Jane Dotson
Motorists Life Insurance Company, founded in 1928, is a mutual company that offers a range of life insurance products. While it may not be one of the larger insurance companies, Motorists Life Insurance has been in business for nearly a century and has approximately $6 billion in life insurance active among 98,000+ policies. The company has an A- rating from A.M. Best, indicating excellent financial health and security, and an A+ rating from the Better Business Bureau, highlighting their focus on customer service.
| Characteristics | Values |
|---|---|
| Date founded | 1928 |
| Founder | Carl Crispin |
| Headquarters | Columbus, Ohio |
| Number of states covered | 16 |
| Number of independent agents | 14,000+ |
| Number of clients | 98,000+ |
| Value of insurance active | $6 billion |
| Annual revenue (2017) | $30.5 million |
| Premiums (2017) | $1.1 billion |
| Assets (2017) | $4.1 billion+ |
| Number of property and casualty customers (2017) | 70,000+ |
| Number of affiliated insurance companies | 9 |
| A.M. Best rating | A- (Excellent) |
| Better Business Bureau rating | A+ |
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What You'll Learn
Motorists Life Insurance's underwriting niches
Motorists Life Insurance, initially founded in 1928 as Motorists Mutual in Columbus, Ohio, offers applicants a range of underwriting niches that are more affordable than their competitors' rates. The company has six basic underwriting classes: preferred best, preferred plus, preferred, preferred smoker, standard non-smoker, and standard smoker.
Motorists Life is relatively lenient when it comes to their build charts. For example, a 5'10" male who weighs 209 lbs can still qualify for their preferred plus category, which translates to a BMI of 30.0 (overweight). For "preferred best" rates, applicants can have average (untreated) blood pressure levels of 135/80 or lower. To rank in the "preferred category," applicants can have average levels up to 145/90 or lower (treated), and preferred applicants can have levels up to 150/95 (treated).
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 years, which the policyholder decides. Motorists Life's Value Term PLUS is an affordable option with death protection at a lower price than permanent life insurance policies. Whole life insurance is a permanent life insurance policy that provides coverage for the rest of the policyholder's life. Motorists Life has multiple types of permanent life insurance, including simplified, participating, universal, and youth life protector. Simplified is a no-exam policy with graded issue amounts from $2000 to $15,000. Participating has some non-forfeiture options in case the policy lapses. Universal offers a flexible premium, and youth life protector is a child life insurance policy that protects children until they turn 18.
Motorists Life also offers Real-Time Term (RTT) life insurance, which does not require a medical exam. Instead, applicants answer a series of health and lifestyle questions to receive an instant underwriting decision.
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Motorists Life Insurance's build charts
Motorists Life Insurance Company, founded in 1928 by Carl Crispin in Columbus, Ohio, 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 in force. While it may not be one of the larger insurance companies, Motorists Life Insurance has received excellent ratings from third-party organizations like A.M. Best, which awarded it an A- rating, indicating strong financial health and security.
Motorists Life Insurance offers two main types of life insurance policies: term life insurance and whole life insurance. Term life insurance is valid for a specific number of years, chosen by the customer. Motorists Life's Value Term PLUS option provides affordable death protection, and various riders can be added to the policy. Whole life insurance, on the other hand, offers permanent coverage for the entirety of one's life. Motorists Life Insurance provides multiple options within this category, including non-par, par, single premium, simplified issue, and graded benefit whole life.
In addition to these standard policies, Motorists Life Insurance offers several notable riders that can be added to enhance coverage. One such rider is the Accidental Death Benefit Rider, which provides additional coverage in the event of death due to accidental bodily injury or drowning. Another rider is the Children's Rider Conversion, which provides coverage for dependent children for an added fee.
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Motorists Life Insurance's permanent coverage options
Motorists Life Insurance Company, founded in 1928, offers a range of permanent life insurance options. The company has been in business for nearly a century and is currently offered by over 14,000 independent life insurance agents in 16 states. Motorists Life has approximately 98,000 clients and $6 billion in life insurance in force.
If you're seeking permanent coverage, Motorists Life provides whole and universal life insurance options. Their universal life insurance policy is available for those aged 0-80 and is a good choice for anyone seeking low-cost permanent coverage. To maintain affordable premiums, this type of coverage does not emphasise significant cash value growth. On the other hand, their whole life insurance policies offer more variety, allowing you to choose from non-par, par, single premium, simplified issue, or graded benefit whole life options.
