If you just want to get prices and compare rates from the top burial insurance companies, please fill out the quote form. You will see a long list of final expense companies that operate in your state.

Now more than ever, people are researching life insurance companies before they sign up. Today we will be taking an in depth look at another popular carrier. In fact, this is one such company that made our list of best burial insurance companies. In this Liberty Bankers burial insurance review, we will put on our white gloves to analyze the company and their final expense insurance. Liberty Bankers Burial Insurance Review

If there are other burial insurance companies that you need reviews on, check out our library. Choice Mutual is home the most expert in depth reviews of burial insurance companies on the internet. We tell you what other agencies leave out. Our goal is to pass along our extensive burial insurance knowledge, so you can make an educated decision.


Our Quick Liberty Bankers Burial Insurance Review

Liberty Bankers operates throughout most of the USA and has been in business for quite some time. They offer a wide range of competitive insurance products. Their burial insurance program is particularly attractive. They have three different final expense plans you can qualify for. Which plan you qualify for, if any, is determined by your health.

First of all, their Modified plan is not competitive in any way. Basically, it has a waiting period and it’s over priced. There are many conditions in this section where you could acquire first day coverage and a cheaper price. All things considered, you can absolutely get yourself a much cheaper plan elsewhere. Just avoid this plan altogether.

Much differently, their Standard plan is quite awesome. Probably the best feature with this plan is its lack of a waiting period. This plan will accept some very serious illness like COPD, Hepatitis, or kidney issues. Moreover, you will still have complete first day coverage. There is no waiting period whatsoever. This is incredibly unique since these kinds of conditions usually result in a waiting period with most final expense companies. The price is definitely right on this plan too. For the conditions they accept, its a steal.

Lastly, their Preferred plan is good too. It’s more geared toward your healthier client. If you lack any recent major health issues, this plan could be good for you. However, if you are able to qualify for it, you can probably get a cheaper price elsewhere. With that, the price is still very competitive.

Liberty Bankers is a solid company with a competitive burial insurance program. They could be your best bet for certain health conditions. For all the little details, refer to the full review.


Company Background

Liberty Bankers Life starting doing business back in 1958. You can find their home office in Dallas, Texas. They presently have over $1.3 billion in assets under management.

They currently have a B+ rating and a stable outlook by A.M. Best. Liberty Bankers Life has two affiliate companies. In 2002 they bought American Benefit Life. Then in 2007, they bought The Capitol Life Insurance Company.

Liberty Bankers Life offers many different products other than burial insurance. They offer both immediate and deferred annuities. They have various term life products, and pre-need insurance. They are a well respected organization with solid financials. When suitable, we recommend them without reservation.

In this article we will only be reviewing their final expense product. We will not be discussing any of their other product offerings.



 The Full Liberty Bankers Life Review

Here you will find an in depth breakdown of Liberty Banker’s final expense program. We have taken the time to carefully look at their underwriting, prices, policy options, and give you our professional opinion about their entire package. There is nothing we didn’t go over.


Liberty Bankers “Simplified Issue Whole Life”

Choice Mutual Grade= A

Quick facts about these plans

  • Coverage never expires
  • Three plan options- Two with immediate coverage
  • Fixed monthly payments for life
  • Benefits never decrease

Liberty Bankers’ burial insurance is commonly called their “SIMPL” plan. The SIMPL acronym is an abbreviation for “simplified issue”. Its available in all states within the USA except Washington (WA). You must be between the age of 18 and 80 to be eligible for their burial insurance.

This final expense coverage by Liberty Bankers Life is fairly straightforward. Its whole life insurance, so it will never terminate. No matter how long you live to be, it will always be there for your family. The monthly payment cannot change for any reason. Lastly, the benefits cannot decrease.

There are three versions that you can qualify for. Your overall health will determine which version you qualify for. SIMPL Preferred is their cheapest plan for those in good health. SIMPL Standard is their second tier plan. Lastly, their plan for those with some recent major health issues is called MWL.


Valuable Riders Available

There are two separate riders you may elect to purchase along with the burial insurance itself. You can only add these riders if you qualify for the preferred or Standard plan. You can add both riders or just one.


