Liberty Bankers Life Insurance Review (2024)


Liberty Bankers Life Insurance

If you have Hep C, Parkinson's, or COPD, you will thank your lucky stars you found Liberty Bankers, as they are the only carrier in the industry that offers immediate coverage for those health conditions. For everyone else, Liberty Bankers won't be as memorable. There's nothing to strongly like and there's nothing to strongly dislike. They offer solid burial insurance, and those that are keen on their underwriting, will have no problem being a policyholder of theirs.
Liberty Bankers Pros
  • Offers two level benefit plans
  • Immediate coverage for COPD, Emphysema, Hep C, SLE, and Parkinson's
  • Fast underwriting decisions
Liberty Bankers Cons
  • Prices have become uncompetitive in recent years
  • No longer accepts Direct Express

  • 93 Companies reviewed
  • 50 Features considered
  • 4,650 Data points analyzed

We collected 4,650 data points from 93 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 50 metrics to develop unbiased, comprehensive reviews.

Mortgages, car payments, college tuition, and weddings—we know these carry a high price tag, so we prepare for them.

But there’s a big-dollar expense people often overlook, one that averaged over $10,000 per person in 2023, according to the National Funeral Directors’ Association. We’re talking about the cost of a person’s funeral and other final expenses.

A final expense plan can ease the strain.

A funeral insurance policy is a nice gesture on your part that prevents your loved ones from having to pay for everything on their own. The funds will be much appreciated as they strive to make your funeral service memorable.

Our review of Liberty Bankers focuses on the SIMPL plan. Much as it sounds, it’s a simplified issue plan that doesn’t require a medical exam. 

Features SIMPL Final Expense (Preferred / Standard)SIMPL Modified
Coverage amounts$3,000-$40,000$1,000 – $20,000
Coverage lengthLifelongLifelong
Waiting periodNoneYes (3 Years)
RatesNever increaseNever increase
Medical examNoNo

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Liberty Bankers SIMPL Plan

Understanding the specifics of a graded death benefit life insurance policy can be tricky, so it’s wise to research thoroughly before committing to a plan. For a comprehensive perspective, consider reading colonial penn life insurance reviews which discuss the pros and cons of such policies offered by this provider.

Liberty Bankers SIMPL final expense insurance product comes in three plans:

  • SIMPL Preferred – a level benefit plan targeted at customers in good health
  • SIMPL Standard – the Preferred plan, but with higher rates for those with moderate health conditions
  • SIMPL Modified – a graded benefit plan for those with significant health conditions

State & Age Eligibility

SIMPL Preferred and Standard are available to residents of all U.S. states (except NY) between 18 and 80.

SIMPL Modified has slightly more restrictive eligibility. The minimum age is 40, and the policy is available to residents of all states except AR, MT, NC, and NY.  

Coverage Amounts

The level benefit versions of Liberty Bankers burial insurance policies have face amounts between $3,000 and $40,000.

The Modified plan offers coverage between $1,000 (Transamerica is the only other carrier with a $1K coverage option) and $20,000.

Death Benefits

As mentioned, the Standard and Preferred plans have level death benefits. That means they pay 100% of your death benefit from the second your policy is issued.

Those serious health conditions may qualify for the Modified Whole Life plan. This plan has a three-year waiting period. If you die of natural causes in:

  • Years 1-3: Refund of premiums plus 10%
  • Year 4: 100% of face amount
  • Year 5: 105% of face amount
  • Years 6+: 110% of face amount

If your death is due to an accident, the policy will pay 100% of the death benefit no matter when your death occurs. 

Cash Value  

The SIMPL funeral expense plan is a whole life insurance policy. Simplified whole life insurance products have a feature called cash value that can be used while you are alive. 

When you pay your premium, Liberty Bankers will put part of it into a separate account, and this money (“cash value”) will grow over time at a guaranteed interest rate.

If you need a loan, you can borrow against your burial insurance plan’s cash value and use this money for anything (home repairs, medical bills, etc.).  

If you die, your policy will pay your death benefit minus any money you have withdrawn from your cash value. 


A final expense policy gives your family members extra cash after you die and offers you additional benefits. 

Riders are benefits that attach to your policy to give you extra coverage for certain circumstances.

Accelerated Benefit Rider

The preferred and standard policies include an Accelerated Benefit Rider, which provides a benefit while you’re alive. You can get an advance payment from your policy if you need in-home or nursing home care. 

The SIMPL funeral plan offers three optional riders for a small additional fee. 

Accidental Death and Dismemberment 

This rider gives your loved ones an extra benefit if you die in a sudden accident. If the accident is severe enough to cause you to lose an arm, leg, or your eyesight, this rider will also pay a benefit. 

