If you’re searching for a new life insurance policy, Freedom Life Insurance is one that you may be considering. You have so many options when it comes to choosing a life insurance company, and finding the perfect one for your needs can be tricky. Today we’re going to take a look at Freedom Life Insurance to see how their life insurance policies stack up against their competitors.
Table of Contents:
- About Freedom Life Insurance
- Types of Life Insurance Offered by Freedom Life
- Riders Available from Freedom Life
- Unique Features of Freedom Life Insurance
- Freedom Life Insurance Application Process
About Freedom Life Insurance
Freedom Life Insurance Co. is currently based in Dallas, Texas and was founded in 1956. They are currently a subsidiary of USHealth Group, which is also based in the Dallas-Ft. Worth area. They offer simple term life insurance plans as well as other types of insurance through their parent company. USHealth Group itself is part of United Healthcare, which is an even larger health insurance company.
Types of Life Insurance Offered
Freedom Life Insurance Co. only offers one type of life insurance. This plan is called LifeProtector and is a 10-year term life insurance plan. This means that the plan lasts for 10 years after the initial purchase date. If you outlive this 10-year term, you do have the option to renew, although your rates may go up. This particular policy is renewable up until the age of 70. This term life insurance policy is simple and affordable. The monthly premium ranges between $10 and $50. Your exact premium will depend on factors like your age, your current health status, and the death benefit amount you select.
This term life insurance policy does not come with any riders, so there aren’t any ways to customize your benefits. This also isn’t a guaranteed acceptance life insurance policy. You’ll need to go through a standard application process, and it is possible to be denied if the company considers you too risky to insure.
Although Freedom Life Insurance only offers one type of life insurance policy, they do offer many other types of insurance through their parent company, USHealth Group. These include a variety of different healthcare plans, with a focus on coverage specifically for severe injury and illness. USHealth Group also offers a few different types of accident insurance as well as dental and vision insurance.
Riders Available
One of the biggest downsides to Freedom Life Insurance’s term life insurance plan is that they do not offer any riders. Riders are used to customize a life insurance plan to better fit your unique circumstances. Plans like this one from Freedom Life Insurance are very limiting and may not offer the coverage that you and your family need.
Unique Features of Freedom Life Insurance
One of the most unique features of Freedom Life Insurance is that you can bundle your term life insurance plan with the other types of insurance that USHealth Group offers. USHealth Group offers a wide range of specialty health insurance plans. USHealth Group is also a part of United Healthcare, which is one of the largest health insurance providers in the United States and offers more standard health insurance plans. Through this network, you can find a wide variety of health insurance plans.
Here are the plans that USHealth Group offers that you can bundle with your life insurance. Keep in mind that USHealth Group works with many different underwriters, so not all of these policies would be underwritten by Freedom Life.
PremierChoice PPO: Provides coverage for disease and accident-related care without a deductible.
SecureAdvantage PPO: Provides coverage for disease and accident-related care with a flexible deductible.
HealthAccess II: Provides fixed indemnity coverage with no deductible to support your main health insurance plan.
MedGuard: Provides critical illness coverage.
Accident Protector: Provides coverage for excess medical bills as a result of an accident.
IncomeProtector: Provides short-term disability coverage if you are injured in an accident and cannot work.
SecureDental: Provides family dental coverage.
Premier Vision: Provides comprehensive vision coverage.
If you need any of these coverage types, you can bundle them with your life insurance plan for more affordable premium payments. Most people won’t need this type of additional health insurance coverage, but they can provide peace of mind if you worry about healthcare emergencies.
Financial Ratings
Before purchasing any life insurance policy, it’s always helpful to check the company’s financial ratings. It’s important to make sure that your insurance company is stable enough to pay any claims that are made, especially during tough economic times. There are several companies that rate the financial stability of insurance companies, with A.M. Best being the most well-known.
Out of all of USHealth Group’s subsidiaries, Freedom Life Insurance has the best A.M. Best Rating. They currently have a rating of A- and have been upgraded in recent years. While A- is not the highest rating possible, it does indicate that Freedom Life Insurance will be able to pay their claims out even in the event of an economic downturn.
