How do you distinguish one insurance company from the limitless possibility of companies to choose from? For most of us, we get word-of-mouth recommendations from a trusted friend or colleague. Even perform a web search and start comparing. Beyond great rates and comprehensive coverage, we’re looking for a connection. We are looking for something that resonates. I found that with Liberty Bankers Life.
Here’s our Liberty Bankers Life Insurance company review.
I like their Mission Statement.
Liberty genuinely cares about their policyholders.
The company believes in the value of life insurance protection. They know how much their customers depend on it and how beneficial those policies can be.
Here is a handy guide to this article, feel free to head directly to the section you need.
- Liberty Bankers Life Insurance Products Offered
- What Are Liberty’s Pros And Cons?
- Liberty Life Insurance Company Company Overview
- Liberty Life Financial Ratings
- Liberty Life Insurance Company History
- Liberty Life Customer Service
- Is Liberty Bankers Life The Right Choice For You?
LIBERTY BANKERS LIFE INSURANCE PRODUCTS OFFERED
Because Liberty Bankers Life is such a large company, they have two life insurance divisions: ordinary life and home service. Each division sells slightly different term and whole life policies.
Ordinary life is the insurance products and services you are used to. Liberty’s home service division will actually pick up your payment at your home or residence.
Although they sell many products, they’re known for their focus on final expense insurance. Many people purchase this insurance to help loved ones with the costs of dispositioning their estate after they pass away.
The plan is designed to cover funeral costs as well up to age 100. You can typically purchase this policy without having a medical exam. Most insurance companies do offer both term and whole life policies, but Liberty is a great choice for both of these policies at certain ages.
Whole life is permanent coverage that lasts an entire lifetime rather than a specified period of time. These policies build cash value as you hold them, and are used for long-term planning. Many people pass these benefits on to children, spouses or other family members.
Liberty Bankers Offers a Simplified Whole Life Policy
This policy reaches up to $25,000 ($15,000 for ages 66-80) with a fixed premium. The policy provides lifetime death benefit protection.
They also offer a modified whole life policy paying all premiums in the first three years plus a 10% bonus. In the fourth year, the death benefit is calculated at 100% and increases from there by 5% per year.
This is a popular policy for people aged 40 to 80.
Liberty’s whole life policies have a critical condition rider. That means your family will continue to receive payments in the event that you develop a critical condition that puts your income at risk or that requires costly care.
Liberty Bankers Also Offers Wealth Transfer Life Insurance Plans
These products are designed to provide cash to your family.
Liberty calls it their Single Premium Whole Life Insurance Policy. You make one lump sum payment to purchase the policy then voila!—you have life insurance and you never have to make another payment.
It’s a great option if you can afford to pay all the money up front. Many buyers use it as a way to leverage cash for their estate planning. It gives peace of mind if you want to leave your loved ones with cash for their lives.
This is especially applicable for clients who have adult children that will retire lifetime care due to mental or physical disabilities. Since this is a permanent plan for a permanent need, this is a really good solution to that problem.
Liberty Also Sells Term Life Policies
Term life lasts for a period of time (the term), and once the policy ends, there is a premium increase to renew annually. Term policies are a wise option for coverage for a specified period of time, like when there are young children in the household or when a wage earner is still working.
Most people use these policies to protect the family’s primary wage earner.
WHAT ARE LIBERTY’S PROS AND CONS?
One of the big pros is that Liberty offers a wide variety of policies. Most people can find the coverage they need — whole life, term life, group policies and even a no-medical-exam policy.
In particular, Liberty offers great insurance plans for seniors. Their Modified plan is quite the downside. It tends to be more expensive than what you can buy elsewhere and the waiting period is excessively long.
Try to stick with Liberty’s standard plans, which are great!
Sometimes their website information is not as up to date as it could be. Which we find surprising because they’re such a large insurer. We advise that you call to verify the quote you get online before you buy a particular plan.
LIBERTY LIFE INSURANCE COMPANY COMPANY OVERVIEW
Liberty Life is headquartered in Texas. Here’s their contact information.
