Whether you’re a responsible adult or your spouse is nagging you to get life insurance, either way, the times has come and you’re now thinking about getting insured with Liberty Bankers Life Insurance Company. However, you have no clue whether or not it is the best choice and what are the alternatives out there. Well, don’t fret because we got you covered! Here at InsureChance, we have reviewed 100’s of different insurers and have educated thousands of clients monthly on life insurance. Picking the right company is no easy task but you need to focus on company history, financial strength, products, reviews and also how they compare to the competition. Once you read this article you’ll have a clear idea of what the best for you and your family.
Quick Note: We don’t think Liberty Bankers is the best choice for you simply because the company is very small and has a “B” rating from A.M. Best. Almost all the companies we represent are 10 times or bigger in size and have “A” ratings. In addition to that, their rates are not ultra low for you to make that sacrifice. So if you don’t want to read anymore and would like to see quotes click here.
About Liberty Bankers Life Insurance Company
This company is almost 60 years old and was actually founded in 1958. Liberty Bankers is headquartered in Texas state but works throughout the U. S. to offer a variety of insurance products through their workforce of 8,000 agents. You may be thinking that they been around for a long time and is definitely so but do keep in mind that most large insurers have been around for over a 100 years, talk about dinosaurs. Now let’s see how they stand financially, based on their website this company currently has about $1 billion dollars in assets which is probably the smallest amount I have ever reviewed. Just to give you an idea, Prudential has about $70 plus billion in assets and this is important because if the economy tanks or there are too many claims at once the company can go under. By no means this is bad is simply not as large as some other carriers.
You also want to check what kind of grade the company has a reputable rating agency. There are a few rating agencies like A.M. Best, Moody’s, S&P and many others but A.M. Best is the one we prefer to use in the life insurance industry. According to A.M. Best, Liberty Bankers is currently rated “B++” which is not a bad rating but not the best either. To put it simply 99% of companies we represent have an “A” or higher rating, a rating grade lets you know how a company is doing financially.
Liberty Bankers Life Insurance Products
Liberty Bankers Life offers different insurance products to meet your needs such as annuities, health insurance, and life insurance. For each category, there are different types of options but since you came to the online hub for life insurance information we are going to focus on, you guessed it, life insurance! Judging on their website it seems that they offer two very limited life insurance options such as final expense and wealth transfer life without the most popular life insurance product “Term Life”. So let’s jump in and see what these two products have to offer.
Final Expense
They offer a final expense plan which is designed to cover your funeral costs and any other final fees that can be incurred at the time of death. Typically final expense is a whole life policy that can be secured without a medical exam for a small amount of coverage usually no more than $25,000. Their website doesn’t give exact policy details but the final expense is pretty simple to understand, think of it as a funeral policy designed to cover you until age 100. If you’re interested in seeing quotes for final expense click here. By the way, if you’re in good health you can beat any final expense quote by going with a guaranteed universal life policy.
Wealth Transfer Life Insurance
This is a product with one purpose in mind and that is to leave massive amounts of cash for your family. Although it is named wealth transfer this is simply a Single Premium Whole Life Insurance Policy. This type of policy is bought up at once with one payment and you then have life insurance that you never have to pay for. I personally like this option if you can afford it since it is one of the most powerful ways to leverage your cash for estate planning or simply leaving money behind. For instance, you can pay $50,000 payment to secure $200,000 of life insurance, so in this example you 4x your money instantly.
Service
It seems like they don’t have too many reviews and very few negative reviews so I don’t see this company having bad customer service because otherwise they would have been blown up on the world wide web. I personally wish their site was more up to date so you can get online quotes and clients can manage their policies online. This is a something most larger insurers offer and the industry is aggressively heading toward digitalization. Liberty Bankers is also not accredited by the Better Business Burea which is not a big deal but consumers like a business that is accredited by as many organizations as possible.
Final word on the matter
Overall, I have to say that Liberty Bankers Life is not a fly by night and they have good intentions to grow their business. I’m sure they will be a bigger company in the future but as of right now I can’t recommend them to individuals knowing that there are a lot better alternatives with bigger companies and a larger variety of plan options. They also need to work on improving their rating since nobody likes to work with companies that are rated below an “A” rating. When it comes to their products they did fall short by offering two life insurance options that most people wouldn’t need in the first place. If you have a policy with Liberty Bankers and are happy with the quote you don’t have to worry but if you’re shopping around keep looking.
There are a lot of great life insurers out there but you should always work with an independent agency since life insurance rates are fixed by the law and they can shop the entire marketplace for you free of charge. For example, here at InsureChance, we work with over 60 top rated companies to help you find the best plan for you. We even created state of the art comparison tools for different product lines. So whether you’re interested in term life, no exam, permanent plan or final expense we have the tools to let you compare the entire marketplace. Once you find the ideal plan we’ll walk you through the entire process and provide lifetime support for after sale service. Welcome to the premier online life insurance agency!
