Freedom Life Insurance Review

Slimmed-down coverage to supplement other policies

Family
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Freedom Life Insurance was founded in 1966 and is owned by the health insurance company, USHealth Group. The company has a simple business model, offering one type of term insurance to help consumers who want coverage for short-term needs. We review the types of insurance that Freedom Life offers as well as its ratings for customer satisfaction, financial stability, pricing, and more. Read on to find out whether or not Freedom Life Insurance is the right carrier for you.

What We Like

  • Simple price ranges

  • Coverage is renewable up to age 70

  • Cancel anytime by just stopping payment

What We Don't Like

  • Only offer term life coverage

  • No riders available for extra benefits

  • No online quoting tool available

  • No accelerated death benefit

Company Overview: Owned by an Health Insurance Company 

Freedom Life Insurance is a subsidiary of USHealth Group, a health insurance company headquartered in Fort Worth, Texas. USHealth is focused on providing health, dental, and vision insurance. Through Freedom Life, they offer term life coverage that’s renewable up to age 70. While the company doesn’t offer other types of life insurance, it does offer other types of coverage including accident, medical, and dental coverage.

Available Plans: Just Term

Freedom Life Insurance only has term life insurance, that's it. Term life offers policyholders a set death benefit for a defined period of time in exchange for level premium payments for the duration of the policy. Freedom doesn’t offer any form of permanent life insurance or any policies that accumulate cash value. However, life insurance policies from Freedom Life are renewable until the policyholder turns 70.

The only life insurance policy that Freedom Life offers is: 

LifeProtector Term Life

The LifeProtector plan is a term life insurance policy that offers a pre-set death benefit for a set period of time and has level premiums. The plan has a 10-year term and is renewable up to age 70. Policies pay death benefits upon the death of the insured. While there is no information available about the minimum and maximum policy sizes, Freedom limits monthly premiums to between $10 and $50 per month, growing in $5 increments. Freedom customizes the amount of coverage available for each premium amount for individual applicants.

LifeProtector is a 10-year term life insurance plan that provides peace of mind for your family through valuable life insurance benefits in the event something unforeseen were to happen.

Freedom Life only offers term life insurance, which can be helpful, but it only provides a predetermined death benefit for a pre-set period of time, and may not meet all of your needs. If you’re looking for life insurance that provides more than just a death benefit, you may be better off with a whole or universal life policy.

Depending on your circumstances, you may be better off buying permanent coverage instead of term life. Permanent policies offer coverage that stays in force as long as your premiums are paid. Policies also typically include a cash value that grows over time and that you may be able to access before you die. Because Freedom only offers term life, policyholders won’t be given the option to study the differences, so it’s important to first do your own research about whether term insurance is right for you.

Freedom Life provides protection to help with obligations like mortgage, car payment, childcare, educational expenses, and other debts—benefits that in most instances are free from income tax for the beneficiary.

Available Riders: No Add-ons

Freedom Life Insurance does not offer any riders. There is no accelerated death benefit for policyholders who want to access their death benefits early if they become disabled or are diagnosed with a terminal illness. 

Customer Service: Nothing Special

Customers who need assistance can call Freedom Life Insurance at 800-387-9027 between 7 a.m. and 7 p.m. Central Standard Time on Monday through Friday or between 8 a.m. and 1 p.m. on Saturday. Customers can also contact the company through their website or email info@ushealthgroup.com.

Customer Satisfaction: Reviews Are Scarce

Neither Freedom Life Insurance nor its parent company, USHealth Group, are rated by J.D. Power. However, USHealth is rated A+ from BBB and has very few registered customer complaints.

Financial Strength: Respectable, But Not Phenomenal 

Freedom Life Insurance has an A- rating from AM Best, which suggests it is financially solvent but not among the biggest financial giants of the industry. Freedom Life is also better-rated than other USHealth subsidiaries.

Cancellation Policy: Just Quit Paying

Because Freedom Life only offers term coverage, the cancellation process is relatively easy. All policyholders have to do is stop paying premiums. We couldn’t find any other information about forms or processes that needed to be completed in order to cancel a life insurance policy with Freedom Life.

Price: Simple Structure But No Transparency

Freedom Life doesn’t offer an online quote tool, so there’s very little information about their pricing available. The company also didn’t respond to requests for price estimates. However, the company does advertise monthly premium payment options that range from $10 to $50, in $5 increments. However, there is no information available regarding corresponding face values – several attempts to get a quote were not responded to.

Competition: Freedom Life vs. AIG

AIG, through its subsidiary American General, offers four different types of life insurance including term, whole, universal, and indexed universal life. The company offers more than 10 different policies to choose from, plus numerous individual riders that customers can add to their policies. In addition, AIG offers transparent quoting tools so prospective customers can get an idea of what their coverage will cost. Unless you're an existing USHealth customer, you should work with AIG, instead.

Final Verdict: You Can Do Better

Freedom Life offers term life insurance that comes in a 10-year term and is renewable until you turn 70. The company doesn’t offer any other types of life insurance or riders to help customize coverage. If you’re already a USHealth customer or wanting to purchase health, vision, or dental insurance in addition to term life, then Freedom Life is a good option. However, you can probably find better policies that cost less and/or offer more features that you can get through Freedom Life.

Specs

Article Sources

  1. US Health Group. "About US Health Group." Accessed March 25, 2020.

  2. USH Agent. "LifeProtector." Accessed March 25, 2020. 

  3. USHealth Group. "LifeProtector." Accessed March 25, 2020.

  4. USHealth Group. "Contact USHealth Group." Accessed March 25, 2020.

  5. BBB. "USHealth Group." Accessed March 25, 2020.

  6. Businesswire. "AM Best Upgrades Credit Ratings of USHEALTH Group, Inc.’s Subsidiaries." Accessed March 25, 2020.

  7. Life Insurance Help Desk. "Freedom Life Insurance Review." Accessed March 25, 2020.