Liberty Mutual Life Insurance Review [2024]
Liberty Mutual life insurance policy options include term life insurance, whole life insurance, and fixed annuities. Liberty Mutual has strong financial strength ratings via A.M. Best and other rating agencies. However, Liberty Mutual appears to have customer service concerns according to the company's NAIC Complaint Index and J.D. Power. You can most likely find a more affordable term life insurance policy with a different life insurance company.
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Justin Wright
Licensed Insurance Agent
Justin Wright has been a licensed insurance broker for over 9 years. After graduating from Southeastern Seminary with a Masters in Philosophy, Justin started his career as a professor, teaching Philosophy and Ethics. Later, Justin obtained both his Property & Casualty license and his Life and Health license and began working for State Farm and Allstate. In 2020, Justin began working as an i...
Licensed Insurance Agent
UPDATED: Jun 22, 2023
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Jun 22, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Liberty Mutual offers whole life insurance, term life insurance, and fixed annuities as life insurance options
- Liberty Mutual’s financial strength ratings via A.M. Best and other rating agencies suggest that the company is in excellent financial standing
- Liberty Mutual’s NAIC Complaint Index score is over six times the industry average
Whether you’re shopping for whole or term life insurance, Liberty Mutual is an established, reliable insurance company worth considering. But is it the right company for you?
It’s easy to be misled by insurance companies. We’ll provide the Liberty Mutual life insurance essentials, including rates, ratings, reviews, and products offered.
Continue scrolling to learn more about Liberty Mutual life insurance or enter your ZIP code to get free quotes from the leading life insurance companies in your area.
Should I buy Liberty Mutual life insurance?
Liberty Mutual is a well-known insurance company that offers many different insurance products. While the company specializes in auto insurance, it also offers property, life, pet, business, and many other forms of insurance.
Liberty Mutual was founded over 100 years ago and continues to be a leader in the insurance industry. According to the Insurance Information Institute, Liberty Mutual is a top-10 auto, property, and homeowners insurance company in the United States.
Unfortunately, Liberty Mutual isn’t a leading life insurance company. However, it’s still a stable and reliable company that is worth considering. Liberty Mutual offers three life insurance policy options.
These options are term life insurance, whole life insurance, and fixed annuities. Fixed annuities are investment opportunities, while term life insurance is purchased strictly for a death benefit.
Whole life insurance policies tend to fall somewhere in between, as they have a cash value component that may be accessible depending on your policy details.
Most people tend to seek term life insurance policies because they are more affordable on a monthly basis.
How much does a Liberty Mutual life insurance policy cost?
It would be challenging to identify the rates for a Liberty Mutual whole life insurance policy since the cash value component makes the rates somewhat unpredictable.
There are already an assortment of life insurance pricing variables to consider like age, gender, and smoking status. Term life insurance rates tend to be more clear when keeping those in mind.
Sample Liberty Mutual Life Insurance Rates for a 20-year, $250,000 Policy
| Age | Male Non-Smoker | Male Smoker | Female Non-Smoker | Female Smoker |
|---|---|---|---|---|
| 25 | $33.30 | $70.43 | $23.40 | $44.10 |
| 30 | $33.75 | $71.55 | $25.20 | $50.40 |
| 35 | $39.60 | $82.58 | $30.15 | $66.15 |
| 40 | $55.13 | $125.33 | $42.53 | $97.65 |
| 45 | $78.53 | $192.60 | $62.33 | $146.70 |
| 50 | $144.68 | $342.68 | $107.78 | $238.73 |
| 55 | $220.95 | $499.05 | $149.85 | $324.68 |
| 60 | $399.83 | $818.10 | $250.65 | $551.48 |
You’ll see above how the Liberty Mutual life insurance rates can change between genders, by age, and for smokers. It’s not uncommon for smokers to pay two or three times as much for life insurance.
When buying life insurance, you’ll find that it’s almost guaranteed that men will pay more than women. Some companies will weigh gender more than others, however.
Comparison of Liberty Mutual Life Insurance Rates to Leading Competitors for 20-year, $250,000 in Coverage
| Age | Liberty Mutual | John Hancock | MassMutual | Prudential | State Farm |
|---|---|---|---|---|---|
| 25 | $33.30 | $14.21 | $15.00 | $18.16 | $23.27 |
| 30 | $33.75 | $14.79 | $15.23 | $19.03 | $24.59 |
| 35 | $39.60 | $16.86 | $15.88 | $19.25 | $26.09 |
| 40 | $55.13 | $22.09 | $20.68 | $21.00 | $33.72 |
| 45 | $78.53 | $31.54 | $32.40 | $23.63 | $45.47 |
| 50 | $144.68 | $49.24 | $47.63 | $31.28 | $69.59 |
| 55 | $220.95 | $78.24 | $73.73 | $42.88 | $105.72 |
| 60 | $399.83 | $116.99 | $125.73 | $66.28 | $183.79 |
| 65 | N/A | $202.24 | $243.18 | $119.66 | $323.42 |
While you may have thought Liberty Mutual’s life insurance rates were reasonable initially, here you’ll see that you might pay quite a bit more for a Liberty Mutual life insurance policy.
