If you are looking for quality affordable burial insurance for seniors, then you have come to the write place. This Liberty Bankers burial insurance review is not going to waste your time with filler. Our Liberty Bankers burial insurance review will share with you all the secret niches we know that makes Liberty Bankers an elite burial insurance company.
What Makes Liberty Bankers’s Burial Insurance Stand out?
Liberty Bankers’s underwriting makes them stand out as a top burial insurance company. Our agency has been able to get people with hard-hitting illnesses affordable burial insurance coverage without a waiting period where other companies would say no. It’s that simple.
Liberty Bankers’s Life has three burial insurance plans; the SIMPL Preferred Plan, SIMPL Standard Plan, and their Modified Plan. All three of these plans are whole life insurance policies with simplified underwriting. This means there is no medical exam required to purchase this coverage, only a few yes-or-no health questions. Furthermore, whole life insurance is what you want when shopping for burial insurance since you can count on this lifelong coverage to be there no matter how long you live!
Liberty Bankers contractually guarantees that they will never raise your monthly premiums on you as an individual for as long as you live. In addition, your death benefit never expires, unlike term insurance. You can count on this lifelong coverage being there when you need it the most. Whole life insurance policies even generate cash value savings that you can borrow against in a financial pinch.
Another unique feature that makes Liberty Bankers burial insurance stand out from the competition is their minimum age to purchase coverage. Many burial insurance companies will have a minimum age requirement of 50 or older in order to purchase coverage. However, Liberty Bankers will issue their SIMPL Preferred Plan for ages as low as 18!
The Liberty Bankers application process is so easy too. Liberty Bankers has voice signature technology that allows the application to be completed over the phone at no additional cost. No more waiting on paperwork or frustrating email applications. Now you can get an instant decision over the phone and get an approval within 20 minutes! Our veteran agents will pre-qualify you before the call to ensure that you are eligible for coverage and provide you with all necessary disclosures so the call goes smoothly.
Liberty Bankers Burial Insurance SIMPL Preferred Plan
There is a lot to like about Liberty Bankers SIMPL Preferred Plan. This plan is designed for a healthier person in mind. No major underwriting niches standout at the preferred plan level. A client with no or minor health issues would be a good candidate for the preferred plan, but people with more complex health history should look elsewhere. The Liberty Bankers preferred plan has very competitive rates making the preferred plan on of the more affordable burial plans out there.
*Please note that the rates above are for the preferred non-tobacco plan only. If you do not qualify for the preferred plan, other rates may apply.
Liberty Bankers Burial Insurance SIMPL Standard Plan
The SIMPLE Standard Plan is where Liberty Bankers burial insurance really shines due to its lenient underwriting. Our agency has seen applicants approved on the standard plan with level death benefit coverage without a waiting period for hard-hitting medical conditions like Cirrhosis of the liver, COPD, and bipolar disorder.
Most other life insurance companies would issue a graded death benefit or a two-year waiting period before the full death benefit would be available, but not Liberty Bankers Life. You would think that Liberty Bankers’s standard plan would be expensive, but its not! Liberty Bankers’s standard plan offers affordable rates, especially considering the high-risk medical conditions that the plan covers with no waiting period whatsoever.
*Please note that the rates above are for the standard plan non-tobacco plan only. If you do not qualify for the standard plan, other rates may apply.
Liberty Bankers Burial Insurance Modified Plan
There is not much to say here. If you are offered Liberty Bankers’s modified burial insurance plan, there are most likely better options out there for you. The modified burial insurance plan is offered for applicants with more complex health conditions. The modified death benefit works as follows:
- During the first 3 years, 100% of the death benefit is paid for accidental deaths. A full refund of all premiums paid to date plus 10% interest is paid for any non-accidental deaths during the first 3 years of the policy.
- During year 4 the death benefit is paid 100% for both accidental and non-accidental deaths. In year 5, the death benefit is 105% for both accidental and non-accidental deaths. In year 6 and thereafter, the death benefit is 110% for both accidental and non-accidental deaths.
A three-year waiting period until the full death benefit kicks in for someone with a complex health history is a long time. While Liberty Bankers’s modified plan does offer a slight boost to the death benefit in years 5 and 6 of the policy, we feel that there are more competitive options out there that offer a modified death benefit with only a two-year waiting period with potentially lower premiums.
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.
The Last Word
Our agency loves working with Liberty Bankers Life. We highlighted the strengths of each individual Liberty Bankers burial insurance plan above and revealed to you all of Liberty Bankers’s unique strengths that we have discovered that make them one of our favorite burial insurance companies to work with.
Liberty Bankers SIMPL Standard plan really outshines the competition due to its affordable monthly rates and level coverage from day one. Liberty Bankers willingness to consider covering hard-hitting health conditions like Cirrhosis of the liver, Hepatitis C, and COPD without a waiting period is extremely rare. Liberty Bankers also offers a number of interesting options to add onto their burial insurance policies, such as the accidental death and dismemberment rider.
If you are looking for quality affordable burial insurance, Liberty Bankers could be right for you. Our agency has assisted many people just like you secure burial insurance even if they have been declined in the past. Please fill out a request for a quote or call one of our veteran life insurance agents today to determine what burial insurance company will work best for you!.
Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs. Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.