Updated March 13th 2019

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, just 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 Whole Life Insurance

Company overview

Liberty Mutual is one of the largest insurers in the U.S. Currently ranked #78 in Fortune 500 list. Liberty Mutual has been around since 1912. They offer a wide range of products, including whole life insurance.

Ratings

  • A.M. Best Company rating: ‘A’
  • Standard and Poor’s rating: ‘A’ (Strong)

If you want more information on the Ratings for Liberty Mutual 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

Whole life insurance offers guaranteed premiums that never go up in price, and a guaranteed death benefit.
Here is a list of Liberty’s whole life products. Death Benefits start from $250,000 up if you are under age 65. From age 66 your death benefit could be as low as $15,000.
The main difference on these products if how long you pay for them:
  • 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 a good 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 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.
  • Liberty Series Estate Maximizer Next Generation ® 1, 2 : Whole life insurance that you buy with just one payment, then you keep the insurance forever. It’s mostly used for estate planning, or transferring money from one generation to the other.
Most companies have a very similar product list. Depending on what your goals are, one of these products may fit your scenario better. 

Simple or Full Underwriting

You can elect to do a simplified issued or fully underwritten policy with all of Liberty Mutual’s whole life products. Simplified issue means that you will be asked a few questions and you will get an answer in 10 minutes.

So if you are in a hurry to get your whole life, then it can be a good option. Also you can elect to do an e-application which will save you time. 

Riders

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 an 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

Pros

Liberty Mutual is a strong company, and recognized name. Great for pure death benefit that lasts for ever. 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.

Cons

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.  

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:

  1. Fill out a contact form online
  2. Give all of your information to an agent that will call you constantly
  3. Wait until an agent calls you, and you speak to him
  4. Request a quote from an agent
  5. Wait to receive all the quotes
  6. 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. 

Alternative Options

As we already mentioned if you want to build Cash Value, then probably Liberty Mutual shouldn’t not be your go to. Here are 2 good options that you could consider: Penn Mutual and MassMutual.

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.

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