Finding the right life insurance is crucial to protect your loved ones financially if something happens to you. But with so many insurance providers to choose from, it can be tough to decide which company to trust.
In this review, we’ll take an in-depth look at Mutual Trust Life Insurance to see if they deliver on their promises. Analyzing independent reviews and ratings, we’ll examine Mutual Trust’s policies, pricing, financial strength, and reputation.
Overview of Mutual Trust Life Insurance
Mutual Trust Life Insurance Company provides term life, whole life, and annuities across 49 states. Some key facts:
- Founded in 1904 in Illinois
- Focus on participating whole life insurance
- Owned by Pan-American Life Insurance Group
- A.M. Best rating of A+ (Superior)
-BBB rating of A+
As a mutual company, Mutual Trust is owned by policyholders rather than shareholders. They promote mutuality and aim to pay dividends to members.
But do real customers recommend Mutual Trust for life insurance? Let’s look at reviews.
Mutual Trust Life Insurance Reviews from Customers
We’ll analyze reviews from two independent sources to see feedback on Mutual Trust from actual policyholders:
On WalletHub, Mutual Trust has 14 reviews averaging 4.2 out of 5 stars. Positive reviews mention:
- “Easy to work with”
- “Great customer service”
- “The agent worked hard to get me a good policy”
However, one negative 1-star review complains about a “disappointing experience” trying to surrender a policy and lengthy delays receiving the payout.
Mutual Trust has an A+ rating from the Better Business Bureau with just one complaint over the past 3 years. The complaint involved problems with policy services.
So while customer reviews are limited, most feedback on Mutual Trust is positive overall. Next let’s look at the pros and cons of their life insurance.
Pros of Mutual Trust Life Insurance
Strong Financial Ratings
Mutual Trust has high marks from independent agencies for financial strength:
- A.M. Best: A+ (Superior)
- Fitch: A+
- Moody’s: Aa3
These ratings indicate excellent financial health and ability to pay out claims. Customers can have confidence in Mutual Trust’s stability.
Good Variety of Policies
Mutual Trust provides an array of life insurance options including:
- Term life: 10-year, 15-year, 20-year, 30-year
- Whole life: Horizon Value, Horizon Guarantee, Horizon Blend, Legacy One
- Annuities: Flexible and single premium
With term, whole life, and annuities available, many coverage needs can be met.
Strong Customer Service Reputation
While customer feedback is limited, most reviews praise Mutual Trust’s customer service and agent support. Policyholders mention timely responses and helpful agents.
Mutual Company Structure
As a mutual insurer, Mutual Trust is owned by policyholders, not investors. This eliminates pressure to maximize profits for shareholders.
By distributing dividends to members, Mutual Trust shares profits with policyholders. This can reduce long-term costs.
Cons of Mutual Trust Life Insurance
Mixed Ratings for Claims Processes
While customer reviews are positive overall, one WalletHub reviewer described a poor experience surrendering a policy and delays receiving the payout. This raises some concern about claims handling.
Higher Premiums Than Some Competitors
Based on sample quotes, Mutual Trust’s pricing is less competitive for some demographics compared to insurers like Banner Life and Protective Life. Shoppers should compare quotes.
Smaller Company Than Industry Leaders
With $19 billion in assets, Mutual Trust is much smaller than giants like Northwestern Mutual and New York Life. The scale of larger firms can be advantageous.
Availability Limited to 49 States
Mutual Trust does not sell policies in New York, which limits options for residents of that state.
Mixed Ratings on WEB
Mutual Trust gets mixed reviews on WEB with some complaints about policy costs rising over time.
So while Mutual Trust has many strengths, some drawbacks exist that customers should carefully consider.
Sample Mutual Trust Life Insurance Rates
To evaluate the pricing of Mutual Trust’s policies, here are sample monthly rates for $500,000 in term life coverage:
|20-Year Term Monthly Premium|
|40-year-old male |$63|
Mutual Trust offers competitive rates for younger applicants but is pricier for older buyers compared to leading insurers like Banner Life and Protective Life. Quoting with multiple companies is wise.
Alternatives to Consider
Some top alternatives to consider beyond Mutual Trust include:
- Banner Life: Known for affordable term life rates across age ranges
- Protective Life: Provides both term and permanent life insurance
- Principal Life: Offers competitive pricing and over 100 years of experience
- Lincoln Financial: Strong financials and variety of policy options
Comparing quotes from these highly-rated insurers is recommended to find your best option.
Is Mutual Trust Life Insurance Trustworthy?
Based on available customer feedback and industry ratings, Mutual Trust appears to be a stable and reputable insurance provider. Policyholders praise their helpful service and financial strength.
While pricing is sometimes higher than competitors, Mutual Trust offers a good selection of permanent and term life policies. Their mutual company structure and dividend payouts are advantages as well.
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