Liberty Bankers Life Insurance Company
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Liberty Bankers Life Insurance Company, referred to as Liberty Bankers Life, is a leading annuity provider in the United States. The company issues traditional fixed annuities, single premium immediate annuities (SPIA) and multi-year guaranteed annuities (MYGA).
With over $2 billion in total assets in 2020, Liberty Bankers Life offers financial solutions in the areas of retirement, health and life. Liberty Bankers Life is an affiliate entity of Liberty Bankers Insurance Group.
Liberty Bankers Life issues annuities and life insurance products in 47 states. In addition to these products, Liberty Bankers Life provides Medicare supplemental insurance and supplemental health coverage.
About Liberty Bankers Life
Pilgrim Life Insurance Company of America originally incorporated Liberty Bankers Life under the name Royal Oak Life Insurance Company in 1958.
The annuity provider has experienced steady growth over the years, now offering Medicare Supplement, critical illness and accident products.
- American Benefit Life
- Winfield Life
- Capitol Life
- Continental Life
“We continually strive to deliver impeccable service and products, because there’s nothing more important to us than safeguarding our customers’ financial futures,” said Bradford A. Phillips, president and CEO of Liberty Bankers Insurance Group. “We ensure this commitment with a focus on investment diversification, a strategy that has more than tripled our portfolio in the last 10 years.”
Credit Ratings
On July 29, 2021, AM Best, one of the leading credit agencies, announced that it had upgraded the credit ratings of Liberty Bankers Life Insurance and its subsidiaries.
AM Best upgraded the Financial Strength Rating and the Long-Term Issuer Credit Ratings from B++ (Good) to A- (Excellent), according to an AM Best Information Services press release. An A- credit rating is the fourth highest out of 16 rating categories from AM Best.
Credit ratings are scores assigned by independent agencies to represent the financial stability of insurance companies. The higher the rating, the higher the likelihood that the company can cover future financial obligations.
“The ratings reflect Liberty Bankers Group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM),” the press release said.
| Credit Rating | |
|---|---|
| AM Best: | A- Excellent |
Annuities Offered by Liberty Bankers Life
Liberty Bankers Life offers three types of annuities: traditional fixed, single premium immediate and multi-year guaranteed annuities. Annuity rates vary by product, and availability may vary by state.
Traditional Fixed Annuities
Liberty Bankers Life issues traditional fixed annuities with a guaranteed interest rate. Under this category, consumers can choose between two products with different periods for penalty-free withdrawals. You can also choose whether to pay for your annuity all at once or in installments.
- Liberty Choice
- Liberty Select
Single Premium Immediate Annuity (SPIA)
Liberty Bankers Life’s SPIA products can provide regular income payments immediately after you pay the premium. You choose from four payment schedules: monthly, quarterly, semi-annually or annually.
- 5 Year Term Certain
- 10 Year Term Certain
- Life Only Male 65
Multi-Year Guaranteed Annuities (MYGA)
MYGA products are fixed annuities with an interest rate that is guaranteed over a set timeframe. Annuity products in this category include:
- Bankers 3
- Bankers 5
- Bankers 7
- Bankers Elite 3
- Bankers Elite 5
- Bankers Elite 7
- Bankers Elite 9
- Bankers 5 Premier
- Bankers 7 Premier
- Bankers 5 Premier Plus
Client Resources
Clients can access annuity and Medicare coverage tips through the Liberty Bankers Life resources webpage. The company’s website also features frequently asked questions with answers for annuity buyers.
- Service request forms for address changes
- Annuity distribution forms
- Life service forms for beneficiary changes
5 Cited Research Articles
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- AM Best Information Services. (2021, July 29). AM Best Upgrades Credit Ratings of Liberty Bankers Life Insurance Company and Its Subsidiaries. Retrieved from http://news.ambest.com/presscontent.aspx?refnum=31001&altsrc=9
- Liberty Bankers Insurance Group. (n.d.). Annuities. Retrieved from https://lbig.com/retirement/annuities
- Liberty Bankers Insurance Group. (n.d.). Company Affiliates. Retrieved from https://lbig.com/about-us/company-affiliates
- Liberty Bankers Insurance Group. (n.d.). President’s Message. Retrieved from https://lbig.com/about-us/presidents-message
- Liberty Bankers Insurance Group. (n.d.). Resources. Retrieved from https://lbig.com/resources
