Liberty Bankers

Planning for your future | Life Insurance

Liberty Bankers Life Insurance Review

When searching for a life insurance company, you will feel overwhelmed with the multitude of options at your disposal. This makes it harder to find a life insurance carrier that offers you the best coverage at affordable rates. We have covered some of the top insurance companies operating in the United States to help make it easier for you to find the best insurance for your family.

Our focus today is Liberty Bankers Life Insurance Company, which is well known for offering annuity products to its customers. However, it also offers insurance products to clients, along with Medicare supplemental insurance. We are going to look at their final expense products, financial strength, and insurance ratings to help you make an informed decision. If you have been researching about the Liberty Bankers Life Insurance company, keep reading.

liberty bankers life insurance review

Company History

Founded in 1958 in Pennsylvania, Liberty Bankers was known as the Royal Oak Life Insurance Company in the earlier years. The company experienced mixed success and soon found itself taken under the umbrella of Pilgrim Life Insurance Company of America. The mission of the founders was to obtain conservative and slow growth, which the company managed. The success of the insurance carrier grew steadily and soon it was offering policies in more than 40 states.

Liberty Bankers Life was bought by the America Hilton Corporation of South Carolina in 1992, but that company was also bought by the Atlantic Financial Company. This led to the company changing its headquarters and moving it to Wisconsin. Liberty Bankers Life was offering annuity products during this time, which helped the company to transition and achieve fast growth. The company was again bought, this time by Heritage Guaranty Holdings, Inc, which happened after it crossed $200 million in asset management within 6 years. This time, its headquarters were shifted to Oklahoma.

At this time, Liberty Bankers Life rapidly expanded its insurance products, and started to offer clients with term life, whole life, and other specialty products. The company has continued to experience fast growth, and they have thousands of insurance agents selling their policies throughout the United States. Liberty Bankers Life ranks in the Top 100 Insurance Companies that are offering annuities in America. Today, Liberty Bankers Life is owned by Liberty Life Group Trust, which is a Texas company, and the insurance carrier manages total assets worth more than $1.75 billion. This shows its financial strength.

Company Overview

Liberty Bankers Life Insurance Company started off small, but has grown to be one of the top insurance companies operating in the United States currently. The insurance carrier offers an extensive range of insurance products and annuities to clients and businesses in over 40 states. In 1998, Liberty Bankers Life only held $5 million in insurance policies, but once it started offering annuity products, it made a great impact on the market. It experienced rapid growth, and in just a few years had more than $200 million in assets. This led to the company being bought by Heritage Guaranty Holdings, Inc.

Liberty Bankers have been selling traditional life insurance products since 2006, which include insurance products like whole, term, pre-need funeral, and critical illness insurance. Currently, they have assets of more than $1.75 billion, with over 10,000 agents selling their insurance products. Liberty Bankers Life has been acquiring other companies for over two decades, which has allowed the company to expand its operations.

Liberty Bankers Life currently has two wholly owned subsidiaries, which the company operates all over the United States. These subsidiaries are known as American Benefit Life (ABL), and Capitol Life (CLIC).

Financial Stability and Customer Service Ratings

Liberty Bankers Life has exceptionally strong financial numbers, and that has seen the company awarded with excellent grades from all 4 major insurance ratings agencies in the United States. The insurance carrier has more than $2 billion of in-force policies, which clearly showcases the exceptional performance of their products.

liberty bankers life insurance products and features

Liberty Life Insurance Products

Liberty Bankers Life operates two different life insurance divisions, which are known as:

  • Ordinary life division products
  • Home service division products


The only difference between the two divisions is on how the payments are made to the insurance company. The ordinary life division is like other insurance companies, where you will make payments through bank drafts or by sending in a check. The home division is where payments will be picked up from the company at your home.

The primary focus of Liberty Bankers Life is on their final expense insurance product. This insurance product offers income to your loved ones and pays for additional expenses after your death. When you’re struggling to decide on how much coverage you need, it is imperative that you understand the major differences between whole life and term life policies.

Ø  Ordinary Life Division Products

The life insurance products offered under the ordinary life division by Liberty Bank Life are as follows:

  • SIMPL
  • Modified Whole Life
  • FLEX4LIFE
  • Med-Free Term
  • Group Flexible Life

·        SIMPL (Simplifies Issue Market PermaLife)

This is a whole life, no exam life insurance product that offers you with face amounts of $30,000, but the underwriting is made from an application, an RX check, and the MIB check. All eligible applicants are from the ages of 18 to 80, and you may also need to give a telephone interview as well.

