There are a lot of life insurance companies in the US, and I, as a broker, have never heard of some of them. We feel an obligation to our readers to review as many life insurance companies as possible. There are two vital reasons to do so. The first is to educate our readers about the product and services a company offers.
The second reason is to make sure that an independent broker like me doesn’t miss a great chance to give our clients competitive products. Today, we review Mutual Trust Life Insurance Company by looking at their rates and life insurance products. Right now, they haven’t hired us to sell their products, but we could if our clients think it would be worth it. However, we have all the life insurance products’ material and current rates.
Evaluating Mutual Trust Life Insurance Reviews Ratings and More
Choosing the right life insurance company is an important decision You want to ensure your policy and premiums are handled reliably for your beneficiaries This makes reviews crucial when evaluating insurers like Mutual Trust Life.
This comprehensive guide examines Mutual Trust. We’ll look at company background, financial strength, customer feedback, common complaints, and more. Reading reviews is just one step to finding the best life insurance fit.
About Mutual Trust Life Insurance
Mutual Trust Life Insurance Company is based in Oak Brook, Illinois. It offers individual life insurance and annuity products in 49 states and Washington D.C.
Some key facts:
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Founded in 1904 in Chicago, IL
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Originally named Mutual Trust and Savings Bank
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Current name adopted in 1971
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Acquired by Pan-American Life Insurance Group in 2005
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Serves over 375,000 policyholders
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A.M. Best rating of A- (Excellent)
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Assets over $1.5 billion
Mutual Trust sells permanent, term, and final expense life insurance. It also offers fixed and indexed annuities. Products are available through independent agents.
Mutual Trust Life Insurance Ratings
Third-party ratings help indicate an insurer’s financial stability. Here are Mutual Trust’s current assessments:
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A.M. Best: A- (Excellent)
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Standard & Poor’s: A (Strong)
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Moody’s: A3 (Good)
These ratings reflect financial strength to pay out policy claims. Overall, Mutual Trust scores well but lags behind top mutual companies.
Mutual Trust Customer Reviews and Complaints
Beyond ratings, customer feedback provides insight into an insurer’s reputation. Here are excerpts of recent Mutual Trust reviews:
Positive:
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“My dad bought a small policy in the 60s. Mutual Trust has always paid claims fast with no issues.”
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“Our agent has always been great. No problems with payments or paperwork after 25 years.”
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“I switched to a Mutual Trust term policy last year. Much more affordable than my old insurer.”
Negative:
-“After my mom passed, they delayed the payout for months. Paperwork and calls went unanswered.”
-“I wanted to cash out my old policy when moving states. Their terrible customer service made it a nightmare.”
-“Constant issues with processing automatic bank drafts for premiums. Unreliable company.”
Pros of Mutual Trust Life Insurance
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Affordable premiums, especially on term life policies
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High third-party financial strength ratings
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Lifetime permanent coverage options
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Customizable policies with add-on riders
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Access to policy information online
Cons and Common Complaints
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Mixed customer service reviews
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Delays in paying out death claims
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Difficulties surrendering/cashing out policies
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Errors processing bank withdrawals for premiums
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Communication and follow-up problems
Key Factors to Weigh in Any Life Insurer Review
When evaluating companies like Mutual Trust, keep these aspects in mind:
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Financial strength ratings – Assess third-party ratings like A.M. Best.
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Reputation – Check reviews and complaint ratios at the Better Business Bureau.
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Range of offerings – Look for the types of policies you need.
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Policy perks – Compare riders, discounts, coverage options.
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Premium costs – Get quotes to evaluate affordability.
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Customer experience – Read feedback on responsiveness and service.
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Claims process – Ensure a smooth payout system for beneficiaries.
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Company history and values – Consider longevity and corporate culture.
Comparing Mutual Trust to Alternatives
Mutual Trust offers decent value on term life and permanent coverage. But delays in claims payouts are concerning.
Here’s how Mutual Trust stacks up to some top-rated life insurance companies:
Mutual Trust: Affordable pricing but mixed reviews, claims issues
State Farm: Top financial strength and stellar reputation
Banner Life: Very low term life rates and great service
Pacific Life: Highly-rated mutual company, pricier
John Hancock: Long history, expensive permanent policies
While cheaper, Mutual Trust doesn’t match the service and reliability of an insurer like State Farm. Weigh cost savings against things like reputation and customer experience.
Tips for Buying a Policy and Interacting with Your Insurer
Purchasing coverage is just the first step. Maintaining your policy and dealing with your insurer may last decades. Keep these tips in mind:
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Work with an independent agent who can compare quotes across companies.
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Ask questions upfront about the claims process and post-sale support.
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Review your policy annually at renewal to ensure adequate coverage.
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Notify your insurer and agent about any major life changes.
