Liberty Bankers Life Insurance Review
Welcome to EasyQuotes4You and thank you for visiting our site. Our goal is to bring you in depth reviews on all the life insurance companies in America. Today we are going to review Liberty Bankers Life Insurance (LBL).
We are going to review the history of Liberty Bankers Life , there financial rating, what products they offer, and then provide some sample rates. We hope this helps you in your journey to purchase life insurance.
Liberty Bankers Life Contact Information
We always recommend to our clients to give us a call if they ever need anything regarding there life insurance policy, but if you need to contact Liberty Bankers directly, the information is below:
The History of Liberty Bankers Life Insurance Company
Liberty Bankers Life Insurance Company is a part of Liberty Bankers Insurance Group from Dallas, Texas. Liberty Bankers Insurance Group is comprised of 3 life insurance companies:
- Liberty Bankers Life Insurance Company (LBL)
- The Capitol Life Insurance Company
- American Benefit Life Insurance Company
Liberty Bankers Life Insurance Company
Liberty Bankers Life (LBL) was formed in 1958 as Royal Oak Life Insurance Company. Over the next 40 years LBL grew very slowly while offering products in 40 states.
In 1992, they were sold to American Hilton, a South Carolina insurance holding company. By 1998, Liberty Bankers Life held only $5 million in insurance reserve to pay benefits.
This led to Liberty Bankers Life Insurance Company to start selling annuity products in 1999. This was welcomed by the market and as a result they experienced rapid growth.
In 2004, they were sold again to Heritage Guaranty Holdings, Inc. which eventually became Liberty Bankers Insurance Group. By 2006, LBL had started selling traditional life insurance products such as:
- Whole Life
- Final Expense
- Pre-Need Funeral
- Critical Illness
- Medicare Supplement
Through the series of mergers that included American Benefit Life and Capitol Life, Liberty Bankers Life works with over 6,000 agents in 47 states and has assets of more than $2 billion.
Liberty Bankers Life Insurance Ratings
Liberty Bankers Life was given a rating of “B++” (GOOD) from A.M. Best agency. While we like an “A” rating or above, the “B++” is no cause for concern.
The rating for LBL is solid and shows there is little risk that LBL will not be able to meet is policy obligations. The Better Business Bureau (BBB) gives Liberty Bankers Life an “A+” rating which symbolizes great customer service.
Final Expense offered by Liberty Bankers Life (LBL)
LBL offers a variety of insurance products but are best known for there whole life and final expense products.
SIMPL Final Expense
The SIMPL final expense product offered by Liberty Bankers Life Insurance Company is a no exam simplified issue whole life policy offering immediate coverage if you qualify.
Premiums are level for life and cash value accrues over time. The SIMPL final expense offers 2 rate classes of either preferred or standard. Look below for sample rates.
SIMPL Final Expense Sample Rates
Rates are based on Standard Non-Tobacco
Now that you have seen Liberty Life’s rates, lets see how they stack up to other final expense life insurance companies.
Liberty Life vs. The Competition
Male age 50 Non-Tobacco Rates $15,000 Death Benefit
Female Age 50 Non-Tobacco Rates $15,000 Death Protection
Modified Whole Life
For consumers who don’t qualify for the SIMPL final expense product due to pre-existing health conditions, LBL has an alternative called Modified Whole Life or MWL.
This product is a graded death benefit whole life insurance policy which means the death benefit is limited in the first 3 years. You will not receive the death benefit in the first 3 years unless death is by accident.
The MWL policy pay out is structured that in the first 3 years, if death is from natural causes, your beneficiaries will receive the premium paid in plus 10% interest. If death is accidental then full amount is paid. Starting in year 4, the full death benefit is paid on any cause of death.
Modified Whole Life Sample Rates
As you can see their is a significant difference in the price between the SIMPL final expense policy and Modified Whole Life. It’s always better to get your life insurance while healthy.
How to qualify for SIMPL Final Expense and Modified Whole Life
So you are probably wondering what health questions their are in order to qualify for the SIMPL Final Expense product with immediate coverage. Below is a copy of the application with the health questions asked:
If you answer yes to any questions in Part 1, you are not eligible for any coverage with Liberty Life Insurance Company.
If you answer yes to any questions in Part 2, you will qualify for the Modified Whole Life policy
If you answer no to the remaining questions, you will qualify for preferred rates. Any answer yes is a standard rate.
Whole Life Offered by Liberty Bankers Life Insurance
LBL also offers consumers more traditional whole life policies. These policies come with higher death benefit amounts than the final expense products offered. They are:
- Flex4Life
- Liberty Legacy Single Premium Whole Life
Flex4Life Whole Life
Flex4Life offers permanent coverage, guaranteed premiums, and cash value accumulation. The Flex4Life offers coverage from $10,000 up to $4 million.
Medical exams are required for face amounts above $250,000. If you are between the ages of 16-80, you can apply for coverage with the Flex4Life.
The Flex4Life comes with multiple payment options to choose from. You can make premium payments for life, 10 year pay, and 20 year pay.
Liberty Bankers Life offers a 20% discount on first year premiums (except 10-pay option) if you pay on an annual basis.
Liberty Legacy Single Premium Whole Life
The Liberty Legacy, as the name suggests, is a single premium whole life insurance policy. This policy is structured toward estate planning and to help consumers maximize the inheritance they wish to pass on to loved ones.
Issue ages for the Liberty Legacy is between 50-80 years old, and requires a minimum premium payment of $20,000. The lump sum payment is used to purchase a tax free life insurance policy for your heirs.
Also included with the policy is an accelerated living benefits rider for terminal and chronic illness’s.
Pre-Need Insurance Offered By LBL
Liberty Bankers Life understands that the planning of a funeral only amplifies your loved ones’ sorrow. You can remove this burden with a Pre-Need Insurance plan with LBL.
A Pre-Need Insurance plan allows you to make all the decisions ahead of time while allowing you to pay an inflation proof fixed rate. This keeps the costs from increasing with inflation rises.
Liberty Bankers Insurance Group offers a variety of payment options that fit any financial situation and also transferrable plans, in the event you move away from your chosen funeral home.
You pay and arrange for the entire program with a funeral home of your choice, ensuring that your loved ones won’t be burdened with these decisions.
Final Thoughts
So their you have it. A complete review of Liberty Bankers Life Insurance Company. LBL is a big name when it comes to final expense life insurance. Just like many of the other companies, they have there niches.
The one downside to LBL is that there rates tend to be a little on the higher side than most other companies. With that said, Liberty Bankers is strong financially and known for there customer service.
We always recommend working with an independent agent, like us, to help you with the life insurance buying process. They should be able to find the company that best fits your needs. If you have any questions, please let us know.
Is Liberty Bankers Life a good company?
Liberty Bankers Life Insurance is a leading provider of final expense life insurance. LBL boasts strong ratings from A.M. Best (B++) and the Better Business Bureau (A+).
What types of life insurance does Liberty Bankers offer?
Liberty Bankers offers final expense insurance, whole life, Medicare supplement, and fixed annuities.
Where is Liberty Bankers Life located?
The home office for Liberty Bankers is:
1605 LBJ Freeway Ste. 710
Dallas, TX 75234
