Motorists Life Insurance Company Review of 2018

Motorists Life Insurance Company Review of 2018

Motorists Life Insurance may not be one of the larger named insurance companies, but for over half a century, they have been providing quality life insurance products to their customers.

The following review of Motorists Life Insurance Company will help provide you with information on the history of the company as well as details pertaining to the many different life insurance products they can offer you.

 

History of Motorists Insurance Group

Columbus, Ohio businessman Carl Crispin founded Motorists Mutual in 1928 during the golden age of American automobile. With the increase of drivers and several new roads, Mr. Crispin wanted to find a way to help auto drivers who had the unfortunate experience of getting into an accident.

With an initial investment of $15,000 Motorists Mutual would be created. He founded the company on the principles of being prompt and fair. The goal was to provide excellent service at a fair price.

The insurance company would begin by offering American drivers with low cost auto insurance and later expand into several other insurance coverage options.   

The Company Today

Today the company’s headquarters operate out of Columbus, Ohio. The Mutual Motorists building is the 18th tallest building in downtown Columbus. The insurance company employs a little over 100 employees at the headquarters office.

There are nine affiliate insurance companies that work with Motorists to provide clients with insurance products.

  • Motorists Mutual
  • Iowa Mutual
  • Wilson Mutual
  • Phenix MutualMotorists Life Insurance Company Logo
  • Motorists Life
  • MCM Insurance
  • Consumers Insurance
  • Motorists Insurance
  • BrickStreet Insurance

All nine affiliates are what make up Motorists Insurance Group

The company’s 2017 annual revenue totals $30.5 million. Premiums for the company were $1.1 billion in 2017. Assets for the company are more than $4.1 billion.

In 2017, more than 70,000 property and casualty customers had policies with Motorists.

Mutual Insurance Company

Motorists Life Insurance Company is a mutual insurance company, which means they are owned by their policyholders.

The insurance company works exclusively with independent insurance agents such a Top Quote Life Insurance.

In addition to being a mutual insurance company, this can be viewed as another benefit as independent agents and agencies can generally offer you several other coverage options.

Since independent agents are not bound to any one particular company, they often have the ability to shop your life insurance coverage with several companies ensuring that you get the best rates based on your insurance needs.

Currently, more than 14,000 independent agents in 24 different U.S. states represent Motorists Insurance Group.

Community Service

Motorists Insurance Group works with many different local organizations to provide support for initiatives. There is also the Motorists Insurance Group Foundation.

The foundation provides financial support to improve communities and families. The main initiatives are to help children, eliminate cancer, and support industry initiatives.

Scholarships

There are many different scholarships that students can apply for, funded through Motorists. Since 2007, more than $300,000 went to student-athletes.

The Cameron E. Williams Memorial Scholarship provides financial assistance to students interested in a risk management career. Another scholarship fund that began in 2013 is in honor of John J. Bishop. Bishop was an associate of Motorists for more than 40 years. He demonstrated a superior commitment to service and community involvement.

Customer & Company Reviews

Thanks to Motorists focus on personal relationships, they have great customer satisfaction. Online reviews of the company feature positive remarks.

Many reviews mention that the reviewer has been with the company for a long period of time. Other reviews appreciate the agent’s effort and personal touch.

Company Ratings

Motorists Life Insurance Company has an A- rating from the A.M. Best. This is a global credit rating organization providing ratings for the insurance industry. It provides customers with insight on the insurance company’s financial strength as well as its ability to payout claims.

The A- grade, which stands for excellent, is a very high ranking on the A.M. Best rating scale.

The Better Business Bureau has given the company an A+ rating. The BBB awards ratings based on many different factors.

Positives

One of several positives to doing business with Motorists Insurance Group is their customer service. The company strives on providing excellent customer service. Customer service is U.S. based and hold times are generally no longer than 30 seconds.

Those who have policies with Motorists Insurance Group will have their own online login and even pay their premiums online. Claims can also easily be filed online should one occur.

