2024 Liberty Bankers Burial Insurance Review – Pros & Cons

Our Liberty Bankers burial insurance review is designed to offer information about the company’s burial insurance products to help you decide if their final expense products are right for you.

If you’re one of the people who go to the internet to check out life insurance products before they sign up, you are on the right track!

This Liberty Bankers’ burial insurance review will take a closer look at their burial insurance products, underwriting standards, and the application process.

Table of Contents

Click any topic below to navigate to specific sections:

What to Ask Before Buying Liberty Bankers Life Insurance

What burial insurance plans do Liberty Bankers offer?

Liberty Bankers offers three primary burial insurance products:

  1. SIMPL preferred
  2. SIMPL standard
  3. Modified whole life

These policies are all simplified issues with no medical exam needed.

These plans are available in all U.S. states except Washington.

You will only need to answer a phone interview with the underwriter, and an approval decision will be provided to you over the phone.

Issue Ages18–80
Minimum Face Amount$3,000
Maximum Face Amount$30,000
Permanent Coverage the plan never expires
Level Premiums premium never increase
Level Benefit benefits never go down
Cash Value builds cash value
One time 20% premium discountPay annually to avail of this discount.

#1 – SIMPL PREFERRED – First-Day Coverage

SIMPL Preferred is the most affordable plan for people in good to average health.

You must answer “no” to all the health questions on the application to qualify for this plan.

Your coverage will start on the first day, and there will be no waiting period with the SIMPL PREFERRED plan.

A unique feature of this plan is the children’s benefit rider or the grandchild rider.

#2 – SIMPL STANDARD – First-Day Coverage

SIMPL Standard is the second-tier plan for people with minor health issues. This plan also offers first-day coverage with no waiting period.

The underwriting is more relaxed. Many health conditions accepted for the SIMPLE STANDARD would have a 2-year waiting period with other companies.

#3 – MODIFIED WHOLE LIFE – Three-year Waiting Period Plan

The modified insurance plan is offered to people with major health issues. However, this plan comes with a three-year waiting period.

We don’t ever recommend the modified plan.


  • Issue ages: 40–80, age of last birthday
  • Minimum face amount: $1,000
  • Maximum face amount: $20,000
  • 3-year graded death benefit

The modified death benefit works this way:

  • “During the first three years of the policy, 100% of the death benefit is paid for accidental deaths only. A 100% refund of premiums and 10% interest is paid for the natural cause of death during the first three years of the policy.”
  • “In the 4th year, the death benefit is paid 100% for accidental and natural causes of death. In the 5th year, the death benefit is 105% for accidental and natural causes.  In the 6th year and after that, the death benefit payout will be 110% for accidental and natural causes of death.”

The increasing death benefit amount is the unique feature of this plan.

MWL is the most expensive plan because of the health issues it covers, and it is not available in all states.

We believe a guaranteed issue policy is better than this graded plan since it only has a two-year waiting period and no health questions on the application.

Does Liberty Bankers Life Insurance Have A Waiting Period?

SIMPL Preferred and SIMPL Standard does not have a waiting period. Coverage starts on the first payment date.

Modified whole life insurance, on the other hand, has a three-year waiting period. This is the worst plan they have. We do not recommend this. A guaranteed issue life insurance with a two-year waiting period with be a better option than this plan.

What Is Hidden In Liberty Bankers’ Fine Print?

“For individuals who cannot qualify for a SIMPL policy, our Modified Whole Life Policy (MWL) may be an alternative. Modified Whole Life is a final expense life insurance policy issued for those applicants with more complex medical issues. This policy offers a modified death benefit as follows:

  • During the first 3 years: If death occurs as a result of an accident, the death benefit is 100% of the policy face amount. The non-accidental death benefit is equal to a refund of all premiums paid to date, plus 10% compounded.
  • During the 4th year, the death benefit is 100%; followed by 105% in the 5th year; and 110% in the 6th year and thereafter”

What Are The Pros & Cons Of Liberty Bankers Insurance?



