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Monumental Life Insurance Review & Complaints: Life Insurance

Monumental Life Insurance provides life insurance, extended benefit, and financial products to individuals and businesses. Policies are primarily sold through independent agencies, but the website does offer an online tool for finding local agencies. Monumental Life Insurance products are available in every state.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Sep 22, 2020

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Monumental Life Insurance Company
Financial Strength

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Monumental Life Insurance, founded in 1858, provides life insurance, extended benefit, and financial products to individuals and businesses. It is a subsidiary of the Transamerica holding company, headquartered in Cedar Rapids, Iowa, and a partner in the Transamerica Network, which in turn is a subsidiary of Netherlands-based Aegon. Thanks to its relationship with Aegon, Monumental is one of the largest life insurance companies in the U.S. and is very stable financially.

Policies are primarily sold through independent agencies, but the website does offer an online tool for finding local agencies. Monumental Life Insurance products are available in every state.

Monumental is in the process of changing its name to Transamerica Premier Life Insurance Company. The goal is for everything from service to policy numbers to remain the same, and for the process to be smooth. Their website, however, is now under the Transamerica name.

Insurance Products

Monumental Life Insurance offers basic, but competitive life insurance policies:

  • Term insurance
  • Whole life insurance
  • Universal life insurance with plan flexibility
  • Cancer Check/Expense insurance that will help offset the high costs of cancer-related treatment, medical expenses, and other indirect costs
  • Accidental death and injury policies, including coverage for loss or limb or sight

The company also offers retirement planning and products such as annuities and structured settlements. All the basic plans mentioned above are available to businesses as group products for employees but with different underwriting requirements and premium structures.

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Monumental Life Insurance Company Rates

Currently quotes are not available online, but only through the agents of the Transamerica Network. Term and whole life insurance products are not very competitive on price, but more complex products, such as universal life and annuities, compare more favorably with competitors.


Claims are primarily made through agents. Claimants, or those who have questions can call 800-638-3080 for questions and more information on claims. The phone number is available Monday-Friday 8am – 6pm EST.

Consumer Research and Complaints

Monumental Life Insurance, aka Transamerica Premier Life Insurance Company, has many different offices with different ratings listed on the BBB. Transamerica Life Insurance’s headquarters in Cedar Rapids, IA, however, is listed and although it is not accredited by the Better Business Bureau, it holds a B- rating. The website states the reason for the poor rating is due to the company failing to respond to four complaints filed against them. The company received 399 complaints with BBB in the last three years, of those, 122 complaints were closed in the last 12 months.

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Financial Strength

Rating Company Grade Financial Outlook
AM Best A+ Stable
Fitch A+ N/A
S&P AA- Stable

Bottom Line

Monumental Life is owned by one of the largest life insurance organizations in the world, and is distributed through a large network in the United States so nearly every person in America has access to their products. They have a strong financial rating, despite their poor Better Business Bureau, but there are complaints about the company regarding sudden rate increases and problems with their customer service.

Individuals and families looking for a financially strong company should consider Monumental Life. They are part of Aegon and TransAmerica, both large names in the insurance and financial industries.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Review Information

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Monumental Life
Author Rating

About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.


  1. I had one experience with Monumental Life Ins and it will be the LAST.

    The representative pushed my sister in signing a contract for fewer benefits than she had at the time and then proceeded to bring in his BIBLE and push his Baptist theology on us.

    I am Catholic and have no intention of converting, and so is my sister–both very active in our respective CATHOLIC churches.

    I later find that he had no right to push her into converting the coverage or benefits on a life insurance policy.

    THIS IS A CASE OF INSURANCE FRAUD, and I would certainly press charges.


  2. I called Tonya 4/4/2019 (Monumental) to cancel my policy.

    I expected a return of all unearned premiums.

    The policy provided for the return of all premiums paid in a ten year period if no claims were filed.

    I had paid seven (7) months premium and no claim had been filed.

    I expected the return of the premiums for that period since there had been no claims filed.

    They had refunded all premiums paid in every ten-year cycle starting from 1972

    I have not heard from Monumental to date.

  3. My husband had a Monumental Insurance policy – when he died, I submitted the claim and received a letter of denial of coverage. I had to retain a lawyer – went through over a year of litigation and the judge ruled in my favor. I would definitely NOT recommend this insurance company.

