Disclaimer: We are not in any way affiliated with liberty bankers. In fact, we are Independent Insurance agents that offer Top Rate final expense and Term insurance Products. This article is our personal review of their insurance and Pre-Need programs along with our opinions on the matter. If you are looking to contact liberty bankers directly with this Phone # 800-745-4927
liberty bankers life Review
What you Should Know About Liberty Bankers Life
Liberty Bankers Life Insurance Company (LBL) is owned by Liberty Life Group Trust, a Texas Holding company. LBL offers life insurance and annuity products which help individuals and businesses meet their financial goals. The LBL Group has developed a proven track record for growth of assets, premiums, and earnings over the last decade, with more than $1 billion in assets now under management.LBL was established in 1958 and is domiciled in the state of Oklahoma and licensed in 46 states. Our headquarters is located in Dallas, Texas and we have over 8,000 agents throughout the country to serve our customers. The company’s marketing efforts are complemented by those of its subsidiary,
The Capitol Life Insurance Company, which markets its products in nine states. The two companies combine to cover 47 states and the District of Columbia.LBL offers a full line of life insurance and annuity products to help customers plan their financial futures. We offer immediate and deferred annuities with a range of features to satisfy a variety of financial requirements. Our life insurance products include final expense, term, and permanent designs with the latest features such as critical illness coverage, and an innovative approach to the return of premium.LBL is currently rated B+ with a stable rating outlook by A.M. Best Company, the most recognized rating agency for the insurance industry
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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 one’s income to pay for expenses that arise from dealing with your estate. When you are choosing your coverage, you need to know the differences between term vs whole life insurance.
Liberty Bankers Life Final Expense Products
Final expense insurance from Liberty Bankers is a basic whole life product that is available in a few different formats. There is very little information available on the details of these policies.
SIMPL is the company’s traditional final expense whole life policy. It is a simplified issue product with death benefit amounts that are on the lower side and meant to provide cash for funeral and other final expenses.
Modified Whole Life is a final expense option for those that may not qualify for a standard policy due to health issues. This plan is not fully explained, but likely has a modified death benefit for the first few years of the issue to take into account the risk associated with certain health conditions.
Liberty Legacy Single Premium is described as a wealth transfer policy and not a true final expense policy, although it can operate that way. Paying a single lump-sum premium allows that amount to be transferred to a beneficiary tax-free.
There is one more whole life product, Flex4Life, which is described as a higher death benefit policy and is the only option that is not aimed solely at final expenses.
A number of different riders can be added to the whole life policies, including:
• Children’s Term
• Grandchildren’s Term
• Accidental Death and Dismemberment
• Waiver of Premium
• Accelerated Living Benefit
As an alternative to a life insurance policy, Liberty Bankers Life also offers funeral pre-planning. This allows the buyer to pre-pay for funeral expenses by making arrangements with a local funeral home. The cost of the services is locked in and can not be increased over time, which can lessen the overall cost of the funeral in the long run. These are offered through another company in the group, American Benefit Life Insurance.
The site does not provide issue ages or any other information on underwriting requirements, nor do they say what the maximum benefit for each policy type is capped at.