Liberty Mutual Life Insurance Review
Liberty Mutual is among the leaders when it comes to home and auto insurance, but it occupies a much smaller corner of the life insurance market.
In our Liberty Mutual life insurance review, we detail the company’s performance, customer reviews, ratings, costs and other information to help you in your search for quality and affordable life insurance.
Who Took Over Liberty Mutual Life Insurance?
Prior to 2018, Liberty Mutual was a fixture in the life insurance industry. But that section of the business was acquired by Protective Life Corporation, which now underwrites the life insurance policies sold by Liberty Mutual.
What Kind of Life Insurance Does Liberty Mutual Sell?
Liberty Mutual offers the two most basic types of life insurance, term and whole, along with a fixed annuity product.
Liberty Mutual Term Life Insurance
Liberty Mutual offers two term life insurance products:
- Protective Series Passport Simplified Issue: Offers up to $250,000 in coverage without requiring a medical exam and term lengths of 10, 15, 20 or 30 years.
- Protective Classic Choice Term: Offers death benefits of $10 million or more with full underwriting and term lengths of up to 40 years.
Liberty Mutual Whole Life Insurance
Just as with term life insurance, Liberty Mutual offers two options for whole life insurance that offer permanent coverage:
- Protective Non-Participating Whole Life: Features level death benefits and all premiums and benefits guaranteed.
- Protective Series Whole Life Simplified Issue: Offers up to $250,000 with no medical exam, or essentially the permanent equivalent of the Passport term life product.
Liberty Mutual Fixed Annuities
This product provides a steady stream of income with tax-deferred interest with the ability to leave some cash value behind as a death benefit.
Liberty Mutual Riders
Liberty Mutual offers riders that include
- Accidental death (additional benefits paid in the event of an accidental death)
- Children’s term life (coverage for the children of the policy holder)
- Guaranteed insurability (increase the face amount of the policy without additional underwriting)
- Accelerated death benefit (access to benefits before death of a terminal illness)
- Disability waiver of premium (temporary halt of premiums if you become disabled).
How Much Does Liberty Mutual Life Insurance Cost?
Life insurance rates can vary according to several factors. The chart below illustrates a few sample term life insurance quotes taken from the Liberty Mutual online quote tool. The following quotes are for a non-smoking male of average height and weight in very good (but not excellent) health.
| Age | Term Length | Death Benefit | Monthly Premium |
|---|---|---|---|
|
30 |
10 20 30 |
$250,000 $500,000 $1 million |
$31.73 $32.40 $80.55 |
|
40 |
10 20 30 |
$250,000 $500,000 $1 million |
$35.55 $48.60 $143.55 |
|
50 |
10 20 30 |
$250,000 $500,000 $1 million |
$81.68 $123.30 $374.85 |
Is Liberty Mutual an A-Rated Insurance Company?
Liberty Mutual is an A-rated company with many of the leading credit agencies such as A.M. Best (“A” rating), Moody’s (“A2”), Fitch Ratings (“A-”) and Standard & Poor’s (“A”).
Liberty Mutual is accredited with the Better Business Bureau and maintains a B rating, while the life insurance arm of Liberty Mutual has a Consumer Affairs rating of 4.1 out of five stars.
In terms of customer service, Liberty Mutual underwriter Protective Life has a customer complaint rating that is better than the industry average, according to the National Association of Insurance Commissioners (NAIC).
J.D. Power ranked Protective Life as one of the top 20 life insurance companies in 2021, which is one of the highest insurance industry honors.
Is Liberty Mutual Life Insurance Right for You?
Liberty Mutual only offers a few different life insurance products available with limited riders. However, if you find what you need, Liberty Mutual offers competitive rates backed by strong financial ratings and a partnership with a well-reviewed customer service experience through Protective Life.
Connect with a licensed insurance agent to learn more about the life insurance policies that may be available where you live. A licensed agent can help you review and compare policies to narrow down your search for the best coverage for your needs.
