Liberty Bankers Life Burial and Final Expense Insurance Review

Liberty Bankers Life Burial and Final Expense Insurance Review

Today, more than ever, more and more people are planning for their lives and their end-of-life preferences, and for most of these individuals, it means looking for the best of burial and final expense insurance plans. 

Naturally, this also means that there are many insurance companies offering seemingly similar products, which would, unfortunately, do your search for the best company a little confusing.  

But it doesn’t have to be. And in this article, we take a comprehensive look at one of the burial and final expense insurance companies you may be interested in working with – Liberty Bankers Insurance Company. 

It is one of the top-rated life insurance companies on the market today, and it might be the best partner for you to work with. So, let’s take a look at what this insurer is all about!

Overview of Liberty Bankers Life Insurance

Headquartered in Dallas, Texas, and chartered in Oklahoma, Liberty Bankers Life was established in 1958. 

Currently, the company currently boasts an assets base that is over $2billion in its management. It’s B++ rated, and it boasts an overall stable outlook as per the A.M. Best ranking. 

Liberty Bankers Life features two other affiliate companies – The American Benefit Life, which they bought in 2002, and The Capitol Life Company that they took over in 2007. Liberty Bankers Life issues its life insurance products across 47 states, thanks to its network of at least 6,000 independent agents.

The company also promises and emphasizes a personalized approach, with a great focus on customer service, while including the option of paying for your final expense insurance premiums directly to the company’s representatives, all in person, and the best part is that they would allow for this to take place right in your home.

Liberty Bankers Life also offers a wide array of insurance products besides their burial insurance products, and they also offer deferred and immediate annuities. In the case of term life products, there also is an offer for pre-need insurance products.

Liberty Bankers Life runs its operations throughout most of the US and has been in the business for decades; they offer a great range of highly competitive insurance products. 

But despite the wide array of insurance products offered, the burial and final expense insurance is the most attractive product offered by the company, and you can qualify for any one of the three final expense plans that they offer. 

The only catch is that the products you qualify for will be determined by your prevailing state of health.


To determine how Liberty Bankers Life would be a good idea or not, the most important consideration to take into account the financial status of the company and whether it would be able to pay your death benefits on time and as promised. 

To do this, you need to check how the company is rated by the top rating companies.

According to A.M. Best, the company is the oldest and also the most respected insurance agency across the US, and what they do best is to measure and determine the company’s financial security. 

For life insurance companies, A.M. Best rates the companies based on their ability to show their customers the fact that they can pay up all their future claims.

So, according to A.M. Best, Liberty Bankers Life is rated a B++, which is a great step forward for the insurance company since it was previously rated a B. 

The B++ rating is regarded as a stable rating, which would suggest that the company is in a very comfortable position to pay their claims when they arise. 

Now, while this rating means that Liberty Bankers Life is not Excellent or Superior as is the case with the larger companies, it still is a rather good company to get insurance from, given the fact that they only offer traditional life insurance products and nothing like the newer products offered by other big insurance companies.

BBB (Better Business Bureau) – Though it isn’t accredited by the BBB, Liberty Bankers Life would still get a great rating from the company, and unlike other companies, Liberty Bankers Life is rated A+.

Generally, BBB’s ratings are often based on the companies that interact well with customers and what they can do with their potential customers, and to do that; they take into consideration 13 different factors which allow them to rate the companies from an A+ to an F.

So, what products does Liberty Bankers Life offer?

Liberty Bankers Life – Simplified Issue While Life

Liberty Bankers Life – Simplified Issue While Life

The simplified issue of whole life is the other burial/ final expense insurance product that you may like. 

Some of its features include the fact that the coverage never expires, mixed monthly payments for the rest of your life, never-decreasing benefits, as well as three options of plans, two of which offer immediate coverage. 

These three plans have been covered above, and the burial insurance plan is what’s known as the SIMPL plan. Here, SIMPL is the acronym that refers to the simplified issue. The plan is offered across all the United States, except for applicants in the state of Washington. Eligible applicants for this plan range from 18 years to 80 years.

