Haris Ashley
Motorists Life Insurance Company, founded in 1928, is a mutual company that offers a range of insurance products, including term life insurance, whole life insurance, and universal life insurance. The company has approximately 98,000 clients and $6 billion in life insurance policies. While Motorists Life Insurance is not one of the larger insurance companies, it has received high ratings from third-party organizations like A.M. Best, which awarded it an A- (Excellent) rating, and the Better Business Bureau, which gave it an A+ rating. The company's niche is its affordability and leniency in underwriting, making it a good option for those seeking solid and reliable life insurance plans.
| Characteristics | Values |
|---|---|
| Year founded | 1928 |
| Founder | Carl Crispin |
| Location | Columbus, Ohio |
| Number of states covered | 16 |
| Number of clients | 98,000 |
| Value of insurance active | $6 billion |
| Annual revenue | $30.5 million |
| Premiums | $1.1 billion |
| Assets | $4.1 billion |
| Number of property and casualty customers | 70,000 |
| Number of independent agencies | 2,000+ |
| Number of affiliated insurance companies | 9 |
| Ratings | A- (Excellent) by A.M. Best, A+ by Better Business Bureau |
| Types of policies offered | Term life insurance, Whole life insurance, Universal life insurance |
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What You'll Learn
Motorists Life Insurance's size and reach
Motorists Life Insurance Company, also known as Motorists Insurance Group, Motorists Mutual, and Motorists Life, is a mutual insurance company founded in 1928 by Carl Crispin in Columbus, Ohio. The company has been in business for nearly 100 years, offering a variety of insurance products, including life insurance, auto insurance, property insurance, and identity protection.
In terms of size, Motorists Life Insurance is considered a relatively small company, operating in a limited number of states. As of 2022, the company offered its services in 16 states in the eastern half of the United States, including Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Nebraska, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, and Wisconsin. Despite its smaller size, Motorists Life Insurance has a significant reach within these states, with approximately 98,000 clients and $6 billion in life insurance policies in force.
The company has received high ratings from prominent organizations in the insurance industry. Motorists Life Insurance has an A- (Excellent) rating from A.M. Best, a global credit rating organization, indicating strong financial health and security. Additionally, the Better Business Bureau (BBB) has given the company an A+ rating, reflecting its commitment to providing excellent customer service.
Motorists Life Insurance offers a range of life insurance products to meet diverse customer needs. They provide both term life insurance and permanent life insurance options. Their term life insurance includes the Value Term PLUS, which offers death protection at a lower price than permanent life insurance policies. Motorists Life also offers whole life and universal life insurance policies, with various options to choose from. The whole life policies include non-par, par, single premium, simplified issue, and graded benefit whole life plans. The universal life policy, on the other hand, is available to individuals aged 0-80.
In addition to their standard life insurance offerings, Motorists Life Insurance also provides customized life insurance products and riders that can be added to existing policies for additional coverage. These riders include the Accidental Death Benefit Rider, which provides extra coverage in the event of accidental death, and the Children's Rider Conversion, which extends coverage to dependent children.
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The company's financial health
Motorists Life Insurance Company, also known as Motorists Insurance Group, is a mutual insurance company that has been in business for almost 100 years. It was founded in 1928 as Motorists Mutual by Carl Crispin in Columbus, Ohio.
Financial Health:
The financial health of Motorists Life Insurance Company can be assessed through various metrics, including revenue, premiums, assets, and independent ratings.
Revenue and Premiums:
In 2017, Motorists Life Insurance reported annual revenue of $30.5 million. The same year, the company's premiums, which represent the payments made by policyholders for their insurance coverage, totalled $1.1 billion. This significant premium figure indicates a substantial customer base and consistent inflows of capital.
Assets:
As of 2017, Motorists Life Insurance held assets worth over $4.1 billion. This substantial asset base demonstrates the company's financial strength and stability, providing a buffer against potential losses and ensuring its ability to honour claims.
Independent Ratings:
Motorists Life Insurance has earned positive ratings from independent rating organizations, providing valuable insights into its financial health. The company has received an A- (Excellent) rating from A.M. Best, a prominent global credit rating organization for the insurance industry. This rating is the fourth-highest on A.M. Best's scale, indicating Motorists Life Insurance's strong financial position and ability to pay out claims.
Additionally, the Better Business Bureau (BBB), which considers various factors in its evaluations, has awarded the company an A+ rating. This further reinforces the company's commitment to financial stability and customer satisfaction.
Motorists Life Insurance's financial health appears robust, as evidenced by its substantial assets, revenue, and premium inflows. The positive ratings from independent organizations attest to its financial strength and ability to meet its obligations to policyholders.
While financial metrics provide a snapshot of the company's historical performance, it is also essential to consider its ongoing operations, strategic direction, and adaptability to market changes to gain a comprehensive understanding of its overall financial health.
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Customer service
Motorists Life Insurance Company is a reliable company with a good reputation and has been providing quality life insurance products to its customers for over half a century. The company was founded by Columbus, Ohio businessman Carl Crispin in 1928 with an initial investment of $15,000. Crispin founded the company on the principles of being prompt and fair, with the goal of providing excellent service.
