Liberty Mutual Life Insurance Review

Liberty Mutual has a near-instant turnaround time, and in most cases, applicants can expect an underwriting decision after a single phone call.

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Overview

Liberty Mutual, an A rated company founded in 1912, provides a streamlined simplified issue term life insurance product with an instant decision and no medical exam, for those applicants who wish to expedite the underwriting process. Liberty Mutual's life insurance policies are underwritten by Liberty Life Assurance Company of Boston, a Liberty Mutual Company.

Financial Strength

  • Founded: 1912
  • Policyholders: 6,200,000
  • A.M. Best: A
  • BBB Rating: A+
  • J.D. Power: N/A

Finding the best rates

Each insurer approaches health conditions differently. One insurer might ignore a heart attack from a few years ago, whereas a different insurer might rate you as a higher risk for the same thing. Here are the details of how Liberty Mutual treats a variety of common health conditions from an underwriting perspective

Liberty Mutual Company Details

Liberty Mutual, an A rated company founded in 1912, provides a streamlined simplified issue term life insurance product with an instant decision and no medical exam, for those applicants who wish to expedite the underwriting process. Liberty Mutual's life insurance policies are underwritten by Liberty Life Assurance Company of Boston, a Liberty Mutual Company.

How's the application process?

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Pros

  • Electronic application
  • Approval decision available within minutes

Cons

  • N/A

How's the customer service?

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What you can do online

  • N/A

What you can’t do online

  • Updating beneficiaries
  • Changing address
  • Changing payment info
  • Policy cancellation requires notarized paper form

Liberty Mutual Term Life Plan Details

Common features

This policy, like all term life policies offered on our site, provides life coverage for a specific period of time (the term). The key features of this policy are standard across all the term policies we offer:

  • Level premium - which means the cost of the policy (the premium you pay) is fixed for the entire term of the policy. It will not increase during the term of the policy.
  • Good value - term life policies are significantly less expensive for the same amount of death benefit coverage than permanent life policies.
  • Regulated - the cost of this term life policy, for a given coverage amount and term, will always be the same for you regardless of who you buy it from. That’s because the policy will be priced based on the underwriting table the insurer files with the state insurance regulator.
  • No-risk obligation for you - you, as the policyholder, can cancel your policy at any time if you decide you don’t want it anymore. The insurer, however, cannot cancel your policy as long as you pay the premiums on time.
  • No exclusions - except for suicide during the first two years of the policy (which is standard by law across life insurance policies).
  • Terminal illness benefit - you can access a portion of the policy’s death benefit while you’re still alive if you’ve been diagnosed with a terminal illness. You might see this referred to as an "accelerated death benefit."
  • Convertible - which means, if you choose to, you can convert the term life policy to a permanent life policy. The conversion will generally cost you more and is subject to certain conditions.

The review on this page is only for this company's term life insurance products.

Cost comparison

Quote for: $200,000 in coverage for a PI in California, non-tobacco user with no health complications, monthly premiums, and no medical exam required

CompanyPlanMale - Age 30Male - Age 40Male - Age 50Female - Age 30Female - Age 40Female - Age 50
Liberty MutualPassport Term - Simplified Issue$33.75$55.13$144.67$25.20$42.53$107.78
Mutual of OmahaTerm Life Express$35.96$64.44$139.37$34.18$60.88$131.19
SBLILevel Premium Term$13.57$19.07$43.00$12.02$17.98$34.05
TransamericaTrendsetter LB$46.28$79.65$155.84$37.68$63.82$119.89

Passport Term - Simplified Issue

Unique Features

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  • Fast-track eligible.
  • Many customers can qualify to increase their legacy in just 10 minutes. If the customer meets age and premium requirements and can answer “no” to a short series of medical questions, they may qualify in just minutes. Eligibility is subject to meeting Liberty Life’s qualification requirements. Additional underwriting is required if the application does not qualify for a 10-minute approval decision. Availability and features may vary by state.

Details

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  • Annual Payment Discount - 7%
  • Payment methods available - Check; Auto bank draft (for monthly payments only); Credit card only for first payment
  • Is coverage available without a medical exam? - Yes, up to $250,000
  • What is the rule for converting the policy? - The policy is convertible up to the last 5 years of the policy term.
  • Is temporary coverage available? - Yes, up to the face amount applied for

Riders

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Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.

  • Child Protection Rider - Provides life insurance coverage for all eligible children. Minimum $10,000 and maximum $25,000; base insured issue ages are 18 - 55 years old.
  • Disability Income Rider - If you become totally disabled as a result of a qualifying event, you will not have to pay premiums for a fixed period of time. Payable if insured is unable to perform own occupation for two years following disability, and any occupation insured is reasonably suited for thereafter. Subject to rider terms and conditions, and available for issue ages 18-55 years old.
  • Accelerated Death Benefit Rider - Allows you to receive a portion of the death benefit if you are diagnosed with a qualifying terminal illness. This benefit will be added to the contract at no additional charge unless the contract owner declines it at time of application. Owner can elect to accelerate up to 90% of the death benefit ($250,000 maximum).
  • Accidental Death Benefit Rider - Pays an additional death benefit on top of the base policy’s death benefit if the death resulted from qualifying accidental injuries. Maximum is lesser of face amount of base policy and $250,000. Issue ages are 18 - 55.