  • Easy phone application and approval
  • No medical exam and few health questions to answer
  • Competitively priced compared to other insurance companies


  • There is no option above the age 80
  • The underwriting is strict for some health issues.



  • First-day coverage for some severe health issues
  • A guaranteed death benefit that never decreases
  • Lenient underwriting that accepts most health issues


  • No option for people who are older than 80
  • Higher premium than the SIMPL preferred plan

#3 – Modified Whole Life


  • Accept significant health issues
  • Easy phone application and approval


  • Three-year waiting period
  • You will pay a higher premium

Are There Any Riders Or Other Benefits With Liberty Bankers Life Insurance?

Liberty Bankers Riders


The whole insurance policies offered by Liberty Bankers can be customized by adding optional riders for an additional premium amount. These riders can enhance or supplement your life insurance policy. However, these riders aren’t available in all states.

  1. Accelerated Death Benefit Rider: “at no additional cost, accelerated death benefit provisions to help offset the expense of Terminal Illness (certified to have a life expectancy of less than 12 months) or Chronic Illness (certified by a physician), subject to the terms and conditions of the rider.*”
  2. Children’s Benefit Rider: “Available for an additional premium on SIMPL Preferred and Standard only. One Unit equals $5,000 term coverage to age 25 per child, maximum 4 units. Convertible to Whole Life without evidence of insurability at any time for the same amount or for up to 5 times the amount at age 25 or marriage if earlier.”
  3. Grandchild Rider: “Available for an additional premium on SIMPL Preferred and Standard only. $7,500 term to Age 25: Convertible, without evidence of insurability, for up to 5 times the amount at Age 25 or marriage if earlier. In the event of the primary insured’s premature death, the covered grandchild can convert the coverage to 2 times the face amount.”
  4. Accidental Death and Dismemberment: “Available for an additional premium on SIMPL Preferred and Standard only. It provides an additional death benefit if your death is a result from an accident. In addition, a benefit is provided if you should lose the use of arms, legs, or eyes as a result of an accident.”

Liberty Bankers’ Other Benefits

Liberty Bankers allows a funeral home to be the beneficiary of your policy. They are one of te few companies that allow this benefit.

  • Funeral Home Assignment: “Your benefit can be assigned to a funeral home.”

How Do I Get Approved By Liberty Bankers?

There are four ways in which Liberty Bankers will assess your health to determine your eligibility.

  1. They will ask health questions on the application
  2. They will check their build chart
  3. They will do a prescription history check
  4. They will check your MIB file

Your response to the health questions is the most important part of the application process. The health questionnaire has three parts 1. the knockout questions 2. Standard questions 3. The questions for modified whole life insurance.

What Are Liberty Bankers’ Application Questions?

Here are the actual health question on the Liberty Bankers Burial Insurance Application


Here are the knockout questions in the application

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? (Yes – No)
  • 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? (Yes – No)
  • Diabetes at age 9 or younger? (Yes – No)
  • AIDS, AIDS Related Complex, tested positive for HIV or any other disorder of the immune system? (Yes – No)

2. Within the last two 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? (Yes – No)

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) (Yes – No)

If you answer “yes” to any question in Part 1, DO NOT PROCEED with the application.

If all “No” answers are in Part 1, proceed to Part 2.


4. Within the past two 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 heart or circulatory surgery, heart attack, or received a pacemaker or stent? (Yes – No)
  • Stroke, Transient Ischemic Attack (TIA/mini-stroke) or paralysis? (Yes – No)
  • Cancer or received or been advised to undergo chemotherapy or radiation for cancer (the term “cancer” includes melanoma, but excludes basal cell skin cancer)? (Yes – No)
  • Aneurysm, brain tumor, or sickle cell anemia? (Yes – No)
  • Complications of diabetes such as nephropathy (kidney), neuropathy (nerve, circulatory), retinopathy (eye) diabetic coma, or insulin shock? (Yes – No)
  • Alcohol or drug abuse, have you used illegal drugs or been convicted of a felony or on parole? (Yes – No)
  • Used a walker, wheelchair, or electric scooter due to chronic illness or disease? (Yes – No)
  • Have you ever plead guilty to or been convicted of a felony or misdemeanor or do you have such charge currently pending against you? (Yes – No)

If you answered “YES” to any of these medical conditions, you would qualify for Liberty Bankers Modified Whole Life Insurance. 

