When planning to purchase life insurance from the best burial insurance and final expense companies, most of the people tend to survey the most popular one or two of the top choices and forget that the rest of the market also exists. People might be surprised at how good some of the younger and smaller insurance companies are.
Although the young and smaller companies might not have the history of brand recognition like the big life insurance companies, these companies are still good at what they do, and that should all that matters for you. Liberty Bankers life insurance offers you quality final expense insurance at competitive rates.
Liberty Bankers Life operates in most parts of the United States and offers a wide range of competitive insurance products to its customers. As their burial insurance program is particularly attractive, they have three different final expense plans that you can qualify for. If you have certain health conditions, then they could be your best bet.
About Liberty Bankers Life
Liberty Bankers Life started out in 1958 and is actually based out of Dallas, Texas. This insurance Company has amassed over $1.3 billion in assets under its management. This insurance provider offers a full line of life insurance and annuity products that can help its customers plan for their financial future.
Liberty Bankers offers various term life products and pre-need insurance plans. They are an organization that is well-respected with solid financials. If this company is suitable for your needs, it is recommended by many without any reservation.
Liberty Bankers Life Ratings
Looking at the financial stability, Liberty Bankers life insurance Company is given a B++ rating by A.M Best Company, which is considered the most recognized of the insurance company rating agencies. Even though Liberty Bankers life insurance is not an accredited insurance company of the Better Business Bureau (BBB), but still BBB has given it a grade of A+ in an overall rating scale of A+ to F.
There were a total of 6 customer complaints closed out by Liberty Bankers in the past three years. Out of these, three were closed out within one year, two of the complaints closed over a three-year period that was focused on the advertising and sales-related issues and the company’s products and services. One of the complaints was in relation to billing and collection-related issues, and the other was related to guarantee and warranty issues.
You can go with the whole life plans of Liberty Bankers Life and have to pay your premiums to have a death benefit in place for your beneficiary when you die. Focusing on the same type of community, you can attach riders for the same sorts of issues or changes seen previously, which means that this policy can also be customized.
There will also be an accidental death, child term, grandchild term, accelerated living benefit, waiver of premium, and much more with the basics. Overall, whole life insurance has two types. With the whole life, you have a non-participating policy. Everything is guaranteed for the life that includes coverage, premiums, and cash value.
The key features of the burial insurance and final expense policies make Liberty Bankers insurance a great insurance provider. The coverage is permanent, and it never expires, your benefits never do down, your payment gets fixed for life, and you have three different plans to choose from, and this caters well to the ones with very significant health issues.
The whole life is split down into two i.e., SIMPL and Modified Whole Life. The former is designed for final expense protection and offers you four different payment plans. The other is Modified Whole Life that you could take advantage of if you have a health problem, but you still have a positive outlook. It depends on the plan that you might need, and all the plans offer choices to accommodate the ones in better health.
- Simple Whole Life burial insurance
The simple burial insurance is quite an immediate and full benefit insurance policy that offers you a level premium cost and death benefit as per the insured’s life. You don’t require any medical exam for this coverage. This policy’s benefits cannot be outlived as it is a whole life insurance policy that is a form of permanent life insurance.
There are two separate rate classes that you have to qualify for based on your application’s health questions. One is standard, and the other is preferred. The preferred class offers the lowest premiums to the ones who qualify, and the benefits are identical otherwise for this policy.
The coverage is issued between the ages of 18 and 80, while the minimum face amount is $3000, and the maximum is $30,000. The level premiums for life are guaranteed, and there is also a guaranteed full death benefit upon acceptance. There is also a one-time 20% premium discount offered for the first year only, and you have to pay annually versus monthly.
- Liberty Bankers Modified Whole Life (MWL)
Not everybody is eligible for the Liberty Bankers Simple whole life offering based on their health responses. There are some health conditions that cannot be insured under the simple whole life policy of Liberty Bankers. Therefore, in order to make the qualification easier, Liberty Bankers Life offers a Modified Whole Life product.
This particular plan is designed for seniors who may have a health condition that is questionable. Though there are still a few basic health questions to answer to qualify, it still is a very liberal application.
Here, the main thing for you to understand is that a modified whole life policy doesn’t have the full immediate benefits like the simple whole life insurance policy. The modified policy is also known as a graded policy because of natural death coverage limitations in the first few years.
The Liberty Bankers Modified Whole Life policy has limited or graded death benefits for the first three years in case of natural death, after which it will be paid as a full death benefit to your beneficiary. It is also the most expensive offering that Liberty Bankers provide.
This modified whole life product is issued between the ages of 40 and 80. The minimum face amount is $1000, while the maximum face amount is $20,000. This policy has a three-year limited death benefit in case of natural death.
