Liberty Mutual Life Insurance Review

You have a ton of options as a modern day consumer when it comes to life insurance but why not check out the same company that covers your home and auto. Today, we will be covering Liberty Mutual in detail and seeing if it is a good option for you to use for life insurance. In a nutshell to save you time, There are way better options out there when it comes to life insurance and you should shop around before you settle on any company. Here are some highlights of this article:

1. Liberty Mutual have been around since July 1, 1912.
2. Today they are the third largest property and casualty insurer in the U.S based on direct premium written according to the National Association of Insurance Commissioners.
3. Just like many other carriers, Liberty Mutual takes great pride for their charitable giving and involvement with local organizations. 
4. The company has a lot to offer from life insurance to home and auto insurance.
5. According to A.M Best Liberty Mutual has an “A” rating also known as excellent. Moody’s rates Liberty Mutual an “A2” also known as good and Standard & Poor’s rate them an “A” also known as strong.
6. They offer two main categories of policies, which are term life and permanent life insurance. With the permanent life category the company offers Whole life, and Universal life.

History

This amazing company has been around longer than most of us and was started in 1912. The company is actually owned by actual policyholders and not stock holders, this is common with mutual companies. Company was first known as The Massachusetts Employees’ Insurance Association (MEIA) but the name was changed to Liberty Mutual in 1917.

Liberty Mutual Rating 2017

Liberty Mutual Insurance has been around for more than 100 years and is one of the most well-known insurance companies in America. They sponsor so many programs and activities any person is bound to see their name and logo somewhere and if not there then maybe in one of their many commercials. The company has a lot to offer from life insurance to home and auto insurance. Liberty Mutual is one of the many top-rated companies with their outstanding ratings from all of the rating agencies.

The company has been given an “A” rating from A.M. Best which is also known as “Excellent”. Company also got an “A2” from Moody’s and “A” from S&P which are both good ratings. So what do these ratings mean anyway? They mean that the company has stashed away enough funds in the event they need to pay out claims or simply need to stay afloat through an economic downturn.

Products

Like we mentioned earlier, Liberty Mutual offers a variety of life insurance products. They offer two main categories of policies, which are term life and permanent life insurance. With the permanent life category the company offers Whole life, and Universal life. Before we list the products and their highlights we would like to take some time and go over these terms.

• Term life insurance is a short term plan that will cover you for a certain time like 10, 15 or 30 years. It is also dirt cheap!
• Whole life insurance is a permanent life plan that provides coverage until age 100 while also creating a savings element through cash value accumulation.
• Universal life insurance similar to the whole life from permanent aspect but does offer more flexibility.

Liberty Term Life

• Only available for 10, 15, 20, or 30-years.
• Only available for people ages 25 to 70 years.
• The face amount or coverage is between $100,000 and $3,000,000.
• The coverage is locked in as long as premiums are paid timely.
• This form of life insurance is the most affordable and has the lowest premiums of all the life insurance plans provided.
• You can add on this policy to your employer’s life insurance plan.
• The optional plan riders are; Accidental death benefit Rider, Child protection Rider, Spouse protection Rider, Guaranteed minimum cash value Rider, Guaranteed insurability Rider, Long-term care Rider, and No lapse guarantee Rider.

Liberty Series Whole Life

• Provides coverage until age 100.
• This product is available for people ages 25 to 100 years.
• The face amount or coverage has a minimum of $100,000.
• The premiums with this policy are fixed or leveled meaning that the premiums will never increase nor decrease.
• The death benefits are 100% guaranteed.
• This policy allows you to grow and accumulate cash value.
• The optional plan riders are; Accidental death benefit Rider, Child protection Rider, Spouse protection Rider, Guaranteed minimum cash value Rider, Guaranteed insurability Rider, Long-term care Rider, and No lapse guarantee Rider.

Liberty Series Life Paid-up at 65

• This policy has the same benefits as the Liberty Series Whole Life.
• Payments are fixed until your 65th b-day.
• The optional plan riders are; Accidental death benefit Rider, Child protection Rider, Spouse protection Rider, Guaranteed minimum cash value Rider, Guaranteed insurability Rider, Long-term care Rider, and No lapse guarantee Rider.

Liberty Series 20-year Payment Life

• This policy has the same benefits as the Liberty Series Whole Life.
• Premiums are fixed for the entire period.
• The optional plan riders are; Accidental death benefit Rider, Child protection Rider, Spouse protection Rider, Guaranteed minimum cash value Rider, Guaranteed insurability Rider, Long-term care Rider, and No lapse guarantee Rider.

Liberty Series Extra Value Life

• More affordable than regular whole life.
• Same benefits as the Liberty Series Whole Life.
• This is a “Hybrid” policy and can be combined with temporary and permanent coverage.
• The optional plan riders are; Accidental death benefit Rider, Child protection Rider, Spouse protection Rider, Guaranteed minimum cash value Rider, Guaranteed insurability Rider, Long-term care Rider, and No lapse guarantee Rider.

Liberty Series Estate Maximizer Next Generation Life

• This product offers coverage that can last a lifetime.
• You can build cash value with this product and is income tax-deferred.
• The death benefits under this policy are also income tax-deferred.
• Your cash value is accessible through loans with interest rate of 5% during your first 10 years.
• On or after your initial 10 years, your loan interest rate will change to 3%.
• This policy’s minimum benefit payment is $10,000 with a maximum of $250,000.
• You are eligible for this policy if you are between the ages of 50 and 85.
• This product has a guaranteed interest rate of 3%.
• Since this is a single payment interest sensitive whole life insurance you must pay $15,000 minimum for instant approval.
• The optional plan riders are; Accidental death benefit Rider, Child protection Rider, Spouse protection Rider, Guaranteed minimum cash value Rider, Guaranteed insurability Rider, Long-term care Rider, and No lapse guarantee Rider.

Spirit Series Performance Universal Life

• This policy offers a lifetime of coverage as long as you pay your premiums.
• This policy also allows for cash value buildup.
• Premiums and coverage can be adjusted.
• You also have the flexibility to adjust your level of premium payments to meet your changing needs.
• There is a 100,000 minimum coverage amount.
• The optional plan riders are; Accidental death benefit Rider, Child protection Rider, Spouse protection Rider, Guaranteed minimum cash value Rider, Guaranteed insurability Rider, Long-term care Rider, and No lapse guarantee Rider.

Spirit Series Universal Life

• This policy is focused on pure protection and not investment accumulation.
• It does provide a lifetime of coverage.
• The minimum coverage amount is $100,000.
• You have the flexibility to change your coverage amount.
• You also have the flexibility to change your premiums to fit your changing needs.
• This plan has a lapse protection.
• The optional plan riders are; Accidental death benefit Rider, Child protection Rider, Spouse protection Rider, Guaranteed minimum cash value Rider, Guaranteed insurability Rider, Long-term care Rider, and No lapse guarantee Rider.

Choose Us!

In conclusion, Liberty Mutual Insurance Company may be one of the top rated companies and most well-known insurance company but they are just one of many. However, their ratings can be higher and that’s where they fall behind when comparing their competitors. Another draw back is that Liberty Mutual doesn’t offer as many features as those of other companies. Like we always tell our clients you can get a way better deal and with a higher rated company by simply shopping. Don’t believe us, check it out for yourself with our quoter.  Once you find a plan feel free to request an application or simply call us at 888.492.1967! We will help you fill out your application and ensure that you get your policy delivered. We will also draft a cover letter and check all underwriting guidelines if you have a special risk case.