In some cases, men can expect to pay roughly three times as much for a term life insurance policy compared to industry competitors. You can expect similar trends for women as well.
The sample rates could be one reason why Liberty Mutual isn’t as big of a contributor in the life insurance market. In case you have limited options in your area, we’ll still break down the Liberty Mutual life insurance reviews.
Does Liberty Mutual life insurance have good ratings?
It’s surprising to see that Liberty Mutual is so much more expensive than many industry competitors. Even so, many people find peace of mind knowing that a local insurance agent is nearby if they need help.
In these situations, Liberty Mutual might be one of the only options in the area. If that’s the case, you’ll still want to know that your money is in safe hands.
Liberty Mutual boasts the following ratings for financial strength and customer service:
- A.M. Best: A
- S&P: A
- Fitch: A-
- Moody’s: A2
- BBB: A+
- NAIC Complaint Index: 6.27
There is a mixed bag of results relating to Liberty Mutual’s ratings and reviews. The positive is that Liberty Mutual has excellent financial strength ratings across the board.
A.M. Best, Moody’s, Standard & Poor’s, and Fitch are all reputable rating agencies that have suggested you can trust Liberty Mutual from a financial standpoint.
What’s concerning is Liberty Mutual’s NAIC Complaint Index score, which suggests that the company fields six times as many complaints as the industry average.
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This is a huge asterisk on Liberty Mutual’s insurance ratings. It’s worth noting that these complaints are likely combined for all of Liberty Mutual’s products and not solely for its life insurance policies.
Even so, Liberty Mutual’s customer satisfaction ratings via J.D. Power are consistently below average for auto insurance. It seems evident that Liberty Mutual has some customer service issues.
More About Liberty Mutual Life Insurance
Liberty Mutual does have an assortment of life insurance products that could be considered options for anyone in need of a policy. The company offers standard and simplified issue or no medical exam life insurance policy options.
You will find some added convenience if you take advantage of the Liberty Mutual mobile app where you can make payments and see policy details. Your Liberty Mutual life insurance login can be used via the app or online.
It’s nice to know that you can file and submit a claim with Liberty Mutual online. Some life insurance companies still rely on snail mail to process claims, which can be very time consuming.
To make matters more convenient, you’ll be able to track claims progress online or via the mobile app.
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Liberty Mutual Life Insurance: The Bottom Line
Liberty Mutual is a large insurance company that offers term and whole life insurance policies. If you’re looking for the cheapest life insurance policy, you might want to look elsewhere.
It’s unlikely that a Liberty Mutual life insurance policy will be the cheapest option, but the company does seem to be reliable. Before you go, enter your ZIP code to get free quotes from the best life insurance companies near you.
Frequently Asked Questions
What is Liberty Mutual life insurance?
Liberty Mutual life insurance is a type of insurance coverage that provides financial protection to your loved ones in the event of your death. It offers a lump sum payment, known as a death benefit, to your beneficiaries upon your passing. This benefit can be used to cover expenses, replace lost income, pay off debts, or provide financial security for your family’s future.
What types of life insurance does Liberty Mutual offer?
Liberty Mutual offers several types of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. Term life insurance provides coverage for a specific term, typically 10, 20, or 30 years. Whole life insurance offers lifelong coverage with a cash value component. Universal life insurance combines a death benefit with the ability to accumulate cash value over time.
How much life insurance coverage do I need with Liberty Mutual?
The amount of life insurance coverage you need depends on various factors, such as your income, debts, dependents, future financial goals, and existing savings or investments. Liberty Mutual provides tools and resources to help you determine your coverage needs, or you can consult with a Liberty Mutual representative who can guide you through the process.
Can I customize my Liberty Mutual life insurance policy?
Yes, Liberty Mutual offers options to customize your life insurance policy to fit your specific needs. You can choose the coverage amount, policy duration, and additional features or riders to enhance your coverage. Examples of riders may include accelerated death benefit, child rider, or waiver of premium. Discuss your customization options with a Liberty Mutual representative.
How do I apply for Liberty Mutual life insurance?
To apply for Liberty Mutual life insurance, you can start by getting a quote online or by contacting Liberty Mutual directly. The application process typically involves providing personal and health-related information, and in some cases, a medical exam or records may be required. Once approved, you will sign the policy documents and pay the premium to activate the coverage.
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Justin Wright
Licensed Insurance Agent
Justin Wright has been a licensed insurance broker for over 9 years. After graduating from Southeastern Seminary with a Masters in Philosophy, Justin started his career as a professor, teaching Philosophy and Ethics. Later, Justin obtained both his Property & Casualty license and his Life and Health license and began working for State Farm and Allstate. In 2020, Justin began working as an i...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.