Liberty Bankers Life | Burial Coverage Review

Written by Jeff Root

Liberty started out in 1958 in Dallas Texas. Today they handle 1.3 billion dollars in asset. A.M. Best has given them a rank of B++.  In the year 2000 they purchased American benefit life and then Affiliated themselves in 2007 with the capital Life Insurance Company.

Liberty Bankers Life operates in 47 United States, offering affordable burial insurance products to people looking to protect their families financially in the event of their death. When it comes to burial insurance, Liberty Bankers Life is best known for their burial insurance plans which offer high face amount policies for affordable rates.

A.M. Best Rating Fitch Moody’s Standard & Poor’s Comdex J.D. Power & Associates
B++ N/A N/A N/A N/A N/A

Liberty Bankers Life Burial Insurance Policies

Liberty Bankers offers simplified issue burial insurance plans in the form of their SIMPL products. Based on applicants health, there are 3 different burial plans offered under the SIMPL product line:

SIMPL Preferred

The preferred plan is meant for people who don’t have any recent major health issues and are healthy otherwise.

The plan is very affordable, but unless you have a need for a very small coverage amount or an immediate need for life insurance coverage, you can find better value in some of the other traditional life insurance or burial insurance coverage available on the market.

Benefits

The SIMPL Preferred Burial Insurance Plan has the following benefits:

  • Coverage never expires
  • Three plan options- Two that have immediate coverage
  • Fixed monthly payments for the rest of your life
  • Benefits never decrease

Underwriting

For each health class, Liberty Bankers Life determines your eligibility by reviewing your height to weight ratio (BMI), background check, medical records check and asking you a few health-related questions.  During these questions, there are what are called knockout questions.

If you answer yes to any of the knockout questions you are automatically sent to the next risk classification. For the preferred category you need to be in excellent health.

Who Does Not Qualify?

In order to qualify for preferred simplified issue burial insurance coverage from Liberty Bankers, you must not have any of these health conditions:

  • Congestive heart failure
  • Alzheimer’s
  • Dementia
  • Kidney failure
  • Down syndrome
  • Huntington’s disease
  • AIDS or HIV
  • Other terminal or critical illnesses

If you have been confined to a hospital or treated for uncontrolled high blood pressure or uncontrolled diabetes you are also unable to qualify for preferred status.

Who is this Plan Best for? 

This burial insurance plan is best for someone who is in excellent health and has a need for a small coverage amount of whole life insurance to cover burial costs. It is also great life insurance coverage for someone in temporary need of life insurance coverage for things such as divorce, collateral assignment of a loan, or to cover gaps in coverage.

What if I am Denied Coverage Because of My Health? 

Just because you are denied for their preferred burial insurance coverage, doesn’t mean you can’t qualify for one of the other two burial insurance policies from Liberty Bankers Life. The conditions you have will determine which of the remaining two burial insurance policies you can obtain.

SIMPL Modified

Liberty Banker Life’s modified burial insurance plan offers the following benefits:

  • Coverage never expires
  • Graded Death Benefit – 3 year waiting period for full death benefits
  • Fixed monthly payments for life
  • Benefits never decrease

Another unique aspect to this burial insurance plan is that the company increases your death benefit overtime only with the modified version. If you pass away in the fifth year of the policy your beneficiaries receive 105% of your death benefit. If you pass away during the year and after your beneficiaries receive 110% of your death benefit.

This burial insurance plan offers graded death benefits, with a 3 year waiting period until full benefits can be received by your beneficiary upon your death. This means if you pass away during the first three years your beneficiaries receive 110% of all the premiums you have paid to date instead of the full death benefit.

If you died from an accident the death benefit will be paid out even during those first three years.

Underwriting 

You can still qualify for modified policies even if you have had heart surgery or certain types of cancer.  You have to be 40 years old minimum to qualify for this plan.

Who is this Plan Best for? 

This burial insurance plan is best for people who are looking for affordable burial insurance coverage that lasts your whole life. However, this graded death benefit is 3 years, when the standard on the market is 2. Not to mention, there are likely better rates to be found on the market.

