Quick answer
Liberty Bankers Life is a Dallas-based insurer focused on simplified-issue final expense whole life and fixed annuities sold through independent agents. Its final expense line uses tiered acceptance, level, graded, and modified benefits, so applicants with tougher health histories can still find an offer, and underwriting runs on health questions with no exam and decisions typically in days. As with all final expense purchases, quoting two or three specialists side by side is the step that finds your best tier and price.
Our take on Liberty Bankers
Liberty Bankers is especially ideal for seniors looking for final expense life insurance coverage, which can lessen the burden on their families and beneficiaries after they pass away. If you’re a senior or nearing retirement, you know it can be difficult to qualify for many life insurance policies. But Liberty offers you options for whole life insurance that can cover final expenses and more.
We especially like their SIMPL and Flex4Life policies that offer great coverage for final expenses and more. While we typically don’t recommend modified plans if you can avoid them, Liberty does offer a guaranteed issue policy that can serve as a last resort option.
We also appreciate that Liberty specifically advertises a Home Service, which could be great for policyholders who have limited mobility and need an agent to come to them.
All in all, Liberty is not the only final expense provider on the market today, but their competitive rates and excellent coverage make them a solid option.
Liberty Bankers Life Insurance Company Details
| A.M. Best Rating | B++ |
| S&P Rating | Not Yet Rated |
| BBB Rating | A+ |
| Customer Service Phone | 469-522-4400 |
| Website | www.libertybankerslife.com |
| Address | Liberty Bankers Life Insurance Company 1605 LBJ Freeway, Suite 710 Dallas, TX 75234 |
What we like
Great Coverage for Seniors
Liberty offers great products for seniors looking for final expense coverage.
Pre-Need Coverage
Liberty’s pre-need coverage ensures that your funeral is paid for in advance, with rates that are guaranteed not to increase.
Home Service
Liberty’s agents are willing to meet with you in your home or other location, making it ideal for those facing mobility issues as they age.
What We Don’t Like
Limited Products
Applicants looking for level term life insurance or larger whole life coverage will need to look elsewhere.
No Online Quotes
Liberty provides no online quotes for any of its products.
Lackluster Financial Ratings
Liberty’s B++ from A.M. Best is hardly competitive for the industry. We’d like to see some improvement or reviews from S&P in the very near future.
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Liberty Bankers Life Insurance Products
Whole Life
Liberty offers several whole life insurance options, which can be used as either final expense insurance coverage or as permanent policies that offer some additional investment options.
SIMPL (Final Expense Product)
The SIMPL no medical exam life insurance policy is intended to be used as a final expense protection, offering limited coverage for things like funeral costs, medical bills, outstanding debts, etc. For applicants 65 and under the product is an instant-issue life insurance product with coverage ranging from $1,000 to $25,000. Applicants 66-80 can receive coverage up to $15,000.
Flex4Life
The Flex4Life product offers permanent whole life insurance coverage in higher amounts than their other policies. Additionally, this policy also offers a choice of payment terms.
Modified Whole Life
A modified policy is available for adults who have some minor, manageable health issues, such as type-2 diabetes or well-managed blood pressure.
This policy will cover applicants between the ages of 40 and 80. There is a graded period of three years, during which the policy will pay all premiums plus 10% interest. The full death benefit becomes available in year four. But in year five, premiums will increase by 5%, and in year six increase by 10%.
Liberty Legacy Single Premium Whole Life
This single premium life insurance product is designed for the wealth transfer market. Some customers may find this a bit more complex than their immediate needs, but Liberty’s agents are available to explain your options and the details of the policy.
Pre-Need Coverage
This product is not unique to Liberty, but it’s also not the most common in the insurance world. In Liberty’s guaranteed issue life insurance pre-need policy, the policyholder makes an agreement with a local funeral home. The funeral home locks in the price of a funeral, and the policyholder pre-pays this cost through their insurance policy. In Liberty’s case, they provide this pre-need policy through another group: American Benefit Life Insurance.
Policy benefits
Riders
Children’s Term
Policyholders can add their children to their policy, offering limited coverage for children of eligible ages.
Grandchildren’s Term
Policyholders have the option of adding grandchildren to their policy, provided their grandchildren meet the age requirements.
Accidental Death and Dismemberment
This rider provides an additional benefit in the event you die as the result of an accident.
Accelerated Living Benefit
This common rider provides a portion of the death benefit in the event you are diagnosed with a terminal illness. This benefit can cover unpaid medical bills, but can also extend to groceries, living expenses, or other financial obligations resulting from the illness.
Home Service
Liberty also boasts of the personal touch of home service. Agents can make house calls, or agree to meet their clients in a coffee shop or local park. Older applicants may especially benefit from this, especially if they are housebound from illness or age.
Other Financial Products
Liberty also provides other financial products and services in the form of health insurance, annuities, and more. This allows applicants to find multiple products to help plan their retirement and beyond.
Cost
Liberty Bankers offers no online quotes for any of its policies, and its riders are only available at an additional cost. However, older applicants can easily benefit from the final expense offerings that Liberty provides. We especially see considerable value in their SIMPL term offering, which provides affordable life insurance to older applicants looking for a final expense policy.
Great Value for Seniors
Seniors typically face limited options when it comes to life insurance. Liberty provides several options for final expense insurance, as well as some riders that provide flexibility.
The Limits of Pre-Need Coverage
Pre-need coverage has its pros and cons. On the one hand, it offers the assurance that your final expenses are fully covered. However, these policies tend to lock you into the options provided by participating funeral homes, which can be limiting. Some customers may find greater value in designating money for their funeral and finding preferred options outside of this type of arrangement.
Performance
Financial ratings Liberty Bankers has received mixed reviews from independent agencies:
- A.M. Best: B++
- BBB: A+
Unfortunately, a B++ rating isn’t exactly competitive for the industry. We’d like to see this score improve, as well as additional ratings from S&P to give greater confidence in the company’s overall performance.
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Reviewed by
Grant Desselle
Licensed Insurance Agent
