Updated Jan 27th, 2020
In the next article, we will review Liberty Mutual Whole Life Insurance. If all you would like is a Liberty Mutual whole life insurance quote without having to jump hoops, use our quoter.
The life insurance is distributed by Liberty Life Assurance Company of Boston.
However, Liberty Life Assurance Company of Boston was acquired by Lincoln Financial Group to read their announcement go here:
“Effective May 1, 2018, Liberty Life Assurance Company of Boston (“Liberty Life”) became part of Lincoln Financial Group upon completion of a purchase and sale agreement between Liberty Mutual and The Lincoln National Life Insurance Company (a Lincoln Financial Group company).”
Liberty Mutual is one of the companies in our selected online whole life insurance quotes.
Liberty Mutual is one of the largest insurers in the U.S. Currently ranked #75 in the Fortune 500 list. Liberty Mutual has been around since 1912. They offer a wide range of products, from life insurance, disability insurance, car insurance including whole life insurance.
- A.M. Best Company rating: ‘A’
- Standard and Poor’s rating: ‘A’ (Strong)
If you want more information on the Ratings for Liberty Mutual to go here, note that they have a very long list of companies so it can be a bit confusing: All Of Liberty Mutual Ratings
Wide Range of Whole Life Insurance Products
- Liberty Series Whole LifeSM: Payments until age 100. This is the most common whole life insurance, and it’s the best product to get the maximum death benefit, but the worst for cash value.
- Liberty Series Life paid-up at 65SM: Payments last until age 65. Then you will keep your policy forever without any more premiums. If you want to use your whole life cash value for retirement purposes, then this product may be a good fit for you. It has the right balance between cash and death benefit.
- Liberty Series 20-year Payment LifeSM : Premiums for 20 years, then you keep our insurance forever. This product is better for cash value accumulation than a death benefit, and it is commonly used if the insured is a child.
- Liberty Series Extra Value LifeSM : A mix between whole life insurance and term life insurance that gives you more insurance for a cheaper price. You still have the benefits of whole life, but the term increases the death benefit.
Here are the available riders or features that you can add to your whole life:
- Children’s protection rider – This rider gives you the chance to add insurance on your kids.
- Disability waiver of premium – You will not have to pay premiums if you are totally disabled for 6 months.
- Accidental death & dismemberment – You can add more insurance in case of accidental death.
- Liberty’s Living Benefit – If you are terminally ill or can’t perform six of the activities of daily living, then you will be able to access up to 90% of the death benefit.
- Payor death & disability – You can protect the payor of the life insurance (if it is someone else than the insured).
- Guaranteed insurability option – This will give you the change to add more death benefit without having to go through underwriting.
All of these riders come with an added cost, so make sure you understand how they work and their value.
Liberty Mutual Whole Life Insurance Review
Liberty Mutual is a strong company and a recognized name. Great for a pure death benefit that lasts forever. However, if you want death benefit only for an affordable price, then Liberty’s whole life is a great choice. The simplified issue feature is a great choice for people that do not want to go through a full medical and underwriting.
Very low cash value accumulation. Liberty mutual whole life insurance does very poorly compared to their immediate competitors if you are looking for a savings vehicle.
Also, the death benefit in Liberty Mutual’s whole life doesn’t increase. In general, the performance of all of their whole life insurance products is sub-par.
Term Life Insurance Products
Liberty Mutual also offers term life insurance products.
Term life gives you:
- Guaranteed Level Premiums
- Coverage For Certain Years (10, 20, 30 years)
- Affordable Pricing
- Options To Convert To Whole Life
It’s a great option for people that want a large amount of coverage for a small price.
Liberty Mutual’s term life product is called: Liberty Series Passport Term.
You can get a simplified issue policy, which means that you will answer a few questions that will take you 5-10 minutes and if all goes well you can be approved immediately. However, they may make you do additional underwriting if your health isn’t the best.
Passport Term is available in Terms of 10, 15, 20, and 30 years.
Liberty Mutual Whole Life Insurance Quotes
Getting a quote for a whole life with Liberty Mutual will be just as hard, and time-consuming as with any company. Here are the steps:
- Fill out a contact form online
- Give all of your information to an agent that will call you constantly
- Wait until an agent calls you, and you speak to him
- Request a quote from an agent
- Wait to receive all the quotes
- Try to figure out what all of the different numbers mean
The process for applying is just as complicated as with most companies.
However, you could just get a quote from Liberty Mutual with us in seconds.
These 2 companies are just as respected and stable with great ratings, but you will accumulate significantly more cash value. They rank very highly on our cash value growth rankings.