Liberty Bankers Life Insurance


Liberty Bankers Life Insurance

The company that is now known as Liberty Bankers Life Insurance (LBL) started out as Royal Oak Life Insurance Company and was founded in 1958. It was sold several times throughout the years before becoming a part of Heritage Guarantee Holdings in 2004. At this point, the organization was then relocated to Oklahoma where the company found its product line growing in size significantly due to the performance of the management team. Liberty Bankers Life, as we know it today, split from the parent company in 2011 and is currently a part of Liberty Life Group Trust, a holding company based in Texas. The process of restructuring that also involved the issuance of $500 million in the annuity business, has led to the upgrade of the rating for the company to a B+ from AM Best. The outlook for this rating in the future is considered stable.

Services Offered

LBL boasts the presence of dual sales departments, being one of a small number of insurance companies to employ two divisions in this area. The first is an ordinary division that advises on and provides typical insurance products while gathering premiums through electronic and paper based means. LBL’s second division works as a home service, whereby products are sold directly by agents on a B2C level with the premiums collected individually from either the workplace or residence of the insured. The primary focus of LBL is that of insurance policies that cover final expenses for end of life debts and services such as funeral costs.

Ordinary Life Division Products

 Some of the products available from the Ordinary Life Division:


  • SIMPL (Simplifies Issue Market PermaLife) – A whole life insurance product that doesn’t require an exam, and with face amounts that reach as far as $30,000. The underwriting is completed by way of the application, as well as a MIB and an RX check. There are occasions in which a telephone interview may also be necessary, and the policy is open to 18-80-year-olds.


  • MWL (Modified Whole Life) – Applicants who are eligible for this product are ages 40-80. Underwriting requirements beyond the application itself are standard MIB and RX checks. There is a three year wait time on the policy and if the insured dies from natural causes a death benefit consisting of the total amount of premiums paid with an additional 10% extra. If death proves to be accidental, a full payout of the entire benefit will be made.


  • Group Flexible Life – Irrespective of health or age, this Universal Policy covers the entirety of a tribe or nation for life insurance.


  • Flex4Life – Available to 18-80-year-olds, this nonparticipatory whole life insurance policy guarantees a death benefit as well as a periodic premium and a cash value. There is also a juvenile version for ages 0-15. The highest death benefit without a medical examination totals $250,000, though higher limits are available after a urine/blood analysis

Home Service Division Products

 The Home Service Division sells life insurance products that include:


  • Simplified Issue Whole Life – A no exam required whole life policy, the rate of which is classified by the applicant’s lifestyle and any possible health issues. The face amount has a maximum of $15,000, and the policy is available to ages 66-80. It is also available in life pay to 65 (LP65) and a paid in 20 years (20PL) format.


  • Modified Whole Life – Aimed at the 40-80 market, this policy holds a three-year wait period upon which time the death benefit equals the premiums that have been paid to that point as well as an extra 10%. Once the policy reaches year four, the full benefit is paid in the event of death and over years five and six it increases by 105% and 110% respectively. This policy is aimed at those with significant health issues and is largely seen as a final expense product.

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Why Does No Exam Life Insurance Cost More

Someone who can, and does, prove that they are in good health is far less a risk to the provider of the insurance policy. It is reasonable; therefore, that those who do not wish to undertake a medical examination for whatever reason may well be expected to pay higher premiums in order to receive insurance payouts in the advent of their death. No exam life insurance is not for everyone, but for those who feel they’ll benefit from it, they’ll pay a little extra in premium because the insurer is accepting an unverified risk.


Should I Try a Fully Underwritten Policy First?

It’s certainly common that most people would have questions concerning which type of policy they should apply for. This is where your independent insurance agent can offer the best advice about which insurer to choose and which product offered will offer the best solution for your individual circumstance. Your agent is paid by the insurance company, so there is no cost to you, and since he or she is an independent that represents multiple insurance companies, your needs are always at the forefront, not the needs of the insurer.


Positives and Negatives of Liberty Bankers Life


While the majority of companies don’t carry multiple No Exam Insurance products, Liberty Bankers Life offers several different types to its prospective client base. LBL also has a wide range of fully underwritten, competitively priced products available.

As an option for possible clients seeking whole life policies with guaranteed premiums that are unwilling to commit to blood tests or a medical examination, Liberty Bankers Life offers a SIMPL option.

Between the company generating assets of over a billion in the course of the last five years, as well as the strong B+ credit rating, there is no doubt that and premiums a customer is entitled too are sure to be paid.


Liberty Bankers Life rates, while good, cannot always be considered the cheapest. As with many insurance companies, each case can be different and therefore hold different costs. The utilization of an agent, working independently of the various possible providers, is therefore advisable so you can compare multiple rates that are best fitted to your personal needs.

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