Reviews of Freedom Life Insurance
Another thing to consider when shopping for life insurance is the reviews the company receives online. These reviews can give you an idea of the experiences other customers have had with that company and what to expect if you purchase a policy. However, it’s also important to take reviews with a grain of salt, as experiences can vary widely from person to person.
Freedom Life Insurance is not currently accredited by the Better Business Bureau. When you visit their listing on the BBB website, you will find mostly negative reviews. These reviews cite poor customer service and unclear coverage terms from both Freedom Life and USHealth Group. When you visit their listings on other review sites, such as Yelp and Google Business, you will find negative reviews there as well.
While these reviews reflect the experiences of individual customers, it’s still important to take them into consideration when shopping for life insurance. So many negative reviews typically indicate a pattern of poor customer service that future customers are likely to experience as well.
Another factor to look at is Freedom Life Insurance’s complaint ratio. This statistic reflects the number of complaints the insurer receives relative to the number of overall customers. It indicates whether they get an above-average or below-average number of complaints for their size. Right now, Freedom Life Insurance doesn’t have any complaints on record with the National Association of Insurance Commissioners, which puts their complaint ratio far below average for a company of their size.
Freedom Life Insurance Application Process
Freedom Life Insurance doesn’t provide much information about their application process online, which makes it difficult to know what to expect ahead of time. They don’t offer any automatic pricing tools or live chat on their website, which can make things challenging if you are trying to compare prices. To apply, you will need to fill out a quote form on their website with some basic demographic information as well as information about the coverage you need. Once you’ve submitted the form online, an agent will contact you directly to finalize the application process.
Since Freedom Life Insurance does not offer direct issue life insurance, you will need to go through an assessment before they will issue a policy for you. You will likely need to answer a detailed questionnaire about your current health status and lifestyle, and you may need to undergo a medical examination as well. Life insurance companies use this information to determine how risky you are to insure and then set your premiums. You can also opt to integrate your life insurance policy with any of USHealth Group’s other insurance options.
Once you have a policy from Freedom Life and USHealth Group, you will be able to create an account on their website. You will then be able to go online and pay bills, review your policy, and more. You can also continue to manage your policy through your agent. To file and track claims, you will need to contact customer service, which is available from 7 AM to 7 PM Monday through Friday Central Time, as well as 8 AM to 1 PM Saturday. You can contact customer service via phone or email. Since this is a simple term life insurance policy, you can cancel your coverage simply by stopping your premium payments.
Is Freedom Life Insurance Legit?
Yes, Freedom Life Insurance is a legitimate insurance provider. As a subsidiary of USHealth Group, they are part of a larger organization that has proven itself as a trusted insurance provider. If you already have supplemental health insurance through USHealth Group and are looking for an easy way to add life insurance coverage to your policy, Freedom Life Insurance could be a good fit for you.
However, there are also many things to be wary of with Freedom Life Insurance, as this company isn’t going to be the right fit for everyone. Freedom Life only offers one type of life insurance, so anyone looking for whole or universal life insurance coverage isn’t going to find what they are looking for here. Additionally, Freedom Life Insurance only offers 10-year terms, and they don’t have any guaranteed issue options for older adults. A lack of riders available makes it even more difficult to customize your policy.
On top of that, Freedom Life Insurance gets very poor reviews for its customer service. They also do not have an efficient online application process. If you are looking for an insurance provider that offers a lot of communication and support, this likely isn’t going to be the best option for you. If you do opt to go with this provider, you’ll need to be aware that previous customers have experienced very long wait times and unclear communication from Freedom Life Insurance.
When looking for an insurance provider, you’ll want to get quotes from several different companies to see which one can offer you the best rate. Each company has its own methodology for calculating insurance rates, which means that you could get different quotes for similar policies across insurance providers. Keep in mind that the cheapest policies are not always the best – you’ll want to look for a company that provides plenty of value for money.
If you are really struggling to find the right insurance company for your needs, you may also want to consider working with an insurance agent. Independent agents are very familiar with the broader insurance market and can even help you find policies you wouldn’t have been able to find on your own.
