Freedom Life Insurance Review (2023)

Freedom Life Insurance Company of America was once a stand-alone life insurance company. Today, it’s a significant subsidiary of USHealth Group Inc.

Is it possible to find affordable Freedom Life insurance rates? Why is insurance so expensive for older policyholders?

Our Freedom Life insurance review explains all the necessary details that can lead you to cheap Freedom Life insurance quotes, what products are available, Freedom Life’s third-party ratings, and much more.

Freedom Life Insurance Company has multiple competitors, and you can find the best companies in your area by entering your ZIP code in the free online quote tool above.

What products are available at Freedom Life Insurance Company?

Freedom Insurance only sells term life insurance. You won’t find whole life insurance policies at Freedom Life Insurance or its sister companies under USHealth Group, Inc.

Freedom Life’s term life policy is known as LifeProtector Term Life. You can purchase a ten-year term policy and renew it until you turn 70 years old.

Freedom Life is also a health insurance company, and its medical plans include dental and vision insurance.

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What is term life insurance?

Term life insurance provides a death benefit for the insured’s family in case of his/her untimely demise. The policyholder pays premiums over a certain period of time (the term) and in exchange, their beneficiary receives a payment upon their death.

Term policies are usually cheaper than other types of life insurance because they often do not require medical exams, physical examinations, or health questions during the application process. Terms are often in 10 year increments, i.e., you might have a 10-year term policy, a 20-year term policy, or a 30-year term policy. (For more information, read our “Life Insurance Medical Exam: What to Expect“).

Read More: Tips for the Life Insurance Medical Exam

However, there are some disadvantages associated with this type of coverage. It does not last your entire life like a whole policy, though some term policies are convertible to whole policies. Also, your insurance premiums are not fixed, and they are likely to get more expensive as you age. There is also no cash value to a term life insurance policy like you would find with a whole life insurance policy or universal life policy.

How much does Freedom Life insurance cost?

Life insurance cost depends on age, gender, health, and death benefits. Freedom Life insurance is known to carry monthly premiums between $10 and $50 per month. Freedom Life doesn’t provide any riders.

The older you get, the higher your life insurance cost will be. If your life insurance premiums are over $50, start thinking about permanent life insurance solutions.

How are Freedom Life Insurance’s financial strength and customer reviews?

Before you buy Freedom Life insurance policies, you should check out what the best rating agencies say about the company. Let’s review ratings from A.M. Best and the Better Business Bureau.

Although Freedom Life has a stable financial outlook, its customer satisfaction grades are awful. It is always troubling when an insurance company has a high volume of customer complaints.

However, Freedom Life is backed by the USHealth Group. According to Business Wire, USHealth Group Inc. moved from B++ to A- in 2019.

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What is Freedom Life Insurance Company of America?

Freedom Life Insurance Company of America was founded in 1966. Today, its corporate location is located in Fort Worth, Texas.

It’s a company that provides straight-forward term life insurance policies, but it’s connected to a more prominent company known as USHealth Group, Inc.

Although the company has poor BBB ratings, it earned over $800 million in direct premiums in 2020. That’s more than what it has in assets. Visit the BBB business profile and check the company’s ratings and the nature of complaints by customers before making a decision.

You can contact Freedom Life Insurance by calling the customer service number at (800) 387-9027.

Freedom Life Insurance: What’s the bottom line?

There’s not much that Freedom Life has to offer. If you need more options, you’ll need to find another life insurance provider.

The company rates strong for financial stability, but the BBB rating is troubling. A company with overwhelmingly poor customer reviews may be a company you want to avoid.

It is always a good idea to speak to an independent agent before choosing an insurance policy.

Now that you know more about Freedom Life Insurance Company, enter your ZIP code in the free comparison tool below to compare multiple companies in your local area.

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