Wading through the hundreds of different companies offering life insurance can be daunting. That is why we put together our list of life insurance companies, in order to help our clients locate the top products in the marketplace. That is the motivation behind or Starmount Life Insurance Company review.
Review of Starmount Life Insurance Company
In the following review of Starmount Life Insurance Company we will examine the history of the company, its financials and ratings, and explore the different products and services offered. If you are in the market for coverage, please stop by our life insurance quotes comparison page to see what exam and no exam life insurance look like side by side.
About Starmount Life Insurance Company
History – Along with its sister company, AlwaysCare Benefits, Starmount Life Insurance Company started as a family-run business 35 years ago and has stuck to these traditions ever since. Up until 1992, they also owned Maison Blanche which perhaps shows the prominence of the family within the business world. Employing over 8,000 people, Maison Blanche was the largest family-owned department store in the US with a history spanning 200 years and the Sternbergs ventured off into life insurance as a result of their success.
In recent years, the company has been recognized a number of times and this has led to many awards. For example, the ball started rolling in 2009 when Inc Magazine called them one of the fastest-growing private companies in the country. Having already received a Company of the Year award in 2006 by the Greater Baton Rouge Business Report, success continued and they’ve been in the top 100 private companies in this same report ever since 2013. In addition to this, they’ve earned two ‘Best Places to Work in Baton Rouge’ awards and were named in Ward’s 50 Life and Health Top Performers list.
Financials – Compared to some of the larger and older companies within the industry, the financial information available for Starmount Life Insurance Company is limited but we know they pay millions out in claims every year and that they earned a revenue figure of nearly $150 million last year. According to a recent report, over 940,000 people across the US are now covered with Starmount Life and this has created an in-force annualized premium of over $180 million.
Starmount Life Insurance Company Ratings
In this Starmount Life Insurance Company review, we want to provide you with all the information you need to make a decision regarding life insurance. For many, this comes from the official ratings so let’s see what’s available for Starmount Life.
A.M. Best – In the past, we’ve seen younger life insurance companies struggle to match up to the biggest players in the market. Considering many have had over 125 years of experience, this isn’t hard to understand. However, Starmount Life has been graded by A.M. Best at A- (Excellent). Compare to some companies who have been in the industry for a lot longer, this is a fantastic rating and one you can be happy with. Since the rating falls into the ‘A’ band, we can be confident that they’ll pay all claims that come their way both now and heading into the future.
With A.M. Best, we have a superb financial agency because they also provide a Long-Term Issuer Credit rating. Designed to measure how well a company can ‘meet their ongoing financial obligations’, this rating is important for life insurance companies because we hope our families don’t have to make a claim for many years to come. If we choose a company who can’t promise financial security in the future, we risk our policy and the financial stability of our immediate family after passing away. Fortunately, Starmount Life has been awarded with an a- rating.
Better Business Bureau – With the finances under control, do they provide good customer service? For many, this is just as important as financial security and we like to look at the Better Business Bureau rating to find out just how well the company deals with complaints. Furthermore, the rating from BBB also addresses issues such as advertising and their business practices.
For Starmount Life, they are an accredited business and they’ve received the top score of A+. Since the BBB uses a scale from 0 to 100, we should note that Starmount Life actually scored above 97 and this can provide confidence in the brand once again. If you ever need to get in touch with the company, this shouldn’t be a problem and you can also be confident in the business practices and ethics.
Customer Service – With the digital world in which we live, everything seems to have moved online over the years and Starmount Life has gone above and beyond most others in this regard. Once you become a customer of the company, you can set up an ID Card which allows you access to an app for iOS and Android. With this, you can review your policy and assess important information within seconds.
Should you need to get in contact with an agent or a member of staff, the website lists several different phone numbers depending on your need. Last year, Unum took control of the agents in the field and this means you can access their ‘Find a Field Office or Agent’ feature. Regardless of your state and exact location, you should be able to find the nearest office to you quickly before being provided with the appropriate contact information.
Products offered by Starmount Life Insurance Company
Next up in this Starmount Life Insurance Company review, we have the all-important products. So far, we’ve seen that their finances can clearly cope with demand and you can be happy they’ll pay all claims in the future. Also, we’ve seen that their customer service and whole approach to customers is up there with the very best insurers in the industry. However, all of this becomes redundant if they don’t have the products you need. Therefore, the next step for us is to show the products on offer!
Dental and Vision – Firstly, Starmount Life has several different plans if you’re looking for simple dental or vision insurance. Since both services quickly become expensive without insurance, they offer seven different policies depending on your needs. What’s more, they even offer features to help you decide between the available policies. By assessing which is best for you and your family, you don’t have to worry about ever falling short of coverage in the future.
With both dental and vision insurance, Starmount Life has over 304,000 access points across the United States so you shouldn’t ever be far away from an opticians or dentist facility. Of course, we recommend checking the closest facilities to you just in case the company happens to have an area with very few options. However, they should be able to cover most and this is why they’re now just short of one million policyholders in total.
After dental and vision insurance, you’ll find five different types of life insurance policies. If this is your focus in the coming years, keep reading and see if you find a policy that meets your needs.
Accidental Death and Dismemberment – Available to all those between the ages of 18 and 69, coverage is guaranteed which means you don’t have to undergo any medical examinations to get started. Sometimes, accidents happen and accidental death insurance allows you (and your family) to remain protected. With coverable available from $5 per month, you can have a death benefit of between $50,000 and $250,000 and you can get started online.
Accidental Death Insurance – Available between 18 and 75 years of age, benefits will be paid according to the type of accident and coverage can start at $2 per month for your whole family. Once again, no medical examination is necessary and this time the death benefit can reach $1 million.
Youth Life Insurance – As the name suggests, this is life insurance for children. This cash value whole life insurance policy is guaranteed for life. With no medical examination required to get started, you can insure your children as long as they’re older than two months and haven’t yet had their 26th birthday. If you pay annually, you’ll receive a 5% discount.
ValueLife Gold Insurance – As a modified whole life insurance policy, you can obtain coverage of up to $75,000 if you’re aged between 18 and 75. Typically, a medical exam will not be necessary and you can also enjoy a living benefits at no additional cost. Once set up, the coverage is guaranteed up to the age of 120 years.
StarLife Gold Insurance – Available to the age of 95, this product allows for coverage of up to $75,000 with no medical exam typically required to get started. As before, you can enjoy living benefits with no extra charges.