For over 150 years, Monumental Life Insurance Company has been providing quality life insurance products to American citizens, proving commitment to the clients and communities it serves since 1858. The company is licensed to supply insurance products and services in all states except New York. Monumental Life is also certified to operate in the District of Columbia.
Monumental Life was the first life insurance company in Maryland. Its original domicile was under the name Maryland Mutual Life and Fire Insurance Company of Baltimore. In 1989, Monumental Life was included in the formation as holding company for AEGON U.S. operations. The company was merged with People’s Benefit Life Insurance Company and moved its legal office state from Maryland to Iowa in 2007. As of December 31, 2009, Monumental Life has $71 billion of insurance in force, with $34,727 million in assets and $1,508 million in shareholders’ equity.
The A.M. Best Company provided a rating of A+ or superior for Monumental Life, while Moody’s Investors Service gave a rating of A1 or good. Fitch Ratings and Standard & Poor’s ratings for Monumental Life is AA- or very strong. These reflect the current opinion of the relative financial strength and operating performance of Monumental Life.
Monumental Life’s mission statement speaks the essence of the company: “We are committed to helping American families improve the quality of their lives.” To be in line with this mission, the company’s agents meet with families and provide detailed personal needs analysis, thus helping them guard their lives and homes. They supply sufficient life insurance coverage as well as serve claims checks and policy benefits during the most important times for the family.
Monumental Life is also committed with the community, devoting time, abilities and energy in doing charitable efforts. All employees are encouraged to do volunteering, such as mentoring and supporting homes for the destitute. It is the company’s goal to make the community a better, more secure place to live. Such example is the $250,000 donation of Monumental Life and AEGON employees supply college scholarships for children of 9/11 victims in 2001, including the individuals in the U.S. Armed Forces who died in the War on Terror. Furthermore, in 2004, AEGON Foundation matched $250,000 contribute by workers for tsunami aid. AEGON Foundation also pledges to multi-year support of Susan G. Komen Breast Cancer Foundation’s “Race for the Cure.”
Monumental Life supplies life and health insurance products as well as other services to tie up with these insurance needs, including final expenses, education funding, mortgage and income replacement, and supplemental retirement income. Its life and health insurance products include accident and health (cancer and disability income), traditional, term life, universal life, and group life products, as well as international sensitive whole life and single premium life. Monumental Life also provides long term care and structured settlements. It has an online service center for annuity policies with a customer care group assuring excellent service to clients. Proving this is the Dalbar Annuity Service Award and Financial Intermediary Post-Sale Service Award garnered by the group in 2007.
The company’s key executives include chief executive officer and president Henry Hagan, chief operating officer and senior vice president Ralph Arnold, chief actuary and vice president Steven Cammarata, chief information officer and vice president Carol Davies, and chief administrative officer and vice president Susan Reier.