Customers can take comfort in their policy being with a company who has been in business for a long time.

Negatives

One of the major drawbacks of Motorists is that they only operate on the eastern half of the United States. Those in the western half of the country do not have agents available. However, we think this could change in the future.

 

Motorists Life Insurance Products

The Motorists Life Insurance Company offers a wide range of products for both commercial and personal use. We are going to focus on the personal insurance.

Shoppers can buy auto, property, umbrella, recreational vehicle, and identity protection. They also offer customized life insurance products.

It is important to note that Motorists Life Insurance coverage is only available in the following 16 U.S. states.

  • FL
  • GA
  • IL
  • IN
  • IA
  • KY
  • MI
  • MN
  • NE
  • OH
  • PA
  • SC
  • TN
  • VA
  • WI
  • WV

 

Motorists Term Life Insurance

If you only need coverage for a specific amount of time, term life is the way to go. Motorists Life Insurance offers two different term life insurance options depending on your life insurance needs.

Your dependents receive the benefit in the event of the policyholder’s death or major disability. The policy’s benefits can pay debts such as mortgages or loans.

Your Term

Your Term is Motorists Life Insurance Company fully underwritten term life insurance coverage. This coverage offers traditional term life insurance coverage with the option to add a disability income rider.

Coverage comes with a free accelerated death benefit rider that can advance up to 55% of the death benefit to a maximum of $100,000 should the insured become diagnosed with a qualifying terminal illness.

This coverage also a conversion option that allows for the term policy to be switched to permanent coverage without evidence of insurability as long as it is done within the policy guidelines.

Minimum Death Benefit:

$100,000

Maximum Death Benefit:

$1,000,000+

Issue Ages:

10 Year – Ages 15-80
15 Year – Ages 15-70
20 Year – Ages 15-65
30 Year – Ages 15-55

Conversion Option:

Yes. Must be converted prior to the end of the level premium period or before the insured’s 70th birthday.

Optional Policy Riders:

Accidental Death Benefit, Children’s Term, Disability Income & Waiver of Premium

 

Real-Time Term (No Exam)

Real-Time Term is Motorists Life Insurance newest life insurance coverage and one that we are very excited about. The reason being…you can be approved within a total of 20 minutes from applying.

Yes, Real-Time Term is fast no medical exam term life insurance. The entire application process is done online and consists of 12 yes/no underwriting questions.

This coverage allows for up to $500,000 of term life insurance coverage with a maximum term length of 30 years.

Real-Time Term is no exam term life insurance coverage with approval times in as little as 20 minutes.

If you’re looking for a no exam life insurance option or just need fast life insurance coverage, then this is one you will want to keep at the top of your list. We actually did a full product review on Real-Time Term which can be found by clicking here.

Minimum Death Benefit:

$25,000

Maximum Death Benefit:

$500,000

Issue Ages:

5 Year – Ages 16-70
10 Year – Ages 16-70
20 Year – Ages 16-65
30 Year – Ages 16-48

Conversion Option:

Yes. Must be converted prior to the end of the level premium period or before the insured’s 70th birthday.

Optional Policy Riders:

None Available

 

Motorists Permanent Life Insurance

In addition to two great term life insurance coverage options, Motorists Life Insurance also offers a wide selection of permanent life insurance options. Whether you’re looking for fixed premium universal life insurance coverage, a whole life insurance policy with possible cash dividends or even a senior burial policy, Motorists Life Insurance can offer it.

Let’s take a look at all of Motorists Life Insurance line of permanent coverage options.

 

Universal Life

Motorists universal life insurance can be a good option for anyone interested in low-cost permanent life insurance coverage. To keep premiums affordable, this type of coverage does not focus on much cash value growth.

