Insurance Brokers of Maryland Life Insurance Review

A Maryland-only insurance broker to help you find the cheapest life insurance

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Insurance Brokers of Maryland

Insurance Brokers of Maryland

Our Take

Insurance Brokers of Maryland partners with over 45 insurance companies to find affordable life insurance for Maryland residents.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Competitive pricing

  • Customer-oriented model

  • Local knowledge

Cons
  • No in-house plans

  • No carrier ratings

  • Relatively new company

Key Takeaways
  • Insurance Brokers of Maryland works as a third-party service to help you find the cheapest life insurance policy based on its network of over 45 life insurance companies.
  • The company was established in 1996 and is based in Frederick, Maryland.
  • Whole, term, and universal life insurance policies are available, in addition to a wide selection of riders.
Company Overview

Based in Frederick, Maryland, Insurance Brokers of Maryland was founded in 1996. It works with over 45 insurance companies to offer life insurance, in addition to car insurance, homeowners insurance, and business insurance. There is also defense base insurance for policyholders in Maryland, Pennsylvania, Virginia, and Washington, D.C.

Insurance Brokers of Maryland does not directly provide life insurance.


Geographical Restrictions

Insurance Brokers of Maryland only services Maryland residents.

  • Year Founded 1996
  • Kinds of Plans Whole life, term, universal
  • Number of Plans Varies
  • Payment Plan Options Depends on carrier
  • Customer Service 301-668-2233
  • Official Website www.insurancebrokersofmd.com

Insurance Brokers of Maryland is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

Pros Explained

  • Competitive pricing: Insurance Brokers of Maryland compares several providers to help find the cheapest rates for your Maryland life insurance policy.
  • Customer-oriented model: As an insurance broker, Insurance Brokers of Maryland works for you as your personal representative to help find the best coverage at the right price. 
  • Local knowledge: As a Maryland-only provider, Insurance Brokers of Maryland has specialized knowledge of the local industry and resident needs.

Cons Explained

  • No in-house plans: Insurance Brokers of Maryland does not sell any life insurance coverage itself, instead acting as a third party to help connect you with the right provider.
  • No carrier ratings: Insurance Brokers of Maryland is not rated by services like the National Association of Insurance Commissioners.
  • Relatively new company: Unlike some other insurance companies that have been around for 50 or even 100 years, Insurance Brokers of Maryland is still relatively new, having only been founded in 1996.

Available Plans

Insurance Brokers of Maryland partners with several companies for life insurance, such as Progressive, Liberty Mutual, and Penn National Insurance.

There are three types of insurance you can purchase with Insurance Brokers of Maryland.

Term Life

You can purchase temporary life insurance, known as term life insurance. This carries a specific expiration date and offers no payout if you outlive your policy. Term life insurance can feature level premiums for a typical period of 10 to 30 years, which means that your premium won’t change from month to month. There is also the choice of a yearly renewable term policy that is a kind of open-ended policy that automatically renews each year.  

Whole Life

Whole life insurance is permanent coverage meant to last the rest of your life. There are level premiums that accumulate in value over time. As your value grows, you can then access that cash value for emergency loans and other financial needs. Regardless, your death benefit is not affected and remains guaranteed. The average whole life insurance policy begins with about $25,000 worth of coverage. 

Universal Life

Universal life insurance is also a form of permanent life insurance meant to cover you for the rest of your life. The policy carries a tax-free death benefit for your beneficiaries, with minimal but steady cash growth. You may also have the ability to adjust premiums and death benefits as needed throughout the life of your policy. Whatever is borrowed from the policy is simply deducted from the final death benefit for your beneficiaries.

Insurance Brokers of Maryland can help secure these life insurance coverage plans from some of the best life insurance companies today. 

Available Riders

A life insurance rider is a type of additional protection that you can purchase to better customize your coverage. Ultimately, the selection of riders will depend on the insurance carrier that you choose, but these are some of the most common insurance riders.

Accelerated Death Benefit Rider

If you are diagnosed with a terminal illness that will significantly shorten your life expectancy, the accelerated death benefit rider can help. It typically pays out a percentage of the death benefit from your base policy. While some insurance carriers charge a small premium for this rider, others may include it with your policy at no additional cost.

Accidental Death Rider

If your death is due to an accident, there could be an additional death benefit paid out to your beneficiary. Most beneficiaries receive double the normal death benefit, which is called a double indemnity rider.

Child Term Rider

With the child term rider, your insurance policy could also cover your child’s death if they die before you do. When a child dies before a certain age, there could be an additional death benefit paid out to the policyholder. If the child outlives the rider’s expiration, there is often the ability to convert that coverage into a new permanent life insurance policy without required proof of insurability. 

Guaranteed Insurability Rider

A medical exam or questionnaire may be required when you buy new insurance coverage, but the guaranteed insurability rider overrides that requirement. When you have this rider, you can buy additional life insurance without having to prove insurability with a medical exam. However, there is often an expiration date for coverage, so be sure to check the exact terms of coverage.

Waiver of Premium Rider

The waiver of premium rider applies if you experience a total disability or serious illness. With this protection in place, your insurance carrier will waive your monthly premiums until your health improves and you are able to resume payments again.

