Freedom Life Insurance: Is It Worth The Cost?

Freedom Life Insurance Company of America is a subsidiary of USHealth Group and offers a simple, one-size-fits-all term life insurance policy. The company has been in business since 1956 or 1966 and provides coverage for those seeking renewable, short-term insurance. The LifeProtector plan is good for 10 years and can be renewed until the age of 70, with monthly premiums ranging from $10 to $50. While the company has good financial ratings, its customer service ratings are less impressive, with reports of rude consultants and a high number of complaints.

Freedom Life Insurance is a subsidiary of USHealth Group

Freedom Life Insurance Company of America is a subsidiary of USHealth Group. It was founded as the Consolidated American Life Insurance Company in 1956 and changed its name to Freedom Life Insurance in 1986. The company is headquartered in Fort Worth, Texas.

Freedom Life Insurance offers a simple term life insurance plan called LifeProtector. The plan is set in 10-year increments and can be renewed until the age of 70. The cost of the plan ranges from $10 to $50 per month, with prices increasing in $5 increments. Freedom Life Insurance does not offer any additional coverages, and it is not available in all 50 states.

USHealth Group, through its subsidiaries Freedom Life Insurance Company of America and National Foundation Life Insurance Company, provides innovative life, accident, specified disease/sickness, and disability insurance solutions. The company serves self-employed individuals, families, business owners, and their employees. USHealth Group has over 50 years of industry experience and offers flexible and secure insurance plans tailored to meet the specific needs of its customers.

It offers a 10-year term life policy, renewable until age 70

Freedom Life Insurance Company of America is a subsidiary of USHEALTH Group. It offers a single term life insurance policy, LifeProtector, which is set in 10-year increments and can be renewed until the policyholder turns 70. This means that policyholders can opt for coverage over multiple 10-year periods until they reach the age limit.

The LifeProtector plan offers a guaranteed level premium, meaning the premium cost remains the same throughout each 10-year term. Freedom Life allows policyholders to choose their monthly premium, with prices ranging from $10 to $50 per month. The amount of coverage provided is customised based on the selected premium amount.

This term life insurance policy is a good option for those seeking simple, short-term coverage without any additional features. It is also suitable for those who want the flexibility to renew their coverage periodically until they reach 70. However, those looking for permanent life insurance or policies that build cash value may need to consider other insurance providers.

Premium costs range from $10 to $50 per month

Freedom Life Insurance Company of America is a subsidiary of USHealth Group. It offers a single term life insurance policy, LifeProtector, which is good for 10 years at a time and can be renewed until the policyholder turns 70. The premium costs for this policy range from $10 to $50 per month, increasing in $5 increments. This simple structure allows customers to choose their preferred level of coverage, with the monthly payment amount determining the coverage amount.

The LifeProtector plan is a level term policy, meaning the premium cost remains the same throughout the 10-year term. This fixed benefit term structure provides a guaranteed level premium, making it an attractive option for those seeking predictable payments. The ability to renew the policy every 10 years until the age of 70 adds flexibility and ensures continued coverage for those who require it.

The Freedom Life Insurance policy is ideal for individuals seeking a straightforward and affordable option to supplement their existing policies. With its one-size-fits-all approach, the company caters to those who want basic coverage without the complexities of add-ons or riders. This simplicity, however, also limits the level of customisation and special benefits that policyholders can access.

While the company offers inexpensive premium price ranges, it's important to note that multiple customer reviews suggest issues with rising premiums and poor customer service. Some policyholders have reported rapid increases in their premiums within just 6 months. Additionally, the National Association of Insurance Commissioners (NAIC) has recorded a high number of complaints about Freedom Life Insurance in the past year, indicating a level of dissatisfaction among customers.

In summary, the premium costs of Freedom Life Insurance's term life policy, ranging from $10 to $50 per month, make it a financially viable option for many individuals. However, it's essential to consider the limited coverage options, potential issues with increasing premiums, and below-average customer satisfaction reviews before committing to this insurance provider.

It has received poor customer reviews

Freedom Life Insurance Company of America has received poor customer reviews, with a low customer satisfaction rating and a high number of complaints. Customers have reported rude and impatient consultants, avoidance and negligence of paying claims, and rapidly increasing premiums. The National Association of Insurance Commissioners (NAIC) has found that the number of complaints in the past year was far above the acceptable rate.

One customer review on Yelp stated that Freedom Life Insurance is "the worst insurance company ever", claiming that they "don't pay for hardly anything". Another review on WalletHub reported that the company's customer service representatives are "dumb", and that it takes "numerous calls" to resolve issues.

Freedom Life Insurance is not rated by J.D. Power, and customer reviews are scarce. However, the company has received a rating of F from the Better Business Bureau (BBB) and an A- financial rating from AM Best. The customer complaint ratio was 0.83, slightly better than the national standard complaint index of 1.0.

It is not BBB-accredited

Freedom Life Insurance Company of America is not BBB-accredited. However, its parent company, USHealth Group, has an A+ rating from the Better Business Bureau.

Freedom Life Insurance has received a low customer satisfaction rating and a high number of complaints. Customers have reported rapidly rising premiums, poor customer service, and negligence in paying claims.

The company's consultants have been described as rude and impatient. The National Association of Insurance Commissioners (NAIC) found that the number of complaints in the past year was far above the acceptable rate.

Despite its financial stability, Freedom Life Insurance's poor customer service and high number of complaints suggest that it may not be a good choice for those seeking life insurance.

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