Insurance Brokers of Maryland is a third-party service that works with its network of insurance companies to find the best price for your coverage. We’ve reviewed Insurance Brokers of Maryland’s life insurance policies, website tools, ratings, and more to help you compare this company’s life insurance policy options with its competitors. Here are our findings:
Insurance Brokers of Maryland was created in 1996 and is headquartered in Frederick, Maryland. Its licensed agents sell customized life insurance policies over the phone. In addition to life insurance, the company also sells auto, homeowners, and business insurance.
As stated on its website, Insurance Brokers of Maryland’s service is limited to customers “from any zip code in the great state of Maryland.”
Insurance Brokers of Maryland partners with over 45 life insurance companies. The Insurance Brokers of Maryland doesn’t reveal all of its partners on its website, but it does list the following providers:
- Liberty Mutual Insurance
- Penn National Insurance
- State Auto Insurance Companies
- Cincinnati Insurance Companies
- Donegal Insurance Group
Through its network of insurance providers, Insurance Brokers of Maryland offers three types of life insurance coverage: term life, whole life, and universal life.
Term life insurance provides a death benefit if you pass during your policy’s coverage term. With term life coverage, you pay a fixed premium for a specific time period, typically between 10 and 30 years. You may have the option to select an annual renewable term policy, which automatically renews each year without requiring a medical exam. The cost for an annual renewable term policy is typically higher than a level premium policy.
Insurance Brokers of Maryland does not mention policy options on its website, so you’ll have to speak with one of their licensed agents to customize a policy that addresses your needs.
Unlike term life insurance, whole life insurance coverage isn’t limited to a specific period of time. Whole life premiums remain fixed as long as your policy remains in force. Consequently, your monthly payments may be considerably higher than they would with a term policy. Upon your death, the beneficiaries you choose will receive the money as long as you meet the terms of your policy’s contract.
Whole life insurance also includes a cash value component that grows over time. You may borrow from the cash value account tax-free for emergencies or other financial purposes.
Insurance Brokers of Maryland doesn’t disclose policy specifics on their site but it’s likely your rate for your coverage options will vary, depending on the network insurance provider you select. We recommend speaking with an agent to get answers to your questions and to get assistance in designing a policy that best fits your needs.
Some of the Insurance Brokers of Maryland’s partner insurers provide dividends with eligible policies. If getting a return on your premium is important to you, make sure to mention it to your agent.
Universal life insurance is another form of permanent life insurance that carries the distinction of having premiums that are not fixed. In fact, you can choose your payment amount as long as it’s within the minimum and maximum premium range set by the policy. Your age, gender, medical history, and coverage amount are all factors that help determine your payment range.
The universal life insurance options of Insurance Brokers of Maryland’s network partners aren’t published on its website. Contact the company to speak with a licensed insurance agent who can provide coverage specifics.
Many of the life insurance providers in Insurance Brokers of Maryland’s network offer optional insurance riders. Riders are extra benefits that you can buy as add-ons to your life insurance policy. Some examples of common riders include:
- Accelerated death benefit
- Accidental death
- Child term
- Family income benefit,
- Long-term care
- Return of premium
Available coverage options and rates will vary depending on the carrier. You will need to work with an agent to determine the best riders for your unique situation without having to contact multiple carriers on your own.
Customer Service: Three Options
You can speak with customer service directly by calling (301) 668-2233 during business hours from 8 a.m. to 5 p.m. EST Monday through Friday. You can also visit Insurance Brokers of Maryland in person at one of their office locations in either Frederick or Emmitsburg, MD.
If you prefer the convenience of email, you can initiate support by submitting an email form online.
Once you choose a plan and provider, you’ll go through your provider’s customer service to handle policy-related questions or issues. The Insurance Brokers of Maryland website does not offer many resources including educational materials about the types of policy options available to customers, online chat, or even a FAQ page to help answer common questions.
Customer Satisfaction: Depends on Carrier
The National Association of Insurance Commissioners (NAIC) tracks customer complaints to their insurance carriers. After compiling the data, the NAIC publishes their findings and issues a complaint index score for each insurer. You can compare the complaint index score of various insurance companies to see which companies have the best customer satisfaction ratings.
According to NAIC’s scoring model, the national average score is 1.0. Any number below 1.0 means the insurer receives fewer complaints than the average, while any score above 1.0 means the provider gets more complaints than the median.
