Monumental Life Insurance Review & Complaints: Life Insurance (2023)

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.

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.

How are claims filed?

Claims are primarily made through agents of this insurance carrier. Claimants or those who have questions can call 800-638-3080 for questions and more information on claims. The phone number is available Monday-Friday 8 am – 6 pm EST.

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?

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.