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Mutual Trust Life Insurance Company Review
In the following review of Mutual Trust Life Insurance, we will discuss the company’s pros, cons and if it is the best life insurance company for you-based on your specific health and lifestyle.
At TermLife2Go, we make it our pursuit to stay on top of innovation within the world of life insurance. One major factor we look for is the various niches filled by the top 10 best life insurance companies, offering exam and life insurance no exam. By focusing on the various niches, we can align each client with the right company, based on each client’s unique need, health and lifestyle. The result is that we are able to find our client the best life insurance rates by age.
About Mutual Trust Life Insurance
Founded in 1904, Mutual Trust Life Insurance has been selling life insurance policies to customers for more than a century. Mutual Trust Life Insurance also sells annuities. They are a part of Pan American Life Insurance Group, which is a collective of life insurance and health providers. Since Mutual Trust is a mutual holding company, they give fiscal responsibility a lot of importance. Today, they have more than $2 billion in assets. Mutual Trust Life Insurance is a privately held company.
Pros for Mutual Trust Life Insurance
Mutual Trust Life Insurance is a great company with a solid reputation. It has gained a vote of confidence from some of the best life insurance ratings agencies in the world, and continues to make many policyholders happy every year.
Mutual Trust Life Insurance Ratings
It’s one thing to claim to be financial responsible, and another to live it. So which is Mutual Trust Life Insurance doing? There are many third party organizations that spend ample time investigating the financial health and fiscal responsibility. Two of the most well-known ratings agencies are A.M. Best and Standard & Poor’s. Both of these organizations have given Mutual Trust Life Insurance solid ratings—a vote of confidence in the company's performance and outlook for the future.
- A.M. Best Company: A-
- Standard & Poor’s: A
Mutual Trust Life Insurance Products
Like most life insurance companies, Mutual Trust Life Insurance offers the two best types of life insurance policies: term life insurance and permanent life insurance.
Term Life Insurance
Mutual Trust calls its Term Life policy SelectTerm. This kind of life insurance policy is designed for someone who may want life insurance for a set number of years. If you have children and want to secure regular income for them in the event you have a premature death, Term Life is the way to go.
And term life is very inexpensive if you are young. Most people are very surprised to find out just how affordable it is. See for yourself, go to our comparison page to compare exam and no exam life insurance quotes.
And level term life insurance is also great for covering a mortgage, insuring a key person, or protecting a small business loan. 10, 15, 20 and 30 year terms are available.
The policy is also convertible term life insurance which allows you to convert your policy to permanent life insurance without evidence of insurability.
Universal Life Insurance
Universal life insurance offers a flexible payment plan and adjustable death benefit. You can decide and change the amount you pay into your policy, adjusting it as your needs evolve.
Business owners looking to fund buy-sell agreements with life insurance should consider permanent coverage, such as Universal Life. See our article on Indexed Universal Life Insurance for more on the benefits of choosing this type of coverage.
Whole Life Insurance
Mutual Trust offers participating whole life insurance. The policy offers guarantees, including fixed premium, cash value growth and death benefit protection. In addition, since it is a participating policy, policyholders can share in the company's profits via life insurance dividends.
Life insurance dividends are exclusive to participating whole life insurance and provide some great benefits, including purchasing paid up additions, paying premiums, paying down life insurance loans, leaving with the carrier to earn interest and cash out.
Horizon Guarantee is a participating whole life policy also, but the focus here is the death benefit protection and lower premiums.
Mutual Trust offers a unique product called EconoMax that is about 30% whole life and 70% term. It gives policyholders flexibility to ensure a heftier coverage plan for a certain amount of years, and basic coverage thereafter.
Another policy that may be interesting for people who want to do some serious estate planning and/or charitable giving after their death is the Legacy One.
This is a single premium whole life insurance policy that receives dividends so the policy cash value can continue to grow.
Life Insurance Riders
Mutual Trust offers several life insurance riders. Among the different offering are:
Accelerated Death Benefit – Allows you to access your death benefit if you are diagnosed with a qualifying chronic or terminal illness
Applicant Waiver of Premium Benefit - waiver of premium riders are typically good until age 65. If you are permanently disabled prior to age 60 the policy's premiums will be waived. MTL also offers waiver of premium for occupation for both 2 years and 5 years.
You can add 7 year and 15 year term riders to provide supplemental life insurance coverage.
Guaranteed Purchase Option - if you are considering life insurance for children this rider is a must. It allows the insured to purchase additional life insurance coverage at specific ages, or alternatively, at special occasions such as the birth of a child or marriage.
Drawbacks of Mutual Trust Life Insurance
Like all life insurance companies, the price of the policy will depend on some factors related to your personal situation.
There are certainly scenarios where Mutual Trust is the best and most affordable life insurance policy for a policy seeker, but of course, there other scenarios where they simply may not be the absolute best option.
Determining if Mutual Trust is right for you
It’s not easy to figure out if a life insurance company is the best one for you. The reason it’s so hard to figure out is because every single life insurance company has a different way of assessing risk.
One insurance company might really penalize you harsher if you are a smoker, whereas another may offer better rates for diabetic life insurance.
There are dozens of factors and combinations of factors that to really find the best life insurance company for you takes some serious expertise. Luckily, TermLife2Go is here to help.