Balboa Life Insurance Company

The Balboa Life Insurance Company was founded in 1968. Today, it, along with its sister companies, Meritplan Insurance Company, Newport E&S Insurance Company, Newport Insurance Company, Balboa Life Insurance Company of New York, form the Balboa Insurance Group, a part of Countrywide Financial. As a subsidiary of Countrywide Financial Corporation, it sells a variety of insurance products, primarily for financial institutions and their customers. These products include mortgage and term life insurance. Balboa Life has total assets of $114 million, with net life insurance of $1 billion.

From its beginnings, Balboa Life has been an innovator. Consequently, the group owns exceptionally advanced technological tools to help service their plans. They continue to invest in user-friendly, Web-based, and mainframe interfaces in order to provide a high level of service to their customers. Its ten to fifteen year term insurance, available without a medical exam, with coverage of up to $400,000, can be issued in thirty minutes or less online. It also has an automated online claims center.

Balboa Life Insurance Products

Term life insurance products available through Balboa Life include the following:

Platform Life offers traditional coverage for ten to fifteen years, available instantly through the Web.
Group Term Life provides policies with face values of up to $100,000 with no underwriting required.
- No medical exam is necessary. Filling out a health information form is necessary.
- Family coverage options include up to an additional $100,000 for a spouse and $5,000 per child.
Mortgage Secure is basic death benefit that covers the amount of a mortgage.

Balboa Life Ratings

A.M. Best: A-
Fitch: BBBq
Standard and Poor’s: AAA

The financial strength of a company and potential for prolonged survival are represented by the above ratings.