Children’s Benefit Rider

They sell the children’s benefit rider by the unit. One unit provides $5,000 in coverage for each child who is younger than 25. You may buy a maximum of four units total. The monthly cost for one unit is $3.49. You must be age 60 or younger to be eligible to add on the child rider.

If you bought the maximum of four units, it would only cost $13.96 per month. For less than $15 per month, you would have $20,000 in coverage for all your children. That is a smoking deal.

It’s very important to note that the child rider covers ALL your children who are less than 25. It does not matter if you have 1 child or 13. The rider covers them all.

Grandchild Rider

The grandchild rider is slightly different. You must be at least 30 years old to be eligible to add on a grandchild rider. One unit provides $7,500 in coverage for a single grandchild. The cost to insure one grandchild is $1.20 per month. There is no limit to the number of grandchild units you may purchase.

Remember to purchase enough grandchild riders to cover all your grand kids. If you have 10 grandchildren, you will need 10 units.

Both the children’s benefit rider and the grandchild rider are convertible. Convertibility simply means that the children/grandchildren who are insured, may convert their coverage to whole life. They must convert before they reach age 25 or get married.

If they do choose to convert, they will NOT have to provide evidence of insurability at any time. However, there is a limit to how much permanent coverage they may convert to without providing evidence of insurability.

Not having to provide evidence of insurability simply means that they DO NOT have to medically qualify. As most people are aware of, one major factor in getting life insurance is your health. If your children or grandchildren should develop some health issues before they reach 25, it will not matter.

We certainly hope this does not happen, but they could have terminal cancer and still have their conversion approved.

They may convert up to 5 times the face amount that their rider provides. For example, let’s say you bought a burial insurance policy on yourself, and you added on 4 units of the children’s benefit rider. Remember, each child unit provides $5,000 in coverage. The rider provides $20,000 in protection to all your kids in this example.

If they chose to convert, they choose a benefit amount as large as $100,000. $100,000 is 5 times the original face amount ($20,000) that was provided by the child rider. Again, either children or grandchildren may convert.


How to qualify for this burial insurance

Liberty Bankers will assess you in four ways to determine your eligibility. They will ask you their health questions. They will reference their build chart (height to weight ratio). They will electronically run a prescription history check. Lastly, they will see if you have any relevant records on file with MIB.

Liberty Bankers has a point of sale interview as part of their burial insurance application process. You, your agent, and the company will complete a three way phone call. On the call, Liberty Bankers Life will complete the entire application process. By the end of the call, they will give you a final decision regarding your eligibility.

The most important part of the application process is your response to their health questions. There are three sets of health questions. There knockout questions, Standard questions, and MWL questions.

Your answers to the health questions is the main factor that determines which plan you qualify for, if any. The first set of health questions, are the knockout questions. If you say yes to any of these questions, you are not eligible for ANY coverage. Furthermore, you will be declined if your prescription history shows treatment for any of these conditions.


Here are the knockout questions:

  1. Have you ever had, or been diagnosed with:
    • Congestive heart failure (CHF), cardiomyopathy, memory loss, Alzheimer’s, senile dementia, dementia, heart defibrillator implant, two or more instances of internal cancer(s) or terminal illness?
    • Organ transplant (other than corneal), untreated Hepatitis C, kidney failure or dialysis, amputation due to diabetic complications, multiple sclerosis, muscular dystrophy, mental retardation, amyotrophic lateral sclerosis (ALS) or Lou Gehrig’s disease, Downs’s syndrome, cystic fibrosis or Huntington’s disease?
    • Diabetes at age 9 or younger?
    • AIDS, AIDS Related Complex, tested positive for HIV virus or any other disorder of the immune system?
  2. Within last 2 years have you had, or been diagnosed with, or received or been advised to receive treatment or medication for:
    • Uncontrolled diabetes or uncontrolled high blood pressure?
  3. Within the last year have you:
    • Been confined to a hospital, been advised to have surgery or hospitalization, used oxygen due to a medical condition, been unable to care for yourself or been bedridden at home or in a nursing home, hospice, long-term care or assisted living facility? Definition of assisted living: requires help in at least one area of skills considered necessary for living and caring for oneself (feeding, dressing or bathing)


If you have any of these conditions, worry not!

