Freedom Life Insurance Review 2021

Last modified: September 8, 2021
  • Claims 8
  • Buying 7.5
  • Transparency 7
  • Coverage Variety 7
  • Value For Money 7.5
  • OVERALL RATING 7.4
  • Financial Strength A-
  • BBB Rating N/A
  • Coverages 3/5
  • Discounts Profession and safety discounts
  • Availability All 50 states
  • Pricing Affordable

Freedom Life Insurance is an insurance company with a simple business model, offering products geared towards customers with short-term needs. In this article, we deliver our in-depth analysis of this insurance company, including its services, pricing, pros and cons, customer satisfaction, and more. Read on for our assessment of Freedom Life Insurance reviews

About the Company 

Founded in 1966, Freedom life insurance Company of America is a microinsurance carrier and a subsidiary of the health insurance company, USHealth Group. Specializing only in limited-term insurance policy products, the company accounts for about $61,200,000 a year in US premiums, which is less than 0.01 % of the overall market. The Freedom Life Insurance provider is noted for its uncomplicated pricing structure and providing coverage that is renewable for up to age 70. 

Company Contact Details 

Freedom Life Insurance phone number: 800-387-9027 

Freedom Life Insurance Address: 300 Burnett Street, Suite 200 Fort Worth, TX 76102-2734

How We Reviewed 

We based our review of the insurance company on many different metrics. We went through their website and app and checked out their features, responsiveness, and user-friendliness. We noted down the coverage policies on offer, asked for quotes with different conditions, noted their pricing and discounts, and compared how their services fared with those of their competitors. We researched data on the financial stability and history of the company. Lastly, we analyzed various Freedom Life Insurance ratings and reviews made on major user review websites such as Trustpilot, BBB, and Yelp.

Where Is It Available?

Freedom Life Insurance is headquartered in Fort Worth, TX. Currently, it provides coverage in all 50 states (But not all the products are available in all states). As part of the USHealth Group, it is affiliated with the National Foundation Life Insurance and Enterprise Life Insurance.  

Freedom Life Insurance Review 

Freedom Life Insurance has its main focus on providing customers with a highly simplified policy coverage plan. Overall, its offerings work well if you are only in need of coverage for a short-term period, but if you are after a standard all-encompassing policy, they may fall far short of your expectations.  

Nonetheless, as you will get to know reading this review further, their products do include features that you will rarely find with other insurers. 

Life insurance Coverage types

As a micro-insurer, Freedom Life Insurance carries a very limited product line. The only life insurance types currently on offer are as followed: 

LifeProtector Term Life 

This plan offers its policyholders a pre-set death benefit for a renewable 10-year term and features level premiums, meaning your payments are guaranteed to remain the same throughout the contract. 

The plan will provide protection in the case of unforeseen death for most basic obligations such as a mortgage, car payments, or educational expenses. In most instances, the insurance benefits are free from any tax obligations. It is important to note that since suicide and cancer aren’t considered unforeseen death they may not be covered.  

IncomeProtector 

This plan is meant to help you keep your financial well-being intact while you suffer from a short-term disability arising from accidental bodily injuries. It replaces your income from three to up to twelve months. You can choose your elimination period between 14 to 30 days, and the max payout received can total $1500 a month.

MedGuard 

This freedom life health insurance is a plan that provides you with a lump-sum benefit payment in the event you become critically ill. It is meant to offset any pocket expenses that may arise from your healthcare treatment. You are allowed to spend the money any way you want. 

Furthermore, in the event that your covered critical health incident does not occur, 100% of the benefit amount will still get paid to your named beneficiary upon your death. This plan can be renewed after every five years. 

Accident Protector

Provides coverage in the case of your accidental death and dismemberment, paying out benefits of anywhere between $2,500 to $15,000. In addition, it covers the cost of medical deductibles, copays, and other insurance ineligible expenses.  

Requirements 

A medical exam is required for freedom life insurance eligibility for all plans, and the policies can only be issued for individuals between 18 to 70 years of age.   

As of current, Freedom Life Insurance doesn’t offer any life insurance riders. In addition, there is no accelerated death benefit option available in case one wishes to access their death benefit early due to acquiring a terminal illness or a long-term disability. 

Freedom Life Insurance Pricing 

While we were not able to acquire information from the company on the maximum and minimum policy sizes, it generally limits monthly payments to between $10 to $50, growing by $5 per increment. 

The company requires you to pay your premiums in advance, as is the case with most other insurers. Freedom life insurance payment options include payment through a check, an electronic draft, or with your credit/debit card. 

Freedom Life Insurance Discounts 

The company does provide a few discounts, including:

Safety Discount 

If the company sees that you take good care of your body and lead a relatively safe lifestyle, you may be eligible for a cut in your premiums. 

