What Makes Liberty Bankers Different?
Key insight: Liberty Bankers Life stands apart by offering in-person premium collection through dedicated agents and automated underwriting that can approve most policies within 48 hours.
“Liberty Bankers has positioned itself as a company that values personal relationships over digital transactions, maintaining the traditional agent-client connection that many insurers have abandoned in favor of online-only approaches.”
– Industry Analysis Based on Liberty Bankers 2024 Report
Founded in 1958 as Royal Oak Life Insurance Company, Liberty Bankers Life Insurance Company is part of the Dallas-based Liberty Bankers Insurance Group. The company operates through over 6,000 independent agents across 47 states, emphasizing what they call “home service” – the option for customers to pay premiums directly to company representatives at their homes.
This personal approach extends beyond payment collection. Liberty Bankers has built its business model around simplified issue life insurance, focusing primarily on final expense coverage for seniors and individuals who might face challenges with traditional underwriting. Their automated underwriting system can process applications and issue policies within days rather than weeks.
Bottom Line
Liberty Bankers offers more than basic insurance coverage—they provide a personal service experience that includes in-home visits, simplified applications, and rapid approval processes designed for individuals seeking straightforward final expense protection.
How Strong Is Liberty Bankers Financially?
Key insight: Liberty Bankers maintains an A- (Excellent) rating from AM Best for four consecutive years, with record operating income of $37.5 million and growing premium revenues.
Liberty Bankers Financial Snapshot
| AM Best Rating | A- (Excellent) |
| Total Assets | $2.4 billion (2024) |
| Surplus | $420.5 million |
| Premium Income | $593 million (2024) |
| BBB Rating | Not Accredited (Previously A+) |
AM Best has consistently reaffirmed Liberty Bankers’ A- (Excellent) financial strength rating since 2022, highlighting the company’s very strong balance sheet and appropriate enterprise risk management. The rating agency notes that Liberty Bankers continues to grow organically through new product lines, strategic acquisitions, and expanded distribution networks.
In 2024, Liberty Bankers achieved record operating income of $37.5 million and total premium income of $593 million. The company’s risk-adjusted capitalization is now assessed within the strongest category according to Best’s Capital Adequacy Ratio (BCAR). While not accredited by the Better Business Bureau, Liberty Bankers previously held an A+ BBB rating and has received relatively few consumer complaints.
Key Takeaways
- Four consecutive years of A- (Excellent) AM Best ratings demonstrate consistent financial stability
- Record operating income and growing premium revenues indicate strong business performance
- Strong enterprise risk management framework with formal policies and transparency
- Risk-adjusted capitalization rated in the strongest category by Best’s BCAR methodology
What Life Insurance Products Do They Offer?
Key insight: Liberty Bankers specializes in simplified issue whole life insurance with a primary focus on final expense coverage through their SIMPL and Modified Whole Life products.
SIMPL Final Expense Insurance
The SIMPL (Simplified Issue Made Perfect for Life) policy is Liberty Bankers’ flagship final expense product. Available in both Preferred and Standard versions, this whole life insurance provides immediate death benefits with no waiting period. Coverage amounts typically range from $2,000 to $50,000, with guaranteed level premiums and guaranteed cash value accumulation. The policy includes guaranteed non-cancellability as long as premiums are paid on time.
“Our automated underwriting system allows us to approve most SIMPL applications within minutes, with policies issued within 48 hours. This gives customers peace of mind without the lengthy waiting periods typical of traditional life insurance.”
– InsuranceBrokers USA – Management Team
Modified Whole Life Insurance
For applicants who cannot qualify for SIMPL due to health conditions, Liberty Bankers offers Modified Whole Life (MWL). This product features a three-year graded benefit period where non-accidental deaths result in return of premiums plus 10% during the first three years. Full death benefits begin in year four, with 105% benefits in year five and 110% in year six and beyond. Accidental death benefits are paid at 100% from day one.
Flex4Life and Liberty Legacy
Flex4Life provides traditional whole life coverage with higher death benefit amounts and flexible premium payment options including 10-pay, 20-pay, and pay-to-age-70 or 100. Liberty Legacy is a single premium whole life product designed for estate planning, requiring a minimum $20,000 premium and available to applicants aged 50-80.
Bottom Line
Liberty Bankers focuses primarily on simplified issue final expense insurance, making them an excellent choice for seniors seeking affordable burial insurance but potentially limiting options for those wanting traditional term life or larger permanent coverage amounts.
How Does Their Underwriting Work?
Key insight: Liberty Bankers uses automated underwriting technology combined with simplified issue applications to approve most policies within minutes without requiring medical exams.