You should not be alarmed if you have any of these conditions. For starters, Choice Mutual works with many different burial insurance companies. Depending on which condition you have, we probably have another insurance company that willingly accepts someone with your health conditions.

Because we are an independent agency, we can represent all the top final expense insurers in the nation. When one company doesn’t suit you, we simply look at the others. We aren’t married to any insurance company. Our only concern is getting you the best value.

Hopefully, we can find you a burial policy, from another carrier, that does have health questions. You would pay less, and have immediate coverage. More often than not, we are able to deliver this to our customers.

If absolutely necessary, we can put you with a no health question policy. Gerber Life has the best guaranteed issue burial insurance policy. Gerber will ask no health questions, and they do not check your health.

They guarantee they will issue the policy to everyone. Bear in mind, these guaranteed acceptance plans cost more and come with a waiting period. This is why we only utilize them as the last resort.

Big name companies like AARP and Colonial Penn cannot offer this sort of value. If you have one of their uninsurable health conditions, they will default you to their guaranteed issue coverage. They can’t see if there is another insurer out there that would cover you.

When you deal with AARP, Colonial Penn, or Globe Life, you deal with just them. It’s them or nothing at all. With us, we can offer you dozens of companies. As with most things, having choices equates to value.

Not to mention, their insurance is overpriced. There is literally no circumstance which any person should ever buy insurance from Globe, AARP or Colonial Penn. Everyone can easily get coverage cheaper elsewhere.

Your Choice Mutual agent will advise you properly. They will thoroughly assess your health. They will review all the various burial insurance companies on the market. They will identify which one will offer you the most coverage for the lowest price.

Everyone is looking for the best value on their final expense coverage. We can make that happen. All you have to do is call or fill out the quote form. We will take care of the rest.


The Liberty Bankers “MWL” plan

Choice Mutual Grade= C

Quick facts about this plan

  • Coverage never expires
  • 3 year waiting period
  • Fixed monthly payments for life
  • Benefits never decrease

To be eligible for this plan, you would have to say no to every question in the knockout section. Furthermore, your prescription history and MIB file must show no evidence that you have been treated for any condition in the knockout section.

You will be approved for their MWL plan if you say yes to any of the following health questions. Also, if your prescription history or MIB file shows treatment for these conditions, you will be approved accordingly.


Here are the Modified health questions:

  1. Within the past 2 years have you been diagnosed , treated, tested positive for, or been given medical advice by a member of the medical profession for:
    • Angina (chest pain), any type of heart or circulatory surgery, heart attack, or received a pacemaker or stent?
    • Stroke, Transient Ischemic Attack (TIA/mini-stroke) or paralysis?
    • Cancer or received or been advised to receive chemotherapy or radiation for cancer (the term “cancer” includes melanoma, but excludes basal cell skin cancer)?
    • Aneurysm, brain tumor or sickle cell anemia?
    • Complications of diabetes such as nephropathy (kidney), neuropathy (nerve, circulatory), retinopathy (eye) diabetic coma or insulin shock?
    • Alcohol or drug abuse, have you used illegal drugs or been convicted of felony or on parole?
    • Used a walker, wheelchair or electric scooter due to chronic illness or disease?

You must be at least 40 to be eligible for this plan. If you are younger than 40 and have these health conditions, you are not eligible.

The MWL stands for “modified whole life”. With the Liberty Bankers MWL plan, they charge you an increased premium and there is a waiting period. If you should pass away during the first three years, they will not pay the death benefit. If death occurs during the waiting period, they will refund you 110% of all premiums paid to date.

If death should happen as a result of an accident, they will pay the death benefit. This applies even during the first three years.

One very unique thing Liberty Bankers does is they increase the death benefit over time. This only applies to their MWL burial insurance plan. They will pay out 105% of the death benefit in the 5th year. They will pay out 110% of the death benefit in the 6th year and thereafter. It’s extremely uncommon to see any final expense insurer do this.