Motorists Life Insurance also provides a non-participating, no medical exam whole life insurance option with coverage limited to $25,000 ($15,000 for graded death benefit). This plan is ideal for seniors concerned about funeral costs, final medical bills, or other small debts. Simplified and graded death benefits come with guaranteed cash values. Additionally, their term life insurance coverage includes a free accelerated death benefit rider, which can advance up to 55% of the death benefit (up to a maximum of $100,000) if the insured is diagnosed with a qualifying terminal illness.
The company offers several riders that can be added to their permanent life insurance policies, such as the Accidental Death Benefit Rider, providing additional coverage for accidental bodily injury or drowning, and the Children's Rider Conversion, which covers all dependent children for an added fee. These permanent coverage options demonstrate Motorists Life Insurance Company's commitment to providing flexible and comprehensive solutions for their customers' diverse needs.
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Motorists Life Insurance's term life insurance options
Motorists Life Insurance, founded in 1928, offers a variety of term life insurance options. The company has an A- rating from A.M. Best, a global credit rating organisation, indicating its financial strength and ability to pay out claims. Motorists Life Insurance has approximately $6 billion in life insurance across 98,000+ policies.
The company offers two main types of term life insurance: Real-Time Term and Value Term PLUS. Real-Time Term is Motorists Life Insurance's newest offering, providing approval within 20 minutes of applying. This option does not require a medical exam and the entire application process is completed online through a series of 12 yes/no underwriting questions. Real-Time Term offers up to $500,000 in coverage with a maximum term length of 30 years.
Value Term PLUS is an affordable option, providing death protection at a lower price compared to permanent life insurance policies. This plan allows you to add various riders to customise your coverage. The death benefit from this term life insurance is typically not taxed.
Motorists Life Insurance also provides the option to convert your term insurance into permanent coverage. During the term of your policy or until you turn 70, you can choose to transition a portion or all of your term insurance to permanent life insurance without reproving your insurability. Additionally, you can renew your term annually until age 95, although the cost of coverage will increase each year.
Motorists Life Insurance offers underwriting niches that are more affordable than competitors' rates. They have six basic underwriting classes: preferred best, preferred plus, preferred, preferred smoker, standard non-smoker, and standard smoker. For instance, a 5'10" male weighing 209 lbs can qualify for their preferred plus category, which corresponds to a BMI of 30.0 (considered overweight).
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Motorists Life Insurance's customer service
Motorists Life Insurance, initially founded in 1928 as Motorists Mutual in Columbus, Ohio, offers a range of insurance products, including term life insurance, whole life insurance, and universal life insurance. The company was founded by Carl Crispin, who saw a need for affordable automobile insurance with "prompt service and fair claims."
Motorists Life Insurance provides applicants with affordable underwriting niches and 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 their build charts, allowing individuals with a higher BMI to still qualify for preferred rates.
In terms of customer service, Motorists Life Insurance can be contacted through their website, email, and phone. Their customer service team is available during standard business hours, Monday to Friday, and their offices are closed on select holidays. The company also provides a claims phone line and an online bill payment service.
Motorists Life Insurance is currently offered by more than 14,000 independent life insurance agents in 16 states, including Florida, Georgia, Illinois, Indiana, and Ohio. As of May 2022, the company had approximately 98,000 clients and $6 billion in life insurance policies in force. Their most popular product is term life insurance, which offers both no-exam and exam options.
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Frequently asked questions
Motorists Life Insurance is a relatively small insurance company that operates in 16 states in the eastern half of the United States. They have around 98,000 clients and $6 billion in life insurance policies.
Motorists Life Insurance has an A- rating from A.M. Best, which is the fourth-highest rating on their scale of 16 possible ratings. This rating indicates excellent financial health and security.
The Better Business Bureau has given Motorists Life Insurance an A+ rating, indicating their strong focus on providing excellent customer service.
Motorists Life Insurance's size allows them to work exclusively with independent insurance agents. Independent agents can offer a wider range of coverage options by shopping around for the best rates from multiple companies, ensuring customers get the most suitable policies for their needs.
Motorists Life Insurance has strong financial health and security, as indicated by its A- rating from A.M. Best. This rating provides customers with confidence in the company's ability to pay out claims.
