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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.

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

PolicyholderstooltipThis is how many active US life insurance customers this company insures.

6,200,000

AM BesttooltipA.M. Best is an independent rating agency that evaluates the financial strength of insurance companies. Ratings as of May 2016, on a scale from A++ to D.

A

BBB RatingtooltipBetter Business Bureau (BBB) is a non-profit that collects consumer feedback on businesses around the country.

A+

JD PowertooltipJ.D. Power and Associates is a global marketing information services firm that conducts surveys of customer satisfaction, product quality, and buyer behavior.

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?

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Pros:

  • Electronic application
  • Approval decision available within minutes

After you're a policyholder

How's the customer service?

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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

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

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.

  • checkmarkChild Protection RidertooltipMinimum $10,000 and maximum $25,000; base insured issue ages are 18 - 55.

    Provides life insurance coverage for all eligible children.

  • checkmarkDisability Income RidertooltipPayable 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.

    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.

  • checkmarkAccelerated Death Benefit RidertooltipThis 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)

    Allows you to receive a portion of the death benefit if you are diagnosed with a qualifying terminal illness.

  • checkmarkAccidental Death Benefit RidertooltipMaximum is lesser of face amount of base policy and $250,000. Issue ages are 18 - 55.

    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.

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