Liberty Mutual Life Insurance has been a giant in the insurance world for over 100 years and offers an array of policy options for all ages. It’s highly rated, with an A rating from the AM Best financial review among others.
Liberty Mutual life insurance is best for those who want to evaluate multiple types of policies at once and are looking for a quick decision.
Liberty Mutual Overview: Financial Strength, Availability, and History
Liberty Mutual, founded in 1912, still provides a multitude of insurance products for its customers 100 years later. According to YouGov, Liberty Mutual is the 12th most popular insurance brand among the many insurance companies, proving it continues to show strength among customers in the insurance world. Liberty Mutual has a long list of positive ratings, ranging from an A+ BBB rating to an A rating from the AM Best financial reviews. Liberty Mutual life insurance products are available across the country, making them a convenient option to consider as you’re shopping for life insurance.
- In business since: 1912
- S&P Global financial strength rating: A
- Moody’s financial strength rating: A2
- AM Best financial strength rating: A
- States served (availability): All, including Washington D.C.
Provider best for: Those who want quick underwriting decisions and are evaluating multiple options for life insurance policies.
|-Multiple insurance options (term, whole, universal) |
-Quick approval decisions
-Strong financial ratings
-No medical exam required for select policies
|-Not the strongest in customer service|
-Limited information via website
|AM Best Financial Strength Rating||J.D. Power 2019 Claims Satisfaction Study||NAIC Customer Complaints|
|Liberty Mutual||A||5||Fewer complaints than average|
All information accurate as of 06/17/2020
The Bottom Line
Liberty Mutual is a financially strong, highly rated insurance company offering a variety of options for policies. There is even a term life insurance option available without a medical exam, referred to as the Passport Term plan. For those looking for a speedy decision process, underwriting decisions can be made quickly. Although the website is lacking in substantial information and the customer service phone number requires multiple prompts to speak to someone, it’s still worth strongly considering Liberty Mutual for your life insurance needs.
We selected the best life insurance companies by first looking at each provider by market share to determine availability.
The top providers were then evaluated based on factors including the providers financial strength as indicated by organizations such as AM Best and Standard & Poors, customer service ratings and support, as well as average premiums.
Liberty Mutual FAQ
Customer service with Liberty Mutual can be challenging, and the website offers little information. However, the number of policy options available and the strong BBB and financial ratings make Liberty Mutual worth reviewing for your life insurance comparisons.
Liberty Mutual offers multiple policy options, including term life insurance, whole life, permanent, and universal. Liberty Mutual also offers deferred annuities and structured settlements to its policy lineup. There is a wide selection of riders, or options, available to further customize your policy.
Your monthly life insurance cost varies greatly depending on a number of factors: age, residence, tobacco usage, and the amount of coverage and policy term you’re considering. You can use Liberty Mutual’s easy coverage calculator to determine the amount of coverage you need. You can also input information for a more personalized quote. For example, a 43-year old, non-tobacco user female in very good health seeking $500,000 in term life insurance for 20 years can expect to pay $45.45 per month.
No, Liberty Mutual does not regularly pay dividends to its life insurance policyholders.
Liberty Mutual requires a medical exam for all life insurance policies. The exception to this is with the Passport Term series, available for term life insurance applicants. The Passport Term policy allows for a quick, 10-minute decision based on an online medical form only, and not a medical exam.
You can cancel your Liberty Mutual life insurance policy, but to do so, you have to call the customer service number. Canceling your policy online is not an option. Depending on which state you live in, there could be fees associated with canceling your policy.
With life insurance, a policy may have the option to automatically renew at the end of the term or convert to another policy without another medical exam. This is referred to as a conversion guarantee. This is an option available for multiple Liberty Mutual life insurance policies.