Liberty Bankers Funeral Insurance Review: Plan Facts

Liberty Bankers Funeral Insurance Review
Liberty Bankers Funeral Insurance Review: Plan Facts

Liberty Bankers Logo

Many companies offer life insurance, but only a small handful have funeral and final expenses plans. The first step in finding the best burial insurance companies and plans is researching and reviewing the options.

Our industry experts have reviewed the Liberty Bankers Insurance Group and the burial insurance plans that are offered.

Liberty Bankers Funeral Insurance Review

Liberty Bankers Life Insurance Company was established in 1958. Offering final expense life insurance, health, and fixed annuity products, this company has established a good reputation over the past 60+ years. With over $1.8 billion in total assets, this carrier is financially strong.

Liberty Bankers Insurance Group also has two other affiliates under its control. As of 2019, these three companies have over $2.46 billion of total assets.

American Benefit Life Insurance Company: American Benefit Life was purchased in 2002 by Liberty Bankers Insurance Group. As of 2018, they have over $186 million in total assets.

The Capitol Life Insurance Company: Liberty Bankers Insurance Group purchased Capitol Life in 2007. As of 2018, they have over $301 million in total assets.

Company Details

  • Established: 1958
  • A.M. Best Financial Rating: B+ (good)
  • Headquarters: Dallas, Texas

Plan Types

  • Plan 1: SIMPL Preferred & Standard
  • Plan 2: Modified Whole Life

These plans designed for seniors are less expensive than other types of permanent protection. The Liberty Bankers Life final expense insurance plans come with permanent whole life benefits.

Price Lock: The price will never change. This allows seniors on a fixed income to budget for the costs well into the future with no surprise rate increases.

Coverage Lock: The death benefit will never decrease or terminate. This lets families know that final expense insurance will cover funeral costs, regardless of how long the policyholder lives.

Builds Cash Value: With each monthly premium payment, a portion will go towards the cash value. Over time this amount will grow and can be borrowed from if the policyholder chooses.

Plan 1 SIMPL

Plan 1: SIMPL Preferred & Standard

Quick Facts

  • Age Eligibility: 18 – 80
  • Coverage Amount: $3,000 – $30,000
  • State Availability: 42 states & DC (excluding AK, CT, MA, MN, NH, NY, RI, VT)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Day-One Coverage 

The SIMPL plan offers immediate coverage. This awards protection on the first day the policy is issued. Depending on how the medical questions are answered, the applicant will qualify for either Preferred or Standard rates. Seniors over 80 will not be eligible for this plan.

Preferred: Stricter qualifying standards and lower prices

Standard: Slightly more lenient underwriting with higher prices

Accelerated Death Benefit Rider

This rider is included with the plan at no additional charge. For the Accelerated Death Benefit, up to 80% of the coverage amount may be paid out with proof of a qualifying event.

Qualifying Events:

  • Terminal Illness Benefit (Defined as having less than 24 months to live)
  • Chronic Illness (Defined as having a Chronic Illness diagnosed by a Certified Physician)

Liberty Bankers Preferred and Standard Funeral Insurance Quotes

Preferred rates are cheaper than Standard. Both of these plans have similar premiums to competitors like Foresters Financial. These are non-smoking rates.

SIMPL Quotes Female

Monthly Premiums

$10,000 of coverage

Age Preferred Standard
45 $23 $29
50 $26 $31
55 $30 $37
60 $35 $44
65 $43 $57
70 $55 $75
75 $76 $102
80 $109 $146

SIMPL Quotes Male

Monthly Premiums

$10,000 of coverage

Age Preferred Standard
45 $27 $32
50 $31 $37
55 $37 $47
60 $46 $59
65 $56 $81
70 $73 $107
75 $100 $147
80 $147 $214

Plan 2 Modified

Plan 2: Modified Whole Life

Quick Facts

  • Age Eligibility: 40 – 80
  • Coverage Amount: $1,000 – $20,000
  • State Availability: 42 states & DC (excluding AK, CT, MA, MN, NH, NY, RI, VT)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: Yes
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Waiting Period Payout Structure

If you were to pass away in the first three policy years, your beneficiary would receive a distribution of all paid premiums plus 10%. In year 5, the death benefit would be 105% of the face amount, and in year 6, the distribution would be 110% of the death benefit.

Great Western Insurance Company (GWIC) has a similar payout structure of offering up to 125% of the death benefit.

Example: $10,000 Policy

A $10,000 policy would have a final death benefit of $11,000.

  • Death in year 1: All paid premiums returned plus 10%
  • Death in year 2: All paid premiums returned plus 10%
  • Death in year 3: All paid premiums returned plus 10%
  • Death in year 4: $10,000
  • Death in year 5: $10,500
  • All other years: $11,000

Liberty Bankers Burial Insurance Quotes

The Modified Whole Life plan is higher priced than the competition. These are non-smoking rates.

