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.
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.
Our Take
Liberty Mutual has a near-instant turnaround time, and in most cases, applicants can expect an underwriting decision after a single phone call. Once you get the policy, you'll have to process updates via paper forms, but Liberty Mutual is regarded for strong customer service. Liberty Mutual's Simplified Issue product features two rate classes, making it a solid choice for applicants in average or better health, who want fast coverage without a medical exam.
Financial Strength
Founded
1912
Policyholders
6,200,000
AM Best
A
BBB Rating
A+
JD Power
N/A
Accolades
Liberty Mutual, the parent company of Liberty Life Assurance Company of Boston, was ranked #75 on the Fortune 500 in 2016.
Liberty Mutual plan details
Unique features
- 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.
When applying
How's the application process?
Pros:
- Electronic application
- Approval decision available within minutes
After you're a policyholder
How's the customer service?
What you can't do online
- Updating beneficiaries
- Changing address
- Changing payment info
- Policy cancellation requires notarized paper form
Sample Quotes
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
| Company | Plan | Male - Age 30 | Male - Age 40 | Male - Age 50 | Female - Age 30 | Female - Age 40 | Female - Age 50 |
|---|---|---|---|---|---|---|---|
| Liberty Mutual | Passport Term - Simplified Issue | $33.75 | $55.13 | $144.67 | $25.20 | $42.53 | $107.78 |
| Mutual of Omaha | Term Life Express | $35.96 | $64.44 | $139.37 | $34.18 | $60.88 | $131.19 |
| SBLI | Level Premium Term | $13.57 | $19.07 | $43.00 | $12.02 | $17.98 | $34.05 |
| Transamerica | Trendsetter LB | $46.28 | $79.65 | $155.84 | $37.68 | $63.82 | $119.89 |
Details
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
Available Riders
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.
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.
Accelerated Death Benefit Rider
Allows you to receive a portion of the death benefit if you are diagnosed with a qualifying terminal illness.
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.
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.
50 West 23rd Street, Floor 9
New York, NY 10010
Monday-Thursday | 9am-11pm ET
Friday | 9am-8pm ET
Saturday | 9am-9pm ET
Sunday | 10am-9pm ET
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Security you can trust
Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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