To ensure you find the best burial insurance coverage for you, work with an independent agent who can help you compare multiple insurers and policies.

SIMPL Standard

The standard plan is the best value burial insurance plan offered by Liberty Bankers Life because it doesn’t have any type of graded death benefit and people with serious issues like kidney issues or hepatitis can still qualify for affordable burial insurance coverage. In most cases, you can receive coverage within 24 hours.

For the most case, guaranteed issue life insurance policies would treat health issues like these with a very long graded death benefit upwards of 2 or 3 years.

With this plan you receive the following benefits:

  • Coverage never expires
  • Immediate first-day coverage
  • Fixed monthly payments for life
  • Benefits never decrease

If you qualify for this plan you get a 20% discount on your premiums if you pay annually but this discount only applies to the first year, so you might be able to save by comparison during the first year but every year thereafter you will end up paying more than other companies.  Even with standard protection, there is no time spent waiting. Instead, you get coverage on the very first day which doesn’t happen anywhere else.

Who is this Plan Best for? 

This Liberty Bankers Life burial insurance plan is best for people who are looking for burial insurance coverage that is quick and easy to obtain within 24 hours. The 3-year graded death benefit on this policy makes it an unattractive option due to the fact that the market standard is 2 years.

The policy is affordable, but may not be the best for you. Give our agents a call to learn more about your burial insurance policy options.

Available Policy Riders

Riders are additional benefits you can get with all Liberty Bankers Life burial insurance policies. The options are below:

Rider Name Features
Child Benefit This allows you to take out extra coverage for your children so that you get a small death benefit in the event that they passed away under the age of 18. Once your child turns 18 they typically have the option of converting their policy into something more permanent without having to undergo additional medical exams.
Grandchild Benefit This allows you to take out extra coverage for your grandchildren so that you get a small death benefit in the event that they passed away under the age of 18. Once your child turns 18 they typically have the option of converting their policy into something more permanent without having to undergo additional medical exams

Liberty Bankers Pre-Need Funeral Insurance Policies

Pre-need life insurance is burial insurance that is paid for in advance. With this type of policy, funeral services and burial insurance rates are chosen to start, and you can pay in advance.

Liberty Bankers Life has 5 Types of Pre-need funeral Insurance Policies:

Full Benefit Life Insurance 

This prepaid funeral policy covers 100% of your pre-arranged funeral and is available only for people in excellent health.

Graded Benefit Life Insurance 

This pre-need funeral policy offered by Liberty Bankers Life offers a 2-year graded death benefit policy for people in substandard health. The graded death benefit works like this:

  • First 1 year – 40% amount of funeral cost covered
  • First 1 to 2 years – 75% of your funeral costs covered
  • 2 years or more – 100% of the cost of your funeral

Monthly Increasing Benefit Life Insurance

This pre-need funeral expense policy increases in coverage as the premiums are paid. Once all premiums are paid, the policy’s death benefit is 100% of the cost of the funeral services.  This is a simplified issue pre-need funeral insurance plan which asks a few health-related questions before coverage is available. 

Monthly Increasing Benefit Life Insurance 

This no exam pre-need funeral insurance policy increases the coverage amounts until payment is completed just like the previous plan mentioned. The only difference with this policy is that it is guaranteed issue and is offered to anyone regardless of health issues. This causes the premiums to be a bit higher. 

Liberty Bankers Life Burial Insurance Rates

Below are the average costs on a monthly basis for healthy, non-smokers who get coverage in the preferred health category, based on age, gender, and amount of coverage.

