When researching life insurance products, it’s easy to become overwhelmed with the amount of options available, especially if you aren’t sure what type of life insurance policy you need or product is best for your family. We understand how confusing and overwhelming it can be, so we are providing reviews on each life insurance company in the United States to provide an in-depth look at their financial strength, customer experiences, and product offerings to help you make the right choice for your family. Freedom Life Insurance makes it easy to make a decision, with just one option for life insurance and affordable coverage. If the 10-year term life insurance policy it offers fits your needs, contact an agent to get a quote and complete the application for their no exam life insurance policy. Continue reading to learn more about Freedom Life Insurance term life offering.
Here’s What You Need to Know About Freedom Life Insurance
Freedom Life Insurance offers a 10-year renewable term life insurance policy with economical pricing. The life insurance policy doesn’t offer riders or benefits, but can be combined with other USHEALTH Group products, like accident and illness coverage, disability, dental, vision, and health insurance.
Pros Freedom Life Insurance
1) Coverage is renewable to age 70: Freedom Life offers a 10-year term life insurance policy. After the 10 years, the policy is eligible to be renewed on an annual basis until you reach age 70 or coverage is no longer needed.
2) Easy to understand pricing structure: The base price for coverage is $10 and increases in $5 increments to a maximum monthly price of $50.
3) Simple cancellation: If you need to cancel, simply stop paying the monthly premium. A term life insurance policy has no cash value, so the policy will cancel without needing to fill out a form or make a phone call.
4) Excellent financial strength: Through its parent company, USHEALTH Group, Inc., Freedom Life has the backing of billions of dollars in assets, which means that when it comes time to pay out on claims, it’s able to without issue.
Cons Of Freedom Life Insurance
1) Only one option available: The only option for coverage with Freedom Life is a 10-year term life insurance policy.
2) No riders or benefits available: Unlike other life insurance companies, Freedom Life doesn’t offer any add-on benefits or riders like accelerated death benefit.
3) Not available in all states: If you’re looking for life insurance coverage with Freedom, it’s not available in all states. Those who live in California, the District of Columbia, Hawaii, Idaho, Massachusetts, Maine, Montana, New Hampshire, New York, New Jersey, North Dakota, Rhode Island, Vermont, Wisconsin, and the U.S. territories will have to look elsewhere.
4) Coverage is not transparent: While pricing is easy to find, it’s tough to find the coverage amounts provided for each price point. To get a quote, you have to reach out to a licensed USHealth Advisors agent.
What types of life insurance does Freedom Life Insurance offer?
Freedom Life only offers a 10-year term life insurance, renewable to age 70.
Freedom Life Insurance offers only one type of life insurance, the LifeProtector 10-year renewable term life insurance policy. The rate stays the same for the first 10 years, and then renews annually until you reach age 70 or cancel the policy.
Who is a good fit?
Someone looking for temporary coverage at an affordable rate who may not be in the best health. As a subsidiary of USHEALTH Group, Freedom Life offers group rates at an affordable cost after answering a few basic health questions.
How is Freedom Life Insurance Different?
Freedom Life makes the choice for life insurance easy by offering just one product at group rates. This plan can also be bundled with dental, vision, accident, illness, disability, and health insurance.
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What types of insurance can you purchase from Freedom Life Insurance?
Life Insurance Products Offered through Freedom Life Insurance
Freedom offers term life insurance, which is used for a temporary need like:
- Paying off student loans, mortgage, or other debt
- Paying for child(ren)’s education
- Replacing your income if you were to pass
- Provide a financial safety net for your family
With term life insurance, you keep the policy until it no longer makes sense or your needs have been met (children grown and moved away, debts paid off, retirement). If you’re looking for coverage to stay in place until you die, then a whole life or universal life insurance policy would be a better fit than a term life policy.
What Policies Does Freedom Life Insurance Offer?
Freedom Life’s LifeProtector insurance policy is a 10-year term life policy with the option to renew it annually until you reach 70 years old.
A Brief History Of Freedom Life Insurance
USHEALTH Group, Inc. has been in business since 1982 and is headquartered in Fort Worth, TX. Most known for their health insurance products sold through USHEALTH Advisor agents, the company also offers voluntary or supplemental benefit policies through their subsidiaries Freedom Life Insurance Company of America, National Foundation Life Insurance Company, and Enterprise Life Insurance Company. Through its subsidiaries, USHEALTH offers term life insurance, accident, sickness, disability, dental, vision, income protection, and critical illness policies.
The company saw early success but was on the brink of financial collapse due to lack of sales until President and CEO Troy McQuagge took over running the business. McQuagge’s reputation as a man able to bring remarkable turnarounds for dying businesses was put to the test when he was named head of USHEALTH Group, Inc. in 2014.
Under his leadership, the company has set multi-year sales records and seen a 25.3% 10-year compound annual growth rate. In 2019, less than 10 years after McQuagge became President, USHEALTH was able to break the $1 Billion mark for annual sales. For his efforts, McQuagge received the 2020 Gold Lifetime Achievement Stevie Award on behalf of USHEALTH Group, Inc.