Motorists Life Insurance has many satisfied policyholders who have had positive experiences with the company. The company has an A- rating from A.M. Best, a global credit rating organization that provides customers with insight into the insurance company's financial strength and its ability to pay out claims. The Better Business Bureau has also given the company an A+ rating. Online reviews of the company are positive, with many reviewers mentioning that they have been with the company for a long time and appreciating the agent's personal touch.
The company's customer service is U.S.-based, with hold times generally no longer than 30 seconds. Policyholders can pay their premiums and file claims online. However, a major drawback is that Motorists Life Insurance is only available in 24 states in the eastern half of the United States, which may limit its accessibility to potential customers in other regions.
Motorists Life Insurance offers a range of life insurance riders that allow customers to customize their policies. These include the Children's Term Rider, which provides $5000 worth of term coverage for every child or grandchild covered, the Disability Waiver of Premium Rider, which waives premiums if the insured is disabled for 90 days or more, the Accidental Death Benefit, and the Accelerated Death Benefit, which provides advanced coverage in the event of a terminal illness.
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Motorists Life Insurance's underwriting niches
Motorists Life Insurance, founded in 1928, has been in business for nearly a century. The company offers a range of products, including term life insurance, whole life insurance, and universal life insurance. Their policies are available in 16 US states and are sold by over 14,000 independent agents. The company has approximately 98,000 clients and $6 billion in life insurance policies.
Motorists Life Insurance provides applicants with some underwriting niches that are more affordable than their competitors' rates. They have six basic underwriting classes: preferred best, preferred plus, preferred, preferred smoker, standard non-smoker, and standard smoker. The company is relatively lenient when it comes to build charts, allowing individuals with a BMI of 30.0 (considered overweight) to still qualify for their preferred plus category. For "preferred best" rates, applicants can have average (untreated) blood pressure levels of 135/80 or lower. To be ranked in the "preferred category," applicants can have treated blood pressure levels up to 145/90 or lower, and preferred applicants can have levels up to 150/95 (treated).
Motorists Life Insurance also offers permanent coverage options, including whole and universal life insurance. Their universal life policy is available to individuals aged 0-80, while their whole life policies offer a range of options, including non-par, par, single premium, simplified issue, and graded benefit whole life. Additionally, they provide riders that can be added to policies for additional coverage, such as the Accidental Death Benefit Rider and the Children's Rider Conversion.
The company has received excellent ratings from prominent organizations like A.M. Best (A-) and the Better Business Bureau (A+). These ratings indicate strong financial health, security, and customer service. Motorists Life Insurance is committed to providing prompt service and fair claims, making it a reliable choice for individuals seeking life insurance coverage.
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The company's history
Motorists Life Insurance Company, initially founded as Motorists Mutual in 1928 by Carl Crispin, has been in business for nearly 100 years. Crispin, a businessman from Columbus, Ohio, started the company when he saw a need for affordable automobile insurance with "prompt service and fair claims". Motorists Mutual then founded the Motorists Life Insurance Company in 1965, which is now offered by more than 14,000 independent life insurance agents in 16 different states.
As of 2022, Motorists Life Insurance is available in Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Nebraska, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, and Wisconsin. The company has approximately 98,000 clients and $6 billion in life insurance in force. Motorists Life Insurance is a mutual insurance company, meaning it is owned by its policyholders. The company works exclusively with independent insurance agents.
Motorists Life Insurance offers a wide range of products for both commercial and personal use. For personal insurance, shoppers can buy auto, property, umbrella, recreational vehicle, and identity protection. They also offer customized life insurance products. Motorists Life offers two common types of life insurance policies: term life insurance and whole life insurance. Term life insurance is valid for a certain number of life insurance coverage, which the buyer can decide. Whole life insurance is a permanent life insurance policy that provides coverage for the rest of the insured's life. Motorists Life Insurance also offers universal life policies, available for those aged 0-80.
Motorists Life Insurance has an A- rating from A.M. Best, a global credit rating organisation for the insurance industry. This rating provides customers with insight into the company's financial strength and its ability to pay out claims. The Better Business Bureau has given the company an A+ rating. Motorists Life Insurance strives to provide excellent customer service, with US-based customer service and hold times of generally no longer than 30 seconds.
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Frequently asked questions
Motorists Life Insurance Company is not listed as one of the largest life insurance companies in the US. However, it has approximately 98,000 clients and $6 billion in life insurance in force.
Motorists Life Insurance Company has an A- rating from A.M. Best, indicating excellent financial strength and ability to pay out claims. The Better Business Bureau has also given the company an A+ rating, suggesting high customer satisfaction. The company offers a wide range of products for both commercial and personal use, including auto, property, and identity protection.
Motorists Life Insurance Company is only available in 16 US states, all in the eastern half of the country. The company's policies can be purchased online without a medical exam or in-person meeting. Customer service is US-based, with hold times generally no longer than 30 seconds.
