Liberty Bankers Life Insurance Company Review: Are They the Right Choice for You?
When you’re buying life insurance, it’s tempting to just go with what’s familiar. Or, if you’re like most people, you might tend to favor companies that first came to mind when thinking about insurance carriers.
Easy Article Navigation
- About Liberty Bankers Life Insurance Company
- Company Overview
- Liberty Bankers Life Final Expense and Burial Insurance
- SIMPL Final Expense
- Liberty Bankers Life Modified Whole Life
- Liberty Bankers Final Expense Insurance Riders
- Liberty Bankers Flex4Life
- Where Can I Buy Liberty Bankers Life Insurance?
However, before you make a decision and sign anything on the dotted line, take a few minutes to read this article and learn more about Liberty Bankers Life Insurance Company.
About Liberty Bankers Life Insurance Company
Certainly, you want to buy your final expense insurance at the lowest rate possible, but keep in mind that the company you select is promising that it will pay a benefit in exchange for your premium.
It’s critical that you know about the company you are considering and whether they will be there when you need them. We believe Liberty Bankers Life is one such company. But, don’t take our word for it. Read on to find out more about Liberty Bankers Life.
Key Information Liberty Bankers Life Insurance Company Specifics
Year Established 1958
Current Executive Manage David W. Glidden - CEO
Estimated number of Employees 10,000
Total Sales $36 million
Total Assets $1,750,000,000
Headquarters 1605 LBJ Freeway, Ste 710 Dallas, TX
Direct Phone 469-522-4400
Individual Life Premiums Written $55,255,022
Financial Standing $141 million
Best known Life Insurance Product Final Expense and Burial Insurance
A.M. Best Rating B++
Liberty Bankers Life Final Expense and Burial Insurance
In order to accommodate the needs of seniors shopping for affordable final expense and burial insurance, Liberty Bankers offers three final expense insurance plans:
SIMPL Final Expense
Liberty Bankers Life Insurance provides individuals with affordable insurance that has immediate death benefits, ensuring that the policy is effective immediately.
The SIMPL Life Insurance program is designed to help individuals find coverage in the shortest possible time. And, in case you’re wondering, there is never a medical exam required to purchase coverage.
SIMPL Final Expense Insurance Highlights:
- Eligible issue ages: 18 – 80
- Minimum Death Benefit: $3,000
- Maximum Death Benefit $30,000
- The SIMPL death benefit is guaranteed from the first day of coverage
- Premiums: Once issued, the policy premiums remain level for the life of the insurance and can not be increased by the insurance company.
SIMPL Final Expense Insurance Compared with the Top 5 Companies
Male Non-Smoker $10,000 Final Expense Policy
Age GCU Security National Liberty Bankers Americo Mutual of Omaha
50 27.46 $27.92 $30.51 $32.06 $30.68
55 $33.42 $34.76 $36.79 $35.70 $35.95
60 $41.95 $43.49 $45.80 $43.68 $43.76
65 $52.87 $54.71 $55.94 $55.20 $56.48
70 $70.88 $70.01 $73.31 $72.93 $74.61
75 $98.50 $94.87 $100.15 $99.51 $99.97
80 $137.12 $130.78 $146.80 $145.65 $145.18
Female Non-Smoker $10,000 Final Expense Policy
Age GCU Security National Liberty Bankers Americo Mutual of Omaha
50 $20.26 $24.40 $25.57 $24.56 $24.34
55 $25.08 $29.50 $30.40 $27.73 $27.71
60 $32.08 $36.35 $34.67 $33.93 $32.87
65 $41.24 $44.99 $42.81 $42.80 $41.01
70 $56.07 $54.73 $54.79 $53.43 $53.24
75 $78.65 $74.47 $76.20 $83.31 $72.41
80 $109.43 $101.21 $109.16 $112.77 $98.43
For accurate rates for your actual age, please click on the button below for instant rates from all final expense insurance companies.
Liberty Bankers Life Modified Whole Life
This means that you will need to answer health questions as part of the underwriting process but there will be no medical exam required.
