Liberty Bankers Burial Insurance Riders
Liberty Bankers SIMPL Preferred and SIMPL Standard burial insurance plans allow a number of optional riders that can be added on to the burial insurance policy for an additional cost. The SIMPL Preferred and Standard Plans also come with an accelerated death benefit rider included at no additional cost. These riders are only available for SIMPL Preferred or Standard Plans and are unavailable on modified coverage.
Accelerated Death Benefit Rider (only available on SIMPL Preferred and Standard)
Liberty Bankers includes a built-in accelerated death benefits rider at no additional cost to their SIMPL burial insurance policies. The accelerated death benefit rider allows the insured to accelerate a portion of the death benefit in certain scenarios up to 80% of the face amount to help offset the expense of terminal illness or chronic illness.
Children’s Benefit Rider (only available on SIMPL Preferred and Standard)
For an additional premium, Liberty Bankers will issue a children’s benefit rider that will issue up to $20,000 of term life insurance coverage for the children of the primary insured up to the child’s age 25. This term coverage can be converted to an individual whole life policy without evidence of insurability at any time during the term period for either the same amount or up to 5 times the original term insurance amount upon age 25 or earlier if your child gets married.
Grandchild Rider (only available on SIMPL Preferred and Standard)
For an additional premium, Liberty Bankers will issue $7,500 of term life insurance up to your grandchild’s age 25. Similar to the children’s benefit rider, the term life insurance coverage can be converted to an individual whole life policy without evidence of insurability.
At age 25 or an earlier age upon marriage, the term life insurance rider can be converted up to 5 times the original death benefit amount into an individual whole life insurance policy. In the event of the primary insured’s (grandparent) premature death, the grandchild can convert their term life insurance coverage up to 2 times the death benefit face amount if they have not yet obtained the age of 25 or are married.
Accidental Death and Dismemberment (only available on SIMPL Preferred and Standard)
For an additional premium, Liberty Bankers will issue an additional death benefit if the insured dies resulting from an accident. For example, if the death benefit is $10,000 and the accidental death and dismemberment rider pays an additional $10,000, the insured will receive a total of $20,000 if their death results from an accident. A monetary benefit is provided if you should lose the use of your arms, legs, or eyes as a result of an accident even if you do not die as well.