Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: May 7, 2021

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It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Facts You Should Know

  • Liberty Bankers offers lower monthly rates than Great Western
  • Liberty Bankers offers more life insurance options than Great Western
  • Great Western and Liberty Bankers have been rated the same by A.M. Best

Great Western and Liberty Bankers are life insurance providers that primarily offer final expense insurance. Both companies offer permanent life insurance quotes, but Liberty Bankers also offers term life policies.

Comparing Great Western vs. Liberty Bankers will allow you to determine the best option to meet your needs.

Before comparing Great Western vs. Liberty Bankers, enter your ZIP code to find the best life insurance quotes available in your area.

Great Western vs. Liberty Bankers: What are their monthly rates?

Comparing monthly rates is a good place to start when choosing a life insurance policy. The following chart shows Great Western vs. Liberty Bankers life insurance rates for a $10,000 whole life policy for men of different ages.

Great Western vs. Liberty Bankers: Male Whole Life Average $10,000 Policy Monthly Rates by Age
AgeGreat Western Average Monthly RatesLiberty Bankers Average Monthly Rates
Age 50$58.00$30.51
Age 60$71.25$45.80
Age 70$109.58$73.31
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The next chart shows the same information for women.

Great Western vs. Liberty Bankers: Female Whole Life Average $10,000 Policy Monthly Rates by Age
AgeGreat Western Average Monthly RatesLiberty Bankers Average Monthly Rates
Age 50$48.10$25.57
Age 60$61.25$34.67
Age 70$92.08$54.79
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As you can see, Liberty Bankers offers lower rates than Great Western, and rates for women tend to be lower than the rates for men.

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Great Western vs. Liberty Bankers: What policies are available?

The policies of Great Western and Liberty Bankers are primarily focused on final expenses. Both providers offer simplified issue and modified whole life options as well as pre-need insurance. Additionally, Liberty Bankers has term life policies available.

Great Western doesn’t offer any term life options, focusing entirely on final expenses. The company has two whole life plans, both focused on providing funds for funeral and burial costs. The primary difference between the two involves the health of the policyholder.

The Assurance Plus plan is designed for those in good health. If the policyholder is willing to answer some medical history questions and provide funds for medical expenses, they’ll receive a 25 percent increase.

The simple underwriting process means that customers can receive quick approval.

The Guaranteed Assurance plan is designed for those that have experienced health issues and might not qualify for the Assurance Plus plan.

There is no underwriting process, so customers can receive approval even with a poor medical history. However, the higher-risk customers will pay higher premiums.

Great Western also offers pre-need insurance options to customers. This type of insurance allows a policyholder to plan their funeral and pay the costs. The death benefit will go directly to the funeral home of choice, avoiding the need for loved ones to deal with funeral plans or payments.

Liberty Bankers offers term life insurance quotes in 10-, 15-, 20-, and 30-year terms. These short-term policies are available for customers between the ages of 18 and 70. However, policyholders above the age of 65 at the time of purchase will only have access to limited options.

Similar to Great Western, Liberty Bankers offers two types of whole life insurance. They are both designed for final expenses and are only available for older customers.

Both types of policies offer coverage with a value between $1,000 and $25,000. A medical exam is not required for either policy.

The SIMPL plan is a simplified issue option for customers between the ages of 66 and 80. A traditional whole life policy, the death benefit amounts are lower than other whole life plans since it’s designed to cover final expenses.

The company’s modified whole life plan is for customers that don’t qualify for the simplified issue option, either due to age or medical history. Available for those between the ages of 40 and 80, this plan will involve future higher premium payments.

Pre-need insurance offered by Liberty Bankers is similar to Great Western in that the policyholder can choose their funeral home and the death benefit will be paid directly to the funeral home of their choice.

Great Western vs. Liberty Bankers: What riders are offered?

Riders are optional coverages that can be added to a life insurance policy. While some riders are included free of charge, most can be added to a policy for an additional premium. Great Western and Liberty Bankers offer multiple optional riders.

Optional riders offered by Great Western include:

  • Accelerated death benefit
  • Dependent child or grandchild
  • Special bonus

Optional riders offered by Liberty Bankers include:

  • Children’s benefit
  • Grandchild
  • Waiver of a premium
  • Accelerated living benefit

While Great Western and Liberty Bankers allow customers to customize their policies through various optional riders, they offer fewer riders than several competitors.

Great Western vs. Liberty Bankers: How are they financially rated?

The credit rating agency A.M. Best provides financial ratings for various life insurance providers. This allows customers to determine the likelihood that they’ll receive a full payout when they file a claim. Great Western and Liberty Bankers have both been rated by A.M. Best.

Both Great Western and Liberty Bankers were given an “A” rating by A.M. Best. This rating is considered to be “excellent” by the agency, meaning that the companies should be able to provide a payout when a claim is filed.

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Great Western vs. Liberty Bankers: How can you file a claim?

Great Western and Liberty Bankers allow customers to file claims by filling out online claims forms from their websites. The forms can be printed and sent to the company. Great Western only allows forms to be sent by mail, while Liberty Bankers accepts forms by mail, fax, or email.

Great Western vs. Liberty Bankers: Company Histories

The Great Western Insurance Company was founded in 1983 by Lindquist Mortuaries & Cemeteries in Ogden, UT. The provider remained a family-owned company until 2018 when it was purchased by the American Enterprise Group.

Liberty Bankers was founded in Dallas, TX as the Royal Oak Life Insurance Company in 1958 to provide final expense insurance. The company changed hands multiple times until it was finally acquired by Heritage Guaranty Holdings, Inc. in 2004.

Great Western vs. Liberty Bankers: The Bottom Line

The policy options offered by Great Western and Liberty Bankers are quite similar. The primary difference is that Liberty Bankers offers lower monthly rates and term life options.

Comparing affordable Great Western vs. Liberty Bankers life insurance quotes will help you to find the right company for your life insurance needs.

Now that you’ve compared Great Western vs. Liberty Bankers, enter your ZIP code to find the best life insurance rates in your area.

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Great Western vs. Liberty Bankers: Frequently Asked Questions

Still not sure if you should buy Great Western vs. Liberty Bankers life insurance? Here are some frequently asked questions about Great Western and Liberty Bankers.

#1 – Is Great Western life insurance affiliated with the Great Western Bank?

The Great Western Insurance Company is not affiliated with Great Western Bank. Great Western life insurance is owned by the American Enterprise Group and Great Western Bank is owned by Washington Mutual.

#2 – Once I’ve made a choice between Great Western vs. Liberty Bankers, how do I buy life insurance?

Customers are not able to buy Great Western or Liberty Bankers life insurance online or by phone. To purchase coverage, customers must contact an agent.

#3 – What other products can be purchased from Great Western or Liberty Bankers?

In addition to life insurance, Great Western offers group annuities. Liberty Bankers customers can also purchase annuities, medicare supplemental insurance, and supplemental health insurance.