Liberty Bankers Life No Exam Life Insurance Review

Liberty Bankers Life No Exam

Liberty Bankers Life No Exam Life InsuranceAlthough Liberty Bankers Life was originally founded in 1958 as Royal Oak Life Insurance Company, the company went through several purchases before it was sold to Heritage Guaranty Holdings in 2004.

Heritage then moved the company to Oklahoma and its new management team significantly expanded its product line.  Finally, at the end of 2011, Liberty Bankers Life separated from its former parent company and is currently owned by Liberty Life Group Trust, a Texas holding company.

Because the company was restructured and reinsured about $500 million of its annuity business, the company’s rating from A.M. Best was upgraded to a “B+” with a stable rating outlook.

Products Offered

Liberty Bankers Life (LBL) is one of the few insurance companies that have two sales divisions. One is the ordinary sales division which sells insurance products in a typical manner and collects premiums by check or electronic funds transfer.

The other division operates in a home service manner which means agents sell products directly to consumers and then collects the premium in person at the insured’s home or workplace.

LBL focuses primarily on final expense insurance policies that are designed to pay for funeral expenses or other expenses that are associated with end-of-life services and debt.

Ordinary Life Division Products

Life insurance products sold through the company’s ordinary life division include:

  • SIMPL (Simplifies Issue Market PermaLife) This is a no exam whole life insurance product with face amounts up to $30,000. Underwriting is done through an application, MIB check, and an RX check. Eligible applicants are age 18 to 80. In some situations, a telephone interview may also be required.
  • MWL (Modified Whole Life) Eligible applicants are age 40 to 80. Underwriting requirements are an application, MIB check, and RX check. This policy has a three-year waiting period. If the insured dies from natural causes, the death benefit will be the total of all premiums paid plus an additional 10%. Deaths resulting from an accident are covered from day one, and the full benefit is payable.
  • Group Flexible Life – This is a Universal Life policy that was designed to cover all members of a nation or tribe without regard to age or health status.
  • Flex4Life – This is a non-participating whole life insurance policy with a guaranteed death benefit, periodic premium, and cash value. Eligible issue ages are 18 to 80, and there is a juvenile version for age 0 – 15. The maximum death benefit for the non-medical policy is $250,000. A higher death benefit is available but requires a medical exam and blood/urine analysis.

Home Service Division Products

Life insurance products sold through the home service division include:

  • Simplified Issue Whole Life – This is a no exam whole life product with the rate classed based on health and lifestyle. Eligible applicants are age 66 to 80. The maximum face amount is $25,000 except for ages 66 through 80 which is $15,000. The policy is also available in the LP65 (life pay to 65) format and the 20PL (paid up in 20 years) format.
  • Modified Whole Life – The modified whole life product is available to applicants age 40 to 80. The policy has a three-year waiting period when the death benefit is equal to all premiums paid plus 10%. In year four, the full death benefit is paid, in year five it increases to 105% and then in year six, it increases to 110%. This policy is purchased primarily as a final expense product for applicants with significant health issues.

Pros and Cons of Liberty Bankers Life


Unlike many companies that have only one no exam life insurance option, Liberty Bankers Life No Exam Life Insurance offers several types of no exam products to choose from. The company also offers competitive products that are fully underwritten.

The SIMPL product is an all-around option for those looking for guaranteed premiums on a whole life policy that doesn’t require a medical exam or blood test

The company has a solid B+ rating and reports assets of over $1 billion for the last five years. This is an indication that the company is strong and capable of paying death benefits.


Like any insurance company, Liberty Bankers Life does not have the cheapest rates in every situation. Every case is different so look to an independent agent that represents multiple companies to find the most affordable rate for your individual needs.

Why Does No Exam Life Insurance Cost More

No exam life insurance rates are higher because the insurance carrier is accepting a partially unknown risk. Only when you are very healthy and agree to a medical exam and blood/urine analysis can you receive much better rates. Not everybody should consider no exam life insurance, especially when they want the lowest rates possible. But, if you have significant health issues or just prefer not to undergo a medical exam, no exam life insurance is a great alternative. You pay a little more, but you get what you need.

Should I Try a Fully Underwritten Policy First?

This is where an experienced and reputable agent can help you. If you are unsure which is the best route to take with your life insurance, call an insurance professional at LJM Insurance Agency and have a free consultation about your insurance needs.

Our insurance professionals frequently deal with hard to place cases and will offer the advice you need to make the best selection among the many insurance products available. We represent multiple carriers and will work diligently to find the most affordable insurance solution in the marketplace.

You will always have a greater selection of insurance companies and products when you deal with an independent agent like LJM Insurance rather than a company agent. We will always put your needs first, rather than the needs of the company. We encourage you to contact us through our website or call us during normal business hours at (844) 528-8688.