Direct Express payment option

Another very unique feature with their MWL plan is the ability to pay with a Direct Express card. These are government issued debit cards. People who receive any kind of government payment, can elect to have their funds loaded onto this card instead of a bank account. Liberty Bankers Burial Insurance Review

If you have a Direct Express card, it can be very hard to get life insurance. Almost every life insurance company refuses to accept these debit cards. Understandably, most people find this hard to understand. There is a good reason why carriers do not accept them.

The honest truth is that insurers lose money when they accept clients who pay via debit cards. The overwhelming statistics show that people who pay for their life insurance by debit card, only pay for a short while.

In fact, data currently shows that nearly 80% of them lapse in the first year. This makes it a losing proposition for insurance companies. They lose a lot of money when clients lapse during the first two years.

Life insurance companies aren’t in the business of willfully engaging into a deal they know will lose them money. This is why 99% of insurers do not accept this card.

If you’re a Direct Express Card holder, Liberty Bankers MWL and Standard plans give you the ability to acquire good final expense coverage. To be ultra clear, Direct Express is the only debit card they will accept. They will not accept any other debit card from any other financial organization.

Just be sure to inform your agent that you will be paying for your life insurance with a Direct Express Card. We have to follow a special procedure to set it up.

The health conditions for the section are on par with most other insurance companies. If you have any of these health conditions, most insurers will likely look at you as higher risk. They too will probably charge you more and impose a waiting period.


Your Choice Mutual agent will be able to review all your health conditions, and give you the proper recommendation.

Overall, this MWL plan by Liberty Bankers is decent. This modified plan accepts many serious health complications. Our only real issue with it is the price. Depending on the condition, we can likely get you covered by another insurer for MUCH less. More than likely, you would pay less and have no waiting period.

However, if you have certain health ailments in this section, it might be best to go with Gerber Life. Gerber would offer a much cheaper price and only impose a two year waiting period.  Paying more money and having a longer waiting period just wouldn’t make sense.

It’s nice that Liberty increases the death benefit by 10% after 6 years. However, it’s not valuable enough to justify the substantially higher cost. Again, speak with your Choice Mutual agent so they can properly advise you. They will look at your overall health, and determine your best course of action.


The “SIMPL Standard” option from Liberty Bankers

Choice Mutual Grade= A

Quick facts about this plan

  • Coverage never expires
  • Immediate first day coverage
  • Fixed monthly payments for life
  • Benefits never decrease

To qualify for this plan, you would have to say no to all the health questions in the knockout section and the MWL section. Furthermore, your prescription history and MIB file would have to show no treatment for any condition in the knockout and MWL sections.

If you would say yes to any of the health conditions below, you will be approved for their Standard SIMPL plan. Also, if your MIB file or Rx history show treatment for these conditions, you will be approved accordingly.

Here are the Standard SIMPL health questions:

  1. Have you ever been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for:
    • Chronic Obstructive Pulmonary Disease (COPD), chronic bronchitis, emphysema, peripheral vascular disease or peripheral artery disease?
    • Chronic hepatitis, Hepatitis C, cirrhosis of the liver, chronic pancreatitis, liver disease or kidney disease?
    • Insulin use before age 25?
    • Irregular heartbeat, atrial fibrillation, Systemic Lupus (SLE), epileptic seizures, Parkinson’s disease?

Liberty Bankers offers a 20% premium discount on this plan when you elect to pay annually. The discount is only good for the first year however. It’s a rather big savings if your budget allows for it. The minimum face amount on their Preferred plan is $3,000. The maximum face amount is $30,000.

Just like the MWL plan, you can elect to pay for the Standard plan with a Direct Express Card. Again, it’s incredibly rare for an insurer to accept this card. Quite frankly, we don’t believe this will last forever.

Many other insurance companies have previously tried accepting Direct Express cards. All but a couple discontinued the program altogether. Liberty Bankers Life is one of the few left that still accepts it.


Instant protection

The single most amazing part of their Standard plan is that it offers first day coverage. There is absolutely no waiting period with this plan. For the health conditions in this section, this is ULTRA rare. Nearly every single final expense insurance company will impose some kind of waiting period for most of these conditions.

This is easily where Liberty Bankers shines the brightest. Albeit, the plan does cost a little more because of the health conditions they are insuring. Having said that, being able to get instant protection with this plan is incredibly valuable.

