• A telephone interview

Your responses to the health-related questions greatly impact the kind of burial insurance you are eligible for.

Paying Your Premiums

After you complete the application, you will be given an instant decision. If approved, you will be asked to schedule your first premium payment. You can have it drawn immediately (in which case your coverage will start immediately), or you can choose a day within the following month (between 1 and 28) when your first payment will be made.

You can pay your initial premium by bank draft, personal check, or credit / debit card. Baltimore Life accepts Visa, MasterCard, and Discover.

However, recurring payments must be made via bank draft (EFT). Credit or debit cards cannot be used to make recurring monthly payments.

Baltimore Life Ratings & Customer Reviews

What Does The BBB Say About Baltimore Life?

Though not accredited by the Better Business Bureau (BBB), Baltimore Life holds an A+ rating from the BBB but only a 3/5 star rating from customers. The company has attracted both positive and negative reviews from customers.

Baltimore Life A.M. Best Ratings

A.M. Best last opined on Baltimore Life in 2003 when they downgraded the company’s financial strength rating from B++ (very strong) to B+ (very strong).

This rating action reflected a decline in the company’s capitalization on both a risk-adjusted and absolute basis, combined with weak operating performance.

Frequently Asked Questions