  4. I spoke with an agent from Monumental Life Insurance this past weekend. After his insurance presentation, he quickly brought out 2 Bibles and began to explain how I would/would not be going to heaven. Is this part of your business plan? I think not. I am a practicing Catholic and do not appreciate Fundamentalist Theology when I am doing financial business. This practice should be prohibited by your company.

  5. We are also having a problem getting part of my husband’s life insurance as he was given 6 months to live. He was approved for a partial payment 2 months ago and on 3 different occasions we have been stalled. We have had these policies since 2010 and have always paid our premiums with out fail. Went through all of the physicals required. Now when we need it the most we have nothing but problems with them.

  6. Hello
    My name is Lori. After noticing my mother in law didn’t have insurance, My husband and I got a life insurance policy after becoming my mother in law POA. Sad to say, my mother in law died 1month shy of her 2years with the policy. Monumental Life Insurance refused to pay out her policy because per Monumental “She was diagnosed with dementia “. My husband and I was NEVER notified she had dementia. I’m not sure how they came up with that answer. Upon getting the policy we told [Redacted] (Monumental Life Insurance Rep that sold us the policy) she had a light stroke.
    No one from the company would talk to us after putting in a claim. Not even the Rep that sold us the policy.
    There need to be LAWS set up for companies like this. They take money monthly from our accounts and they come up with reasons why they can’t payout policies.

  7. In 1998, my family purchased our home. We also bought a life insurance policy from Monumental Life Insurance Company that was specifically tailored to pay off the balance of our home if either my husband or I had an accidental death. I paid the premiums directly from my checking account at the same time and along with my mortgage payments. They were automatically withdrawn on the same bill as my mortgage payments. When I refinanced my home through a different mortgage company, the new company would not automatically add the life insurance premium to their bill as an additional product. I called Monumental Life in plenty of time, before my payment was due, to arrange a separate billing to my home. A man on the phone named [Redacted] assured me that I would receive a separate bill each month and “don’t worry about it”. After realizing I had not yet received a bill from Monumental Life for 2 months, I called again and spoke with [Redacted]. [Redacted] told me I was misinformed by [Redacted], that now my policy has lapsed and I am no longer insured. I trusted Monumental Life to have professional, informed and truthful employees. I paid every one of my premiums on time every month for 15 years. I continue to live in the same house, at the same address, as when I paid my first premium. I wrote a letter to the billing department/Payment processing, asking to have my policy re-instated. I enclosed a money order with the 2 payments, PLUS a future payment that was not due yet. I received no reply by mail or phone and never even was reimbursed for a policy they said didn’t exist anymore. My husband and I are both still alive, but, I work in a hospital that employs more than 3,000 people. I will never stop discouraging everyone I know to stay clear of this uncaring, unprofessional and irresponsible business that hires people to deceive you so that you trust them just long enough to lose your coverage, your security, your faith in good business practices and all that money paid for 15 years. I am a healthcare professional. In Psychiatry, we call that “antisocial” behavior; and, I do believe there is definitely a criminal element in the premeditated outcomes. Hmmmmm……what to do now?

  8. My mom bought a policy two years ago at age 83. She got swindled as far as I’m concerned. She presented me with all the papers for her financial portfolio. As I read over all the “details” of the policy from Monumental, I was left with more questions than I could get answers for. Why did they sell an 83 year old woman a $2000 policy that would take 20 years before it matured? She would have paid over $8200 for that policy. Then I find out that the policy only pays 50% benefit at the age of 70. [Redacted] What a scam and I recommended to her to cancel the monthly auto payment from her bank and never deal with this company again. Informed her to refer all calls and correspondence from Monumental to me. Do your research!

    • Same thing happened to my mother. Found she paid in more than the policy is worth.
      They said we have to pay more money to cash in the polices.

  9. We have been paying long term insurance premiums for 7 years. What I’m reading about :slow responses and pay are not very encouraging. If and when we need this insurance what will happen? I wonder if there are any good experiences with long term care payouts. If not we are wasting a lot of money.

  10. I have called monumental several times trying to get claim forms for my brother-in-law to file a claim for his cancer insurance thru them (Transamerica life insurance) i calleed 1-800-752-9797. Unfortunately almost a month later and 3 phone calls i have yet to receive anything. in reading others comments, it sounds just like i figured, give me the run around so i can file a claim.. What a bunch of garbage. In the meantime by brother-in-law passed away, and I am now poA FOR MY SISTER.

    • I saw a claim form online when I searched Monumental Cancer Policy.