In working with Insurance Brokers of Maryland, you can identify and purchase the best life insurance riders to meet your family’s needs without having to shop multiple separate providers. 

Customer Service

To contact Insurance Brokers of Maryland, there is no online chat option, but you may fill out the online contact form or call its offices. Its business hours are Monday through Friday from 9 a.m. to 5 p.m. EST. 

Insurance Brokers of America maintains two offices in Maryland.

Insurance Brokers of Maryland Offices
Office Location Address  Phone 
Frederick office 182 Thomas Johnson Dr. Ste 202
Frederick, MD 21702
301-668-2233
Emmitsburg office  600 East Main St.
Emmitsburg, MD 21727 
301-668-2233 

There are also two sister agencies that can help.

Insurance Brokers of Maryland Sister Agencies
Location  Address  Phone  Fax  Email 
Carlisle Insurance Services 1 Valley St. Suite 101
Carlisle, PA 17013
717-241-5995 717-241-6366 info@carlisleins.net
Hockley and O’Donnell Insurance Agency  132 Buford Avenue
Gettysburg, PA 17325 
717-334-6741  717-334-3414  info@hnoins.com 

Complaint Index

Because Insurance Brokers of Maryland represents multiple insurance carriers, it is not eligible for ratings from the National Association of Insurance Commissioners (NAIC) for its national customer complaint index. 

Instead, these are some of the NAIC ratings from a few of the companies available from Insurance Brokers of Maryland. NAIC uses an industry baseline of 1.00 for its scoring model.

Company NAIC rating  Rating category 
Progressive 1.73 Poor
Travelers  0.04  Excellent 
Safeco  1.98  Poor 
Allied/Nationwide  0.83  Below average 

Third-Party Ratings

Insurance Brokers of Maryland is also ineligible for ratings from AM Best for financial strength because it does not represent just one company. However, its insurance providers are typically rated by AM Best with a few leading insurance carriers provided here. 

  • Progressive: A+ (Superior)
  • Travelers: A++ (Superior)
  • Safeco: A (Excellent)
  • Allied/Nationwide: A+ (Superior)

Cancellation Policy

The cancellation policy for your life insurance policy depends on the provider you choose. Because Insurance Brokers of Maryland acts as an intermediary, your actual policy will be bound by the terms and conditions of your actual insurance provider. However, you can cancel most insurance policies by notifying your insurance provider in writing or contacting your insurance agent directly. 

Price

The cost of life insurance depends on several factors, such as the plan you choose, any riders you purchase, how old you are, and your medical history. Gender is another factor that can affect pricing, although many providers today factor your sex at birth rather than current gender identity to calculate pricing.

The actual price you pay for your life insurance policy depends on the coverage and carrier that you choose, but Insurance Brokers of Maryland is a price-focused company with the goal of saving you money. You have the option of receiving an online quote, or you can work directly with an agent for more personalized service. 

Competition

Typically, we compare insurance carriers to provide a side-by-side analysis of the insurance industry. However, with Insurance Brokers of Maryland promoting and selling the services of other insurance companies, that is not possible here. Instead, we include one of the best life insurance companies today, New York Life, as one leading option for your life insurance policy. 

Insurance Brokers of Maryland may have more options than New York Life, but you will not know what options are available to you until you speak with an agent. On the other hand, New York Life has nearly $2 billion in 2020 dividends with top ratings from AM Best for financial security and a low level of customer complaints for the overall winner when comparing New York Life against Insurance Brokers of Maryland.

  Insurance Brokers of Maryland New York Life 
Market Share  Not applicable Third-largest in U.S., 5.7%
Number of Plans Depends on carrier  10 
Dividends for 2020  $13 billion  $1.9 billion 
Wellness Program Discounts/Quit Smoking Incentives Depends on carrier  Not applicable 
Service Method  Agents  Agents 
AM Best Rating  Not applicable  A++ (Superior) 
Price Rank  Depends on carrier Better than most
Complaints Trend  Not applicable  0.15 Excellent
Final Verdict

If you live in Maryland, Insurance Brokers of Maryland Can be an excellent time-saving solution when you are looking for the best life insurance policy to meet your needs. Although it does not provide life insurance coverage directly, it works with over 45 partners to find the best, cheapest insurance policy for you and your family.

Our Methodology: How We Review Life Insurance Carriers

At Investopedia, we use our exclusive life insurance review methodology to ensure that we provide only the most current and accurate data for our provider analysis. We base our reviews on critical factors like coverage options, price, availability, accessibility, and resources. We also look to respected third-party rating providers like the National Association of Insurance Commissioners to provide a well-rounded portrait of today’s leading life insurance providers for your review.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. AM Best. "Progressive Casual Insurance Company - Company Profile." Accessed August 23, 2021. 

  2. AM Best. "Travelers Casualty Insurance Company of America - Company Profile." Accessed August 23, 2021. 

  3. AM Best. "Safeco Insurance Company of America - Company Profile." Accessed August 23, 2021. 

  4. AM Best. "Allied Insurance Company of America - Company Profile." Accessed August 23, 2021.