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Baltimore Life - Life Insurance

Welcome to Baltimore Life

Since their founding in 1882, the Baltimore Life Companies have provided reliable and affordable life insurance coverage for six generations of policy owners. Baltimore Life attribute this longevity and success to their ability to change with the times through their four sales divisions. The Home Mutual Life Insurance Company recently merged with them, creating a new sales division with a tradition of offering whole life and annuity products through home service. Another new division, Worksite Marketing, is capitalizing on strong consumer demand for the convenience of purchasing life insurance and related products at work. Their Team Advantage division recently reinvented itself to better serve individual customers. And Independent Sales continues to form partnerships with specialty marketers who share their commitment to serving niche markets.


The Baltimore Life History

In 1882 Baltimore was the 6th largest city in the 38 United States, and was enjoying one of its greatest periods of growth and prosperity. It also was the year that five businessmen founded the Baltimore Mutual Aid Society of Baltimore City to "benefit members in case of disability from sickness or accident, bury the dead, and relieve widows and orphans." The new society boasted a scant $260.93 in assets.

The company continues to protect families throughout the United States. It is the oldest and largest mutual life insurance company in Maryland, the 37th oldest in the United States, and is currently licensed in 49 states and the District of Columbia. The company is owned by its policyowners and managed for their benefit. To provide financial stability to its policyowners, the company maintains high standards of conservative financial management. Profits are either returned to policyowners or reinvested in the company to increase the protection of their investment. As a measure of its financial strength, both Baltimore Life and Life of Maryland (its stock subsidiary) maintain excellent financial ratings from the A. M. Best Company and Standard & Poor's. The companies' financial strength is greater now than at any time in its history. Baltimore Life's surplus as a percent of assets ranks well above industry averages.

Two years after its founding, the company passed a novel resolution that was to change the face of insurance in America: "...that on and after the first day of July 1884, death claims be paid within 24 hours after satisfactory proofs are furnished." This action, unusual because most insurance companies took as much as 60 days to settle a death claim, was named The Resolution of 1884, and it has been in effect ever since.

In 1900, the company changed its name to The Baltimore Life Insurance Company of Baltimore City. Another milestone in the company's history was the stock market crash of 1929, when thousands of people turned to their life insurance companies for ready cash, they were there to help.

For its first century, Baltimore Life specialized in writing individual life insurance products through a home service system, serving families in the Mid-Atlantic states. In response to rising interest rates and changing competitive pressures, the company formed a subsidiary in 1981: Life of Maryland, which specializes in interest-sensitive products.

At the beginning of its second century, in 1982, the company formed a new sales division to offer interest-sensitive products through general agents and brokers. Today the Independent Sales Division targets specialty markets through independent marketing organizations throughout the United States.

Under the leadership of L. John Pearson, CLU, the company's tenth President and Chief Executive Officer, marketing efforts have been expanded to substantially increase growth and services offered to policyowners. Mr. Pearson initiated several new strategies to position the company to move into the Twenty-First Century from a position of strength. These strategies include:

  • Establishing the Worksite Sales Division to offer employer groups nationwide a unique package of services.
  • Beginning a new team approach to marketing in the company's Career Sales Division. This unique approach uses teams to increase productivity and provide better service to policyowners.
  • Reorganizing internal company operations to streamline service and reduce expenses.
    Investing in an expanded computer system to support substantial growth and excellent customer service.
  • Merger of Home Mutual Life Insurance Company. They then created a new Home Mutual sales division, which increased their client base and enhanced their competitiveness.

These strategies will support both the substantial growth the company has experienced in recent years and position the company for the future. (In 1997, the company achieved record sales and increased assets, surplus and net income to the highest levels in the company's history.)

Baltimore Life has proudly fulfilled its financial responsibility to the six generations of customers who have invested their trust in the company. With its tradition of growth, reliability, and service, Baltimore Life will continue to serve the nation for generations to come.


Baltimore Life - Life Insurance

One of Baltimore Life's goals as an insurer is to educate their consumers to make wise insurance decisions. They have devoted this section as an educational aid to their online visitors. A glossary of insurance terms is included to help you understand various words and phrases you often here when dealing with insurance-related matters. Also included are links to insurance publications and web sites that they found to be very useful. Baltimore Life also encourage you to take advantage of their free life insurance materials offer.

 




10075 Red Run Boulevard,
Owings Mills,
MD 21117-4871

http://www.baltimorelife.com

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