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There are many reasons why someone might consider the purchase of life insurance – regardless of their current age, income, and/or family situation. For example, whereas one person may purchase this type of coverage to make sure that their spouse and young children can continue paying their living expenses in case of the unexpected, someone else who is older may wish to ensure that loved ones are not stuck paying the high cost of their funeral and other final expenses.
Anytime you are thinking about buying a life insurance policy, there are several things to consider. For example, you want to know that you will have the right type of protection, as well as the proper amount for the anticipated needs you are covering. You will also want to know that the insurance company you are purchasing the policy through has a good, positive reputation for paying out its policyholder claims. One insurer that meets these criteria is Liberty Bankers Insurance Group.
The History of Liberty Bankers Life
Liberty Bankers Insurance Group also referred to simply as Liberty Bakers or LBL, has been in the business of providing quality insurance and financial products more nearly 60 years. The company was initially established in 1958, and it is domiciled in the state of Oklahoma, with its primary headquarters located in Dallas, Texas. LBL is licensed to offer its products in 46 of the 50 U.S. states.
This insurer offers a full line of life insurance and annuity products that can assist its customers in planning for their financial futures. Throughout the years, Liberty Bankers has continued to grow and expand – and, for year-end 2016, the company held total assets of nearly $1.6 billion, with nearly $205 million in capital and surplus. That same year, the company took in net income of over $6.5 million.
Liberty Bankers Life (LBL) has two affiliate companies. These include:
- American Benefit Life Insurance Company (ABL)
- Capital Life Insurance Company
Combined with its affiliates, the LBL companies held nearly $2 billion in total assets, with capital and surplus of more than $247.5 million, and net income of more than $10 million for the year of 2016.
Insurer Ratings and Better Business Bureau Grade
Based on its financial stability, Liberty Bankers Life Insurance Company (LBL) has been given a rating of a B++ by A.M. Best Company, which is the most recognized of the insurer rating agencies.
In addition, even though Liberty Bankers Life Insurance Company is not an accredited company of the Better Business Bureau (BBB), the BBB has given the company a grade of A+ (which is on an overall rating scale of A+ to F).
Over the past three years, Liberty Bankers has closed out a total of 6 customer complaints. Of these, three were closed out within the past year. Two of the complaints closed over the three-year period focused on advertising and/or sales issues, and another two focused on problems with the company’s products and/or services. One complaint was in relation to billing and/or collection issues, while the other had to do with guarantee and/or warranty issues.
Final Expense Insurance Offered by Liberty Bankers Life
Liberty Bankers Life offers two options for final expense life insurance coverage. Final expense is a type of life insurance protection that is specifically designed for paying the cost of the insured’s funeral, as well as other final expenses, such as a burial plot and headstone, flowers, and transportation.
Today, because final expenses can exceed $8,500 in many cases, it can place a financial burden on loved ones if the unexpected should occur. Having final expense coverage can ensure that funds will be available for such costs, without family members or other loved ones having to dip into savings to pay the tab (or worse, put these costs on credit).
The face amount of coverage on many final expense life insurance plans will range between $5,000 and $25,000 – although there are some life insurance carriers that offer higher amounts of protection.
At Liberty Bankers Life Insurance Company, the following final expense life insurance options can be chosen:
- SIMPL – The LBL SIMPL plan is designed specifically for one’s final expense protection.
- Modified Whole Life – The Modified Whole Life plan is also designed for final expense protection, but for insurable adults who have health issues with a positive outlook.
Both of these policies are whole life insurance, meaning that they offer death benefit coverage, as well as a cash value component. Once approved for a policy, the amount of the premium cannot be increased for any reason.
In addition, the cash that is in the policy’s cash value portion is allowed to grow and compound on a tax-deferred basis. This means that there is no tax due on the gain of these funds unless or until they are withdrawn.
The money from these policies can be either borrowed or withdrawn for any reason – including the payoff of debt, the supplementing of retirement income, or even for taking a nice, long-awaited vacation.
Other Products and Services Available
In addition to final expense, Liberty Bankers Life Insurance Company offers several versions of whole life insurance protection, as well as pre-arranged funeral coverage. The company’s Flex4Life whole life insurance plan offers higher face amounts of coverage, along with a choice of premium payment options.
Because this, too, is a whole life insurance policy, the amount of the premium is locked in for life – regardless of the insured’s increasing age, and whether he or she contracts an adverse health issue. This plan also includes a cash value component which grows on a tax-deferred basis.
The company also offers the Liberty Legacy Single Premium Whole Life plan. This plan is designed specifically for the wealth transfer market, which can make leaving a legacy for loved ones much easier, as well as tax efficient.
The whole life insurance plans that are offered through LBL can be “customized” by adding optional riders (typically for an additional premium amount). The riders available include:
- Children’s Term Insurance rider
- Grandchild Term Insurance rider
- Accidental Death and Dismemberment rider
- Waiver of Premium rider
- Accelerated Living Benefit rider
With LBL’s pre-arranged funeral coverage, the following coverages are based upon health questions answered by the applicant:
- Full benefit life insurance
- Graded benefit life insurance
- Monthly increasing benefit life insurance
- Individual flexible premium deferred annuity
The company also offers health insurance and retirement annuities. Regarding health insurance, the company provides a wide variety of Medicare Supplement insurance plans. Because of the many “gaps” in Medicare’s coverage – such as copayments, coinsurance, and deductibles – the out-of-pocket expenses for Medicare enrollees can be substantial.
But a Medicare Supplement insurance plan can help with covering some, or even all, of these costs, substantially lowering the expense responsibility for retirees who rely on Medicare for their health care coverage.
LBL also offers a number of different types of retirement annuities. With life expectancy being higher today than ever before, people are worried about outliving their savings in retirement. However, having an annuity can help to alleviate this concern by providing a guaranteed stream of lifetime income for as long as it is needed.
Depending on an individual’s needs, LBL may have an annuity that fits. These include the following:
- Single Premium Deferred Annuity (SPDA)
- Flexible Premium Deferred Annuity (FPDA)
- Single Premium Immediate Annuity (SPIA)
How to Get the Best Premium Rates on Final Expense Life Insurance Coverage
If you have been looking for the best premium rates on final expense life insurance coverage from Liberty Bankers Life – or from any insurance carrier – it is typically recommended that you work with an independent life insurance agency or brokerage. That way, you can shop and compare multiple policies, companies, ad premium prices, and from there you can choose which one will work the best for you.
When you are ready to see which final expense life insurance coverage may be available to you, we can help. We work with many of the top final expense life insurance carriers in the marketplace today, and we can provide you with all of the important information that you require. We can do so for you quickly, easily, and conveniently, all from your computer, and without the need for you to meet in person with an insurance agent. To move forward with the process, just simply take a moment to fill in the quote form on this page.
Should you find that you still have any additional questions or concerns regarding final expense life insurance protection, please feel free to reach out to our experts directly. We can be contacted via phone, toll-free, by dialing 888-389-8676.
We understand that the purchase of life insurance can be somewhat overwhelming. There are many variables to keep in mind, and you want to make sure that you go with the proper amount and type of policy. The good news is that this decision can be made so much easier when you have an experienced ally on your side who can walk you through the entire process. So, contact us today – we’re here to help.