Freedom Life Insurance Review 2020
By James Tobin, CFP®
Last Updated on
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Expert Review Of Freedom Life Insurance
Freedom Life Insurance is a member of the U.S. Health group insurance services family.
This review will address company history, financial ratings, and the positives and negatives of the Freedom Life Insurance.
Additionally it will address some specific situations where it may make more sense to go outside the Freedom Life Insurance family of products.
The goal is to make sure that you get the policy that provides you the most value.
Freedom Life Insurance Company History
Founded in 1956 Freedom Life Insurance is a micro insurance carrier. Freedom Life Insurance itself, accounts for approximately $61,200,000 a year in US premiums or well less than .01 % of the overall market.
The Freedom Life Insurance Company is subsidiary of US Health Group.
USHealth Group is a primarily broker of group health insurance plans. Freedom life Insurance is one of the distributors of health plans. Freedom life insurance sells term life insurance as an ad don product to it's health offerings.
Freedom Life Insurance also add on products such as dental and accident insurance.
Freedom Life Insurance Company Life Insurance Company Ratings
The Freedom Life Insurance Company company parent USHealth Group received a positive financial stability rating from AM Best,. However, the carrier is not covered by the other agencies.
A.M. Best Company: USHealth Group rating given by A.M. Best was"B'.
Moody's Ratings: Freedom Life Insurance Company was not rated by Moody's.
S&P Ratings- Freedom Life Insurance Company company was not rated by S&P.
Comdex Score- N/A
Freedom Life Insurance Term Insurance
Freedom Life Insurance offers term insurance in ten year renewable terms. This product LifeProtector is the only life insurance sold by Freedom Life Insurance.
Freedom Life Insurance LifeProtector product is a guaranteed issue product with 'no exam" and thus, quick and convenient.
This product ceases at age 70 and has waiting periods consistent with guaranteed issue products.
Other Freedom Life Insurance company Products
Freedom Life Insurance is primarily group health care insurance provider.
additional products sold (other than life insurance) are
- short term disability
Freedom Life Insurance Company Rates
Freedom Life Insurance Company company markets it's products directly both though Freedom Life Insurance agents and independents.
Because Freedom Life Insurance LifeProtector is not carried by independents at this time , you will need to go to the the USHealth Group web site and contact an agent to get a quote.
You may need to set up an appointment through a representative as there is no online quote path.
Are Freedom Life Insurance rates competitive?
Hard to say...but not likely.
Probably not the answer you were looking for, I know. It is however, the truth.
Because Freedom Life Insurance Company does not make it easy for the public to access rate information, it is difficult to make apples to apples comparisons.
However, it has been our experience that companies that offer a thin product line and that are not conveniently transparent with pricing, are seldom the price leaders.
Term insurance sold as a guaranteed issue product fits only a very small niche of clients who are experiencing serious health issues and need some insurance now.
For clients in all but the most dire health issues, it is worth shopping. With few exceptions, the best priced carriers are willing and, in fact, eager to be compared with other carriers.
Examples of "price busters" are Banner Life and Protective Life.
Carriers that may cost more but are more lenient in underwriting are Prudential and Mutual of Omaha.
Cases Where Freedom Life Insurance Company Is Not A Great Choice
To be perfectly frank, it's hard to find a situation where Freedom Life Insurance would be a great fit. The convenience factor of a guaranteed issue product not needing a medical exam is available with more transparently available carriers.
If you have a specific condition, you are best off speaking with an independent agent to find out which carrier will give you the best chance to get approved at a great rate.
After all, different carriers have differing risk appetites for YOUR condition.
That being said, if you are using Freedom Life Insurance for other financial services, like group health care, and you find that the convenience is important to you, it may make sense to keep it all in one place.
Freedom Life Insurance Suicide Exclusions
The 2 year suicide clause that is part of all life insurance policies in the United States, is the same. (Note that some states use a 1 year exclusion)
Freedom Life Insurance Customer Service
The National Association of Insurance Commissioners reports a complaint index of 0.56 for Freedom Life Insurance (2018) . This below above the national average of 1 percent.
Additionally, while Freedom life Insurance is not rated by JD Power & Assoc., it's has a BBB rating of A+.
Freedom Life Insurance Contact Info
300 Burnett Street, Suite 200
Fort Worth, TX 76102-2734
The Freedom Life Insurance Review Final Verdict
Is Freedom Life Insurance right for you?It really all depends on your situation.
If you are looking for more than a 10 year renewable term policy (with a waiting period), the Freedom is not the carrier for you.
If you have notable health impairment(s), you will likely be better suited by shopping around on the open market where it is convenient to make apples to apple comparisons.
Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that Freedom Life Insurance can't offer.
However, if you happy with other services being being provided by Freedom Life , it may be convenient to keep things "in house".
Thank you for choosing the Life Insurance Help Desk to shop for life insurance.
Bonus: The most common mistakes people make buying life insurance and how to avoid them