Who Is Liberty Bankers Life Insurance Company?
Founded in 1958 in Oklahoma, Liberty Bankers Life Insurance Company (LBL) is one of the top burial insurance carriers in the country, competing with names as big as United of Omaha.
The Company distributes its products through 6,000 independent agents in 47 states and the District of Columbia, using its subsidiary, The Capitol Life Insurance Company.
LBL offers a variety of life insurance and annuity products to help customers plan for their financial future, as well as supplemental health insurance to improve health care coverage.
|Address||PO Box 224
Brownwood, TX 76804
|A.M. Best Rating||A- (Excellent)|
Although they both sell final expense products, Liberty Bankers is unrelated to Bankers Life. Bankers Life is a subsidiary of Colonial Penn, not affiliated with Liberty Bankers Life Insurance Company.
Liberty Bankers Life Insurance Policy Offerings
With funeral and burial costs skyrocketing, total final expenses can now easily exceed $10K-$15K.
Liberty Bankers offers three final expense life insurance policies:
- Two level death benefit whole life insurance policies
- A modified whole-life policy, which has a two-year waiting period
Liberty Bankers Life Insurance offers three different plans for their final expense insurance: SIMPL Preferred, SIMPL Standard, and SIMPL Modified. Each plan has different coverage amounts, premiums, and eligibility requirements.
The SIMPL Preferred plan is the most comprehensive plan offered by Liberty Bankers Life Insurance.
It provides coverage for individuals between the ages of 18 and 80, with coverage amounts ranging from $3,000 to $30,000.
This plan is ideal for individuals in good health and with no pre-existing medical conditions.
The SIMPL Standard plan is designed for individuals between 18 and 80, with coverage amounts ranging from $3,000 to $30,000.
This plan is ideal for individuals with pre-existing medical conditions but still in relatively good health.
The SIMPL Modified plan is designed for individuals between the ages of 40 and 80, with coverage amounts ranging from $1,000 to $10,000.
This plan is ideal for individuals with significant pre-existing medical conditions or poor health.
The premiums for this plan are the highest of the three plans.
|Plan||Coverage Amount||Age Eligibility||Death Benefit Payout|
|SIMPL Preferred||$3,000 – $30,000||18-80||Level death benefit from date of issue|
|SIMPL Standard||$3,000 – $30,000||18-80||Level death benefit from date of issue|
|Modified Whole Life||$1,000 – $10,000||40-80||Graded death benefit for first two years, then full death benefit paid out after two years|
Liberty Bankers Policy Riders
Any SIMPL policy (Preferred or Standard) includes the option to add the following riders to your policy:
Children’s Benefit Rider
Available for on SIMPL Preferred and Standard. One Unit equals $5,000 term coverage to age 25 per child, maximum 4 units. (Additional premium payments are required.)
You can convert your life insurance policy to a whole life policy at any time, without providing evidence of insurability. If you do it when you are 25 or earlier, you can get up to 5 times the original amount.
Available for an additional premium on SIMPL Preferred and Standard.
$7,500 “term to Age 25” product. Then convertible, without evidence of insurability, for up to 5 times the original amount if converted at age 25 (or marriage, if earlier).
If the primary insured dies prematurely, the covered grandchild may convert the coverage to twice the face amount.
Accidental Death and Dismemberment
Provides an additional death benefit if the insured’s death results from an accident. In addition, a benefit may be provided if you lose the use of arms, legs, or eyes as a result of an accident.
Liberty Bankers Application & Underwriting
Not many burial insurance companies have underwriting that is as customer-friendly as Liberty Bankers.
Liberty Bankers is the most forgiving carrier for COPD underwriting if your client does not use a nebulizer.
They are among the few options/carriers that can still qualify applicants for immediate death benefit coverage with COPD.
Standard Plan Underwriting Niches
Liberty Bankers Life shows its unique underwriting capabilities with the Standard plan. With this plan, your client will still be accepted for immediate coverage up to 30K.
Here’s a look at some health conditions you can easily get approved.
- Chronic Obstructive Pulmonary Disease (COPD)
- Chronic Bronchitis
- Peripheral Vascular Disease
- Peripheral Artery Disease
- Chronic Hepatitis
- Hepatitis C, Cirrhosis of The Liver
- Chronic Pancreatitis
- Liver Disease
- Kidney Disease
- Insulin After the Age of 25
- Irregular Heartbeat
- Atrial Fibrillation
- Systemic Lupus (SLE)
- Epileptic Seizures
- Parkinson’s Disease
Financial Strength and Ratings
When considering a life insurance policy, it’s important to evaluate the financial strength and ratings of the insurance company. This can give you an idea of the company’s ability to pay out claims and remain financially stable in the long term. Liberty Bankers Life Insurance Company has received ratings from A.M. Best and the Better Business Bureau.
A.M. Best Rating
A.M. Best is a credit rating agency that evaluates the financial strength of insurance companies. Liberty Bankers Life Insurance Company has received an A- (Excellent) rating from A.M. Best. This rating indicates that the company has a strong balance sheet and can meet its financial obligations. The rating also considers Liberty Bankers’ risk-adjusted capitalization, assessed in the strongest category.
Better Business Bureau
The Better Business Bureau (BBB) is a nonprofit organization that evaluates businesses based on customer reviews and complaints. Liberty Bankers Life Insurance Company has been accredited by the BBB since 2010 and currently has an A+ rating. This rating considers the company’s complaint history, transparency, and customer service.
Liberty Bankers Life Insurance Company has a strong financial foundation and has received positive ratings from reputable organizations. This can provide peace of mind when choosing a life insurance policy with the company.