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Pay premiums on time to prevent lapses in coverage. Use autopay if possible.
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Keep records of all correspondence regarding your policy.
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Contact your state insurance department for help with any unresolved issues.
Doing your due diligence on the front end pays off in peace of mind later on. Weigh ratings, reviews, and customer feedback carefully when choosing a life insurance provider.
Frequently Asked Questions on Mutual Trust Life Insurance Reviews
Here are answers to some common questions regarding Mutual Trust:
Is Mutual Trust Life insurance any good?
It offers decent pricing but gets mixed reviews, especially regarding claims payout timeliness. The financial ratings are good not great. It can be an affordable option but has drawbacks.
How can I check my Mutual Trust policy?
You can access policy information and manage payments through Mutual Trust’s online portal. You can also call your agent or their customer service line for assistance.
Does Mutual Trust sell whole life insurance?
Yes, they offer several permanent and whole life insurance products including: whole life, universal life, indexed universal life, and final expense coverage.
Is Mutual Trust mutual?
Yes, Mutual Trust Life Insurance Company is a mutual insurance firm owned by policyholders. However, they were acquired by Pan-American Life Insurance Group in 2005.
Who owns Mutual Trust Life Insurance?
Mutual Trust is owned by policyholders but is a subsidiary of the Pan-American Life Insurance Group, headquartered in New Orleans, Louisiana.
The Bottom Line – Look Beyond the Ratings
Mutual Trust Life Insurance may appeal to some buyers thanks to reasonable rates. But it earns mixed reviews for customer experience and claims handling.
For peace of mind, consider an insurer like State Farm or Pacific Life with top financial ratings and reputation. Shopping around and comparing reviews is the key to finding the right life insurance match.
Male 20-year Term $500,000
| Company | Age 30 | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|
| Banner | $20.00 | $32.68 | $73.52 | $204.89 |
| Protective | $20.01 | $28.75 | $75.24 | $207.86 |
| AIG | $20.01 | $30.27 | $76.86 | $218.79 |
| Pacific Life | $20.19 | $30.26 | $75.22 | $207.36 |
| Lincoln | $20.39 | $30.50 | $74.99 | $213.02 |
| Mutual of Omaha | $21.29 | $32.90 | $82.78 | $249.19 |
| SBLI | $21.32 | $34.97 | $87.00 | $286.85 |
| Principal | $21.43 | $30.54 | $75.82 | $213.06 |
| North American | $22.44 | $33.44 | $79.20 | $218.68 |
| Mutual Trust Life | $26.10 | $37.35 | $92.70 | $245.25 |
Female 20-year Term $250,000
| Company | Age 30 | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|
| Banner | $11.61 | $15.39 | $32.21 | $78.83 |
| Protective | $11.76 | $15.44 | $31.65 | $77.17 |
| AIG | $11.67 | $16.59 | $33.90 | $87.98 |
| Pacific Life | $11.71 | $16.00 | $31.83 | $77.91 |
| Lincoln | $11.82 | $15.67 | $31.57 | $82.47 |
| Mutual of Omaha | $12.26 | $17.63 | $35.69 | $101.91 |
| Principal | $12.54 | $16.19 | $32.07 | $77.18 |
| North American | $12.76 | $16.94 | $34.10 | $81.84 |
| SBLI | $13.06 | $17.72 | $34.71 | $90.37 |
| Mutual Trust Life | $15.98 | $26.10 | $45.90 | $115.20 |
Mutual Trust Life Insurance Company review, pros and cons, legit, quote update 2024
FAQ
Is Mutual Trust Life insurance a good company?
How does mutual life insurance work?
What happened to Mutual Benefit life insurance company?
What is mutual trust?
Mutual Trust’s parent company is the Pan-American Life Insurance Group, which has been operating since 1911. It markets life insurance, annuities, and other financial products and services throughout North America, Latin America, and the Caribbean.
Is mutual trust life insurance a good company?
Our Mutual Trust Life Insurance Company review finds the company with an A rating from A.M. Best. MTL insurance offers health, life, and annuities insurance products. There are hundreds of life insurance companies in the US, some of which brokers such as myself haven’t heard of before.
How much does mutual trust life insurance cost?
Mutual Trust life insurance rates can be as low as $15 per month for a 20-year, $250,000 term life insurance policy. Our Mutual Trust Life Insurance Company review finds the company with an A rating from A.M. Best. MTL insurance offers health, life, and annuities insurance products.
Does mutual trust life offer whole life insurance?
While the company can’t quite compete with the top life insurance companies in the industry, Mutual Trust Life offers a good selection of life insurance types, including their flagship product: whole life insurance. Let’s take a look at the Pan-American life insurance group stock company calling themselves, “ The Whole Life Company .”