Even though Liberty Bankers Life was initially established in 1958 as Royal Oak Life Insurance Company, the insurance company went through a number of acquisitions before it was finally sold to Heritage Guaranty Holdings in 2004. Heritage Guaranty Holdings subsequently moved the insurance company to Oklahoma and its new leadership group dramatically broadened the company's product line. Subsequently, near the end of 2011, Liberty Bankers Life split from its former parent company and is presently owned by Liberty Life Group Trust, a Texas holding company. Here, we'll discuss burial insurance for seniors from Liberty Bankers Life.
As a result of the company restructuring and reinsuring about $500 million of its annuity business, the insurer's rating from A.M. Best rating services was updated to a “B+” with a stable rating outlook and now competes with companies like Lincoln Heritage and Colonial Penn.
Liberty Banker's Insurance Products
Liberty Bankers Life is one of a handful of insurance carriers that has two distinct sales divisions. One division is the ordinary sales division which offers life insurance products in an ordinary manner and then collects the premiums by check or electronic funds transfer. The other division does business in a home service method which means the agents sell products directly to consumers (usually in the home) and then collects the premium in person at the customer's home or workplace.
Liberty Bankers focuses mainly on final expense insurance which is designed to pay for funeral expenses or other expenses that are associated with the death of the policyholder.
Ordinary Life Products
- SIMPL (Simplified Issue Market PermaLife) This product is a no medical exam whole life insurance policy with death benefits up to $30,000. The company's underwriting is done through the application, Medical Information Bureau check, and a prescription drug report. Eligible applicants are age 18 to 80-years old. In certain situations, a telephone interview with the applicant may also be required.
- MWL (Modified Whole Life) Eligible applicants for the MWL must be from age 40 to 80-years old. The underwriting requirements are an application, MIB check, and RX check. The Modified Whole LIfe policy has a three-year waiting period. If the policyholder dies from natural causes during the waiting period, the death benefit will be the total of all premiums paid plus an additional10%. Deaths resulting from accidents are covered from the first day, and the full benefit is payable. This product is a great solution for burial insurance for seniors because almost everyone qualifies for coverage.
- Group Flexible Life – This is a Universal Life policy that the company designed to cover all qualified members of a nation or tribe without regard to a member's age or health status.
- Flex4Life – This product is a non-participating whole life policy that offers a guaranteed death benefit, level monthly premium, and cash value. Eligible applicants must be between 18 and 80, and the company also offers a juvenile version for ages 0 – 15. The maximum death benefit for the non-medical policy is $250,000. A higher death benefit is available but requires a medical exam.
Liberty Banker's Burial Insurance for Seniors
The chart below offers actual rates for $15,000 Burial Insurance and Final Expense Insurance:
For accurate rates based on your actual age, please use our world-class quote engine on the right side of this page.
What if I Don't Qualify for Level Benefit Coverage?
Although LBL’s SIMPL product does not require an insurance medical exam, there are questions regarding your health on the insurance application. If you are denied coverage because of multiple or severe health issues, Life Policy Shopper will offer you the Modified Whole Life (MWL) policy which is a guaranteed issue insurance policy.
Here are the rates for the Modified Whole Life insurance with a $15,000 death benefit:
When comparing the SIMPL rates with the MWL rates, it’s obvious that the modified whole life rates are much higher than the SIMPL (level benefit) rates. This simply because the insurer is accepting an unknown health risk and must adequately rate for it.