Simplified Issue Process
The underwriting process begins with a simplified application that can be completed by phone or online. Applicants answer basic health questions but are not required to undergo medical examinations, blood tests, or urine samples. The automated underwriting system reviews three key data sources: prescription medication history, motor vehicle records, and medical information from the Medical Information Bureau (MIB).
Most decisions are made instantly through the automated system. If additional information is needed, underwriters may conduct a brief telephone interview or request an Attending Physician Statement (APS), though this is rare for final expense applications. The entire process typically takes minutes to complete, with policies issued within 48 hours.
Health Conditions Accepted
Liberty Bankers accepts many health conditions that traditional insurers might decline or rate up significantly. Common accepted conditions include controlled diabetes, high blood pressure, heart disease (depending on severity), depression, anxiety, arthritis, and various chronic conditions. The SIMPL program has more lenient health requirements than the Modified Whole Life option.
Key Takeaways
- No medical exams required for any final expense products
- Automated underwriting provides instant decisions in most cases
- Accepts many health conditions that traditional insurers decline
- Policies can be issued and delivered within 48 hours of application
What Will Coverage Cost You?
Key insight: Liberty Bankers offers competitive pricing for final expense insurance, with rates starting around $25-35 per month for $10,000 in coverage, though they may not always be the lowest-cost option.
Factors Affecting Your Rates
Liberty Bankers determines premiums based on age, gender, tobacco use, health status, and coverage amount. Women typically pay 20-30% less than men due to longer life expectancy. Tobacco users can expect to pay 50-100% more than non-tobacco users. The company offers both Preferred and Standard rate classes for the SIMPL product, with Preferred rates providing significant savings for healthier applicants.
Additional factors include state of residence, as some states have different regulatory requirements that affect pricing. Liberty Bankers also offers discounts for annual premium payments and may provide rate reductions for certain membership organizations or group affiliations.
Bottom Line
Liberty Bankers offers competitive final expense rates that fall in the middle of the market range. While not always the cheapest option, their combination of quick approval, simplified underwriting, and personal service may justify slightly higher premiums for many customers.
What’s the Customer Experience Like?
Key insight: Liberty Bankers emphasizes personal service through in-home visits and agent relationships, though customer reviews show mixed experiences with claims processing and customer service responsiveness.
Positive Customer Feedback
Customers appreciate the personal touch of having agents visit their homes for premium collection and policy servicing. The simplified application process receives positive reviews, with many customers noting how quickly they received approval and policy delivery. The company’s willingness to insure individuals with health conditions that other insurers decline is frequently mentioned as a significant advantage. Many customers value the guaranteed level premiums and the peace of mind that comes with immediate death benefit coverage.
Common Complaints
Customer complaints often center around claims processing delays and communication issues during the claims process. Some policyholders report difficulty reaching customer service representatives and delays in receiving claim payments. There have been complaints about billing errors and unauthorized premium deductions. A few customers have expressed concerns about agents not fully explaining policy terms, particularly regarding the Modified Whole Life waiting periods.
“Liberty Bankers maintains a traditional approach to customer service that works well for many seniors who prefer personal interaction, though their claims processing and customer service systems could benefit from modernization to improve response times and communication.”
– InsuranceBrokers USA – Management Team
Key Takeaways
- Strong personal service through agent home visits and relationship building
- Quick application and approval process appreciated by customers
- Claims processing can experience delays and communication challenges
- Mixed reviews on customer service responsiveness and problem resolution
What Are the Advantages and Disadvantages?
Advantages of Liberty Bankers
- Personal Service Approach: Liberty Bankers offers in-home premium collection and personal agent relationships that many competitors have abandoned in favor of digital-only approaches.
- Rapid Approval Process: Automated underwriting can approve most applications within minutes, with policies issued within 48 hours.
- Accepts High-Risk Health Conditions: The company insures many applicants that traditional insurers would decline or rate up significantly.
- No Medical Exams Required: All final expense products use simplified issue underwriting without the need for medical examinations.
- Strong Financial Ratings: Four consecutive years of A- (Excellent) AM Best ratings demonstrate financial stability and claims-paying ability.
- Guaranteed Benefits: Level premiums, guaranteed cash values, and non-cancellable policies provide long-term security.
- Child and Grandchild Riders: Unique rider options allowing coverage for up to 8 children or grandchildren at very low cost.
Disadvantages to Consider
- Limited Product Portfolio: Heavy focus on final expense insurance with limited options for traditional term life or larger permanent coverage amounts.
- Not Always Lowest Cost: While competitive, Liberty Bankers may not offer the cheapest rates compared to some other final expense insurers.
- Claims Processing Delays: Some customers report longer-than-expected claims processing times and communication issues.
- Limited Online Capabilities: The company’s emphasis on personal service means fewer self-service online options for tech-savvy customers.
- Geographic Limitations: Not available in all 50 states, limiting access for some potential customers.