      Look for the word “Claim.” You should be able to print it and mail it in.

      I hope this helps.

  11. My brother is trying to redeem a life insurance policy with Monumental Life (formerly Durham Life Insurance Company of Raleigh, NC ) that his deceased wife initiated in June 1958 and matured in June of 2003 with premiums paid in full. My sister in law passed away July 6, 2014.
    He has submitted various documents to Monumental Life and these people keep giving him the “run around”.

  12. Monumental Life underwrites a cancer group policy for Moose Lodge Members.
    I wonder if it is a good product for the premium?

    • Monumental will give you the run around forever. We paid for cancer insurance for 21 years and now Monumental is using every evasive technique to not even accept our claim let along refuse it.

      • We are having the same issue with filing a claim for cancer insurance.. they wont even send us the forms to do so.. Said they put it in the mail April 2nd, still not here… should not be taking 2+ weeks to receive it.. we had call 3.25 so almost a month and heard nothing from them.

      • find a local office. they will be able to help you

  13. My husband and I responded to a “State sponsored Insurance” card we receive in the mail every year. An “agent” came out on or about August 12th and “sold” us each a policy with Monumental Life (whole life). We gave him all of our financial info that he requested to have the premiums deducted from our checking account, SS #’s, DOB, etc. We were told we would receive an acceptance from the company within one week. Three weeks went by and I received a letter from ML stating “that the agent was not properly licensed or appointed by their company to represent their company the day the app was completed. The app was not processed and no coverage exists.” We called and spoke with [Redacted] who advised that the agent was not licensed or appointed to sell this ‘type’ of ‘business’ (insurance policy?) on August 21st but that he was licensed as of 12/6/13 and his license was renewed as of May 1, 2014, but ‘not fully contracted’, and not ‘set up to sell that product’, but that he was an agent for ML and appointed in my state. Whew! Seems like she was trying to confuse me, but she did not. Also seems as if she was trying to give me a bit of a ‘run-around’. But, NOW he is possibly set up to sell that particular product. When I asked her what she suggested we do, she replied she didn’t know. I believe this is a scam of sorts. After reading all the negative reviews I am thankful we were NOT processed or insured by this company. I have learned a good lesson here. Before we give out our financial info or apply for insurance again, I will thoroughly check the company out BEFORE I agree or give any info out.

  14. I received a letter from Monumental asking me to give them a language preference. I have never heard of them before and when I put the policy number in their website it does not come up. Is this a scam?

    • Hi Lori,

      It is possible that something you had with a different company is now under their control. Keep in mind that Monumental is also under the Transamerica Agency Network, so anything you had with them may be funneled through Monumental.

      Either way, I would call them directly and ask about it. Do not use any number listed on the mail letter you received, as if it is a scam the number is probably a part of it.

      Here is Monumental Life’s phone number for policyholders – 1-800-638-3080.

      Eric Stauffer

  15. I received a letter in the mail from Monumental Life Insurance Company stating that I MAY be listed as a beneficiary of a policy from a deceased relative (MLIC is specific about the individual). They as that I complete an enclosed form, then mail to them in Plano, TX 75086-9091. The “Life Claim Statement” they want me to complete asks for detailed info about the deceased and the claimant, including citizenship, address, date of birth, cause of death, policy number, SSN, phone, email. Finally, they want me to sign the form with “the same signature as you use on your checks.”

    Am I being paranoid in thinking this request for information is a bit fishy (or phishy)?

    • Hi JD,

      It absolutely sounds fishy to me.

      I would suggest calling Monumental Life Insurance directly and asking them about it. I found this number – 1-800-638-3080, but you may want to do some more digging yourself.

      The contents of the letter seem very odd, especially the part about how to sign the check. Better to be safe.

      Eric Stauffer

  16. As far as I’m concerned, Monumental Life is a thief. They charged my credit union account almost $400 WITHOUT authorization, and now they say they have no record of me, or the transaction.. Fortunately, my credit union DOES have a record of the transaction and the trace numbers leading back to Monumental Life and I will be using that information to file fraud charges against Monumental Life.

  17. My mother is having difficulties with Monumental stalling claims filed for a long-term care policy. I checked out Monumental to try to see if this was a systemic problem and the vast majority of claims (26 of 33) filed against them in the Maryland Better Business Bureau in the last three years are for failure to provide services or meet contracted obligations — this is far more serious than “customer service complaints” so you might want to take a deeper look.


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