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If you are shopping for final expense or burial insurance, you’ve probably found that you have many life insurers to choose from.

With baby-boomers now becoming seniors, final expense life insurance (also called burial or funeral insurance), and consistent television advertising, final expense insurance has become more popular than ever.

The good news is popularity creates competition and competition translates into very affordable life insurance rates for the senior market.

If you are looking into final expense insurance, it’s important to know about the companies you may be considering first, and the eventual price you’ll pay second. Remember, your final expense life insurance policy is a promise to pay for a lifetime.

Here, we’ll take a look at Liberty Bankers Life Insurance and offer an honest company review.


The History of Liberty Bankers Life


The company we know today as Liberty Bankers Life was established in 1958 as Royal Oak Life Insurance Company and originally focused on individuals and families in its home state of Pennsylvania.

The management at Royal Oak Life operated the company in a very conservative manner and the company grew slowly but steadily. As the company began to offer a variety of life insurance products and annuities, their footprint was increased to 40 states.

In 2016 the company expanded its product line target seniors and began offering Medicare Supplement insurance and expanded their territory to 47 states. Over the years Liberty Bankers Life was acquired and then sold to several holding companies and today is entirely owned by Liberty Life Group, a holding company in Texas.


Liberty Bankers Life Financial Stability


As Liberty Bankers Life continued to grow its business, over time they have acquired American Benefit Life Insurance which was established in 1909 and Capitol Life Insurance Company which was established in 1906.

Over time Liberty Bankers Life’s management has continued on a conservative growth pattern and as such, they have earned a B++ (Good) rating from A.M. Best which indicates a very stable outlook for the company going forward.

Consumers who wish to drill deeper into Liberty Bankers Life can review the company’s financial summary on their website.

Although Liberty Bankers Life is not accredited by the Better Business Bureau, BBB has awarded the company a rating of A+ since they receive very few complaints compared to other life insurers and have resolved over 50% of the complaints they’ve received.


Final Expense and Burial Insurance from Liberty Bankers


Liberty Bankers Life offers final expense insurance to consumers in three distinct methods:

  1. Ordinary Life Division – The Ordinary Life Division operates in a traditional manner where consumers can purchase life insurance through independent agents and then send monthly premium payments directly to the company.
  2. Home Service Division – Liberty Life is one of a handful of insurance companies that operates a home service division. This method provides for agents to visit with prospective customers in their home and take the application face-to-face. The policyholder can then send monthly premium payments to the company or have the agent stop by each month to personally collect the premium. This method was originally set up by insurance companies wanting to do business in large urban neighborhoods in very large cities.
  3. Pre-Need Division – The pre-need division was designed to offer pre-need (end-of-life) life insurance through certified funeral homes.


Final Expense Products from Liberty Bankers Life


Like many other insurance companies who offer final expense insurance, Liberty Bankers offers multiple final expense policies in order to accommodate seniors in good health and seniors in not so good health.


Liberty Banker’s SIMPL final expense insurance is traditional level benefit whole life insurance for applicants in good health. This type of final expense policy offers first-day coverage and is the more affordable of the two available options.

Eligible issue ages are 18 to 80-years old. Available death benefits are $3,000 to $30,000. Policies are issued on a nicotine user or non-nicotine user basis.

 Here are actual rates for a SIMPL Standard $10,000 whole life policy for a healthy male or female non-smoker: 


Applicant AgeMale Non-SmokerFemale Non-Smoker

For our sample rate chart, we used a $10,000 death benefit because the average cost of a funeral in America today is between $8,000 and $10,000. For actual rates for your specific age, please use our instant-quoter on the right side of the page.


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SIMPL Modified


Liberty Banker’s modified final expense insurance was designed for applicants who cannot medically qualify for the level benefit policy. Since the insurer is accepting much higher risk, the company will modify the death benefit in the following manner if death is a result of NATURAL causes:

Policy Year Death Benefit Modification
Years 1 through 3 The death benefit is the sum of all premiums made plus 10%
Year 4 The death benefit is 100% of the face amount
Year 5 The death benefit is 105% of the face amount
Year 6 and subsequent years The death benefit is 110% of the face amount


Eligible issue ages are 40 to 80-years-old with available face amounts of $1,000 to $20,000.

 Here are actual rates for a SIMPL Modified $10,000 whole life policy for a male or female non-smoker: 
Age of Applicant Male Non-SmokerFemale Non-Smoker


Customize Your Liberty Bankers Policy


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Most consumers are experiencing different circumstances when shopping for final expense insurance so Liberty Bankers Life offers optional insurance riders that the applicant can choose to broaden their coverage and add living benefits.

  • Accelerated Death Benefit (not available on Modified policies) provides an advance of the death benefit of up to 80% if the insured is diagnosed with a terminal or chronic illness.
  • AD&D provides for an increased death benefit if the insured’s death is the result of an accident and will also pay a benefit if the insured loses the use of arms, legs, or eyes as a result of an accident (not available on Modified policy)
  • Children’s Benefit Rider – This rider allows the policyholder to insure all dependent children in the household up to age 25.
  • Grandchild Benefit Rider – Allows for the insured to insure grandchildren up to age 25.

The rate charts above are for applicants that are considered a standard risk in each type of final expense insurance policy. Your rates could increase depending upon the health questions that are answered in the affirmative.


In Conclusion


Liberty Bankers Life Insurance offers quality final expense insurance at very competitive rates. We have also found that their customer and claims service is top-notch. But, to find out if Liberty Bankers is the best solution for your circumstances, it’s important that you contact our office and discuss your particular needs.

BurialPolicy360 represents most of the highly-rated life insurers and can shop your insurance with all of them and provide the best solution for your individual needs.


Feel free to check out our other Company Reviews


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AIG Guaranteed Issue Life Insurance

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We're Here To Help
For more information about Liberty Bankers Life Insurance Company and to get a free and confidential quote, call the insurance experts at BurialPolicy360 at (800) 712-8519 during normal business hours, or contact us through our website at your earliest convenience.

Doug Mitchell Ogletree FinancialDoug Mitchell, President of Ogletree Financial, holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, and home and auto insurance. For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table. He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award. Later in his career with New York Life, he was an Executive Council Member. Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents. Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of several insurance-related websites.