The good news is that the final expense coverage plan offered by Liberty Bankers Life is a lot straightforward, which means that it wouldn’t be terminated, ever. And no matter how long you live, the plan would remain in effect for the benefit of your family.

As mentioned above, the SIMPL Preferred Plan is the cheapest option offered by the company, and it applies to individuals in good health. 

This is followed by the Standard plan that is a second-tier plan. The last plan is the Modified Whole Life or the MWL plan, which is issued to individuals with some major health problems.

  • The Modified Whole Life Plan

Though this is not a competitive product, and its waiting period is largely considered overpriced, there are many conditions that you should meet to be able to qualify for this insurance product. 

For starters, you’d have to get the first-day coverage, albeit at a lower price. Unfortunately, you could get this product affordably from several other insurers, which means that you shouldn’t consider this plan if you are looking for the most reasonable plan prices.

Generally, the MWL plan is ideal for the insured individuals that don’t pass the SIMPL medical screening requirement, but it comes with a 3-year waiting period. 

What this waiting period means is that during the first three years after the insurance policy is issued, your death benefits would be issued as returns for the total premiums paid to that date, and plus an additional 10%. 

For the full death benefits coverage, the total amount payable in claims will kick in after four years, with an increase of 5% after the end of the following 2 years. 

But if the policyholder dies from qualifying death from an accident, then the full proceeds of the policy would be paid up by the insurer, the waiting period notwithstanding.

Note that the Modified Whole Life is for all new applicants between ages 40-80. The only catch is that some of the policyholders of this plan will not access some of the riders that are offered with this SIMPL plan.

  • Standard plan

This is the best plan that is offered by Liberty Bankers Life Insurance, and the best about this plan is that there is no waiting period incorporated into the plans, which means that you will have full coverage on the first day of application. 

At the same time, this plan accepts applicants that struggle with serious illnesses such as hepatitis, COPD, as well as kidney problems. You might also like the fact that the pricing is significantly reasonable, and with all the conditions they accept in mind, the features of this plan make it a great steal!

  • Preferred Plan

This is the other reasonable burial and final expense insurance plan offered by Liberty Bankers Life. This plan is largely geared towards healthier clients, which means that it would be an excellent option for you if you don’t have any major health issues. 

The only catch is that you may access plans with similar features but at lower prices in other companies. That said, Liberty Bankers Life also offers very competitive prices.

Rates and Quick Quotes

Rates and Quick Quotes by Liberty Bankers Life

As you shop for insurance products from top insurers, you will have to compare the prices of the products offered by the companies. Below are the available rates and pricing details that you’d have to try out.

The SIMPL Final Expense by Liberty Bankers Life comes with a guaranteed premium plan, and the death benefits would be issued immediately, with no waiting period holding back the claims.

Essentially the plan is acceptable to applicants between ages 18 and 80, and the insurance product has a minimum face value of $3000 and a maximum face value of $30,000. 

The standard plan comes with a guaranteed death benefit function from day one, as well as a guaranteed level of the premiums. The plan also comes with a 20% discount on premiums during the first years, but only for the applicants that pay their premiums annually.

Rates for the Modified Whole Life Plans

This policy is stricter in that only the applicants who are eligible for the plan have to be healthy, and also, the plan is more expensive. 

It’s also a graded benefit policy, which means that although the premiums don’t change, the death benefits paid will be equal to the amount of money paid in premiums if death happens only in the first 3 years after the purchase of the evidence. 

Only in year 4 will the death benefits be paid at 100%; the amount would also increase gradually, at 105% in year 5 and 110% in year 6.

This plan is issued to applicants aged 40-80 years. It is a graded 3-year benefit option, with minimum and maximum face values of $1,000 and $20,000, respectively.

Regarding the premiums payable, the insurance premiums payable increase with age. 

Males aged 50 would pay $30.51 while older individuals aged 80 would pay $146.80; while females aged 50 years would pay $25.57 monthly and $109.16 for females aged 80 years old. These rates apply to plans with a face value of $10,000.

