Freedom Life Insurance Company Review (2022)
Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.
Not only does he strive to provide you with the …
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Written by
Jeffrey Manola
Founder & Licensed Agent
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs.
She has since used that knowledge in her more than ten years as a writer, largely in the insur…
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Reviewed by
Leslie Kasperowicz
Farmers CSR for 4 Years
UPDATED: Feb 15, 2022
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Facts You Should Know
Freedom Life Insurance only offers one plan
Freedom Life Insurance doesn’t offer any riders
Freedom Life Insurance is rated an A by A.M. Best
The USHealth Group provides term life insurance quotes through Freedom Life. The company offers one policy and doesn’t offer any riders. Freedom Life is rated an A by A.M. Best and has received fewer complaints than other competitors.
Knowing more about Freedom Life will help you decide if the company is the best option.
Before starting this Freedom Life Insurance review, enter your ZIP code to get free life insurance quotes in your area.
Who is Freedom Life Insurance?
The Freedom Life Insurance Company of America began in 1966 as a wholly-owned subsidiary of the USHealth Group. Its headquarters are in Fort Worth, Texas, the same city as its parent organization.
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What are the Freedom Life Insurance rates?
Life insurance companies use various factors when determining rates. These factors allow companies to assess a customer’s health conditions to determine rates. Some of the common elements used when evaluating customers include:
Age
Gender
Occupation
Overall health
Hobbies
Freedom Life Insurance doesn’t provide life insurance quotes online. The best way to determine how much you’ll pay is to look at average rates. The company offers a 10-year term life plan, so we’ll look at that policy and term length.
The following chart shows the average annual rates for a male 10-year term life policy by value.
Male Average Annual Freedom Life Insurance Rates for a 10-Year Term Life Policy by Coverage Value
AgeAverage Annual Rates for a $250,000 PolicyAverage Annual Rates for a $500,000 PolicyAverage Annual Rates for a $1 Million Policy
30$132$216$312
40$192$276$420
50$324$564$972
60$768$1,392$2,676
70$2,292$4,368$7,596
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The following chart shows the same information for a female.
Female Average Annual Freedom Life Insurance Rates for a 10-Year Term Life Policy by Coverage Value
AgeAverage Annual Rates for a $250,000 PolicyAverage Annual Rates for a $500,000 PolicyAverage Annual Rates for a $1 Million Policy
30$132$180$264
40$168$264$336
50$300$432$756
60$528$948$1,800
70$1,440$2,544$4,500
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The charts reflect the differences in rates for males and females. Additionally, rates may increase with age and as the coverage value increases.
How can you save on coverage?
Customers can find affordable rates, but the company also provides additional ways to lower rates. Customers can save with Freedom Life Insurance by:
Practicing health and wellness activities
Maintaining a relatively healthy lifestyle
Working in a low-risk occupation
Since these decisions promote overall health and wellness, reducing a person’s risk of death, the company may provide lower rates. In some cases, the rates for these customers could be less than for a similar customer who doesn’t follow these healthy practices or doesn’t inform their health insurance company about them.
What coverages are offered by Freedom Life Insurance?
Freedom Life Insurance offers one life insurance plan, and this term life option is called LifeProtector, a 10-year term. While the company doesn’t provide any permanent life policies, its term life plan is renewable up to 70 years of age.
The company’s monthly rates range from $10 to $50 monthly. As a result, the company may be cheaper for high-risk applicants. However, it may be more expensive for low-risk applicants who might otherwise find coverage for less than $10.
A disadvantage of a term life plan is that the company only provides a death benefit during the term. So, if the term expires and you don’t renew, your beneficiary won’t receive a payout. This limited coverage differs from permanent plans that cover a person for the remainder of their life.
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Does Freedom Life Insurance offer any riders?
Most life insurance companies offer customers multiple options to add to a policy. These options are called riders and allow policyholders to customize a policy to meet their needs, such as covering a spouse or child.
Freedom Life Insurance doesn’t offer any riders, and customers will only receive the coverage provided by the term life policy. In some cases, this means that customers might not be able to obtain additional coverage.
Additionally, most companies offer an accelerated death benefits rider that allows customers early access to their death benefit if they have a terminal illness. However, even this rider is not available.
How is Freedom Life Insurance rated?
Credit rating agencies review insurance companies and rate them based on their financial strength. These ratings allow customers to determine the likelihood of receiving a payout when they file claims.
Freedom Life Insurance has been rated an A by A.M. Best, the most trusted agency. A.M. Best is the only agency that has reviewed the company, but the rating is excellent and indicates that the company will provide a payout in most situations.
The Better Business Bureau (BBB) also rates companies based on their business practices. These ratings indicate the transparency and trustworthiness of companies when dealing with customers.
Freedom Life Insurance was rated an F by the BBB. This rating is the lowest given and indicates that current and former customers have expressed concerns with the company’s customer service.
Does Freedom Life Insurance have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints made about insurance companies. These reviews allow potential customers to determine the quality of service they’ll receive.
As of this review, the BBB received 92 complaints about the Freedom Life Insurance Company during the past three years. There are also 98 reviews on the BBB website, which have an average of one out of five stars.
The NAIC shows that Freedom Life Insurance has 15 complaints. The company’s complaint index ratio is 1.05, indicating slightly more complaints than the average company of a similar size.
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How can you buy Freedom Life Insurance?
Customers can buy a Freedom Life insurance policy by filling out a short quote form on the company’s website. After submitting the form, an agent will call you to ask additional questions, and the answers will allow the agent to provide an accurate quote.
If you accept the quote offered by the company, you’ll have to provide some more information before the policy is active. Like other insurance companies, the policy goes into effect when the company receives the first payment.
How can you file Freedom Life Insurance claims?
Freedom Life Insurance allows customers to file claims online or by phone. Customers can file online claims by filling out a claims form located on the company’s website. Those that prefer to file by phone can call 800-387-9027.
In most cases, the company pays claims within 30 days of filing, and this timeframe is what you’ll find from most competitors.
How can you contact Freedom Life Insurance?
Customers seeking additional information can reach the company by phone at 800-387-9027. Representatives are available during business hours, which include:
Monday through Friday between 7 a.m. and 7 p.m. (CST)
Saturday between 8 a.m. and 1 p.m. (CST)
You can also reach the company online by filling out a contact form or emailing Freedom’s parent company at [email protected] However, customers that want to cancel a policy must call a representative during business hours.
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What are the pros and cons of Freedom Life Insurance?
Every insurance company has pros and cons that customers should consider. Knowing these pros and cons will help you determine if the company fits your needs.
Positives of Freedom Life Insurance include:
Various insurance options
Low complaint index ratio
While Freedom Life only provides one life insurance option, the USHealth Group offers different types of insurance. These additional coverages include Freedom Life health insurance, accident protection, dental coverage, and vision insurance.
Buying different types of insurance with the USHealth Group and Freedom Life might result in a discount. When inquiring about coverage, asking about these potential savings will help you decide if you should buy additional insurance.
Cons of Freedom Life Insurance include:
One life insurance option
Insurance may be unavailable in some states
No riders
The company only offers term life insurance and only one term length. Additionally, the lack of riders means that customers can’t customize their policy. Coverage is available in most states but is unavailable in some areas.
Freedom Life Insurance: The Bottom Line
Freedom Life Insurance is a subsidiary of the USHealth Group, providing 10-year term life insurance plans. The company doesn’t offer any riders, has few complaints, and is rated an A by A.M. Best.
Learning more about Freedom Life Insurance will help you decide if the company fits you.
Now that you know about Freedom Life Insurance enter your ZIP code to find free life insurance rates in your area.