Liberty Life Insurance Company
P.O. Box 224
Brownwood, TX 76804-0224
P: (800) 745-4927
LIBERTY LIFE FINANCIAL RATINGS
When choosing a life insurance company, it is really important to get the right type of insurance. Same consideration goes for finding the right dollar amount of life insurance coverage. It is equally important to choose a financially sound and strong insurance carrier. Do you want a company with a strong industry reputation? Liberty meets all these expectations.
The firm of A.M. Best, renowned for their reports on the financial stability of insurance carriers, consistently ranks Liberty with a B+ (good) rating for financial strength.
A.M. Best is the oldest and most widely recognized of all ratings firms. Because of their exclusive insurance industry focus, their ratings mean a great deal.
Liberty consistently maintains a solid (B+) rating with A.M. Best. In late 2017, A.M. Best upgraded Liberty to an even better B++ rating.
The longevity and consistency of this rating says it all — Liberty is a trusted and competent provider of insurance.
LIBERTY LIFE INSURANCE COMPANY HISTORY
Liberty Bankers started in Pennsylvania in 1958 as Royal Oak Life Insurance Company. They were soon incorporated under the umbrella of Pilgrim Life Insurance Company of America.
The founders’ plan was to have slow and conservative growth, and that is exactly what they did. Soon they began offering policies in 40 states. In 1992, the America Hilton Corporation of South Carolina bought the company.
A few years later, Atlantic Financial Company bought the company and moved its headquarters to Wisconsin. At this time, the company began offering annuity products. This transitioned the company growth.
Heritage Guaranty Holdings, Inc. purchased the company after achieving $200 million in assets within 6 years. And again, its headquarters was moved to Oklahoma.
Once in Oklahoma, the company rapidly expanded its line of insurance products. They began to offer whole life, term life, and other specialty policies. They now have thousands of insurance agents nationwide in nearly every state. Now, Liberty ranks in the Top 100 of insurance companies offering annuities.
Today, Liberty Life Group Trust, a Texas company whole owned and Liberty Bankers Group’s total assets exceed $1.75 billion.
LIBERTY LIFE CUSTOMER SERVICE
Liberty’s application process is electronic and most applications are approved online within minutes. You can complete the policy by phone and receive it via email for your e-signature.
Most policies are active within 48 hours, but as we said, the modified plan does take longer.
They have an amazing automated underwriting system that makes this happen. Underwriters look at three main pieces of information: (1) a prescription medication check, (2) a motor vehicle report, and (3) a review of medical information.
Individuals with no medication history and a good driving record for the past five years receive fast approval.
If for some reason you don’t qualify using this automated process, you can work with one of Liberty’s underwriters to complete the review and approval process. If you’re declined, it’s usually because you have not disclosed something in one of these three areas.
Better Business Bureau (BBB) Rating for Liberty Life
There’s no higher Better Business Bureau (BBB) rating than A+, and that is the rating Liberty has had consistently for the last several years. BBB doesn’t endorse a company or its products, but they hold the company to a commitment to resolve consumer complaints.
What does the BBB scale A+ and F mean? How do you grade a company?
Here are the BBB criteria:
- Trust: Establish and maintain a positive track record in the marketplace.
- Honesty: Adhere to established standards of advertising and selling. Honestly represent products and services, including clear and adequate disclosures of all material terms.
- Transparency: Openly identify the nature, location, and ownership of the business, and clearly disclose all policies, guarantees and procedures that bear on a customer’s decision to buy.
- Honor Promises: Abide by all written agreements and verbal representations.
- Responsiveness: Address marketplace disputes quickly, professionally, and in good faith.
- Safeguard Privacy: Protect any data collected against mishandling and fraud, collect personal information only as needed, and respect the preferences of customers regarding the use of their information.
- Integrity: Approach all business dealings, marketplace transactions and commitments with integrity.
IS LIBERTY BANKERS LIFE THE RIGHT CHOICE FOR YOU?
There’s really no downside to choosing Liberty as your life insurance provider. They’re an established, trusted and financially strong and stable company. People worldwide rely on them for life insurance needs.
Whether they are the best for your particular case though depends on what is most important to you and your family. We have over 60 “A-rated” companies to choose from, so work with one of our licensed experts to find if Liberty Bankers Life is the right life insurance company for you.
You will be pleasantly surprised at the service and expertise, so I encourage you to fill out a quote form today. Let our underwriting experts help your family prevent a catastrophe so that you can rest easy knowing they are protected.