Profession Discount

If you belong to a certain profession that is perceived as featuring very little or no risk of death, you will be giving a discount.  

How to get an affordable rate?

The exact rate you pay in your premiums is dependent upon several factors; some of the most important ones are:  

Age – younger the better 

Job – safer the better 

Overall health – better condition, less 

Hobbies – less dangerous the better 

Gender – women typically pay less than men 

Customer Satisfaction and Financial Strength Review 

Freedom Life Insurance has a largely negative reception on most major user review sites. On Yelp, the insurance company holds a rating of 1.5 out of 5 stars based on 176 customer reviews. Meanwhile, on Trustpilot, the company boasted a much better rating of 3.6 out of 5 stars based on 387 customer reviews. 

Surprisingly, despite being nearly 6 decades old, Freedom Life Insurance Company of America isn’t BBB accredited. Common Freedom Life Insurance complaints are commonly related to its customer care service and for billing customers for services that were not included in their plans.  

To Freedom Life Insurance, AM Best gave an A- rating, which is a better score compared to all other USHealth subsidiaries and indicates a relatively high financial strength. 

Customer Support 

You can reach out to Freedom Life Insurance customer service through the phone from 7 am to 7 pm on workdays, and 8 am and 1 pm on Saturdays. The Freedom Life Insurance customer service number is 800-387-9027. You can also reach out to them online by filling a form on their website or by emailing them at [email protected]. They also respond to customer reviews on major review sites, so you can use that as a platform for your queries. 

The company definitely does lag behind in providing adequate resources to its customers. On their website, a coverage calculator, FAQ sections, and a knowledge hub are noticeably absent. In regards to the description of their products, there is much left out in essential information.    

Overall, in terms of quality of service, their customer support seems to be nothing special, threading slightly more towards the negative territory. Their customer representatives aren’t all that professional, and responses are often late to come by. Sometimes the information they sent out to you can even be misleading. 

Ease of Buying and Claims Handling 

Buying insurance from the company is a relatively fast and straightforward process. You simply need to fill out a short quote form on their website and then wait for an agent to call you. They will ask a few questions and then provide you with a quote. If you accept, you will need to fill out some additional information, review your policy document, and proceed with the payment. 

Claims can be filed by either calling their customer representative on the phone or by logging into the customer portal on the website and filling out the freedom life insurance claim form. Benefits are usually paid within the first 30 days after your claim is filed.  

Comparison with Competitors 

Freedom Life Insurance vs. UnitedHealthcare

Compared to Freedom Life, UnitedHealthcare offers a much more diversified product line. In addition, many of their plans come with added benefits and access to wellness programs. In terms of customer service, there is no comparison with UnitedHealthcare clearly boasting a much superior experience. UnitedHealthcare also has a very robust mobile app, something that has been found noticeably lacking with Freedom Life Insurance. 

Its premiums, however, are generally more expensive compared to Freedom Life Insurance, and it also suffers from a much more limited state availability.  

Freedom Life vs. AIG

AIG also features a more diversified product line – 10+ different policy choices. Price-wise, it is slightly more expensive than Freedom Life. The company has an excellent AM best rating (A+), indicating remarkable financial strength. Their customer support, while also not the best, is still comparatively better. However, their term policy is only available for up to 35 years.

Pros & Cons

The Pros

  • Policies with unique features
  • Decades of experience in the sector – 60+ years
  • Affiliated with the USHealth Group brand name

The Cons

  • Reduced coverage for policyholders aged 65 or above
  • No options for long-term or permanent coverage
  • Inadequate customer service
  • Low coverage amounts for disability

Final Verdict

Unless you are an existing USHealth customer or want to purchase a bundle of insurance policies from there, it would be tough to convince you in favor of Freedom Life. While its pricing is cheap and it carries with it some interesting features in its policies, it isn’t enough to justify ignoring the negatives – you are probably better off spending your money elsewhere. 

FAQs

When do I get full benefits for critical illness coverage?

You start receiving full benefits for non-cancer-related illnesses after 30 days and 90 days after the start of your policy for cancer. If you make a claim for a critical illness before these durations, you only receive $500 a month.

What types of critical illnesses receive coverage?

Here is a complete list of critical illnesses that receive coverage, including in what percentage of the full benefit amount: 

Life-Threatening Cancer – 100% 

Heart Attack – 100% 

Stroke – 100% 

Kidney Failure – 100% 

Major Organ Transplant – 100% 

Permanent Paralysis – 100% 

Terminal Illness – 100% 

Graft Surgery – 25% 

Heart Valve Surgery – 25% 

Coronary Angioplasty – 10%

Death – Based on the selected monthly premium 

What other insurance products does the US Health Group offer?

The company also offers three other health insurance plans as well with one for dental and one for vision. Do note that not all of these plans may meet the Affordable Care Act’s minimum requirements.