·        MWL (Modified Whole Life)

The modified whole life insurance policy is for people between the ages of 40 to 80, but the underwriting requirements include an RX check, MIB check, and an application. That insurance policy has a three-year waiting period, and if the policyholder dies, the death benefit will include a sum of all paid premiums and an additional 10%. The full death benefit will be payable immediately if there is a death from an accident.

·        Group Flexible Life

The Group Flexible Life insurance policy is a Universal Life policy that offers you with insurance coverage that will cover all members of a family without any regard for health status or age.

·        Flex4Life

The Flex4Life insurance policy is a non-participating whole life insurance policy comes with a guaranteed death benefit, with cash value and periodic premiums. It is available for people from the ages of 18 to 80, but there is also a juvenile version of the policy, which is for ages 0 to 15 years old. The non-medical policy offers you with a maximum death benefit of $250,000, and if you want a higher death benefit, you must give a medical exam with a blood/urine analysis.

Ø  Home Service Division Products


The life insurance products offered under the ordinary life division by Liberty Bank Life are as follows:

·        Simplified Issue Whole Life:

This insurance policy is a no exam whole life insurance, which has rate classifications based on lifestyle and health. It is offered to applicants from the age of 60 to 80 and has a maximum policy benefit of $25,000, but only $15,000 is paid to people from ages 66 to 80. The insurance policy is available in two different formats which are the LP65 (life pay to 65) format and the 20PL (paid up in 20 years) format. This insurance product comes with fixed premium payments, and death benefit protection.

·        Modified Whole Life:

This insurance product is offered to people from the age of 40 to 80, and the insurance policy comes with a three-year waiting period. The death benefit offered here has equal premiums that come with an additional 10% payout. The death benefit will be paid out in full in year 4, while in year 5 it will rise to 105%, and in year 6 it will increase to 110%. The insurance policy is purchased as a final expense product, for applicants with significant health problems.

·        Critical Condition:

The critical condition insurance product is meant for people, who are in critical condition, and are struggling to provide or care for their family. The coverage helps offset loss of wages and expenses.

Ø  Wealth Transfer Insurance Plans

Liberty Bankers Life also offers people with wealth transfer insurance plans, which are designed to offer cash to the entire family. It is known as the Single Premium Whole Life Insurance Policy, where applicants make one total payment for the policy. The best part about this insurance policy is that you don’t have to make a single payment after the initial payment, and it is ideal for people who want a lot of cash up front and achieve peace of mind and financial freedom.

Available Policy Riders

Liberty Bankers Life also offers various policy riders for its insurance policies, which are meant to act as add-on benefits for enhancing or supplementing your life insurance policy. Most of these policy riders aren’t available in all states, so you check first if you want to add them on your policy.

·        Children’s Term Insurance

The children’s term insurance policy rider is a term coverage that goes till age 25 and you can buy 4 maximum units. One unit is worth $5,000 and your child can convert it to a whole life policy, worth 5 times the amount they purchased, by 25 or earlier (if they get married), without insurability evidence.

·        Grandchild Term Insurance

The grandchild term insurance is a term insurance policy with a rider that offers term coverage, and a grandchild coverage for $7,500 that goes till age 25. The coverage can be converted to a whole life policy by 25 years or even if earlier (if married), which will be worth 2 times the amount they purchased.

·        Accidental Death and Dismemberment

This policy rider is meant to offer additional death benefit if you die in an accident.

·        Waiver of Premium

The waiver of premium policy rider helps waive of premiums from your policy and keeps it active if you have become disabled.

·        Accelerated Living Benefit

This policy rider lets policyholders access death benefits upfront if they are diagnosed with a terminal or critical illness.

liberty bankers life insurance company summary

The Bottom Line


Liberty Bankers Life is a good insurance company, which offers some excellent burial insurance products. The Standard Plus policy they offer is great for anyone who suffers from health conditions and is struggling to find life insurance. They allow coverage for children and grandchildren at inexpensive rates, which is something that you will not find with any other insurance company.

Irrespective of the life insurance company you decide to buy your insurance policy from, you should thoroughly research the products they are offering. This will allow you to purchase a policy that offers you with peace of mind and greater financial freedom for the beneficiaries.