As a third-party service that works with a network of dozens of providers, Insurance Brokers of Maryland does not have an NAIC complaint score. However, many of their partner companies do. The complaint index score in the individual life category is 0.0 for a few of Insurance Brokers of Maryland’s most well-known partners.
|NAIC Complaint Scores for Individual Life Insurance Coverage|
|Insurance Company||NAIC Complaint Score||Rating Category|
|Liberty Mutual Life Insurance||0||Excellent|
|Penn National Insurance||0||Excellent|
Financial Strength: Varies Per Insurer
Because Insurance Brokers of Maryland is a third-party service that works with multiple insurance companies, financial rating service AM Best does not review and rate the company. However, its partner insurers typically receive grades from AM Best.
AM Best ratings consider numerous factors, including an insurer’s operating performance, business profile, and financial strength to meet its continuing financial obligations. Here are the ratings for a few leading providers that work with Insurance Brokers of Maryland:
|AM Best Rating|
|Insurance Company||NAIC Complaint Score||Rating Category|
|Liberty Mutual Life Insurance||A||Excellent|
|Penn National Insurance||A-||Excellent|
Cancellation Policy: Varies Per Insurer
Insurance Brokers of Maryland doesn’t have a cancellation policy since they don’t offer in-house life insurance policies. However, its dozens of partner insurers have their own cancellation policies, which may vary widely.
Providers are required to offer a minimum “free look” period for their life insurance policies. which are regulated on a state-by-state basis. The free look period for Maryland is 10 days, so if you cancel your insurance policy within 10 days, you are entitled to a full refund.
Ask your insurance agent about cancellation policies for any provider you’re considering. Make sure you understand any specifics about canceling your policy before you sign.
Price of Insurance Brokers of Maryland Life Insurance: Varies
The Insurance Brokers of Maryland website doesn’t mention pricing information or even general price ranges for the policies their partners offer. Typically, your life insurance premiums will consider many factors such as the coverage type, riders, age, gender, and medical history. You will need to speak with an agent to get the most accurate pricing.
How Insurance Brokers of Maryland Compares to Other Life Insurance
As mentioned, Insurance Brokers of Maryland doesn’t sell its own policies directly to consumers. Instead, it helps you compare rates from over 45 insurance companies that offer term, whole, and universal life policies. The quotes save users the time and hassle of shopping multiple companies on their own to compare offers.
To see how Insurance Brokers of Maryland stacks up against another competitor, let’s compare the company to a large, well-known company: Nationwide.
Insurance Brokers of Maryland vs. Nationwide Life Insurance
Both Insurance Brokers of Maryland and Nationwide offer auto, homeowners, and business insurance in addition to their life insurance policies. These two companies also sell term, whole life, and universal policies.
While these two companies share some similarities, there are two striking differences between them. For instance, Insurance Brokers of Maryland only works with customers in the state of Maryland, while Nationwide has a customer base throughout the United States.
Another big difference is that Insurance Brokers of Maryland is an insurance quoting tool that helps customers find the lowest rates with other insurance providers, whereas Nationwide offers its in-house policies directly to its clients.
Here are some of the other differences between Insurance Brokers of Maryland and Nationwide:
- Nationwide’s website allows potential policyholders to apply for term life insurance.
- Insurance Brokers of Maryland provides life insurance quotes for over 45 carriers with the help of a licensed agent.
- Nationwide provides premium quotes for term policies without speaking to an agent.
- Insurance Brokers of Maryland does not disclose the maximum coverage of their partner insurers.
- Nationwide states its term life coverage is available up to $1,000,000.
- Insurance Brokers of Maryland is a relatively new company that originated in 1996.
- Nationwide has been in business since 1926.
|Insurance Brokers of Maryland||Nationwide Life Insurance|
|Market Share||Not applicable||14th-largest in the U.S., 1.84%|
|Number of Plans||Not applicable||Eight|
|Online Quotes Available?||No||Yes (term life only)|
|Service Method||Email, phone, in-person||Email, phone, in-person|
|Financial Strength (AM Best Rating)||Varies per provider||A+ (Superior)|
|Complaints Trend (NAIC)||Varies per provider||0.10 (Excellent)|
Read our full Nationwide Life Insurance review.
Insurance Brokers of Maryland may be a good fit for you if you want to save time shopping for a life insurance provider. A licensed agent can identify your coverage needs and find the best and most affordable insurance policy offers among their 45 partners.
Unless you live in Maryland, this company’s policies are not an option for you. Also, if you value transparency and seek details regarding pricing, cancellation conditions, and policy specifics, you may want to look elsewhere. However, if it’s time you value most, Insurance Brokers of Maryland may provide your top option by doing the shopping for you and finding the best coverage at the lowest price among their partner providers.
All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.