If you’re considering Liberty Bankers Life Insurance, you’re likely looking for solid final expense or burial coverage for yourself or a loved one. You may have heard about Liberty Bankers from a friend, another insurance agent, or online, and now you want to see if their policies are a good fit.
In this review, we’ll break down their whole life and final expense insurance offerings, explain health qualifications, and provide guidance on when these products make sense—plus when you might want to compare other options.
About Liberty Bankers Life Insurance
Liberty Bankers Life Insurance is based in Dallas, Texas, and has been around since 1958. They currently manage over $1.3 billion in assets and hold a B++ rating from A.M. Best, signaling financial stability.
While Liberty Bankers is also known for annuities and Medicare supplement plans, we’re focusing on their burial and final expense life insurance policies for seniors. These products have been offered since 2006 and have built a reputation for reliable, simplified-issue coverage.
Liberty Bankers Burial & Final Expense Policies
Liberty Bankers’ final expense products fall under their SIMPL branding (short for Simplified Issue), which means no medical exam is required. There are two main policy types:
SIMPL Whole Life Insurance (Standard & Preferred)
The SIMPL Whole Life policy is a permanent, level-premium life insurance policy. Once approved, the death benefit is guaranteed for life, and the policy accrues modest cash value over time.
Key Features:
- Issue ages: 18–80
- Coverage: $3,000–$40,000
- Premiums: Fixed for life
- Health classes: Standard & Preferred (Preferred rates are lower)
- Discount: 20% first-year premium discount for annual payments
This policy is ideal for seniors in good health who want predictable premiums and full benefits immediately.
Modified Whole Life (MWL)
If health concerns prevent qualification for the SIMPL policy, Liberty Bankers offers a Modified Whole Life policy. This is a graded benefit plan, meaning the death benefit for natural causes is limited for the first three years (pays premiums plus interest), then becomes the full face value.
Key Features:
- Issue ages: 40–80
- Coverage: $1,000–$20,000
- Death benefit: Limited for the first 3 years, full benefit afterward
- Premiums: Higher than SIMPL Whole Life
While it provides coverage for seniors with more serious health issues, it’s generally less competitive than other guaranteed-issue policies on the market, such as those offered by Gerber Life.
Underwriting & Health Qualification
Liberty Bankers life insurance requires answering health questions, even though no exam is needed. Coverage is not guaranteed, so qualification depends on your health profile.
Quick Overview:
- Knockout conditions: Severe diagnoses like CHF, organ transplant, early-onset diabetes, AIDS, or terminal illness will disqualify applicants.
- High-risk conditions: Heart attack, stroke, recent cancer treatment, or other serious conditions qualify for Modified Whole Life.
- Standard vs. Preferred SIMPL: Answering “no” to remaining health questions qualifies for Preferred SIMPL, which is the most affordable option.
If you cannot qualify for any SIMPL or Modified policies, consider guaranteed acceptance life insurance. Gerber Life or Corebridge/AIG offer these plans, usually with a 2-year waiting period for full benefits.
Pros & Cons of Liberty Bankers Final Expense Insurance
Pros:
- Financially stable company with over 60 years in business
- Permanent coverage with level premiums
- SIMPL Whole Life policies are simple, reliable, and ideal for seniors in good health
- Multiple policy options accommodate varying health profiles
Cons:
- Modified Whole Life policy is expensive with a 3-year graded benefit
- Health questions are required; coverage is not guaranteed for all applicants
- Seniors with serious health issues may find better value with guaranteed-issue policies
Liberty Bankers vs. Other Senior Life Insurance Options
While Liberty Bankers offers excellent SIMPL Whole Life coverage, it’s wise to compare:
- Gerber Life – guaranteed acceptance with a 2-year waiting period for full benefits
- Corebridge/AIG – another solid guaranteed-issue option
- Other final expense carriers like Mutual of Omaha or Sentinel Security Life for potentially lower rates depending on health
Your best choice depends on your health, coverage needs, and budget. An independent insurance agent can help you compare rates and policies from multiple carriers, including Liberty Bankers and Gerber.
Bottom Line – Is Liberty Bankers Right for You?
Liberty Bankers Life Insurance is a strong option for seniors who:
- Qualify for SIMPL Standard or Preferred Whole Life
- Want level premiums and permanent coverage
- Prefer no-exam, simplified issue policies
However, if your health disqualifies you from SIMPL coverage, the Modified Whole Life policy is generally not the most cost-effective option. Guaranteed-issue plans from Gerber or Corebridge may provide better value and full benefits sooner.
Compare Liberty Bankers Final Expense Quotes Instantly
Before purchasing, get multiple quotes to see how Liberty Bankers stacks up against competitors. Use our instant final expense quoting tool to compare dozens of no-exam life insurance policies. Be honest about your health to get the most accurate rate.
Don’t overpay for coverage you can get cheaper elsewhere.
We help seniors navigate final expense and burial insurance to find the right policy for their situation.
Frequently Asked Questions About Liberty Bankers Life Insurance
What is Liberty Bankers Life Insurance?
Liberty Bankers Life Insurance is a Dallas-based company offering final expense, whole life, and burial insurance for seniors, along with annuities and Medicare supplement plans. Their SIMPL Whole Life policies are simplified-issue, meaning no medical exam is required, though health questions apply.
What are the types of Liberty Bankers final expense policies?
Liberty Bankers offers three main options:
- SIMPL Whole Life (Preferred & Standard): Permanent coverage, level premiums, immediate full benefits.
- Modified Whole Life (MWL): Graded benefits for the first 3 years, higher premiums, for seniors with significant health issues.
Do I need a medical exam to get coverage?
No. Liberty Bankers policies are simplified issue, so you only need to answer a health questionnaire. Your answers determine if you qualify for Preferred SIMPL, Standard SIMPL, or Modified Whole Life.
Can I get coverage if I have serious health issues?
Yes, but you may qualify for the Modified Whole Life policy, which has limited benefits for the first 3 years. For those with severe health concerns, guaranteed acceptance policies from Gerber Life or Corebridge/AIG may provide full coverage after a 2-year waiting period.
What ages can apply for Liberty Bankers final expense insurance?
- SIMPL Whole Life: Ages 18–80
- Modified Whole Life: Ages 40–80
How much coverage can I get?
- SIMPL Whole Life: $3,000–$40,000
- Modified Whole Life: $1,000–$20,000
Is Liberty Bankers financially stable?
Yes. They have over $1.3 billion in assets and a B++ rating from A.M. Best, indicating they have the resources to pay claims reliably.
How do I get the best rate on Liberty Bankers final expense insurance?
Your rate depends on your health. Answering “no” to all health questions qualifies you for Preferred SIMPL Whole Life, the most affordable option. An independent agent can help compare Liberty Bankers with other carriers to ensure you get the best coverage for your situation.
✅ Consumer Tip: Understanding the limitations of each final expense policy is crucial. Always compare full benefits, premiums, and waiting periods. Make sure you are clear how the policy you are purchasing will ensure your goals are met.
Have questions or need help with your Liberty Bankers decision? We’re glad to provide feedback.
Ready to compare your options?
Call an independent agent today or get your free quote online. Don’t overpay for good final expense coverage.
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