Freedom Life Insurance Review
- Freedom Life Insurance is a subsidiary of USHealth Group. Learn more about its slimmed-down coverage options and why they might be a good supplement for your existing policies.
With simple, one-size-fits-all term protection, Freedom Life Insurance’s slimmed-down coverage is perfect for supplementing your other policies as you approach retirement. If you want basic coverage with a fixed benefit term, Freedom Life might be right up your alley.
About Freedom Life Insurance
Founded in 1966, Freedom Life Insurance is a subsidiary of USHealth Group, which has provided coverage to over 15 million members nationwide to date. Freedom Life’s business model is simple and direct: It offers one type of term life insurance policy with an inexpensive monthly premium to those looking for renewable coverage for short-term needs. On top of this, it's a potentially great option for people who are also interested in health, dental, vision or accident coverage from USHealth Group. However, Freedom Life doesn’t offer any other form of life insurance besides term coverage, so you may need to look elsewhere if you’re shopping for whole or universal coverage.
What Life Insurance Products Does Freedom Life Offer?
LifeProtector Level Term Life Insurance
Freedom Life doesn’t offer any form of permanent life insurance or any policy that builds cash value. The only form of coverage it offers is LifeProtector, a 10-year term policy with a guaranteed level premium that’s renewable up to age 70.
In most cases, a term life insurance policy is simply a guaranteed death benefit. If you are the main breadwinner of your household, a term life insurance policy can help your loved ones or dependents cover financial responsibilities they may be left with in the event of your death (funeral costs, dependent care, consumer debt, college education for dependents, mortgages, etc).
Because LifeProtector is a level term policy, the premium cost remains the same throughout the allotted 10-year term. Freedom Life limits monthly premiums between $10 to $50 per month and customizes the amount of coverage available for each premium amount.
Freedom Life does not offer any form of care riders, and there is no option for an accelerated death benefit.
Pros and Cons of Freedom Life Insurance
As with any company, Freedom Life has its pros and cons. Here’s what you need to know.
- Simple, inexpensive premium price ranges.
- Coverage is renewable up to age 70.
- You can cancel your policy any time just by ceasing payments.
- Only offers one specific level term life policy.
- Freedom Life doesn't offer any riders for special benefits.
- No accelerated benefit options.
- No online quoting tool available.
Freedom Life Reviews: What People are Saying
Neither Freedom Life nor its parent company, USHealth Group, are rated by J.D. Power, and customer reviews for Freedom Life are scarce. However, USHealth Group is rated A+ by the Better Business Bureau (BBB) and Freedom Life is rated A- by AM Best. Additionally, Freedom Life has received better ratings than all other USHealth subsidiaries. This suggests that while it may not be among the giant providers in the industry, Freedom Life is indeed financially solvent.
Is a Freedom Life Insurance Policy Right for You?
With its simplistic, level term-only approach to coverage and highly affordable premiums, Freedom Life Insurance may be able to help you find the perfect minimalistic policy. Or better yet — if you need a basic form of coverage to supplement and bolster other pre-existing policies, Freedom Life might be just the provider you’re looking for.