- Modified Product Waiting Periods: The Modified Whole Life product includes a three-year waiting period that some competitors avoid.
Bottom Line
Liberty Bankers works best for seniors and individuals seeking personal service, simplified underwriting, and final expense coverage, especially those with health conditions that might make traditional insurance difficult to obtain.
Should You Consider Alternatives?
Key insight: Liberty Bankers makes sense for those prioritizing personal service and quick approval, but alternatives may be better for those seeking the lowest possible rates or more comprehensive product options.
When Liberty Bankers Makes Sense
Choose Liberty Bankers if you prefer personal agent relationships and in-home service over digital-only interactions. The company is ideal for applicants with health conditions that traditional insurers typically decline or rate up significantly. Their rapid approval process benefits those who need coverage quickly, and the simplified application appeals to individuals who want to avoid medical exams and extensive health questionnaires.
When to Consider Alternatives
Consider other insurers if you’re primarily focused on finding the lowest possible rates, as companies like Mutual of Omaha or Transamerica may offer better pricing for healthy applicants. Look elsewhere if you need term life insurance or larger permanent coverage amounts, as Liberty Bankers specializes in smaller final expense policies. Those preferring comprehensive online account management and digital-first customer service might find better options with more technology-focused insurers.
For guaranteed issue coverage with shorter waiting periods, companies like Gerber Life or AIG offer two-year graded benefit periods compared to Liberty Bankers’ three-year Modified Whole Life waiting period. If you need immediate large coverage amounts without health questions, consider carriers that specialize in guaranteed acceptance whole life insurance.
Key Takeaways
- Best choice for those wanting personal service and agent relationships
- Excellent option for applicants with challenging health conditions
- Consider alternatives if lowest possible rates are the primary concern
- Look elsewhere for term life insurance or large permanent coverage needs
Frequently Asked Questions
What is the minimum and maximum coverage amount with Liberty Bankers?
Liberty Bankers typically offers final expense coverage from $2,000 to $50,000. The exact amounts available depend on your age, health status, and the specific product you choose. SIMPL and Modified Whole Life products focus on the final expense market, while Flex4Life offers higher coverage amounts for traditional whole life insurance needs.
How quickly can I get approved and receive my policy?
Most Liberty Bankers applications are approved within minutes through automated underwriting. Policies are typically issued and delivered within 48 hours of approval. The simplified issue process means no medical exams are required, significantly speeding up the approval timeline compared to traditional life insurance.
What health conditions does Liberty Bankers accept?
Liberty Bankers accepts many health conditions that traditional insurers decline. These include controlled diabetes, high blood pressure, heart disease (depending on severity), depression, anxiety, arthritis, and various chronic conditions. The specific conditions accepted depend on the severity and how well they’re controlled.
What’s the difference between SIMPL and Modified Whole Life?
SIMPL provides immediate full death benefits with no waiting period. Modified Whole Life includes a three-year graded benefit period where non-accidental deaths only return premiums plus 10% during the first three years. SIMPL is for healthier applicants, while Modified Whole Life serves those with more serious health conditions.
Can I pay premiums in person to an agent?
Yes, Liberty Bankers offers in-home premium collection through their agent network. This “home service” approach allows customers to pay premiums directly to company representatives at their homes, though other payment methods like automatic bank draft and mail payments are also available.
What child and grandchild rider options are available?
Liberty Bankers offers unique child and grandchild riders at very competitive rates. The children’s rider provides up to $20,000 coverage for up to 8 children for as little as $13.96 monthly. The grandchild rider offers $7,500 per grandchild for just $1.20 monthly. Coverage continues until age 25 when it can be converted to individual policies.
Is Liberty Bankers available in all states?
Liberty Bankers is licensed in 47 states but not all products are available everywhere. The company operates through over 6,000 independent agents nationwide. Product availability can vary by state due to different regulatory requirements and approval processes.
How do Liberty Bankers’ rates compare to other final expense insurers?
Liberty Bankers offers competitive but not necessarily the lowest rates in the final expense market. Their pricing typically falls in the middle range compared to competitors. While companies like Mutual of Omaha or Transamerica may offer lower rates for healthy applicants, Liberty Bankers’ combination of service, quick approval, and acceptance of health conditions may justify slightly higher premiums.
I was sold a policy with this company, however I have NEVER received an email or paper copy of my policy. I need to have this information for my family in case it is needed. Beginning to think this was sold to me so some broker could get his commission, leaving me to be the “poor soul” who is having to pay the premiums without knowing what I’m supposedly paying for!
Dawn,
You should be able to receive a paper copy of your policy by reaching out to Liberty Bankers Life Insurance Company directly. We here at Insurance Brokers USA would not be able to do that for you, as it doesn’t appear that you purchased your policy through our brokerage.
Thanks,
InsuranceBrokersUSA