Freedom Life Insurance Company Review (2021)
Freedom Life Insurance Company only provides term life insurance policies. The average Freedom Life Insurance rates are between $10 and $50/mo. However, your Freedom Life Insurance quotes will depend on your age, health, and the length of your term life insurance policy. Freedom Life Insurance is a small and reliable insurance company with an "A-" under A.M. Best ratings. Compare other reliable companies and shop around for the best rates.
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UPDATED: Jan 22, 2021
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- Freedom Life Insurance Company of America is a subsidiary of USHealth Group.
- Term life insurance policies are the only policies available at Freedom Life Insurance Company.
- You could pay as low as $10 per month for Freedom Life Insurance term life policies.
Freedom Life Insurance Company of America underwrites for USHealth Group, a UnitedHealthcare company. Although USHealth Group provides health insurance, customers will only have the chance to buy Freedom Life Insurance term life policies.
Term life insurance quotes are the cheapest life insurance options you can find. However, your Freedom Life Insurance rates will depend on specific factors. As you go through this review, you’ll learn more about Freedom Life Insurance company and how to find the best life insurance rates.
If you want to start comparing Freedom Life Insurance Company to other life insurance companies in your area, enter your ZIP code in the FREE comparison tool above.
Freedom Life Insurance Company of America History
In 1956, Consolidated American Life Insurance Company was founded. By 1986, the company changed its name to Freedom Life Insurance Company of America.
Today, Freedom Life Insurance is a subsidiary of USHealth Group. The company’s headquarters is in Fort Worth, TX, but it does business across the United States.
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Freedom Life Insurance Company Coverage Options
Despite its connection to a health insurance company, Freedom Life Insurance Company only provides term life insurance policies. If you haven’t heard of term life insurance, it’s a life insurance policy type that includes life insurance coverage for a specific period, such as 10 years, 15 years, etc.
Your term life insurance rates will depend on the length of your term life policy, age, and overall health. Your health is graded at different levels. Here’s how life insurance companies identify them:
- Super Preferred – Policyholder in Excellent Health (Lowest Risk)
- Preferred – Policyholder in Good Health (Low but Susceptible Risk)
- Standard Plus – Policyholder in Fair to Good Health (Susceptible Risk)
- Standard – Policyholder in Fair Health (Higher Susceptible Risk)
The better your health, the less you pay for life insurance. To prove your health status, Freedom Life Insurance may ask you to get a medical exam so they can determine risk.
How much are Freedom Life Insurance monthly rates?
Freedom Life Insurance rates are between $10 and $50 per month. Younger and more healthy policyholders will likely pay close to $10 per month, but older policyholders will pay $50 or more per month.
It’s also important to note that young individuals with a preexisting condition that affects life expectancy can pay as much as a senior policyholder.
Why do younger policyholders pay cheaper rates?
Statistically speaking, younger life insurance policyholders have a higher life expectancy and have good health overall. Therefore, term life insurance rates are not as expensive for them.
Some variables are the exception to that rule, such as health or mental conditions. Certain medical conditions can make it complicated to get life insurance for younger policyholders.
Freedom Life Insurance Company Review: Financial Strength and Credit Ratings
Before we examine the ratings, let’s look at Freedom Life’s summary.
|Freedom Life Insurance Company Summary||Stats|
|Direct Premiums Written||$13.1 Million|
|Headquarters||300 BURNETT STREET, SUITE 200
FORT WORTH, TX 76102-2734
|Available In||All 50 States and Washington D.C.|
|Best For||Term Life|
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Under USHealth Group, Freedom Life Insurance Company earned $1.4 million in life insurance policies in 2019. Compared to other life insurance companies in the United States, that’s about 0.01 percent of what the life insurance industry made last year.
Freedom Life Insurance has an A.M. Best rating of “A-.”
According to Business Wire, Freedom Life Insurance Company has a stable financial outlook, but it’s not among the most prominent giants of the life insurance industry. However, Freedom Life is doing much better than other USHealth Group subsidiaries.
Freedom Life Insurance Company of America improved its A.M. Best score in 2019 from “B++” to “A-.” The COVID-19 pandemic may affect its 2020 score if Freedom Life Insurance decides to participate in A.M. Best ratings in 2021.
Freedom Life Insurance Company: The Bottom Line
The best life insurance companies are not the ones with the lowest premium but companies that meet your needs. Freedom Life is one of the small life insurance companies that do business across the nation. Affordable Freedom Life insurance is available. However, your rates will depend on factors that determine term life insurance.
Why wait? You can compare other companies’ life insurance quotes by entering your ZIP code in the FREE online quote tool below.