Modified Whole Life Quotes

$10,000 of coverage

Age Female Male
45 $35 $42
50 $37 $47
55 $44 $56
60 $53 $68
65 $65 $88
70 $89 $116
75 $118 $159
80 $163 $228

Liberty Bankers Life Insurance FAQs

Is Liberty Bankers Life a Good Company?

Liberty Bankers Insurance reviews are positive. This provider has a good financial rating from AM Best, so you can be assured they will payout your claim when filed by your beneficiary.

Does Liberty Bankers Take Direct Express?

Liberty Bankers Life is one of the few life insurance companies that will accept a direct express debit card. If you receive social security onto this government-issued debit card and do not have a bank account, your options for funeral insurance coverage greatly decrease.

Most insurance providers only accept an automatic bank draft from a checking or savings account as the recurring form of payment. However, Liberty Bankers and Transamerica are two well-known companies that accept this form of payment.

Should I get Final Expense Insurance from Liberty Bankers?

Getting burial life insurance from Liberty Bankers is a good idea if you can qualify for SIMPL Preferred or Standard rates. However, you should look elsewhere if you are limited to the Modified Whole Life policy due to health concerns. The Modified plan is overpriced when compared to similar policies on the market.

Contact a licensed agent who has access to various final expense companies to find the best policy for you.

Does Liberty Bankers Life have a Height/Weight Chart?

A build chart, or height and weight chart, are standard in simplified issue burial insurance. Liberty Bankers Life height weight chart falls in line with charts from many other carriers. Seniors only need to worry about this health requirement if they are severely underweight or overweight.

Senior man looking back at his wife

Liberty Bankers Final Expense Insurance Health Questions

There are three parts to the Liberty Bankers medical underwriting application. Part one qualifies applicants for Modified, part two is for Standard, and part three is for Preferred. See the full list of medical underwriting questions below.

Part 1 medical questions

Part 1

Have you ever been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for:

1. Congestive heart failure (CHF), cardiomyopathy, memory loss, Alzheimer’s, senile dementia, dementia, heart defibrillator implant, two or more instances of internal cancer(s) or terminal illness (terminal illness means a disease or illness that is expected to result in death within 24 months)?

2. Organ transplant (other than corneal), untreated Hepatitis C, kidney failure or dialysis, amputation due to diabetic complications, multiple sclerosis, muscular dystrophy, mental retardation, amyotrophic lateral sclerosis (ALS) or Lou Gehrig’s disease, Downs’s syndrome, cystic fibrosis or Huntington’s disease?

3. Diabetes at age 9 or younger?

4. AIDS, AIDS Related Complex, tested positive for HIV virus or any other disorder of the immune system?

Within the last 2 years, have you been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for:

5. Uncontrolled diabetes or uncontrolled high blood pressure?

Within the last year, have you:

6. Been confined to a hospital, been advised by a member of the medical profession to have surgery or hospitalization, used oxygen due to a medical condition, been unable to care for yourself, or been prescribed bed rest by a member of the medical profession at home or in a nursing home, hospice, long-term care or assisted living facility?

Definition of assisted living: requires help in at least one area of skills considered necessary for living and caring for oneself (feeding, dressing, or bathing)

Part 2 medical questions

Part 2

Within the past 2 years, have you been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for:

(a) Angina (chest pain), any type of heart or circulatory surgery, heart attack, or received a pacemaker or stent?

(b) Stroke, Transient Ischemic Attack (TIA/mini-stroke) or paralysis?

(c) Cancer or received or been advised to receive chemotherapy or radiation for cancer (the term “cancer” includes melanoma but excludes basal cell skin cancer)?

(d) Aneurysm, brain tumor, or sickle cell anemia?

(e) Complications of diabetes such as nephropathy (kidney), neuropathy (nerve, circulatory), retinopathy (eye), diabetic coma, or insulin shock?

(f) Alcohol or drug abuse, have you used illegal drugs or been convicted of a felony or on parole?

(g) Used a walker, wheelchair or electric scooter due to chronic illness or disease?

Part 3 medical questions

Part 3

Have you ever been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for:

(a) Chronic Obstructive Pulmonary Disease (COPD), chronic bronchitis, emphysema, peripheral vascular disease, or peripheral artery disease?

(b) Chronic hepatitis, Hepatitis C, cirrhosis of the liver, chronic pancreatitis, liver disease, or kidney disease?

(c) Insulin use before age 25?

(d) Irregular heartbeat, atrial fibrillation, Systemic Lupus (SLE), epileptic seizures, Parkinson’s disease?

Part 4 medical questions

Final Thoughts About Liberty Bankers Burial Insurance

a. This Liberty Bankers funeral insurance review has shown that this company has competitive pricing for their Preferred and Standard plans.

b. Do not buy their Modified plan. This plan comes with higher price points than the competition.

c. Speak with an independent agent who can navigate you through the different carriers’ health restrictions.

Willamette Life specializes in final expense life insurance and can find a top plan to fit your needs.

Call us at 844-576-0019

Leave a Reply

Your email address will not be published. Required fields are marked *