When it comes to Freedom life insurance Company of America, you will learn everything about the company and life insurance it provides to the customers. Freedom life insurance is an insurance company that is built with a simple business model and offering products to the customers through the short-term needs.
To get the details, let’s now read on our assessment on the reviews of Freedom life insurance Company of America.
- 1 About The Company
- 2 Pros of Optioning for Freedom Life Insurance Company of America
- 3 Cons of Optioning for Freedom Life Insurance Company of America
- 4 Complaint Index
- 5 Third-Party Ratings
- 6 The Policies Provided By Freedom Life Insurance Company of America
- 7 Freedom Life Insurance Coverage Types
- 8 Requirements to Purchase Freedom Life Insurance
- 9 Available Riders
- 10 Freedom Life Pricing
- 11 Customer Service
- 12 Conclusion
About The Company
Freedom life insurance Company of America was founded in 1966 as a micro-insurance carrier and a subsidiary of the health insurance company, USHealth Group. Freedom life insurance specializes only in a limited-term products of insurance policies, accounting for approximately $61,200,000 a year in US premiums. This is less than 0.01% of the overall market.
The Freedom Life Insurance provider is specified for its easy pricing structure and providing coverage that you can renew up to 70 age.
Freedom Life Insurance Company is best for people who want to purchase a no-frills and 10-year term policy and would talk to agent better than have the transaction online. However, if you are looking for a longer-period life insurance along with the other benefits, you may need to look for other options.
Freedom Life is insurer with strong finance but it has no significant problem dealing with the customers’ satisfaction.
Pros of Optioning for Freedom Life Insurance Company of America
In our Freedom life insurance company of America reviews, there are some reasons why Freedom life insurance Company of America becomes the best option according to the customers. First, it offers the most affordable option at which the policies start only at $10. This allows you to purchase 10 year of term coverage for between $10 and $50 per month depending on both your age and health status. However, you must ask an agent how much the coverage you are going to purchase so you can make a rate comparison to the other companies.
Second, this company receives only a fewer complaints that expected with the NAIC due to its company’s size. This is a good indicator that the company proves to be able to satisfy the customers well.
Third, the policies provided by Freedom life insurance Company of America is renewable to age 70. In comparison, others are only available for 10-year term.
The forth, which is the last but not least reason why people prefer this company to others is the fact that the company has superior financial strength ratings. These ratings are derived from the independent ratings agency AM Best.
Cons of Optioning for Freedom Life Insurance Company of America
As there are reasons why most people tend to purchase Freedom life insurance Company of America, there are also reasons why other people don’t. First, it offers only 10-year maximum term while other companies can offer the term up to 30 years. So, if you want to have a longer decade of term life insurance, you’ll need to choose another option for a term policy.
Second, the policies are not available nationwide. It only underwrites insurance policies in 33 states. Further, there isn’t any riders available, so, you cannot customize your policy even though you may be able to pay an additional cost.
The last but probably not the least reason why people tend to find another option for life insurance is no online quotes provided by the company. Though you can fill out the form contacted by an agent for purchasing a life insurance, in fact, you will not get a quote or purchase the life insurance online with U.S Health Group.
Why should we include complaint index in our Freedom life insurance company of America reviews? That’s because a complaint index will show you whether a life insurance company is satisfying or not.
Based on the National Association of Insurance Commissioner (NAIC), Freedom life insurance Company of America received only a fewer complaints from the customers than expected. The reports told that the complaint indexes are based on the number of complaints related to the insurer’s market share.
An index of 1.00 shows that the company receives just an expected number of complaints. On the other hand if an index is less than 1.00, it shows that the company receives only a fewer number of complaints.
In the past three years, Freedom life insurance Company of America received an average complaint index of 1.217, meaning that the customers are complaining less frequently than it is expected. Simple to understand, the Freedom life insurance Company is satisfying since there is not many problem reported.
Knowing the third-party ratings of a life insurance company is also crucial to know how far the company serves the customers well. In this regards, Freedom life insurance Company of America marks highly for financial stability viewed from the respected credit ratings agency AM Best.
Note, a good grade issued by AM Best is important since it shows that the company has a high likelihood of paying claims in the future. Typically, we don’t recommend any insurers that has score just below the A bracket. The highest AM Best must be A++.