- SIMPL preferred whole life insurance
If you would like to qualify for this rating, you have to say no to every health question. Furthermore, your prescription history and MIB file should not reveal any treatments for the application’s conditions. The Preferred plan coverage starts on the first day, just like the standard plan, and Liberty Bankers also offers a 20% premium discount in the first year of coverage, if you choose to pay annually.
One notable aspect is that the Preferred Plan payment cannot be made with a Direct Express card. It is only accepted for the Standard and Modified whole life plans. You have to pay via a bank draft for the Preferred Plan if you want to pay on a monthly basis.
This particular plan is not that unique, because if you qualify for this plan, you qualify for their best rates almost every other burial insurance company. The main issue with this plan is that many other burial insurance companies offer a better deal. The minimum face amount of the Preferred Plan is $3000, and the maximum is $30,000. This plan accepts many common health-related conditions that even most of the other final expense insurance companies accept.
Liberty Bankers Life Underwriting
Liberty Bankers will be assessing you in four different ways in order to determine your eligibility. They will ask you health-related questions and will reference their build chart for height to weight ratio. There will be a prescription history check that will be run automatically, and they will also see if you have any relevant records on file with the MIB.
Liberty Bankers has a sale interview point, which is a part of their burial insurance application process. There will be a three-way phone call i.e., you, your agent, and the company. Your entire application process will be completed on the call with Liberty Bankers Life. At the end of the call, Liberty Life will give you their final decision regarding your eligibility.
One of the most important parts of the application process is the response that you give to the health questions. The health questions are in three sets i.e., Knockout questions, standard questions, and Modified Whole Life questions.
The major factor that determines which plan you qualify for is your answers to the health questions. The knockout questions are the first set of health questions. If you happen to say YES to any of these questions, you will not be eligible for any of their coverage. Keep in mind that you can also be declined if your prescription history happens to show any treatment for these conditions.
Other products and services by Liberty Bankers Life
In addition to the final expense, Liberty Bankers life insurance also offers various different versions of whole life insurance protection and pre-arranged funeral coverage. There is also a Flex4Life whole life insurance plan that offers higher face amounts of coverage, and also a choice of premium payment options.
Flex4Life insurance plan is also a whole life insurance policy as the amount of the premium is locked for life, regardless of the policyholder’s age and health issues. This plan also has a cash value component that keeps growing on a tax-deferred basis.
There is also a Liberty Single Premium Whole Life plan that is designed specifically for the health transfer market and can make it much easier to leave a legacy for the loved ones and is tax efficient.
Different whole life plans that are offered by Liberty Bankers life insurance can also be customized by adding optional riders that include:
- Children’s Term insurance rider.
- Grandchild Term insurance rider.
- Accidental death and dismemberment rider.
- Waiver of premium rider.
- Accelerated Living benefits rider.
This company also offers health insurance and retirement annuities. Regarding health insurance, Liberty Bankers offers a wide variety of Medicare Supplement insurance plans. As there are many gaps in Medicare’s coverage like copayments, deductibles, and coinsurance; therefore, the out-of-the-pocket expenses for the one who enrolls for Medicare can be substantial.
There are various types of retirement annuities offered by Liberty Bankers, as life expectancy is higher than before, so people are always worried about outliving their retirement savings. Having an annuity helps alleviate such concern by providing a guaranteed stream of lifetime income for as long as required.
The Advantages of Liberty Bankers Life
There are various benefits for you to choose Liberty Bankers to help you see whether they suit you.
- Various choices
There are three major life insurance options with Liberty Bankers Life, but you are given choices in these that allow you to customize your insurance policy. Whether you want to add any riders or choose your coverage, there is a great chance for you to meet your needs with Liberty Bankers despite its young history in the life insurance market.
- Growing company
Liberty Bankers is growing steadily and is in a sweet spot of being not that big enough to handle any demands that you might have. One can see that Liberty Bankers have been promoted with A.M Best rating and now have a rating of B++, which is a sign that they are growing at a very good pace.
There is no doubt that Liberty Bankers Life is a great company that offers quality burial insurance. They have many plans, but the Standard plan has a fantastic value for anybody who suffers from health conditions. Most of the Liberty Bankers Life customers cherish the peace of mind that comes to them with the first-day coverage. Coverage options for children and grandchildren for pennies on the dollar also seem quite attractive. Not many insurance companies allow you to extend the insurance coverage to your kids and grandkids.
Hi, I’m Mitch Winstead with Advanced Mutual Group. I have been selling burial insurance for over 20 years. If you have any questions or would like a free quote, please call our office today toll-free 1-866-598-8170. Our email address is firstname.lastname@example.org Our website is http://www.advancedmutualgroup.com. Our Facebook page is http://www.facebook.com/advancedmutualgroup.