Liberty Bankers Life Reviews: Have you been looking into the top life insurance companies and come across Liberty Bankers Life? Have you thought about if they may be the right life insurance company for you?
Before you decide on any company to do business with, it’s important to know more about it – the positives and negatives. Are they worth getting involved with?
Liberty Bankers Life Insurance Company
Liberty Bankers provides shoppers with several life insurance product options. Depending on your health and age, they should be looked at closely by anyone looking for Burial or Final Expense life insurance.
Liberty Bankers Life Reviews
Today, more so than ever, shoppers are diligent in their online research of the top life insurance companies in the USA. We’re going to look into Liberty Bankers Life and see how they stack up to the competition.
What Should You Know About Liberty Bankers Life?
Liberty Bankers Life has been in business since 1958, opening first in Oklahoma and expanding to 46 states since that time. It’s worth more than $1 billion and offers a plethora of life insurance policies and annuity products.
The A.M Best rating scale, one of the nation’s most respected rating agencies, gives it a B++ rating – a rating that indicates healthy financials and stable future.
What Kinds Of Life Insurance Products Does It Offer?
There are two life insurance sections of Liberty Bankers Life – home service division products and ordinary life division products.
- Ordinary Life Division – This is where you send the company a check or allow them to do a bank draft.
- Home Service Divisions – The company will come out and pick payments up at your home.
Liberty Bankers Life’s primary focus is on offering final expense insurance, giving your loved ones income to pay for expenses that arise from dealing with your estate. When you are choosing your coverage, you need to know the differences of term vs whole life insurance.
Liberty Bankers doesn’t provide a website quoter option. They also don’t show rates online. You’ll need to fill out their contact from and ask for rates and policy details from them.
This is pretty common for smaller life insurance companies that focuses on their agents and burial life insurance companies. For some shoppers, this can be a bit frustrating if you’re at the initial stages of just gathering rates and comparing quotes.
Liberty Bankers Life Insurance Quotes
Start Here: Compare final expense life insurance quotes instantly by visiting our Final Expense Quotes page. You’ll be able to choose the coverage amount and see rates from multiple companies before you reach out to Liberty Bankers.
Will Liberty Bankers give you the best rate?
Compare Life Insurance Quotes
Steps to get an accurate life insurance quote
Two Choices For Your Final Expense Life Insurance Coverage
What is final expense coverage? It’s the kind of life insurance that’s designed to pay for your funeral, burial plot, flowers, headstone, transportation and any other final expenses that arise. It’s not uncommon for final expenses to reach $10,000 or more, which can be a financial hardship for your loved ones.
However, with final expense coverage, you negate the chances of this happening to them. You give them the money they need to ensure your final expenses are taken care of without them needing to sell things, tapping into their own savings or putting it on their credit.
How much coverage can you get for your final expense life insurance?
- The plans can range from as little as $5,000 to more than $25,000.
- Some life insurance companies offer higher amounts for you to purchase and protect your loved ones.
Liberty Bankers Life Insurance provides you two kinds of final expensive life insurance coverages:
Simplified Issue Whole Life
This plan was created solely to protect your final expenses and cover you for the rest of your life. With it, you get a cash value whole life insurance that offers fixed premium payments and a lifetime death benefit protection.
- The amounts for coverage start as low as $1,000 and stop at $25,000.
- Your health and lifestyle will affect the rate class you are approved under.
- People ages 66 to 80 have a maximum $15,000 coverage.
Modified Whole Life
This plan was created to help with final expenses but also insure adults with health problems.
- For the first three years of the policy, it pays all the premiums along with an additional 10 percent.
- For year four, it gives you a complete 100 percent death benefit, which increases to 105 percent and 110 percent in years five and six.
- This option is open to people age 40 to 80.
Critical Condition Rider
Life insurance riders are little extra features that can customize your policy. The company does provide a critical condition rider, which means if you have a critical condition that puts your income in danger or the care costs exceed your income, your family could get payments before you die. This will help offset both the wage loss and expenses.
Should You Get A Liberty Bankers Life Insurance Policy?
Let’s look into some some Liberty Bankers Pros and Cons. This may help you figure out if they’re a good fit for you.
Liberty Bankers Life PROS
There are several benefits and advantages with Liberty Bankers
- Liberty Bankers Life does provide an array of policies for you to choose from, ensuring you get the coverage you need for your loved ones. If you want a policy that doesn’t have a medical exam or questions or you need a whole life policy, the company is sure to have it.
- The company SIMPL plan is fairly simple – ideal for non-smokers who want guaranteed premiums for a no-exam whole life insurance policy.
- In the last five years, it’s made about $1 billion in assets, ensuring its strength in the market and a high level of consumer confidence.
Liberty Bankers Life CONS
No company is perfect. Let’s see what some of the potential drawbacks are.
- Like any other choice, if you apply with Liberty Bankers Life, you could miss out on what another competing company could offer to you. Every company is different in how they underwrite and qualify applicants. Liberty Bankers Life may or may not be the best choice for you.
- It’s geared toward middle-aged and senior adults, which means younger people looking for coverage may not get a policy from Liberty Bankers Life.
- Not a great choice if you’re needing coverage for business life insurance.
- If you’re shopping for a large life insurance payout amount, there are other companies that may provide a better rate.
How To Know If Liberty Bankers Life Is The Right Life Insurance Company For You
There is no easy, fast answer to that question. In order to find the best possible life insurance policy for you, it means doing some homework and learning about the life insurance market. This means looking at other life insurance companies to see what they have to offer and at what price.
If you have a particular disease that’s tricky to cover, you want a company that specializes in that disease.
How can you know if Liberty Bankers Life is right for you? You have to talk to an insurance expert. This doesn’t mean talking to an agent of the company but an independent agent with extensive knowledge of the market who can give you an unbiased opinion of each company.
At Life Insurance Blog, we have access to over 60 top rated life insurance companies to make sure you’re getting the best policy at the lowest rate. If you like, we’ll even provide you additional policy options such as Guaranteed Universal Life and ways to customize your policy with life insurance riders.
Contact us today and we’ll help you secure the coverage you need. Get started by using our free Life Insurance Quote Calculator on this page.
About Liberty Bankers Life
Name(s): Liberty Bankers Life Insurance Company; Owned by Liberty Life Group Trust
1605 Lyndon B Johnson Fwy Suite 710
Dallas, TX 75234
Phone: (469) 522-4400
Ratings: A.M. Best (B+)