It’s important to note, not everyone with these health conditions should take this plan. There are a few conditions in here where another insurer would be better. Depending on what condition you deal with, we could possibly get you a better price elsewhere.

If you have COPD, emphysema, hepatitis, cirrhosis of the liver, a liver or kidney disease, systemic lupus, or Parkinson’s disease, this is an excellent plan for you.

With these conditions, pretty much every other insurance company would charge you a price similar to Liberty Bankers. However, they would either pay nothing, or only a small portion of your death benefit during the first two years. Liberty would give you instant protection. It’s a no-brainer.

If you have any of the following: Peripheral vascular disease, peripheral artery disease, irregular heartbeat, atrial fibrillation, or insulin use before age 25, Foresters would give you a much better price than Liberty Bankers.

If you are one who deals with COPD, liver issues, or kidney issues, we would present you with two options. The first option would be to pay a little less with Gerber Life, which has a two year waiting period. The second option would be to go with Liberty Bankers Standard plan. It costs a little more than Gerber, but you would be covered on the first day. We would let you decide which is most valuable to you.

All in all, the Standard plan by Liberty Bankers is extremely strong. We love being able to offer this to our clients. Very often, many of our customers choose this plan because it offers full first day coverage. There are only a select few burial insurance companies that offer absolutely no waiting period for these health conditions.

Remember to speak with your Choice Mutual agent about all your health issues. This will enable them to accurately assess which insurance company would truly be your best option.


“SIMPL Preferred” by Liberty Bankers Life

Choice Mutual Grade= B

Quick facts about this plan

  • Coverage never expires
  • Immediate first day coverage
  • Fixed monthly payments for life
  • Benefits never decrease

You must say no to every health question to qualify for this rating. Furthermore, your MIB file and prescription history must not reveal any treatments for the conditions on the application.

Your coverage begins on the first day with the Preferred plan. Just like with their Standard plan, Liberty Bankers offers a 20% premium discount, the first year only, when you elect to pay annually.

You cannot pay for their Preferred plan with a Direct Express card. They only accept that on their MWL and Standard Plans. For the Preferred plan, you have to pay via bank draft if you prefer to pay monthly.

The minimum face amount for their Preferred plan is $3,000. The maximum face amount is $30,000. The Preferred plan accepts many common health conditions most other final expense insurers accept.

To be totally forward, this plan is not unique in any way. If you qualify for this Preferred plan, you qualify for the best rates from pretty much every other burial insurance company we represent.

All around, Liberty Bankers Preferred plan is mediocre at best. The main problem with this plan is the fact that other burial insurance companies offer a better deal.


Not the lowest price out there

Make no mistake, Liberty has competitive pricing for this plan. However, most other insurers will beat them by 1-10%. Because this plan does not have some sort of underwriting niche, it just doesn’t make sense to go with them when they offer no advantage.

If you qualify for Liberty Bankers Preferred plan, you 100% qualify for preferred rates from all the other carriers. Being under 50, or wanting a children’s benefit rider, or the grandchild riders, would be about the only reason to go with this plan. Aside from those two circumstances, we would recommend you pay less by going with other insurance companies we represent.

Outside of that, there is no real underwriting niche that would lead us to recommend their Preferred plan over the other final expense insurers out there. With that statement, if you did have their Preferred plan, you would still be getting a quality burial insurance plan at a competitive price.


Liberty Bankers Summary

Liberty Bankers Life is a great company with a quality burial insurance offering. We are particularly fond of their Standard plan. It’s a fantastic value for anyone who has those respective health conditions. Many of our customers cherish the peace of mind that comes with first day coverage.

The option to cover children and grandchildren for pennies on the dollar is also particularly attractive. Very few final expense insurers allow you to extend coverage to your kids and grand kids.

Regardless of which insurer we find for you, trust that we will do what’s in your best interest. If that happens to be Liberty Bankers, so be it. If another insurance company offers you a better deal, we will let you know.

You are our goal. No insurance company holds us hostage. Our independent status guarantees that we will always have the freedom to serve our clients instead of the insurance companies.

If you are looking for burial insurance, contact us today to see what we can do for you. Please fill out the quote form and we will be in touch as soon as possible.