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Freedom Life Insurance Review 2020

Freedom Life Insurance was founded in 1956. They’ve been serving customers for over fifty years. They are located in Fort Worth, TX. 

Freedom Life insurance is a subsidiary of U.S. Health Group, which is a broker of group health insurance plans. 

Freedom Life Insurance is pretty small, capturing only .01% of the market share or with ~$1.1M in direct premium of individual life insurance. 

Products Offered by Freedom Life Insurance

As far as life insurance goes, Freedom Life insurance offers something they call LifeProtector, which is a ten-year term life insurance policy. They claim that premiums are somewhere between $10 and $50 a month, in $5 increments. It is a renewable policy and there is no medical exam, so that’s a plus. 

>>MORE: How Much does Term Life Insurance Cost?

What U.S. Health Group mostly offers is health insurance, disability insurance, and accident insurance. They also have dental and vision insurance. 

>>MORE: Differences between Whole Life and Term Life Insurance

Customer Service Rating of Freedom Life Insurance

There is an alert on the BBB’s page, citing a “pattern of complaint” regarding Freedom Life Insurance, specifically product and contract issues. BBB gives them a D+, which is one of the lowest ratings we’ve seen. They are not accredited by the BBB, which may mean they don’t meet certain ethical standards laid out by the BBB. 

There is a record of 39 customer reviews on the BBB’s webpage, with 80 closed complaints in the last three years and 34 in the last 12 months. 

Financial Strength Rating of Freedom Life Insurance

A.M. Best gives Freedom Life insurance an A- rating, indicating that their financial strength is excellent. 

Customer Satisfaction Rating Of Freedom Life Insurance

The National Association of Insurance Commissioners gives every insurance company a ratio between 0.0 and 2.0. The median amount of complaints is 1.0, meaning a company has the number of complaints you would expect for a company their size. 

NAIC gives Freedom Life Insurance Company of America a ratio of 0.0, meaning there were no complaints lodged with the NAIC, at least as far as their life insurance goes. 

For Group Accident and Health insurance, their ratio is .77, and for Individual Accident and Health insurance they earn a ratio of 1.82. 

Online Quotes Available?

No. The button says “Get a Free Quote” but if you click on it, you’re directed to filling out a form. After they process your form, an agent will contact you. 

Freedom Life Insurance offers only a Guaranteed-issue term policy. This means everyone is approved. Rates on these types of policies tend to be more expensive, as they are often purchased by people with health issues who can’t get any other life insurance. 

There is no information on the website about how much insurance you can get.  

Pros and Cons of Freedom Life Insurance

Pros:

  • Guaranteed acceptance
  • No medical exam

Cons

  • No online quotes
  • Customer service ratings are very low
  • Only one option
  • Not available in all states

Who is Freedom Life Insurance For?

As far as the life insurance goes, there are no complaints about it. From this, we can surmise that the customers knew what they were getting when they signed up for a policy and so far, they’re happy with the policy. 

The health insurance offered by Freedom Life Insurance (under U.S. Health) has many complaints lodged against it. A quick google search reveals slow processing of claims, poor customer service, and poor communication. Many people file to have some medical procedure covered and the claim is denied. Of course, some of these people could be misinterpreting their policy, or making assumptions regarding what it covered. 

One word of caution regarding their health insurance: They are not Affordable Care Act compliant. This means:

  • The insurance does not meet the Affordable Care Act’s minimum essential coverage
  • You may still pay a penalty.

The federal government stopped penalizing people for not having ACA compliant health care in 2019, but some states still incur such penalties. Either way, proceed with caution. 

If you already have the health insurance through Freedom Life Insurance, have a pre-existing condition and can’t get life insurance any other way, you could be satisfied with Freedom Insurance company’s term life insurance. 

If you’re anyone else, it probably makes sense to shop around. Even if you have a significant health condition, some insurance companies are more tolerant of certain conditions than others. 

Last Thoughts

There is not a lot of information out there about Freedom Life insurance. We strongly suggest you do your own research before buying any type of policy with them. And if you do get insurance through them, read the contract carefully.

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