it seemed natural to transition into Senior Benefits Consulting. I am honored to have the opportunity to help seniors understand benefits that provide affordable peace of mind.
- AIG American General Life Insurance - 06/01/2021
- High Risk Life Insurance - 05/23/2021
- How does Burial Insurance Work? - 05/11/2021
Many of us have heard or read Benjamin Franklin’s quote concerning the constitution –
Our new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes…
Certainly, this is true for everyone in the U.S. But what Franklin didn’t mention is the costs related to an individual’s death. Somebody has to pay for the funeral or burial or both.
Most seniors are well aware of this because most seniors have been to a funeral and understand that the average cost of a funeral and burial service is between $8,000 and $10,000.
Certainly, the last thing seniors want to do is to leave their final expense burden for loved ones to pay, especially while they’re grieving their loss.
There is an easy and affordable solution to get peace of mind knowing that your children or grandchildren will not have to come out-of-pocket to arrange and pay for your funeral.
it’s called Final Expense Insurance and can easily be purchased through a highly-rated insurance company like Liberty Bankers Life Insurance Company.
About Liberty Bankers Life Insurance Company (Liberty Bankers)
Established as Royal Oak Life Insurance Company back in 1958, the company went through a handful of acquisitions before finally being scooped up by Heritage Guarantee Holdings in 2004.
Heritage then moved the company to Oklahoma and its management team significantly increased its product line.
Then, not long after, Liberty Bankers Life split off from Heritage Guaranty Holdings and is now owned by Liberty Life Group Trust along with The Capital Life Insurance Company and American Benefit Life Insurance Company.
Although Liberty Bankers offers annuities, Medicare supplements, and supplemental health insurance, in this article, we’ll drill down into Liberty Bankers Life’s final expense and burial insurance for seniors.
Liberty Bankers Financial Stability and Outlook
It’s always important that seniors who are comparing life insurance plans, do more than just consider the rates from each prospective company.
Certainly, getting final expense insurance with the most affordable rates is a priority, but buying life insurance from an insurer that does not demonstrate financial stability could be disastrous for your surviving loved ones when the worst thing happens.
Currently, Liberty Bankers holds a B++ rating from A.M. Best rating services. Although not the best, a B++ rating indicates that there is minimal risk that Liberty Bankers wouldn’t be able to meet the needs of its policyholders.
Additionally, anyone can review Liberty Bankers’ financial summary on their website.
Final Expense and Burial Insurance from Liberty Bankers Life
Currently, Liberty Bankers offers two final expense insurance plans that can cover the costs of a funeral and burial service, unpaid medical bills, and nursing home bills not covered by health insurance or Medicare.
SIMPL Plan
Liberty’s SIMPL is a traditional final expense plan that provides first-day coverage (no waiting period) and is built on whole life insurance and offers preferred and standard rate classes.
Most final expense insurance plans use whole life insurance because it comes with the guarantees that seniors can depend on for the life of the policy:
- The policy cannot be canceled by the company for any reason other than non-payment.
- Once issued, the premium for a whole life policy cannot be increased by the insurance company for any reason.
- Whole life policies build cash value over time that earns guaranteed interest that can be accessed by the policyholder for any reason via policy loans or withdrawals.
SIMPL Final Expense Plan Highlights
| Issue Ages | 18 to 80-years-old |
| Minimum Death Benefit | $3,000 |
| Maximum Death Benefit | $30,000 |
| Waiting Period | None |
| Guaranteed Level Premiums | Yes |
| Premium Discounts? | Yes, if paid annually |
Liberty Bankers SIMPL Plan Rates
Here are the actual rates for a $10,000 Final Expense Policy for seniors in average health:
Age of Applicant Male Non-Smoker Female Non-Smoker
50 $30.51 $25.57
55 $36.79 $30.40
60 $45.80 $34.67
65 $55.94 $42.81
70 $73.31 $54.79
75 $100.15 $76.20
80 $146.80 $109.16
For accurate rates for your actual age, please use our instant quote form on the right side of this page.
Modified Whole Life (MWL)
For applicants who do not medically qualify for the SIMPL plan, Liberty Bankers has designed their Modified Whole Life final expense insurance plan.
In exchange for accepting a high-risk applicant, Liberty Bankers is offering its MWL policy with a graded death benefit if the insured dies of natural causes during the first three policy years. However, the company will pay the full death benefit if the insured’s death is accidental. Here’s how it works”
- Death from natural causes in year 1: beneficiary receives 110% of all premiums paid
- Death from natural causes in year 2: beneficiary receives 110% of all premiums paid
- Death from natural causes in year 3: beneficiary receives 100% of all premiums paid
- Death from natural causes in year 4: beneficiary receives the full death benefit
- Death from natural causes in year 5: beneficiary receives the full death benefit plus an additional 5%
- Death from natural causes in year 6: beneficiary receives the full death benefit plus an additional 10%
Modified Whole Life Highlights
| Eligible Issue Ages | 40 to 80-years-old |
| Minimum Death Benefit | $1,000 |
| Maximum Death Benefit | $20,000 |
| Death Benefit | Graded for 3 years |
Liberty Bankers Modified Whole Life Rates
Here are the actual rates for a $10,000 MWL Final Expense Policy for seniors in below-average health:
Age of Applicant Male Non-Smoker Female Non-Smoker
50 $46.88 $37.25
55 $55.65 $44.16
60 $68.13 $52.68
65 $87.56 $64.54
70 $116.32 $89.00
75 $159.43 $118.24
80 $228.16 $163.25
For accurate rates for your actual age, please complete and submit our instant quote form on the right side of the page.
Where can I Buy Liberty Bankers Life Final Expense Insurance?
Although Liberty Bankers Life is represented by many independent life insurance agents, the insurance professionals at Senior Benefits Consulting specialize in helping seniors find affordable peace of mind.
You can contact us at (920) 399-8134 for a free and confidential final expense insurance quote during normal business hours, or contact us through our website 24/7 and we’ll get back to you ASAP.