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Liberty Mutual life insurance review 2020

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This carrier keeps it simple by offering term and whole life insurance.

finder.com's rating: 3.5 / 5

★★★★★

  • Get a quote if… You want a basic term or whole life policy.
  • Choose a different provider if… You have more complex life insurance needs or want to invest your cash value more aggressively with a universal or variable policy.

18 to 70

Issue Age

$50,000 to $1,000,000

Coverage

Depends on policy

Medical Exam Required

Details

Free quote Online, Phone
Monthly cost Not listed
Policies Term, Whole, Fixed Annuities
Coverage maximum $1,000,000
Term lengths 10, 15, 20, 30 years
Riders Accelerated death benefit rider, Accidental death benefit rider, Child rider, Guaranteed insurability rider, Payor benefit rider, Waiver-of-premium rider
Medical exam required Depends on policy
Available states Nationwide
Issue age Not listed

Expert review

Amy Stoltenberg

Review by


Amy Stoltenberg writes about lifestyle and money for Finder, researching the best options for shopping, banking, insurance and authentic travel experiences. After studying writing and fashion at Savannah College of Art and Design, she worked designing apparel at a corporate behemoth before opting for a career with unlimited travel time. When her laptop’s closed, she can be found wandering the streets looking for happy hour and hole-in-the-wall eateries.

Expert review

Liberty Mutual is a financially strong insurer that keeps it simple with term and whole life policies. It offers convertible plans and a speedy application process — but if you’re looking for more policy options or prefer to manage your coverage online, it’s worth shopping around.

What type of life insurance does Liberty Mutual offer?

Liberty Mutual sticks to two basic policies:

  • Term Life. Typically the most affordable option, this policy is available in 10-, 15-, 20-, or 30-year lengths. It has a built-in conversion option, which means you can upgrade to a permanent policy before a deadline, and policyholders are eligible for a range of riders.
  • Passport Term. This simplified issue policy skips then medical exam, and qualifying customers can get their coverage approved within 10 minutes. Liberty Mutual issues policies worth up to $250,000, with the ability to convert up to the last 5 years of the term.
  • Whole Life. This policy offers lifelong coverage and has a cash value component. The cash value earns interest at a set rate, so it’s the least risky of all permanent policies.

What riders can I add to my life insurance policy?

Depending on your policy, you might be able to dress up your coverage with these add-ons:

  • Accelerated death benefit rider. Pays out up to 90% of your policy if you’re diagnosed with a terminal illness.
  • Accidental death benefit rider. Pays out an additional benefit if you die in an accident as specified in your policy.
  • Child rider. Covers a child or multiple children under your own term life policy, and offers coverage between $10,000 and $25,000.
  • Guaranteed insurability rider. This gives you the option to add more to the death benefit without needing to go through the underwriting process.
  • Payor benefit rider. Protects the person who pays for the life insurance — if it’s someone other than the insured.
  • Waiver-of-premium rider. Pauses your premiums if you become totally disabled for six months and can’t work.

How much does Liberty Mutual cost?

Your actual rate is determined by your factors such as your age, gender, health and the amount of coverage you want. According to our data, a 30-year-old nonsmoking male who lives in New York City would pay $36.09 a month for a $250,000, 15-year policy.

Compare life insurance rates

Compare quotes for life insurance policies starting at $15/month.

Pros and cons of Liberty Mutual

Pros

  • No medical exam option. If you need a policy now, you can bypass the medical exam and get instant coverage with Liberty Mutual’s Passport Term policy.
  • Built-in convertability feature. All term policies are convertible before a deadline, and you won’t pay extra for that feature.
  • Quick approval process. You can find out within minutes what your rate will be, and whether or not you’re approved.
  • Financial strength. Liberty Mutual has an A rating with AM Best, so you can rest assure it has the cash reserves to pay out claims.

Cons

  • Doesn’t specialize in life insurance. Liberty Mutual’s lineup is geared towards auto and property insurance, which may be why it has fewer life insurance policy options.
  • Less online flexibility. Some providers let you manage all aspects of your policy from your account; Liberty Mutual requires some things to be changed by mail or phone call.

Compare life insurance companies like Liberty Mutual

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Prudential
18 - 75 years old
$100,000
$10,000,000
10, 15, 20, 30 years
Yes
Customize your term life insurance with a long list of life and disability riders. Get a free quote on Policygenius.
Transamerica
18 - 75 years old
$25,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on policy
Purchase a policy worth anywhere from $25,000 to $10 million, with the option to skip the medical exam. Get a free quote on Policygenius.
MassMutual
18 - 80 years old
$2,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on policy
Purchase term life insurance up to age 80 with Finder's #1 ranked company. Get a free quote from this A+ rated insurer on Policygenius.
AIG
AIG
20 - 85 years old
$5,000
$2,000,000
10, 15, 20, 25, 30, 35 years
Yes
Buy term life insurance all the way up to age 85, and choose a policy that lasts up to an incredible 35 years. Get a free quote on Policygenius.
John Hancock
18 - 65 years old
$25,000
$1,000,000
10, 15, 20 years
Depends on policy
Score a low rate on term life insurance with discounts and rewards for your healthy habits. Get a free quote on Policygenius.
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Liberty Mutual reviews and complaints

Liberty Mutual is accredited by the Better Business Bureau (BBB) and holds an A rating for its customer engagement, though customers award the insurer 1 out of 5 stars. Most of their complaints seem to be case-specific, referencing claims that were handled in an unsatisfactory way — and the insurer responded to all complaints in a timely manner.

On TrustPilot, Liberty Mutual has 1.9 out of 5 stars as of October 2020, though most complaints revolved around its car insurance department.

How does Liberty Mutual protect my data?

Your info gets encrypted when it’s on its way from your computer to Liberty Mutual’s, which protects it from hackers. Once your data has reached its servers, Liberty Mutual uses a firewall to guard against intruders. Access to your info is only given to employees and authorized parties with “a legitimate and verified need to access the information” to help deliver your product or service.

How do I sign up?

To get a quote, follow these steps:

  1. On Liberty Mutual’s website, hover over Shop Insurance and select Life.
  2. Enter your ZIP code and hit Get a quote.
  3. Type in your gender, age, and whether or not you use tobacco.
  4. After you’ve read and agreed to the privacy policy, hit Get quote.
  5. The system will generate a list of suitable policy options for you. If you want to proceed, select Forward to Agent.

I’ve signed up. What happens next?

If you decide to move ahead with a policy, you’ll give Liberty Mutual your contact info and indicate when you want to talk. Then, an agent will call you to seal the deal.

More about Liberty Mutual

Founded in Massachusetts in 1912, Liberty Mutual originally focused on worker’s compensation before branching out to other types of insurance.

Today, it’s a Fortune 500 company and the third-largest property and casualty insurer in the US, offering coverage to people in 30 countries around the world. It sells auto, home, renters and condo insurance, among other financial policies products.

Frequently asked questions

Life insurance ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

Learn more about our methodology here.

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