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Motorists Life Insurance Review
With so many top rated life insurance companies to choose from, it can be difficult to know which company to pick. At TermLife2Go, we focus on the unique niches of each company so that we can align the right company to our clients, based on each client's unique health, need and lifestyle. Is Motorists Life Insurance the right fit for you? Keep reading to find out.
We may not be able to predict the future, but we can be ready for it. One way is by purchasing a solid and reliable life insurance plan that protects our loved ones in the most serious of situations. This is also one of the best ways to keep on telling your loved ones how much they mean to you, even long after you’re gone. In your quest to find a life insurance policy that will do just that, you may have come across the name Motorists Life Insurance.
If you have—or if you’re hearing about them now for the very first time—you may want to know if Motorists Life Insurance is going to underwrite a great policy that meets your needs. This review of Motorists Life Insurance by TermLife2Go is designed to help you figure that out.
About Motorists Life Insurance
Motorists Life Insurance Company is a somewhat small life insurance company that operates in a handful of states including:
- South Carolina
- West Virginia
Right now, they have about $6 billion worth of life insurance active among 98,000+ policies.
Ratings of Motorists Life Insurance
Financial institutions such as life insurance companies are often rated by third party rating organizations. These rating organizations set out to provide accurate and reliable information about the financial health and security of life insurance companies.
One of the most prominent rating agencies in the United States is A.M. Best. A.M. Best has a rating scale of 16 possible ratings, of which Motorists Life Insurance got the fourth highest, or A- (excellent). This is a great rating for a life insurance company, and says a lot about their operations and financial policies.
Life Insurance Products Offered by Motorists Life
Motorists Life offers two common types of life insurance policies, similar to what other life insurance companies offer:
Term Life Insurance: This is a policy that is valid for a certain number of years. You decide how long you want life insurance coverage, and then buy it accordingly. Motorists Life’s Value Term PLUS is an affordable option that has death protection at a lower price than permanent life insurance policies. You can add many different riders to the policy. Plus, the death benefit from life insurance is typically not taxed.
Whole Life Insurance: This is a permanent life insurance policy that will give you coverage for the rest of your life. Motorists Life Insurance has multiple types of Permanent Life Insurance:
- Simplified: This no exam life insurance policy is usually graded with issue amounts from $2000-$15,000. If you die within the first 1 year, you will get 35% of the face amount, in year two, you’ll get 70%, and year three on you will get 100%. This policy always has a cash value.
- Participating: This has some non-forfeiture options in case the policy lapses. There is also an accelerated benefit available for free. You will need to select this option, though.
- Universal Life Insurance: This type of permanent life insurance offers a flexible premium.
- Youth Life Protector: Child life insurance policy that will help you protect your child until they turn 18 years old. This policy offers $15,000 worth of coverage.
Motorists Life Insurance Riders
There are various life insurance riders that you can get when you purchase a life insurance policy with Motorists Life. These riders allow you to customize your life insurance policy to include different coverage. These riders are mostly used to supplement a term life policy, but may be available for a whole life policy as well:
Children’s Term Rider: this will give you $5000 worth of term coverage for every child or grandchild you decide to cover. This can be good for: biological, adopted, and stepchildren ages 15 days-17 years of age.
Disability Waiver of Premium Rider: If you are disabled for 3 months (90 days) or more, you will not have to pay your premium.
Accidental Death Benefit: In case you die in an accidental death, this will provide additional insurance coverage
Accelerated Death Benefit: In case you become terminally ill, you can advance up to 55% of the base policy face amount to help you pay for your treatment/living expenses during your end days. This rider is absolutely free, but you have to opt in.
Overall Opinion of Motorists Life Insurance Company
Motorists Life Insurance Company is a reliable life insurance company with a good reputation. It has many satisfied policyholders who have had a good experience with them as a company. They have good customer service. The downfall is probably that they aren’t available in every state, but if they are available where you live, then they’re a good choice as far as life insurance companies are concerned.
Should I buy a policy from Motorists Life Insurance Company?
This is a very vague question, and it’s not really one you can just type in a search engine and find a great answer. You may find an answer, but it’s not necessarily the right one. Why’s that? Well, it’s because every person is different, and the answer to the question “should I buy a policy from Motorists Life Insurance Company” will be different from person to person as well. Motorists Life Insurance Company might be the perfect life insurance company for you, but may not be the best for your brother. Why’s that?
Life insurance is a very personalized thing. The cost of your life insurance policy will depend on things that are very specific to your life: your health, career, habits, and more. The different types of life insurance policies a company is willing to underwrite for you will also depend on these things. And it gets tricky because every life insurance company has a different way of figuring this all out.
How do I know if Motorists Life Insurance Company is right for me?
You can only know if Motorists Life Insurance is right for you after you compare it to what other life insurance companies might offer you. Seeing as there are dozens and dozens of good life insurance companies in the market, this would be very time consuming for an individual to do.
Instead, you need to call TermLife2Go.
We are a third-party organization with a thorough understanding of what many of the top life insurance companies in the United States have to offer. Once we get to know about you, we find out what these life insurance companies can offer you. Then, we make customized life insurance recommendations, not just for a life insurance company but also a life insurance policy. Only then will you know if Motorists Life Insurance Company is truly the best life insurance company for you.