Liberty Mutual Life Insurance Review

Liberty Mutual has been around since 1912. This means they have a comprehensive history when it comes to offering insurance. They are mainly known for their property and casualty insurance but have also provided life insurance options. In 2018, they started outsourcing their insurance options to TruStage to offer simplified issue term and whole life insurance policies. This strategic move allowed Liberty Mutual to continue providing life insurance solutions to its customers while leveraging TruStage’s expertise in these specific policies. 

In this review, I’ll provide an in-depth look at Liberty Mutual’s current life insurance options now that they are backed by TruStage rather than Liberty Mutual itself. I plan to objectively evaluate some of the key pros and cons of Liberty Mutual’s offerings to help consumers make an informed decision. While the TruStage partnership has advantages, it also comes with tradeoffs that policyholders should understand upfront.

What Does TruStage Have To Offer In Regards To Life Insurance?

So how good does TruStage offer the insurance, and is it the right option for you? Let’s dive into what they offer and then break it down:

TruStage Term Life Insurance

  • 5-year renewable term policies.
  • Coverage from $10,000 to $300,000.
  • No medical exam; health information required.
  • Premiums increase every five years.
  • Available up to age 69; renewable until age 80.
  • 30-day cancellation policy.

TruStage Whole Life Insurance

  • Lifetime coverage.
  • Online application; no medical exam.
  • Coverage varies by age; fixed rates.
  • 30-day waiting period for coverage.
  • 30-day money-back guarantee.

TruStage Guaranteed Acceptance Whole Life Insurance

  • No health-based denial.
  • Fixed coverage up to $20,000.
  • Beneficiaries receive premiums plus 10% if death occurs within the first two years.

Now that we have broken down all they have to offer, let’s go over the benefits and downsides to getting life insurance through them. 

Benefits Of Getting Life Insurance Through Liberty Mutual (TruStage)

There are a couple of key benefits you should know when getting life insurance through TruStage. 

Reputable Company 

Liberty Mutual is a well-established company. That said, if they partner with someone, it’s usually a sign that that company is also trustworthy. This reputation could give people peace of mind when going through the process.

Simplified Application Process

TruState is known for it’s fast and easy application process. This is good for people who may need life insurance fast. 

No Medical Exam Required for Certain Policies

Many of TruStage’s life insurance options do not require a medical exam, relying instead on health and lifestyle questions. This can be a considerable benefit for people who have health concerns or choose to not undergo a medical exam.

Downsides Of Getting Life Insurance Through Liberty Mutual (Tru Stage)

Although these options could be an excellent fit for some people, many downsides exist. Let’s go over what they are. 

Limited Coverage Amounts For Limited Coverage Amounts

First off, getting term insurance through TruStage has its limitations. The maximum is $300,000, which is low compared to other companies offering millions in coverage. 

Higher Premiums

Because there’s less barrier to entry when it comes to getting life insurance through TruStage, the premiums are more expensive than those of top competitors. There are a lot of cheaper options out there. 

Fewer Customization Options 

The policies offered are very straightforward and don’t offer much personalization or additional features that can be tailored to individual needs and preferences.

Premium Increase For Term Life

The term life insurance through TruStage goes up every five years. This is an apparent downside for people looking to get stable rates. 

Simplified Issue Policies Without a Medical Exam

The fact that TruStage offers simplified issue policies without a medical exam but with health information gathered from various sources was directly mentioned. This can lead to higher premiums for some individuals than fully underwritten policies.

Online Quotes Not Available for All Insurance Options: 

Not all TruStage insurance products may offer the convenience of online quotes, potentially making it harder for customers to compare or understand their insurance options quickly.

No Guaranteed Issue Policies

Unlike some insurers that offer guaranteed issue policies without regard to medical history, TruStage may not provide this option, limiting accessibility for individuals with significant health issues.

Surrender Charges 

You could get hit with surrender chargers if you cancel your policy early. Sometimes, people cancel life insurance coverage because of financial hardships. Surrender charges don’t make this much easier and can add a whole lot more emotional distress if you’re already going through a difficult time. 

No Additional Riders 

TruStage doesn’t offer any additional insurance riders. Insurance riders offer additional benefits that could be added to a basic plan. Some of the most common riders you could add to your policy include an accelerated death benefit, guaranteed insurability, accidental death, waiver or premiums, family income benefit, and many more. If you don’t add a rider to your policy, the following could happen.

  1. You may have to pay out of pocket for costs that could have been covered.
  2. You may need a medical exam to adjust and convert life insurance to whole insurance.
  3. Your beneficiaries may receive a reduced death benefit if you don’t have the necessary rider to cover an unexpected death.

What Customers Have To Say About Working With Liberty Mutual (TruStage) 

When looking on Trustpilot, TruStage has a lot of good reviews based on the ease of the application process. However, it’s the negative reviews you need to look at. This is because, of course, people like it when getting insurance is easy, but how well does the insurance work out over time? Let’s see what the reviews have to say. 

Poor Customer Service

The first thing that stood out was how many reviewers experienced poor customer service when trying to reach out. Some people mentioned speaking to representatives who couldn’t even understand them. 

Misleading Information On Quotes 

A lot of people stated that they received inaccurate quotes and policy information, which led to unexpected costs that differed from what they were promised. 

Lack Of Transparency

Above, we mentioned the surrender charges. Throughout the reviews, many people complained about having to pay these surrender charges and the lack of transparency around them. 

High Premiums For Limited Coverage

Many people were disappointed with the lack of coverage for the amount of money they were paying in premiums (as we mentioned above as well).

Delayed and Denied Claims

Lastly, there are numerous reports of lengthy claim processes, with repeated requests for documentation and authorization forms, leading to delays and denials that exacerbate financial and emotional distress for policyholders and their families.

People Had Difficulty Canceling 

There were multiple mentions of canceling being extremely difficult. Throughout the process, you get the runaround from many people who try to get you to stick around rather than help you cancel. 

The Best Alternative To Liberty Mutual: Liberty Financial Group 

As you can see above, there are many limitations to getting life insurance through Liberty Mutual (TruStage). Limitations and life insurance shouldn’t be synonymous; that’s where Liberty Financial Group comes in, offering a more personalized, flexible, and comprehensive approach to meet your unique needs without the constraints found in larger, more traditional insurance models.

At Liberty Financial Group, we:

  • Prioritize Your Needs: Understand and prioritize your unique needs and financial goals, ensuring that the coverage we suggest is tailored specifically to you.
  • Offer Independent Advice: Provide independent, unbiased advice by shopping over 50 top carriers nationwide, ensuring you get the most suitable coverage at the most competitive rates.
  • Simplify the Process: Make the insurance buying process as simple and straightforward as possible, simplifying insurance jargon and explaining your options in clear, understandable language.
  • Deliver Comprehensive Coverage: Look beyond just life insurance to offer a holistic approach to your financial security, including long-term care insurance and other key protections.
  • Ensure Personalized Support: Guarantee personalized, observant customer service, making sure you feel supported and advised every step of the way.

By choosing us, you’re not just getting an insurance policy; you’re gaining a partner dedicated to your financial well-being and peace of mind.

If you’re interested in getting started, all you have to do is click here and enter your information, or you could give us a call directly at 888-414-3873.