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Important
Freedom Life is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
Pros Explained
- Other insurance products available: Beyond term life insurance, Freedom Life’s parent company offers a range of other insurance products. You can also get health insurance, accident protection, dental coverage, and vision insurance.
- Better-than-average complaint ratio: Freedom Life has a lower complaint ratio than is expected for a company of its size, indicating a relatively positive customer experience.
Cons Explained
- Only one life insurance option: While most life insurance companies offer multiple life insurance plans, such as term, whole, and universal life policies, Freedom Life only has one option: term life insurance with a 10-year term. If you want any other plan or term, you’ll have to find another insurer.
- Not available in all states: Unfortunately, Freedom Life’s policies aren’t available in all 50 states. You cannot get a term life policy from the company if you live in Connecticut, Hawaii, Massachusetts, New Hampshire, New York, Puerto Rico, Rhode Island, or Vermont. Freedom Life, National Foundation Life Insurance Company, and Enterprise Life Insurance Company are not licensed in those states.
- No riders or endorsements available: Other insurance companies have riders you can add to your policy to enhance and customize your coverage. Freedom Life does not have any insurance riders; the policy is the same for everyone and cannot be altered.
Note
In 2018, Freedom Life Insurance Company issued over $5.4 billion in new life insurance policies.
Available Plans
Freedom Life Insurance Company and USHealth Group keep it very simple; they only offer a single term life insurance policy with one term option. If you’d prefer another life insurance type, such as whole, universal, or final expense policies, you’ll have to look for another insurance company that has more robust product offerings.
LifeProtector
LifeProtector is Freedom Life Insurance Company’s term life policy. It is a 10-year renewable insurance plan, meaning you have coverage for 10 years. If you pass away during that 10-year period, your beneficiaries will receive a death benefit. After the 10-year term expires, your beneficiaries get nothing if you die.
You can renew your Freedom Life term policy until you reach age 70.
Available Riders
Most life insurance companies offer riders or insurance endorsements. Riders allow you to customize or enhance your coverage. By adding a rider to your policy, you can get additional coverage, access benefits early under certain circumstances, or get coverage for your children or spouse.
Unfortunately, Freedom Life Insurance Company doesn’t offer any insurance riders. There isn’t any way to customize your policy beyond its basic coverage; its term life insurance plan is one-size-fits-all.
With the Freedom Life LifeProtector plan, there is no accelerated death benefit rider for chronic or terminal illness, so there’s no way to access your benefits early if you become seriously ill. That rider is a common endorsement offered by other insurance companies.
Customer Service
Freedom Life and USHealth Group have limited online customer resources. You cannot get a quote through the website, and Freedom Life doesn’t have tools like life insurance calculators or online chat that other companies offer.
To contact customer support, you can email [email protected] or call 800-387-9027. However, the availability of its representatives is limited. Customer service is only available Monday to Friday from 7:00 a.m. to 7:00 p.m. CT, and on Saturday from 8:00 a.m. until 1:00 p.m. CT.
Complaint Index
The National Association of Insurance Commissioners collects all customer complaints about insurance companies and releases company complaint ratios. The complaint ratio is a number that reflects how many complaints were lodged about a company relative to its market share.
The industry standard complaint ratio is 1.0. A ratio below 1.0 is considered better than average, and indicates that the company received fewer complaints than expected.
In 2019, Freedom Life’s complaint ratio was 0.83, slightly better than the national complaint index.
Third-Party Ratings
For over 100 years, AM Best has been one of the best-known credit rating agencies focused on the insurance industry. It issues Financial Strength Ratings (FSRs), its opinion on companies’ finances and their ability to meet their contractual obligations.
In 2019, AM Best upgraded the Financial Strength Rating of USHealth Group and its subsidiaries, including Freedom Life, from B++ (Good) to A- (Excellent). The change was made to reflect the company’s strong operating performance and risk management.
Freedom Life and USHealth Group were not included in the J.D. Power 2019 U.S. Life Insurance Study. The study ranked 24 life insurance companies based on pricing, product offerings, and customer satisfaction.
Cancellation Policy
Because Freedom Life only offers term life insurance, it’s fairly simple to cancel your policy. Your term insurance plan is only in effect as long as you pay your premiums during your term; if you no longer want your policy, you can simply stop paying your premiums.
With term life insurance, you can’t get a refund on premiums you already paid, but you won’t be held responsible for the premiums for the remainder of the term.
Contact your Freedom Life insurance agent if you’d like to end your policy.
Price
Online quotes aren’t available; you must contact an insurance agent to get a quote for Freedom Life’s term coverage. However, the company reported that premium payment options range from $10 to $50, growing in $5 increments.
Like all life insurance companies, Freedom Life bases your monthly premiums on several factors, including your age, location, and gender.
While Freedom Life’s application process isn’t online, you likely need to choose “male” or “female” while getting a quote like you do with other life insurance companies. While being nonbinary doesn’t disqualify you from getting life insurance, be aware that most insurance companies haven’t updated their underwriting processes to reflect an awareness of gender issues.
Competition
Freedom Life Insurance Company offers just one life insurance plan. While a 10-year term life insurance policy may be adequate for some, it may be insufficient for everyone. If you need a more substantial policy with a longer term, or if you’d like a whole or universal life policy, you’ll need to find another company.
Another option to consider is Transamerica. It’s one of the biggest insurers in the country, and it has term, whole, and universal life policies. You can even get quotes for term life policies online and get up to $50,000 in coverage without a medical exam.
Transamerica has eight different life insurance plans to choose from, giving you considerably more options. And, it has a collection of riders you can add to your policy to customize your coverage, including accelerated death benefits, children’s benefits, and accidental death benefits.
| Freedom Life Insurance Company | Transamerica | |
|---|---|---|
| Market Share | Not applicable | Eighth-largest in the U.S., 3.4% |
| Number of Plans | 1 | 8 |
| Dividends for 2020 | Not applicable | Not applicable |
| Wellness Program Discounts/Quit Smoking Incentives | Not applicable | Not applicable |
| Service Method | Phone, web | Agents |
| AM Best Rating | A- (Excellent) | A (Excellent) |
| Price Rank | Fair | Fair |
| Complaints Trend | 0.83 | 1.31 |
Verdict
If you already get your health, vision, or dental insurance through USHealth Group and like your insurance agent, adding a term life insurance policy with Freedom Life can be easy. However, it has just one policy, with only a 10-year term. And, it’s not available in all 50 states.
Most people will need a life insurance company that offers more options and more robust coverage than Freedom Life provides. You may be better off with a life insurance company that has whole or universal policies and riders like accelerated death benefits.
How We Review Life Insurance Companies
Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with those of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.
Learn more: Read our full Life Insurance Review Methodology.