In 2021, Freedom life insurance Company of America receives an A+ which is considered superior in its financial strength rating by AM Best.
The Policies Provided By Freedom Life Insurance Company of America
Now if you are interested in purchasing a life insurance from this company, make sure you check with the availability of what kind of policies that the company provides.
In this regards, Freedom life insurance Company comes with the term life insurance. This way, the term life insurance provided by this company is designed to last for a certain period of time instead of an entire life. With this policy, you can definitely purchase a policy that last from 10 to 30 years.
When the term comes to an end, you will probably be given an option to renew or extend the coverage. However, the rate will keep increasing from year to year based on your age.
Different from most other term insurers, Freedom life insurance offers only on term choice that is the 10-year renewable provided by the LifeProtector. This renewal can extend your coverage till you reach your 70.
The term life insurance doesn’t build the cash value. So, if you pass away and the policy isn’t in-force anymore, your beneficiaries will never receive the payout.
Freedom Life Insurance Coverage Types
Considering that Freedom life insurance Company is a micro-insurer, there is only limited product line available. Below are the only life insurance types that are currently offered by the company:
LifeProtector Term Life
LifeProtector term life is one of the plan offering the policyholders a premium set death benefit for an extended or renewable 10-year term. This plan features premiums which means the payments are guaranteed to stay similar throughout the contract.
This plan provides protection due to the unforeseen death for most basic obligations such as car payments, mortgage and educational expenses. In this case, there is no tax obligations so you are free of charge when it comes to pay the tax.
One thing to note, this plan doesn’t cover the death caused by suicide or cancer.
Based on the Freedom life insurance company of America reviews, IncomeProtector is a plan by Freedom life insurance company that is designed to help keep balancing the financial stability while you are suffering from a short-term disability because of the accidental body injuries.
This plan will replace your income from 3 up to 12 months. The elimination period is available at 14 to 30 days while the maximum payout can be received $1500 a month.
MedGuard is a plan of life health insurance that offers a lump-sum benefit payment as you are suffering from a critical illness. This way, you are permitted to spend your money anytime you want.
In addition, if you experience no critical health issues, a hundred percent of the benefit amount will be paid to your beneficiaries upon your death. One more, when this plan expires, you can renew it after 5 years.
Freedom life insurance also offers Accident Protector plan that provide coverage for any accidental death or dismemberment. This plan will be paid out between $2,500 and $15,000. Furthermore, this plan also covers the medical deductibles cost, copays and other insurance ineligible expenses.
Requirements to Purchase Freedom Life Insurance
The most common requirement for purchasing a life insurance is a medical exam. It is aimed for all plans. The second requirement is the minimum age that is 18 years old and the maximum age is 70 years old.
Currently, Freedom life insurance offers no riders, meaning that the riders are not available in this insurance company. So, if you think of having rider, well, you’ll need to look for anywhere else except that someone wants to access their death benefit early because she/he suffers from terminal illness or a long-term disability.
Today, the Freedom life insurance company of America reviews also include the information about the availability of riders by the company. Riders are the way to customize the policy of your insurance along with an extra coverage to meet many different kinds of needs such as the need to pause the premiums if you become disabled, provide coverage for your children, give access to cash if you are ill and etc.
However, we don’t seem finding the riders in Freedom life insurance company of America through the term policies provided.
Freedom Life Pricing
Once you are interested to purchase a Freedom life insurance and make a decision on which plan to opt for, the next thing you should check out is the pricing. Actually, there is no information from the company on its maximum and minimum policy sizes. However, the monthly payments are predicted to start at $10 to $50, growing by $5 per increment.
The company usually requires the customers to pay the premiums in advance. This way, the Freedom life insurance especially the premium options will enable the payments via check, an electronic draft, debit or credit card.
Customer service is the one that you should note the number since it provides an extended customer service hours from 7 a.m. to 7 p.m. CT on the weekdays. Meanwhile, on the weekend, the customer service will serve from 8 a.m. to 1 p.m. CT. To call the Freedom life insurance customer service, dial 1-800-387-9027 or email the company at [email protected].
All in all, you can learn everything about life insurance from this Freedom life insurance company of America reviews especially if you want to purchase a life insurance from Freedom. As you know that this company receives only a fewer complaints, you can trust it. Choose your plan now!