If you answer “NO” to all the health questions, proceed on.


This is the part in which you could qualify for the SIMPL preferred or standard rating.

5.  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? (Yes – No)
  • Chronic hepatitis, Hepatitis C, cirrhosis of the liver, chronic pancreatitis, liver disease, or kidney disease? (Yes – No)
  • Insulin use before age 25? (Yes – No)
  • Irregular heartbeat, atrial fibrillation, Systemic Lupus (SLE), epileptic seizures, Parkinson’s disease? (Yes – No)

If you answer ‘no” to all the health questions in Part 3, select SIMPL Preferred. Otherwise, choose the SIMPL Standard.

If you answered “YES” to any of the questions in part 3, you will qualify for SIMPL Standard Whole Life Insurance.

If you could answer “no” to all the health questions, you could qualify for SIMPL “Preferred” Whole Life.  It is the most affordable burial insurance option offered by Liberty Bankers.

After completing the health questionnaire during the tele-application, the underwriter will tell you whether you qualify for coverage.

Who Is Suited for Liberty Bankers Life Insurance?

Most applicants will qualify for the SIMPL Standard. It’s their best plan with the most competitive rate. It offers spectacular rates for people with difficult health issues.

Their SIMPLE Standard plan has first-day coverage for some serious illnesses like:

  • COPD
  • Emphysema
  • Hepatitis
  • Kidney disease
  • Liver cirrhosis
  • Liver disease
  • Systemic Lupus
  • Parkinson’s disease

This is an excellent plus since these medical conditions will result in a waiting period with other companies.

Their Modified whole-life plan is their worst plan, and it’s not even competitive. It’s overpriced and comes with a three-year waiting period. This plan accepts many medical conditions, and you could acquire first-day coverage at a lower price than other companies.

If you have a severe medical condition and have no other options, there are guaranteed issue plans with no health questions. It is cheaper with only a two-year waiting period.

Does Liberty Bankers Have A Same Day Approval Process?

Applying for burial insurance with Liberty Bankers is straightforward. You can be approved by phone or computer with a licensed agent on the same day.

Liberty Bankers has a tele-application as part of their application process. A Funeral Funds of America agent will do a three-way call with an underwriter. By the end of the call, you will get an answer on your application approval.

How Can I Get Liberty Bankers Life Insurance Pricing?

Liberty Bankers rates are based on your age, gender, health, coverage amount, and the state you live in at the time of application.


45 $16.75
50 $18.00
55 $20.93
60 $24.18
65 $30.99
70 $39.68
75 $53.36
80 $75.40


45 $18.26
50 $20.68
55 $25.96
60 $31.93
65 $42.98
70 $56.04
75 $75.97
80 $109.07

*Pricing is for illustration purposes only and is subject to change without notice.

How does Liberty Bankers Life insurance compare?

If you are open to looking at better insurance companies with better rates, we can offer you some help!

Common Liberty Bankers Company Questions

What Is Liberty Bankers’ Operational History

Liberty Bankers Life started business in 1958 as Royal Oak Life Insurance Company. They are based in Dallas, Texas. Heritage Guaranty Holdings now own them.

Liberty Bankers started offering burial insurance in 2006. They also offer other products like whole life insurance, senior life insurance, pre-need funeral insurance, immediate and deferred annuities, and Medicare Supplements.

Company Address

Liberty Bankers Life
1605 LBJ Fwy Suite 700
Dallas, Texas 75234, US

Contact Info

Website: https://www.lbig.com
Customer Service: (800) 604-8002
Email: customerservice@lbig.com

What Is Liberty Bankers’ Financial Rating?

Liberty Bankers is a well-respected company with solid financials. A.M. Best gives an A- ranking to the company. This is an indicator that they are financially “Good” or stable. You can be certain that the company has the funds to pay your beneficiaries when you’re gone.