Freedom life insurance products
Freedom Life Insurance is a wholly-owned subsidiary of USHEALTH Group. It offers high-deductible health insurance plans with the option to purchase supplemental benefits policies to bridge the gap left by the high deductible:
- LifeProtector 10-year term life insurance
- Critical Illness
- Specified Disease/Sickness
- Short Term Accident Disability Income
- Income Protector
Freedom Life Insurance coverage details and guidelines
Who Issues Their Policies
All products offered are issued and underwritten by Freedom Life Insurance Company of America, National Foundation Life Insurance Company, and Enterprise Life Insurance Company, available in 31 states.
How Do I Get An Online Quote Through Freedom Life Insurance?
There is no option for an online quote or life insurance needs calculator for Freedom Life Insurance. To get a quote for life insurance coverage, you must reach out to a USHEALTH Advisor licensed insurance agent.
How do I get a low rate?
Who is Freedom Life Insurance For?
Freedom Life Insurance is for people who don’t need a large amount of life insurance and only have a temporary need for it. The LifeProtector policy is a no frills, bare bones life policy without the option for riders or additional benefits. Those looking for permanent life insurance options, longer than 10 years of term coverage, or large amounts of coverage will have to get quotes with another life insurance company.
Who is the Ideal Freedom Life Insurance Applicant?
The LifeProtector policy offered through Freedom Life Insurance is a no exam life insurance policy. As long as you can fill out the paperwork, answer a few basic health questions, sign the application, and pay the premium, you can get coverage up to the maximum amount offered, with a $50 monthly premium cap.
What If I’m Not Perfectly Healthy?
Freedom Life Insurance is perfect for someone who isn’t in the best of health because there are few health questions to answer. As long as you are not currently hospitalized or have been diagnosed with cancer or another terminal illness, you are eligible for coverage. If you’re not perfectly healthy and only need a small amount of life insurance coverage, Freedom Life could be a good fit.
How to apply for life insurance with Freedom Life Insurance
Signing Up for Freedom Life Insurance
To sign up for Freedom Life Insurance, contact a USHEALTH Advisors agent. They can provide a quote for coverage and help you sign up for the coverage amount you choose.
How Does The Application Process with Freedom Life Insurance Work
To apply for coverage with Freedom Life Insurance, the process is fairly simple.
- Choose the amount of coverage you need.
- Complete the application and sign it.
- Pay the initial premium to bind the policy.
There is no medical exam for Freedom Life Insurance, so once the application is completed and the policy paid for, you just have to wait for it to be issued and sent to you.
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Freedom Life Insurance Financial & BBB Ratings
Knowing the financial strength of an insurance company is important because the better the company is doing financially, the easier they can pay out large life insurance claims and the less likely the company will close down, leaving life insurance customers without an active policy and scrambling to find new coverage.
As a subsidiary of USHEALTH Group, Freedom Life Insurance is able to use the parent company’s financial strength as well as their own. Neither entity has a rating with Standard & Poor’s nor Moody’s. Freedom Life has an A rating with A.M. Best, which shows the company has excellent financial strength to pay its obligations.
Freedom Life Insurance reviews and complaints
Freedom Life Insurance has mixed reviews online. Many complaints are targeted towards USHEALTH Group, Inc. products and not directly about the LifeProtector product. It has 1.5 / 5 stars on Yelp and 3.4 / 5 stars on TrustPilot. Most complaints found are directed towards the health insurance offered through the parent company.
The company also did not make the list on the 2020 JD Power U.S. Life Insurance study. This study lists the top 23 life insurance companies with the highest customer satisfaction index rating, with 763 being the industry average. For this year, State Farm has the highest rating, followed by Globe Life and Nationwide.
The National Association of Insurance Commissioners (NAIC) company complaint index for Freedom Life Insurance is 1.45, which is almost half a point higher than the average amount of complaints expected in the life insurance market.
Compare Freedom Life Insurance VS New York Life Insurance
Freedom Life Insurance only offers one type of life insurance whereas New York Life offers term, universal, variable, and whole life insurance products. It also offers long-term care and retirement income options. Like Freedom Life, New York Life only provides quotes through a registered agent. With fully underwritten life insurance products, New York Life can offer competitive rates based on the applicant’s health history and mortality risk, compared to Freedom Life’s no exam policy with general rates based on age and coverage amount.
Freedom Life Insurance Alternatives
With only one life insurance policy option and limited coverage amounts, Freedom Life isn’t the right fit for everyone’s life insurance needs. Our top pick for term life insurance needs is AIG Direct, offering term, whole life, and universal life coverage with riders and benefits. If you’re looking for an online quote to see how much coverage will cost with affordable rates, Haven Life is our preferred choice.
Freedom Life Insurance has only one type of life policy, a 10-year term eligible for renewal annually until you turn 70 years old, with coverage based on incremental premium amounts between $10 and $50, making it an easy decision for applicants. Freedom Life is a subsidiary of USHEALTH Group, Inc., which is financially strong. The LifeProtector insurance policy does not offer any riders or benefits, including an accelerated death benefit. Quotes are only provided through USHEALTH Advisors. As a no exam life insurance option, the rates are not comparable to fully underwritten life insurance products. Those who need longer term coverage or higher face amounts will need to look elsewhere for life insurance coverage.
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.