Liberty Bankers Contracting

Liberty Bankers Life (LBL) was originally incorporated by Pilgrim Life Insurance Company of America in the Commonwealth of Pennsylvania during 1958 as Royal Oak Life Insurance Company. The company grew slowly and conservatively and developed experience by offering a variety of traditional life insurance products.

As a result of acquisitions and steady growth through life insurance and annuity sales, the Liberty Bankers Group is now a diversified insurance enterprise with total assets exceeding $1.75 billion. At year-end 2011, Liberty Bankers Life is owned entirely by a Texas holding company, Liberty Life Group Trust.

These are Liberty Banker's current policies and state availability for 2018.

Annuities

An annuity is a long-term savings product that can help protect against the risk of outliving your assets. All Liberty Bankers Life annuities are traditional fixed annuities, which have a guaranteed minimum interest rate.

LBL offers Single Premium Deferred Annuities (SPDA), Flexible Premium Deferred Annuities (FPDA), and Single Premium Immediate Annuities (SPIA).

Single Premium Deferred Annuity (SPDA)

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Purchased with a single premium payment as its name suggests. The annuity will grow with guaranteed interest until the decision to begin making withdrawals. The interest rate is established at the time of issue. SPDAs offer a range of initial interest rate guarantees including 3, 5, 7 or 9 years. After the initial rate guarantee period the rate may be adjusted each year but may never fall below the guaranteed minimum interest rate at the time of issue.

Flexible Premium Deferred Annuity (FPDA)

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Offers the distinct advantage of accepting either single or multiple premium payments into the same policy. After the first premium payment, voluntary additional payments can be made at any time. As a result, over time, a single FPDA will grow from additional premium payments as well as interest accumulations. The interest rate for each premium will be determined and guaranteed at the time of payment. After the initial rate guarantee period, the rate may be adjusted each year but may never fall below the guaranteed minimum interest rate at the time of issue.

The potential benefits of SPDA and FPDA are guaranteed safety of the principal and interest, income tax deferral, simplicity, flexible payment options and probate avoidance.

Single Premium Immediate Annuity (SPIA)

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Purchased with a single premium, as its name suggests. Most SPIAs begin paying regular monthly income payments 30 days from the date of purchase, or if preferred payments can begin at some later date within the 1st year. At the time of purchase, the terms for receiving income payments are selected. Once selected, changes cannot be made.

The most common types of payments are Period Certain, Single Life and Joint and Survivor Annuities.

Policy may vary by state and by company. 

Final Expense

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Life insurance products include final expense, term and permanent designs with the latest features such as critical illness coverage and an innovative approach to return of premium.

  • Up to $30,000 in coverage
  • Accepts the Social Security debit card
  • Riders available for all nat classes

SIMPL Preferred, Standard, and Modified policies are available. SIMPL Preferred and Standard: Level death benefit from date of issue; SIMPL Modified: Non-accidental death benefit is equal to a refund of all premiums paid to date plus 10% compounded during the First 3 Policy Years; the death benefit is 100% during the 4th Policy Year; the death benefit is 105% during the 5th Policy Year; and the death benefit is 110% the 6th Policy Year and Beyond. If death occurs as a result of an accident, the death benefit is 100% of the policy face amount during any policy year.

Preferred and Standard Issue limits: $3,000 to $30,000; Issue ages: 18 to 80, Male and Female; Issue basis: Nicotine/Non-Nicotine User. Modified Issue limits: $1,000 to $20,000; Issue ages: 40 to 80, Male and Female; Issue basis: Nicotine/Non-Nicotine User.

Available Policy Riders: Accelerated Death Benefit (ADB) is included with SIMPL Preferred and Standard for no additional premium; not available on SIMPL Modified. Accidental Death and Dismemberment (AD&D) is available for an additional premium on Preferred and Standard only. Children’s Benefit (CB) is available for an additional premium on Preferred and Standard only; one unit equals $5,000 term coverage to Age 25 per child, maximum 4 units. Grandchild Benefit (GB) is available for an additional premium on Preferred and Standard only; $7,500 term to Age 25. Riders may vary by state.

Medicare Supplement

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Select from Plan A, B, C, D, F, G or N, may vary by state.

Plans are available pre-65 due to disability in some states.

General practice is not to adjust rates during the first 12 months from the effective date of coverage.

No pre-existing condition limitations ~ coverage is available immediately. Household discount is available may vary by state.

The e-Application is an intelligent online system that enables improved efficiency and productivity in the application process to produce an In Good Order submission. Submit electronically ~ no fax, overnight or envelope needed. In Good Order submissions equal faster policy issue and commission payments! The same application can be used from any computer, laptop or tablet by logging into AIA Agent Portal. Internet connection is needed to use e-App.

Whole Life

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Single Premium Whole Life (SPWL) is a type of life insurance in which a single sum of money is paid into the policy in return for a death benefit that is guaranteed to remain paid-up for the remainder of life.

Issue ages: 50 to 80.

Minimum Premium: $20,000, Maximum Premium: Varies by Issue Age and Underwriting Classification.

Use: Tax Efficient Transfer of Assets.

Liquidity: Policy Loans available, No Partial Surrenders or Withdrawals.

Accelerated Death Benefits: Terminally Ill or Chronically Ill (Lesser of 80% of Face Amount or $250,000).

Contract With Liberty Bankers

For Medicare Supplements, contract through NCC

 

For all other products, contract through SuranceBay

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