Liberty Bankers Burial Insurance is a life insurance policy that helps pay for funeral and burial expenses.
It is a type of “final expense” insurance, as it helps individuals and their families plan for and financially prepare for end-of-life expenses.
Liberty Bankers Burial Insurance offers various policy options, including term and permanent coverage, to meet the needs of different individuals.
In this review, we will examine the features and benefits of Liberty Bankers Burial Insurance and provide an overview of the company’s financial stability and customer satisfaction ratings.
Who Is Liberty Bankers Life Insurance
Liberty Bankers Life Insurance Company is a life insurance company that offers a range of insurance products, including burial insurance, to individuals and families.
The company is based in Dallas, Texas, and has been in business since 1950.
Liberty Bankers Life Insurance is a subsidiary of Liberty National Life Insurance Company, which is a leading provider of life, supplemental, and health insurance products.
Liberty Bankers Life Insurance can sell insurance to people who live in over 40 states.
In addition to burial insurance, the company offers other types of life insurance, including term life insurance, whole life insurance, and universal life insurance, as well as annuities and Medicare supplement insurance.
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How Do I Reach Liberty Bankers Life
The phone number for Liberty Bankers Life Insurance is 1-800-331-2512. This number is for customer service inquiries and is available Monday through Friday from 8:00 a.m. to 5:00 p.m. Central Time.
If you are a policyholder with Liberty Bankers Life Insurance and have questions about your policy or need to make a claim, you can call this number to speak with a representative.
Alternatively, you can visit the company’s website at www.libertybankerslife.com and use the contact form to send a message to the customer service team.
It is also possible to reach out to Liberty Bankers Life Insurance through social media platforms such as Facebook and Twitter.
What Are Liberty Bankers Life Burial Insurance Rates
Liberty Bankers Life Insurance offers burial insurance policies with various coverage amounts to meet the needs of different individuals.
The prices for these policies will depend on a lot of things. For example, how much the policy covers, how old the person is who buys the policy, and what state they live in.
In general, burial insurance rates tend to be higher for older individuals and those with pre-existing health conditions. The rates may also be higher for policies with higher coverage amounts.
Burial insurance rates can be different depending on which company you choose. It is a good idea to look at different companies to see who has the best rates.
Here are some sample rates for males and females.
Burial Insurance Rates For Males
|Age of Applicant||$5,000||$10,000||$15,000|
Burial Insurance Rates For Females
|Age of Applicant||$5,000||$10,000||$15,000|
Liberty Bankers Brochure CLICK HERE
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What Are The Rate Classes For Liberty Bankers Life Burial Insurance
Liberty Bankers Burial Insurance uses rate classes to determine the premium for a burial insurance policy.
Rate classes are categories that insurance companies use to group policyholders based on their perceived level of risk.
The class that a person is in will decide how much they pay for their burial insurance policy.
There are typically several rate classes available for burial insurance policies, and the specific rate classes offered by Liberty Bankers Burial Insurance may vary.
Some common rate classes for burial insurance include:
- Preferred: This is the best rate class. It is for people who are very healthy and have a very low risk.
- Standard: This rate class is for individuals who have some health issues but are still in relatively good health overall.
- Modified: This rate class is for individuals who have significant health issues or other risk factors.
Liberty Bankers Life Final Expense Policy Details
|Details of Coverage||Preferred/Standard||Modified|
|Type||Whole Life||Whole Life (ROP Yr1-3)|
|States Available||All 49 except NY||All 49 except NY|
|Free Riders||Terminal Rider||Terminal Rider|
|Added Riders||Accidental Death Rider Double Indemnity||Accidental Death Rider Double Indemnity|
|Waitng Period||No||1-3 years ROP|
|Approval Time||10-15 Minutes||10-15 Minutes|
|Call To Apply||855-380-3300 ext 5||855-380-3300 ext 5|
The insurance company will decide what rate class you qualify for based on your answers to their health and lifestyle questions.
It is important to be honest when you answer these questions. If you lie, the policy might not work or the prices could go up.
Liberty Bankers Burial Insurance Underwriting Questions
Liberty Bankers Life Insurance Company has an underwriting process and guidelines for its burial insurance products.
Underwriting is the process that insurance companies use to assess the risk of insuring an individual and to determine the terms and conditions of an insurance policy.
The underwriting guide for Liberty Bankers Burial Insurance outlines the factors that the company considers when underwriting a policy, including the applicant’s age, gender, health history, and lifestyle.
This document also explains what kinds of health conditions and risk factors could make someone have to pay a higher price for coverage, or not be able to get coverage at all.
Underwriting Questions are broken up into Part 1, Part 2, and Part 3.