Note that this policy is a graded benefit policy. Although the premium remains constant, the full death benefit will be paid in the first three years of the policy, only if your death is due to an accident.
With Modified death benefit, if you die from natural causes during the first 3 years, your beneficiaries will only collect the premiums paid plus 10%, instead of the full death benefit.
At year 4, the death benefit will equal 100%; year 5 equals 105%, and year 6 equals 110%.
Modified Whole Life Final Expense Insurance Highlights
- Eligible issue ages: 40 – 80
- Minimum death benefit: $1,000
- Maximum death benefit: $20,000
- Number of years with graded death benefit: 3
Liberty Bankers Final Expense Insurance Riders
Life insurance riders are available so that you can add additional coverages to broaden your policy’s benefits and take advantage of additional living benefits in your final expense insurance policy.
- Accelerated Living Benefit – This rider provides for the insurer to advance a portion of the death benefit to the insured in the event he or she is diagnosed with a terminal illness. It is available for those insureds who need help with end-of-life expenses.
- Waiver of Premium – The waiver of premium rider is very popular because it’s an inexpensive add-on that provides for the insurer to waive your periodic premiums while disabled and unable to work.
- Accidental Death Benefit – The accidental death benefit rider provides for the insurer to pay an additional benefit amount if the insured’s death is the result of accidental causes.
- Children’s Term Rider – The children’s term rider allows the insured to add eligible children to the policy and place between $5,000 and $20,000 of term life insurance that will cover them to age 25. At age 25 or earlier if the child is married, the child can convert the term coverage to whole life coverage up to 5 times the amount purchased without evidence of insurability.
- Grandchild Term Insurance Rider – The grandchild term rider offers the same type of coverage as the Children’s Term Rider but the maximum amount of term coverage is reduced to $7,500.
Liberty Bankers Flex4Life
The Flex4Life Product was designed for individuals looking for a more traditional whole life policy that offers more coverage than the traditional final expense products.
Eligible applicants can be as young as 16-years-old and as old as 80-years old. Coverage amounts start at $10.000 and can go as high as $4 million.
Applicants wishing to purchase coverage over $205,000 will be required to have a life insurance medical exam during the underwriting process.
Flex4Life is considered a flexible life insurance policy because of the choices of periodic premium payments:
- Payments for Life
- 10-pay (policy is paid up in ten years)
- 20-pay (policy is paid up in 20 years)
- Paid-up at age 70
- Paid-up at age 100
As a traditional whole life policy, the insured’s will enjoy the guaranteed benefits that are a traditional part of whole life insurance:
- The policy cannot be canceled by the company as long as premiums are paid
- The company cannot increase the periodic premiums for any reason
- The policy builds cash value that earns tax-deferred interest and can be accessed through policy loans or withdrawals.
Where Can I Buy Liberty Bankers Life Insurance?
Liberty Bankers Life uses an independent agent distribution system and has appointed many insurance professionals across the country to represent them.
Insurance shoppers always have an advantage using an experienced and reputable independent insurance professional because they represent most of the highly-rated insurance companies that offer final expense and burial insurance.
My Burial Insurance Plan is proud to represent Liberty Bankers Life and other highly-rated carriers who offer final expense and burial insurance products. We specialize in the senior marketplace by offering affordable life insurance and Medicare-related products through our sister company: MyMedicareSupplementPlan.org.
Please feel free to contact us at 844-528-8688 with any questions or you can click the button below to get an insurance final expense life insurance quote from all the carriers we represent.
About the Author
My name is Loran Marmes and I am the owner of MyBurialInsurancePlan.com. I would like to explain why we are your best option when it comes to Life Insurance. We are an Independent Agency and we contract with all of the top-rated carriers in the country so we can offer you products and pricing tailored to your needs and budget. After a four-year tour of duty, I went into the printing business and enjoyed meeting with clients and helping them solve printing-related business issues. After years of 12-hour days in the printing business, I got my Health and Life Insurance license and decided to specialize in Life Insurance because I have seen first hand what happens to a family when the main breadwinner dies without any coverage. My intentions will always be to put your needs first so that I can deliver solutions that will accommodate your circumstances and your budget.