Do Liberty Bankers Have Any Consumer Complaints?

Nine complaints are recorded in the National Association of Insurance Commissioners (NAIC) for 2021. Customers complain about claim handling delays, coverage questions, product suitability, replacement, premium refund, and surrender problems.

What Should You Know Before Buying Liberty Bankers Life Insurance?

What is Liberty Bankers’ Sales Process?

Liberty Bankers Life sells its product through its agents. However, independent agencies like Funeral Funds of America are often preferred for purchasing Liberty Bankers’ Life Insurance products.

Whatever way your choose to buy, the price will be the same from everyone who sells their life insurance products.

Working with independent agents allows you to access other life insurance companies that offer better coverage and rates, and most come with no waiting period.

Are Any Health Conditions Not Accepted By Liberty Bankers?

These health issues are not accepted for SIMPL preferred and standard first-day coverage plans:

  • Activities Of Daily Living (ADLs)
  • Alzheimer’s or Dementia
  • AIDs, HIV, ARC
  • Current Cancer
  • Congestive Heart Failure
  • Cardiomyopathy
  • Dementia
  • Dialysis
  • Diabetic Amputation
  • End-stage Renal Disease
  • Hospice
  • Nursing Home Confinement
  • Organ or Tissue Transplant
  • Oxygen Use
  • Terminal Illness

How Does Liberty Bankers Compare To Other Insurance Companies?

Use our quoting software below to see how Liberty Bankers’ pricing compares to other companies.

  • $10,000 to 15,000 is often appropriate for burial needs
  • $3,000 to $7,000 is often appropriate for cremation needs

What Are The Top 10 Questions About Liberty Bankers?

Is Liberty Bankers Insurance legitimate? Liberty Bankers is a legitimate company. It is licensed to do business in all 50 states and has an A- rating from A.M. Best. Liberty Bankers is also a member of the National Association of Insurance Commissioners and the American Insurance Association.
Who owns Liberty Bankers insurance? Liberty Bankers is a subsidiary of Liberty Bankers Insurance Group.
Is Liberty bankers a good company? A.M. Best has given Liberty Bankers an A- rating, indicating that it is a financially sound company. Liberty Bankers is a member of NAIC and American Insurance Association which indicate that the company exceeds the standard set by these organization.
How can I make Liberty Bankers insurance online payment? You can pay Liberty Bankers insurance online by visiting the company’s website. You can also make a payment by contacting customer service.
How can I access Liberty Bankers life insurance claim form? You can access Liberty Bankers’ life insurance claim form by visiting the company’s website. You can also find this information on the National Association of Insurance Commissioners website.
How old do you have to be to apply for Liberty Bankers burial insurance coverage? The minimum age to apply for coverage is 18.
What does Liberty Bankers life insurance cost? The cost of Liberty Bankers’ life insurance depends on the product you choose and your age.
Is Liberty Bankers insurance expensive? Liberty Bankers insurance can be expensive, depending on the product you choose.
Can I get life insurance for my children with Liberty Bankers? Yes, you can get life insurance for your children with Liberty Bankers.
What are the common terms used when searching for Liberty Bankers Insurance
    Here are some common terms people use when searching for, or describing Liberty Bankers life insurance Products:
  • Liberty Bankers Burial Insurance
  • Liberty Bankers Cremation Insurance
  • Liberty Bankers Final Expense Insurance
  • Liberty Bankers Funeral Insurance
  • Liberty Bankers Term Life Insurance
  • Liberty Bankers Universal Life Insurance
  • Liberty Bankers Whole Life Insurance

Sources Cited In This Article:

  • Liberty Bankers Life Final Expense. Accessed November 17, 2022. https://gx0ri2vwi9eyht1e3iyzyc17-wpengine.netdna-ssl.com/wp-content/uploads/2018/02/Liberty-Bankers-Life-Final-Expense-1.pdf
  • NAIC. “Reason Why Complaints Were Submitted” Accessed November 17, 2022. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_CODE&COCODE=68543&:refresh
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