Monumental Life Insurance Review [2021]

Read through our Monumental Life Insurance company review to learn about the recent name change of the company, the insurance products this company offers, and how consumers feel about this company's service. If you're looking for life insurance, Monumental has a number of different life insurance products that might be a good match for you. Read more to find out about the current life insurance product offerings from Monumental and compare rates.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • Monumental Life Insurance Company recently announced that it was changing its name and branding to Transamerica Premier Life Insurance Company.
  • Despite the name change and new branding direction, the life insurance products being offered will not change.
  • A big name change like this takes time so you may still Monumental Life Insurance branding while the change is being finalized.
  • Current policyholders will not be affected in any way, this is just a change in name, all current policies will remain intact.

If you’re looking for a quality life insurance policy, you will probably want to gather as much information as possible on the types of term life insurance and the best life insurance companies in the industry.

Read through our Monumental life insurance review to learn more about everything the company offers.

Recently, Monumental Life Insurance Company has decided to undergo a name change. From now on Monumental will be known as Transamerica Premier Life Insurance Company. If you’re a current customer you may have questions about what this name change means for you.

If you’re a current Monumental Life Insurance customer, we’ll cover some important questions you may have about the rebranding and the status of your current Monumental life insurance policy.

Are you ready to buy Monumental life insurance? Enter your ZIP code above to compare life insurance rates and quotes from the top companies in your area.

What life insurance products are available from Transamerica?

Monumental, or Transamerica, offers term life insurance, whole life insurance, indexed universal life insurance, and final expense insurance. How much life insurance do you need? Transamerica has a solid life insurance product to meet your needs.

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What types of term life insurance policies are available from Transamerica?

Transamerica offers two different types of term life insurance policies. Both types of term life policies are available with 10-, 15-, 20-, 25-, or 30-year terms. The first term life insurance policy is branded “The Trendsetter Super.”

This policy offers up to $10 million in life insurance coverage, and you may qualify for even more coverage depending on your unique circumstances.

Transamerica Average Monthly Term Life Insurance Rates for a 10-Year Term Life Policy for $100,000
Age of Non-SmokerMale Average Monthly RatesFemale Average Monthly Rates
25$11.27$9.89
30$10.06$9.72
35$11.09$10.66
40$13.33$12.47
45$15.65$14.02
50$20.21$17.46
55$30.10$25.89
60$42.66$36.98
65$71.29$59.94
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The other term life policy offered by Transamerica is branded as “The Trendsetter LB.” This policy has coverages up to $2 million and allows you to access some of your life insurance benefits if you are diagnosed with a chronic, terminal, or critical illness or disease.

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What whole life insurance products are offered by Transamerica?

Transamerica also has two types of whole life insurance coverage.

One is their final expense insurance. This coverage maxes out at $50,000 of coverage and is really only intended to help pay for burial and other final expenses. Although, with this coverage, you may have a little something to leave behind for your loved ones too.

Term Life vs Whole Life Insurance
Term Life InsuranceWhole Life Insurance
Set number of yearsFor life
Cheaper ratesMore expensive rates
No savings vehicleSavings vehicle/ cash value
Can add ridersCan add riders
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Transamerica also sells whole life insurance policies with up to $2 million in coverage as well. Whole life insurance policies grow in cash value over time and they can be borrowed against should you come up against hard economic times.

What is indexed universal life insurance?

Indexed universal life insurance policies offer consumers a truly flexible life insurance option.

Transamerica’s product offering contains a traditional death benefit like any other life insurance policy, but with a Transamerica indexed universal life insurance policy you also get:

  • policy value accumulation tied to an index’s market performance
  • guaranteed minimum interest rate, so even if the market dips you won’t lose value in your policy
  • tax-free loans and withdrawals
  • tax deferral on earnings
  • tax-free transfers between accounts

These life insurance policies are great for people who are looking to accumulate cash value and get the traditional protections that life insurance affords. Speak with an insurance agent if you have more questions about how these unique policies work.

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I am a Monumental customer, will my life insurance be affected by the change to Transamerica?

The name change from Monumental Life Insurance to Transamerica Premier Life Insurance will not affect any of the policies that you currently hold with Monumental. The change is in name only.

Will I be issued a new life insurance policy or policy number?

Good question, no, your life insurance policy will remain in effect and all of your policy details will remain the same as well including your life insurance policy number.

Is there anything I should expect as this name change takes place?

The goal is for the name change from Monumental to Transamerica to take place smoothly and quickly. However, changing the branding of such a large company cannot be done overnight.

What you can expect is the same products and high level of customer service that you have already grown accustomed to from Monumental.

You will likely continue to receive billing and mail from Monumental as the transition is completed, but this will change over time as the name change is instituted across the company.

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How do consumers feel about Monumental/Transamerica?

On the Consumer Affairs website, which compiles verified ratings and reviews from real consumers, Transamerica has a high number of complaints. The majority of these complaints refer to the billing practices of the company and the payment of benefits.

A lot of people complain about being overcharged by the company. They claim they were continuously charged for coverage they were not receiving and then not reimbursed the full amount of what they were charged.

Many other people complain that this company would not pay death benefits. Obviously, this is the main purpose of life insurance, and if a company can’t or won’t pay death benefits consumers should be very concerned about doing business with them.

Monumental Life Insurance Review: What’s the bottom line

Monumental Life Insurance no longer exists under that name. Transamerica is the new name and branding for Monumental.

There are a number of different life insurance policies offered by the company. However, many consumers complain about this company and its business practices.

Are you ready to find cheap Monumental life insurance? Enter your ZIP code below to compare cheap life insurance rates from the top companies in your area.

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