How to Qualify for Liberty Bankers Life Final Expense Insurance?

There are 4 factors and determinants of your eligibility for the burial and final expense insurance products, but to be eligible, the companies would first ask the common health questions, which will serve as a reference for building their height-to-weight ratio chart. 

After receiving the information, the company will then run a prescription for a history check electronically. They will also check out collected data to see if you have any more relevant records filed with the MIB.

Essentially, Liberty Bankers also features a point of sale interview, often over the phone. After this call, the information will allow the company to complete the application process from which they will determine your eligibility for the insurance product applied.

In most cases, the insurer will ask three main sets of questions regarding your health to determine the insurance plan that you are well suited for.


Liberty Bankers Life promises to pay all their claims, as per the terms agreed to, and given the positive rating by A.M. Best, you won’t have to worry about the company’s ability to pay your insurance claims.

Underwriting Overview and Advantages

Essentially, the insurance company has its own underwriting process that applies to all the policies. While there are no universal applications that vary depending on their individual needs, risks, and their stipulations, Liberty Bankers Life is a 3-part application in which you are advised to answer ‘no’ to be able to qualify for the best available rates.

There are three parts to this underwriting process, and if you answer YES to any of the questions, then the underwriters will not proceed with the application.

Essentially, the underwriting process ensures that the applicants are screened then, and the best applicants get the best plans.

What Are the Knockout Questions?

  • Have you had or ever been diagnosed with:
    • Diabetes when you were aged nine or younger?
    • Congestive Heart Failure or CHF, Alzheimer’s, Memory Loss, Cardiomyopathy, Senile dementia, heart defibrillator, Dementia, internal cancer in at least 2 instances, or a terminal illness?
    • AIDS or any other related illness?
    • Organ transplant, kidney failure, untreated diabetes, amputation from diabetic complications, MS, Lou Gehrig’s disease, ALS, Huntington’s disease, Down’s Syndrome?
  • In the past two years, have you been diagnosed with, had, advised, or received treatment or even medication for uncontrolled high blood pressure or diabetes?
  • Lastly, within the last year, have you been confined to the hospital for hospitalization or surgery, not been able to take care of yourself, needed to use oxygen because of a specific medical condition, or been even bedridden or needed some form of assisted living?

What Are the Health Questions Asked for a Whole Life Policy?

What Are the Health Questions Asked for a Whole Life Policy?

The health questions above are the main health questions that are used to determine if applications are approved or not.

These are questions about different chronic illnesses that would affect your quality of life and generally how long the insurance plan would be good for. 

At the end of the day, most insurers do everything to protect themselves, and this means some applications will not be approved if you have some illness, or rather, you’d qualify for the more expensive insurance plans.

Valuable Riders Available

  • Children’s Benefit Riders

The company also sells children’s benefits as the rider, alongside the main plan, but an extra fee. The rider offers a $5000 rider for every child under 25 years, and you have the option of buying a maximum of 4 units, with each unit priced at $3.49. But only applicants below 60 years would be eligible for the rider.

  • Grandchild Rider

This rider applies to grandchildren, and it’s applicable to persons under 30 years. Each unit costs $7500 per grandchild, and you spend $1.20 monthly.  

Pros & Cons


  • The standard plan offers instant protection
  • The company boasts a strong financial rating option
  • There is no exam needed for the life insurance products offered
  • The company is top-rated
  • Optional riders available
  • A great array of choices offered
  • B++ rated company


  • The modified plan is expensive
  • No universal life policies offered
  • Focuses more on senior adults

How to Sell Liberty Bankers Life’s Final Expense Product?

To sell the product, you’d have to compare the options offered by the competition, but you also need to make sure that you get the underwriting details right. Ensure that you will get the best commissions from the sale.


There are many insurance products on the market, and at the end of the day, you’d have to choose the plan that works best for you. For the best plans, take into account your needs, then find the products that match your needs perfectly. 

Liberty Bankers Life is one of few companies you may want to consider for burial and final expense insurance.