Grandchildren Rider

Unlike other policies, SIMPL offers a benefit for grandchildren. The grandchildren rider gives your grandchildren $7,500 of term insurance to pay for their funeral expenses if they die before age 25. 

This rider goes even further. Your grandchildren can convert the coverage for up to five times the death benefit when they turn 25 or if they get married before age 25. Your final expense policy gifts them this benefit regardless of their health—no medical exam is required. 

As an additional benefit, if you die, your grandchildren can convert the coverage to twice the face amount of your policy. 

Child Rider

Liberty Bankers’ child rider is an optional rider that provides a death benefit if one of your children dies. It’s available in the following increments: 

  • $5,000
  • $10,000
  • $15,000
  • $20,000

The rider is in force until your children turn 25. 

When they turn 25 (or earlier if they get married), they can convert the policy to a whole life policy without taking a medical exam. How much insurance can they get? Up to 5 times the rider amount. 

For example, let’s say you added a rider for $20,000 for your son Charlie when he was 16 years old. When Charlie turns 25, he can convert his coverage to 5 times $20,000 of whole life insurance, giving him $100,000 of whole life coverage as he begins a life of his own.

Accidental Death RiderNoProvides an extra benefit if you die because of an accident or lose an arm, leg, or your eyesight
Grandchild RiderNo$7,500 death benefit for grandchildren, and they can convert it to 5x the death benefit at age 25 and can convert it to 2x the death benefit if they die.
Child RiderNo$5,000-$20,000 until age 25, can convert to 5x the amount of the rider at age 25

Check out: AIG Final Expense Policies: An Overview

Liberty Bankers Application Process 

The Liberty Bankers application process is easy.

The application only asks eight questions about your health. It also wants basic information like your name, address, and age. 

You’ll have one more page to fill out if you want to add any of the valuable riders. 

That’s all there is to it. You’ll likely be approved within a few minutes of applying.

How Liberty Bankers Will Decide on Your Approval

Liberty Bankers’ SIMPL policies are “simplified issue” policies. This means they won’t extensively check your health records or require a medical exam.

Liberty Bankers will decide on your application using your answerse to the application’s health questions as well as an automated check of your prescription drug history. 

Paying Your Premiums

You can choose the effective date of your policy and the date your premium is, so you won’t have to worry about overdrawing your bank account. 

Many people like to have their premiums withdrawn from their checking or savings accounts monthly. If that doesn’t work, you can opt for quarterly, semi-annual, or annual payments.

Choose kindness.

You never know what battles people may be fighting.

Liberty Bankers Pros and Cons

We’ve put together a list of pros and cons for the SIMPL whole life insurance plan to give you a snapshot of the plan. 

Liberty Bankers Life Insurance Pros

  • Liberty Bankers offers two “level death benefit” plans, allowing them to provide more people with immediate coverage
  • Your coverage is permanent (as long as you pay your premiums, it will never expire)
  • Your rates are locked in for life
  • Built-in savings account; can take loans against cash value with no credit check
  • No medical exam (just “yes or no” health questions and prescription drug checks)
  • Fast approvals (typically the same day) 
  • Accelerated death benefit rider included
  • One of the few burial insurance carriers to offer child and grandchild riders

Liberty Bankers Life Insurance Cons

  • Coverage not available after age 80
  • No online application
  • The Modified plan has a three-year waiting period

Liberty Bankers Ratings & Customer Reviews

Whenever you decide to take out final expense insurance, you want to ensure the company is reputable and financially strong. There are two ways to do that — by checking customer reviews and industry ratings in the insurance industry. 

The Better Business Bureau gives you a good idea of people’s customer experience with the company. 

What Does the BBB Say About Liberty Bankers?

The BBB gives Liberty Bankers an A+ rating for having few complaints and quickly resolving the ones it did. Some of the complaints are not related to the company at all. Some concern marketing practices by the agents, and others concern identity theft. 

Financial Strength Ratings

As with any company that handles money, the government regulates life insurance companies to ensure the safety of customers’ money. 

Here are the latest ratings for Liberty Bankers Insurance:

  • AM Best: A- ( Excellent)

SIMPL: Simplified Issue, Guaranteed Benefit

When you’re looking for a burial insurance plan or a funeral insurance policy, you want an easy application and know that the company will guarantee the benefit after you’re gone. 

Liberty Bankers offers SIMPL, a whole life insurance plan with a death benefit for people ages 18 to 80, with no medical exam or waiting period. To customize your insurance even further, choose the child, grandchild, or accidental death rider. 

Then enjoy the peace of mind it brings you. 

Article Sources
  1. Company Affiliates. Liberty Bankers
  2. Final Expense. Liberty Bankers