Minimum Death Benefit:

$25,000

Maximum Death Benefit:

$1,000,000+

Issue Ages:

0-80

Optional Policy Riders:

Accelerated Death Benefit Rider, Accidental Death Benefit Rider, Children’s Term Rider, Disability Income Rider, Lifetime Guarantee Rider, Option to Purchase Rider, Other Insured Rider, Primary Insured Rider & Waiver of Monthly Deduction Rider

 

Non-Participating Whole Life Insurance

Motorists Life Insurance offers a couple whole life insurance options with one being their non-participating whole life. Their non-participating whole life insurance policy is a bit cheaper than it’s counterpart known as “participating”. The reason for this is because a non-participating whole life insurance policy cannot earn dividends.

However, a non-participating policy still provides a guaranteed fixed premium, cash values and death benefit.

Cash values will also equal the death benefit amount at age 120 in which the life insurance would endow.

*Also available in limited pay options of 10 & 20 pay as well as single pay

Issue Ages:

0-80

Minimum Death Benefit:

$5,000

Optional Policy Riders:

Accelerated Death Benefit Rider, Accidental Death Benefit Rider, Children’s Term Rider, Disability Income Rider, Lifetime Guarantee Rider, Option to Purchase Rider, Other Insured Rider, Primary Insured Rider & Waiver of Monthly Deduction Rider

 

Participating Whole Life Insurance

If permanent life insurance, with the ability to earn potential higher cash values, is the life insurance coverage you’re looking for then you’ll want to take a look at Motorists participating whole life insurance.

Participating whole life insurance has the potential to receive dividends, which can be used as paid-up additions, reduced premiums, accumulate at interest, paid in cash or used as one-year term insurance.

*Also available in a single pay option

Issue Ages:

0-85

Minimum Death Benefit:

$5,000

Optional Policy Riders:

Accelerated Death Benefit Rider, Accidental Death Benefit Rider, Children’s Term Rider, Disability Income Rider, Lifetime Guarantee Rider, Option to Purchase Rider, Other Insured Rider, Primary Insured Rider & Waiver of Monthly Deduction Rider

 

Simplified Issue & Graded Benefit Whole Life Insurance

Don’t require a lot of life insurance? Have a couple medical issues? Need something permanent but don’t want to take a medical exam? Motorists life insurance offers a non-participating, no medical exam whole life insurance option that may be a perfect fit.

Coverage is limited to $25,000 ($15,000 for graded death benefit) so this life insurance option is ideal for seniors that may be concerned about paying for funeral costs, final medical bills or other small debts.

Both simplified and graded death benefits come with guaranteed cash values.

Issue Ages:

0-80

Minimum Death Benefit:

$5,000 (Simplified)

$3,000 (Graded)

Maximum Death Benefit:

$25,000 (Simplified)

$15,000 (Graded)

Benefit Schedule:

Simplified – Death benefit payable from day one

Graded –

  • Year 1 (35% of death benefit)
  • Year 2 (70% of death benefit)
  • Year 3+ (100% of death benefit)

Optional Policy Riders:

Accidental Death Benefit, Accelerated Death Benefit Rider Children’s Term Rider & SIWL Rider

 

Should you Purchase a Motorists Life Insurance Policy?

Motorists Life Insurance offers some great life insurance options especially with the release other their Real-Time Term life insurance options.

One of the biggest drawbacks is that they currently aren’t available in every state.

However, the great thing about working with an independent life insurance agency such as Top Quote Life Insurance is that we can provide you with options.

Our online website is designed to provide you instant access to quotes from several of the nation top life insurance carriers.

In addition to quotes, we are here to help answer your life insurance questions as well as assist you with the entire applying process.

Feel free to reach out to us!

2018-11-17T12:06:20+00:00

About the Author:

Jeffrey Manola is the owner and an experienced life insurance agent at Top Quote Life Insurance. His goal is to provide online consumers with the absolute top quotes for all term life insurance, permanent life insurance and no medical exam life insurance. Not only does he strive to provide you with the best premium for your life insurance coverage, he also wants you to be well informed about life insurance coverage options and its importance. Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency we want to help you save money, protect your future, and earn your trust (888) 777-7574.