Have you ever been diagnosed have you been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for:
1. Congestive heart failure (CHF), cardiomyopathy, memory loss, Alzheimer’s, senile dementia, dementia,
heart defibrillator implant, two or more instances of internal cancer(s) or terminal illness
(terminal illness means a disease or illness that is expected to result in death within 24 months)?
2. Organ transplant (other than corneal), untreated Hepatitis C, kidney failure or dialysis, amputation due to diabetic complications, multiple sclerosis, muscular dystrophy, mental retardation, amyotrophic lateral
sclerosis (ALS) or Lou Gehrig’s disease, Downs’s syndrome, cystic fibrosis or Huntington’s disease?
3. Diabetes at age 9 or younger?
4. AIDS, AIDS Related Complex, tested positive for HIV virus or any other disorder of the immune system?
Within the last 2 years, have you been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for:
5. Uncontrolled diabetes or uncontrolled high blood pressure?
Within the last year have you:
6. Been confined to a hospital, been advised by a member of the medical profession to have surgery or
hospitalization, used oxygen due to a medical condition, been unable to care for yourself, or been prescribed bed rest by a member of the medical profession at home or in a nursing home, hospice, long-term care or assisted living facility? Definition of assisted living: requires help in at least one area of skills considered necessary for living and caring for oneself (feeding, dressing, or bathing)
***Any yes answers in Part 1 will result in a decline
Within the past 2 years have you been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for:
(a) Angina (chest pain), any type of heart or circulatory surgery, heart attack, or receiving a pacemaker or stent?
(b) Stroke, Transient Ischemic Attack (TIA/mini-stroke), or paralysis?
(c) Cancer or received or been advised to receive chemotherapy or radiation for cancer
(the term “cancer” includes melanoma, but excludes basal cell skin cancer)?
(d) Aneurysm, brain tumor, or sickle cell anemia?
(e) Complications of diabetes such as nephropathy (kidney), neuropathy (nerve, circulatory), retinopathy (eye) diabetic coma, or insulin shock?
(f) Alcohol or drug abuse, have you used illegal drugs or been convicted of a felony or on parole?
(g) Used a walker, wheelchair, or electric scooter due to chronic illness or disease?
***If any answers in Part 2 are answered YES, it will be Modified.
Have you ever been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for:
(a) Chronic Obstructive Pulmonary Disease (COPD), chronic bronchitis, emphysema,
peripheral vascular disease, or peripheral artery disease?
(b) Chronic hepatitis, Hepatitis C, cirrhosis of the liver, chronic pancreatitis, liver disease, or kidney
(c) Insulin use before age 25?
(d) Irregular heartbeat, atrial fibrillation, Systemic Lupus (SLE), epileptic seizures, Parkinson’s disease?
The underwriting guide for Liberty Bankers Burial Insurance will also tell you about different types of policy options, like term and permanent coverage. This is the cheapest class and it is for people who are very healthy and have a very low risk.
Individuals who want to buy a burial insurance policy from Liberty Bankers should read the underwriting guide. This guide has information about the policy and what might affect how much the policy costs.
Another great carrier for lenient underwriting is Royal Neighbors of America.
Liberty Bankers Pros and Cons
|Preferred and Standard ratings provide immediate coverage||Usually not the lowest premiums…close though|
|Simple health questions to qualify (no exam)||No guaranteed issue product|
|Applications are approved or declined within minutes||Hospital stays in the last 12 months is a decline|
|Competitively priced compared to other providers||Prescription blood thinners will be offered standard|
|Available in 48 states except (NY & VT)||The modified plan is horrible and many better options|
|Simplified whole life coverage that is level for life|
|Liberal underwriting that offers immediate coverage for high-risk impairments like COPD or TIA mini-stroke|
What Liberty Bankers Life Caters To
|Heart attack > 2 years ago|
|Circulatory surgery > 2 years ago|
|Asthma Bipolar disorder|
|Heart surgery > 2 years ago|
|Blindness Blood clots|
|Hepatitis > 2 years ago|
|High blood pressure|
|Diabetes (type 1 or 2)|
|Cancer > 2 years ago|
|Squamous/basal cell skin cancer|
|Pacemaker (installed > 1 year ago)|
|Stroke > 2 years ago|
|Insulin shock > 2 years ago|
|TIA mini stroke|
Liberty Bankers Life A.M. Best Rating
As of today, December 30, 2022, Liberty Bankers Life holds a A- (Excellent) rating with a stable outlook.
Their long-term issuer credit is also stable and affirmed.
This is their press release from the last upgrade. It is from June 2021. CLICK HERE
|A.M. Best Rating||A- Excellent|
|S&P Rating||Not Yet Rated|
|Customer Service Phone||469-522-4400|
|Address||Liberty Bankers Life Insurance Company
1605 LBJ Freeway, Suite 710
Dallas, TX 75234