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, as well as using their 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.
| Company 101 | Details |
|---|---|
| Founded | 1909 |
| Address | PO Box 224 Brownwood, TX 76804 |
| NA | |
| Phone | (919) 788-8097 |
| Website | https://www.lbig.com/ |
| BBB Rating | NR |
| A.M. Best Rating | A- (Excellent) |
Although they both sell final expense products, Liberty Bankers is not related to Bankers Life. Bankers Life is a subsidiary of Colonial Penn, which is not in any way 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
SIMPL Preferred and Standard
The SIMPL Final Expense Plan has three different options to choose from, depending on your health status at the time of application.
- Both SIMPL Preferred and Standard offer a death benefit from the date of issue (in other words, immediate coverage)
- With SIMPL Preferred and Standard, you can also get an accelerated death benefit to help pay for expenses if you have a terminal or chronic illness. If you qualify, you can receive up to 80% of your death benefit while you are living! If you don’t use this feature, the full death benefit will go to your beneficiaries.
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Modified Whole Life Insurance
For individuals who cannot qualify for a SIMPL policy, our Modified Whole Life Policy (MWL) may be an alternative.
Modified Whole Life is a type of life insurance which is issued to those applicants with more complex medical issues. This policy offers a modified death benefit, which means that the payout will be different than with other life insurance policies.
Specifically, the policy includes what is called a “waiting period”. This is the amount of time after policy issuance that you have to wait before the policy’s death benefit will pay out.
During the first three years, if death occurs as a result of an accident, the policy’s face amount is paid in full. Note that Liberty Bankers is one of the only companies in the life insurance industry to have a three-year waiting period.
The non-accidental death benefit equals a refund of all premiums paid to date, plus 10% compounded growth from year four through year ten. During each subsequent year, the death benefit rises by 10%, reaching 110% in the years 6+.
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.
Grandchild Rider
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.
Underwriting Niches
If your client does not use a nebulizer, Liberty Bankers is the most forgiving carrier when it comes to COPD underwriting.
They are one of the few options/carriers that can still qualify an applicant for immediate death benefit coverage with COPD.
Standard Plan Underwriting Niches
Liberty Bankers Life really 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 get approved with ease.
- Chronic Obstructive Pulmonary Disease (COPD)
- Chronic Bronchitis
- Emphysema
- 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
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