Liberty Bankers Life Insurance Company Review & Complaints (2024)

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In business since the late 1950s, Liberty Bankers Life Group is a group of life insurance and financial services companies serving nearly every state. Among their many life insurance products are final expense and funeral pre-planning products.

What is Liberty Bankers Life?

Incorporated as Royal Oak Life Insurance Company in Pennsylvania in 1958, Liberty Bankers Life has been through a series of acquisitions to finally land where it is today, as a wholly-owned subsidiary of Liberty Life Group Trust. They now operate as a group of companies out of headquarters in Dallas, Texas.

Originally a life insurance company, the company moved into the annuity products and assets industry in 1998, and this became the company’s major product. Since then they have added a range of features to the product lineup, with recent additions including Medicare Supplement and other supplemental health insurance policies.

Liberty Bankers Life insurance products are in a wide range of insurance policies that are available in 47 states through a network of more than 4,000 independent agents. Today their life insurance focus has been narrowed down to whole life insurance only, with final expense insurance the main product option.

What final expense products do Liberty Bankers Life offer?

Final expense insurance is a basic whole life product in the insurance industry that is available in a few different formats. There is very little information available on the details of these policies.

SIMPL is the company’s traditional final expense whole life policy. It is a simplified issue product with death benefit amounts that are on the lower side and meant to provide cash for funeral and other final expenses. On the other hand, what about if you want term life insurance? Does term life insurance have cash value? It usually doesn’t. This makes final expense whole life a better option if you need cash value.

Modified Whole Life is a final expense option for those that may not qualify for a standard policy due to health issues. This type of policy is not fully explained, but likely has a modified death benefit for the first few years of the issue to take into account the risk associated with certain health conditions. (For more information, read our “Understanding Modified Whole Life Insurance“).

Liberty Legacy Single Premium is described as a wealth transfer policy and not a true final expense policy, although it can operate that way. Paying a single lump-sum premium allows that amount to be transferred to a beneficiary tax-free.

There is one more whole life product, Flex4Life, which is described as a higher death benefit policy and is the only option that is not aimed solely at final expenses.

A number of different riders can be added to the whole life policies, including:

• Children’s Term
• Grandchildren’s Term
• Accidental Death and Dismemberment
• Waiver of Premium
• Accelerated Living Benefit

As an alternative to a life insurance policy, Liberty Bankers Life and Casualty also offers funeral pre-planning. This allows the buyer to pre-pay for funeral expenses by making arrangements with a local funeral home. The cost of the services is locked in and cannot be increased over time, which can lessen the overall cost of the funeral in the long run. These are offered through another company in the group, American Benefit Life Insurance products.

The site does not provide issue ages or any other information on underwriting requirements, nor do they say what the maximum benefit for each policy type is capped at.

How much are insurance rates?

There is no online quoting option or any other rate information for this company. A contact form can be filled out and submitted to request more policy information and rates.

This is fairly common for a lesser-known insurance company that operates through agents; it is also common for companies that focus on final expense life. This may be a source of frustration to those looking to compare life insurance rates without having to speak to an agent or deal with the solicitation that generally follows a request for information from an insurance company.

Liberty Bankers Life Insurance Company Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

When it comes to filing a claim with Liberty Bankers Life Insurance Company, customers have multiple options at their disposal. The company offers flexibility in the claims process by allowing policyholders to file claims through various channels.

Whether you prefer the convenience of online submission, the personal touch of over-the-phone assistance, or the mobility of mobile apps, Liberty Bankers Life has you covered.

Average Claim Processing Time

One crucial aspect of the claims process is the speed at which claims are processed. Liberty Bankers Life Insurance Company understands the importance of timely claim settlements for its customers.

While specific processing times may vary depending on the nature of the claim and other factors, the company strives to ensure that claims are handled promptly and efficiently to provide peace of mind to policyholders.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is a valuable indicator of an insurance company’s performance in handling claims. While Liberty Bankers Life Insurance Company maintains a positive reputation, it’s important to consider customer feedback regarding claim resolutions and payouts.

Understanding the experiences of policyholders in real-life claim situations can provide valuable insights into the company’s commitment to customer satisfaction.

Explore the Digital and Technological Features of Liberty Bankers Life Insurance Company

Mobile App Features and Functionality

Liberty Bankers Life understands the importance of mobile accessibility. The company’s mobile app is designed to provide policyholders with convenient access to their insurance information. Whether you need to view policy details, make payments, or initiate claims, the mobile app offers a user-friendly interface and functionality to meet your needs.

Online Account Management Capabilities

Managing your insurance policies and accounts online has become a standard convenience in the industry. Liberty Bankers Life Insurance Company provides policyholders with robust online account management capabilities. From updating personal information to reviewing policy documents, policyholders can enjoy the benefits of easy and secure online access.

Digital Tools and Resources

Liberty Bankers Life offers a range of digital tools and resources to assist policyholders in making informed decisions about their insurance coverage. These resources may include online calculators, educational materials, and informative articles. Explore the digital tools available to enhance your understanding of insurance products and options.

Are the company’s customer ratings and reviews positive?

Many customers know that they can check out BBB business profiles for a company, as the rating agency is a good indicator of a company’s track record with customer service and making their clients happy.

Liberty Bankers Life Insurance Company has an A+ rating with the Better Business Bureau (BBB). They have no complaints and no reviews on the file as of the time of this review.

There are 5 reviews on Google for an overall 3.4 stars. One of the negative reviews is from an employee, the other negative review gives no explanation for the low rating. The remaining three positive ratings are equally unhelpful, with no detailed comments.

Information on this company in terms of reputation is limited; as a general rule, we view a lack of reviews as a positive thing since unhappy customers are more likely to take to the internet to complain than are happy ones to provide a positive review.

What’s the bottom line?

Liberty Bankers Life and Casualty has no red flags and what seems to be a great reputation, as you can see on its BBB business profiles. Without rate information, we are unable to say how they stack up for value, but with their focus being mainly on final expense life and a few options to choose from, they may be worth contacting for a quote. You can also go online and get instant life insurance from a trusted company by doing adequate research.