Males 

Age Policy Type $5,000 Male (monthly) $10,000 Male (monthly) $25,000 Male (monthly) $40,000 Male (monthly)
55 guaranteed issue $19 $35 $85 $131
60 guaranteed issue $23 $43 $102 $161
65 guaranteed issue $29 $56 $133 $211
70 guaranteed issue $39 $73 $176 $285
75 guaranteed issue $52 $100 $244 $391
80 guaranteed issue $71 $139 $340 $541

Females 

Age Policy Type $5,000 Female (monthly) $10,000 Female (monthly) $25,000 Female (monthly) $40,000 Female (monthly)
55 guaranteed issue $17 $29 $67 $105
60 guaranteed issue $18 $34 $80 $125
65 guaranteed issue $23 $42 $100 $157
70 guaranteed issue $29 $55 $129 $200
75 guaranteed issue $39 $73 $176 $280
80 guaranteed issue $54 $100 $255 $405

Smokers

Prices for the same burial coverage are higher if you are a smoker. If you are a smoker, below are the average rates you will receive based on age, gender, and amount of coverage:

Males

Age Policy Type $5,000 Male (monthly) $10,000 Male (monthly) $25,000 Male (monthly) $40,000 Male (monthly)
55 guaranteed issue $25 $49 $110 $179
60 guaranteed issue $31 $59 $143 $226
65 guaranteed issue $38 $73 $181 $309
70 guaranteed issue $49 $96 $235 $417
75 guaranteed issue $65 $129 $318 $564
80 guaranteed issue $90 $177 $437 $842

Females

Age Policy Type $5,000 Female (monthly) $10,000 Female (monthly) $25,000 Female (monthly) $40,000 Female (monthly)
55 guaranteed issue $17 $29 $67 $105
60 guaranteed issue $18 $34 $80 $125
65 guaranteed issue $23 $42 $100 $157
70 guaranteed issue $29 $55 $129 $200
75 guaranteed issue $39 $73 $176 $280
80 guaranteed issue $54 $100 $255 $405

How Does Liberty Bankers Life Burial Insurance Compare?

Overall, Liberty Bankers Life burial insurance coverage is not best for everyone.

They do offer competitive pricing plans, but most competitors can actually beat them by upwards of 10% in terms of burial insurance rates. Their death benefits are graded by 3 years on graded benefit policies, which is higher than the industry standard.

If you qualify for their preferred plan and you want special benefits like protection for your children and grandchildren then you absolutely should go with them because there are very few companies that provide burial insurance with the features that protect your children and grandchildren.

Who is Liberty Bankers Life Burial Insurance Best for? 

If you need burial insurance coverage and have any number of health related issues that has prevented you from obtaining traditional life insurance coverage, Liberty Bankers Life may be a good option for you.

When it comes to the competition, Liberty Bankers Life offers very affordable burial insurance coverage for people with Cirrhosis in your Liver, Kidney Disease, Systemic Lupus, Emphysema, Hepatitis, Parkinson’s Disease, or COPD.

Their pre-need burial insurance policies are also very affordable, but coverage is very strict on a state-to-state basis, as burial and funeral laws and regulations are different in each one.

Overall, Liberty Bankers Life is a great burial insurance option for people who are in poor health and people who are looking for multiple burial insurance options to compare. They offer affordable burial insurance and high quality customer service.

Who Should Stay Away from Liberty Bankers Life Burial Insurance? 

For people who are in great physical health, burial insurance is likely not the best type of life insurance for you, and therefore it is difficult to recommend Liberty Bankers Life for people in excellent health.

People who are looking for burial insurance coverage should be sure to compare their coverage options before making a decision. For those who need burial insurance coverage quickly and easily, this may be a good option for you.

Speaking with one of our agents can help you learn more about your burial insurance policy options to help you find the best burial insurance rates and also the best policy for your and your family.

What Should I Do to Learn More About Liberty Bankers Life? 

Please call one of our independent life insurance agents to learn more about your burial insurance options. We work with dozens of the best burial and final expense insurance companies on the market and can help you find the best burial insurance coverage for you and your loved ones today.

Get started using our online quoting tool for quick and easy burial insurance quotes. Then, once you are looking to learn more, give us a call and work with an expert to get affordable burial insurance coverage in as quick as 24 hours or less!

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About Burial Insurance Coverage
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