Freedom Life Insurance is a member of the U.S. Health group insurance services family. This review will address the company history, financial ratings, and the positives and negatives of Freedom Life Insurance. Additionally, it will address some specific situations where it may make more sense to go outside the Freedom Life Insurance family of products. The goal is to ensure you get the policy that provides you with the most value.
Freedom Life Insurance Company History
Founded in 1956 Freedom Life Insurance is a micro insurance carrier. Freedom Life Insurance itself accounts for approximately $61,200,000 a year in US premiums or well less than .01 % of the overall market. The Freedom Life Insurance Company is a subsidiary of US Health Group.
USHealth Group is a primary broker of group freedom life health insurance plans. Freedom Life Insurance is one of the health plan distributors. The Freedom Life Insurance sells term life insurance as an add-on product to its health offerings. Freedom Life Insurance also adds on products such as dental and accident insurance.
Types of Life Insurance Offered
Freedom Life Insurance Co. Co. provides only one sort of life insurance policy. That plan is known as LifeProtector, and it is a 10-year term life insurance plan. This means that the plan only exists for 10 years from the date of the first purchase. If you survive this term, you get an opportunity to renew the policy, but you stand to be charged higher premiums. This specific policy can be renewed right up to the age of 70. This term life insurance policy is easy and cheap. The monthly premium varies between $10, and $50.
The actual cost of your premium will vary according to your age, your current state of health, as well as the actual stated value of the policy which is the death benefit amount. This term life insurance policy does not have riders meaning there are no options to adjust your benefits. This also isn’t a surefire way to get a life insurance policy. You will just have to fill in an application and go through it but you can be rejected if the company won’t insure you because you pose too much risk.
Although they only have one particular type of life insurance policy, they aren’t the only thing that Freedom Life Insurance has to offer through their parent company, USHealth Group. These incorporate a range of different healthcare options with an emphasis on insurance for serious body complications. As well as discussed earlier USHealth Group provides several kinds of accident insurance and dental and vision insurance.
Riders Available
Another disadvantage of Freedom Life Insurance’s term life insurance plan is that there are no riders available. Riders are added to your life insurance policy to modify it to suit your needs as a client. This plan, as all the plans offered by Freedom Life Insurance, is very limited and may just be what you and your family require.
Unique Features of Freedom Life Insurance
It is different from other companies because, unlike many insurance solutions of this kind, Freedom Life Insurance can be easily combined with other insurance types offered by the USHealth Group. Specialty health insurance plans are offered by the USHealth Group inclusive; USHealth Group is also affiliated with United Healthcare which is one of the largest health insurance companies in the United States and which provides more standard health insurance. Exact Choice Health Insurance Broker is an insurance network where you can get nearly all types of health insurance.
Below are the options that USHealth Group has for you to combine with your life insurance policy. Some important things to bear in mind are that USHealth Group uses many different underwriters so not all of these policies would necessarily be with Freedom Life.
- PremierChoice PPO: Provides coverage for disease and accident-related care without a deductible.
- SecureAdvantage PPO: Provides coverage for disease and accident-related care with a flexible deductible.
- HealthAccess II: Provides fixed indemnity coverage with no deductible to support your main health insurance plan.
- MedGuard: Provides critical illness coverage.
- Accident Protector: Provides coverage for excess medical bills as a result of an accident.
- IncomeProtector: Provides short-term disability coverage if you are injured in an accident and cannot work.
- SecureDental: Provides family dental coverage.
- Premier Vision: Provides comprehensive vision coverage.
If you require any of these coverages, they can easily be included with your life insurance policy to attract lower rates. Few individuals will require this kind of extra health insurance but those who may need them may help if they fear healthcare complications.
Freedom Life insurance pros and cons
The term life insurance policy at Freedom Life Insurance is the 10-year renewable term coverage which is affordable. The life insurance policy has no flexibility in the form of riders or additional benefits, however, it can be offered with other products included in the range of USHEALTH Group, such as accident and illness, disability, dental, vision, and health insurance.
Pros Freedom Life Insurance
1) Coverage is renewable to age 70: Freedom Life presents a term assurance plan that is issued for 10 years. After 10 years, the policy can be renewed on a year-by-year basis up to the age of 70 depending on when the coverage is no longer required.
2) Easy to understand pricing structure: The base groups provide coverage at $10 per month and additional coverage costs $5 more per month in less than $50.
3) Simple cancellation: In the case of cancellation, you just don’t pay the monthly premium. A term life insurance policy has no cash value, so the policy will simply terminate without the policyholder having to complete a form or call the company.
4) Excellent financial strength: USHEALTH Group Inc. is the parent company of Freedom Life and as part of this group, the company boasts billions in assets; therefore, when it comes to processing claims, the company doesn’t struggle.
Disadvantages Of Freedom Life Insurance
1) Only one option available: The only freedom life insurance policy offered is a 10-year term life insurance policy coverage.
2) No riders or benefits available: In the same manner, unlike other life insurance companies, Freedom Life does not include added services, popularly referred to as riders such as the accelerated death benefit.
3) Not available in all states: If you plan to get insurance with Freedom, life insurance is something that they don’t offer in every state. If you are from California, the District of Columbia, Hawaii, Idaho, Massachusetts, Maine, Montana, New Hampshire, New York, New Jersey, North Dakota, Rhode Island, Vermont, and Wisconsin and are in the U.S territories you will need to find your wedding planning elsewhere.
4) Coverage is not transparent: While pricing is easy to find, it’s tough to find the coverage amounts provided for each price point. To get a quote, you have to reach out to a licensed USHealth Advisors agent.
Who is a good fit?
Who accepts freedom life insurance? Someone looking for temporary coverage at an affordable rate who may not be in the best health. As a subsidiary of USHEALTH Group, Freedom Life offers group rates at an affordable cost after answering a few basic health questions.
How is Freedom Life Insurance Different?
Freedom Life makes life insurance easy by offering just one product at group rates. This plan can also be bundled with dental, vision, accident, illness, disability, and health insurance.
Freedom life insurance products
Freedom Life Insurance is a wholly-owned subsidiary of USHEALTH Group. It offers high-deductible health insurance plans with the option to purchase supplemental benefits policies to bridge the gap left by the high deductible:
- LifeProtector 10-year term life insurance
- Critical Illness
- Specified Disease/Sickness
- Accident
- Short Term Accident Disability Income
- Income Protector
- Dental
- Vision
Final Freedom Life Insurance Review
Is Freedom Life health insurance good for you? It all depends on your situation. After seeing Freedom Life Insurance reviews If you are looking for more than a 10-year renewable term policy (with a waiting period), Freedom is not the carrier for you.
If you have notable health impairment(s), you will likely be better suited by shopping around on the open market where it is convenient to make apples-to-apples comparisons.
Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that Freedom Life Insurance can’t offer.
However, if you are happy with other services being provided by Freedom Life, it may be convenient to keep things “in-house”.
FAQs
No, Freedom Life Insurance is in ownership with USHealth Group, it is not an affiliate with UnitedHealthcare Group but has similar products dealing with health insurance.
To cancel your policy in Freedom Life Insurance simply call them at the mentioned phone number, or write the policy cancellation in a written format which is acceptable as per the policies and conditions agreed upon between you and the company.
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