Liberty Mutual Insurance | Expensive, But Is It Worth It?
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Kristen Gryglik
Licensed Insurance Agent
Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
Licensed Insurance Agent
UPDATED: Mar 16, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one 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 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 insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Mar 16, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one 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 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.
On This Page
What’s New in 2021 for Liberty Mutual Life Insurance?
In 2021, Liberty Mutual Life insurance has made it a priority to offer more in-depth coverage to its clients.
How Has Covid-19 Affected Liberty Mutual Life Insurance?
Due to the ongoing Covid-19 pandemic, Liberty Mutual has decided to expand its coverage to support its clients and communities. In Spring 2020, Liberty Mutual Life Insurance issued a statement that outstanding bills would have the opportunity to be paid over longer, more spread-out periods of time. Along with this promise, it offered the following relief to its clients:
- Personal auto-care relief fund—customers received a 15% refund on two months of auto payments
- Free app use for those needing to manage bill preferences online
- Suspended cancellation notices for those paying annually, semi-annually, or quarterly
These changes have caused an increase in Liberty Mutual Life Insurance clients and customers.
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New Products or Changes
A big change for Liberty Mutual Life Insurance is the recent March 2021 promotion of Welsey Hyatt to the position of Chief Client Officer. This position within Liberty Mutual’s Global Risk Solutions division will allow Hyatt’s strong leadership skills to oversee the US Client Services team.
Liberty Mutual Life Insurance in the News
In February 2021, Liberty Mutual reported their fourth quarter and released their 2020 full-year report in review. A net income of $162 million dollars LMHC and $758 million dollars were made in 2020 versus their total net income of $1.037 billion in 2019.
2021 Latest Liberty Mutual Life Insurance Reviews
According to a January 2021 NerdWallet review, Liberty Mutual Life Insurance has rated at four out of five possible stars for the previous year. On their website, NerdWallet highlights that some of the overall benefits of opting for Liberty Mutual Life Insurance include:
- Deductible fund—Liberty Mutual contributes $70 for every $30 contributed by the user annually
- Accident forgiveness without increased premiums
- Gap insurance
- New car replacement for vehicles within their first model year or under 15,000 miles
Along with NerdWallet, over 190 users rating the insurance company on Consumer Affairs have also awarded Liberty Mutual Life Insurance four out of five stars.
While NerdWallet and Consumer Affairs have given Liberty Mutual a four out of five-star rating, WalletHub, a social network for finance investors built around personal finance, has given the company an average rating of only three stars.
Unfortunately for the Liberty Mutual Group, their negative Better Business Bureau rating overshadows their three and four-star reviews listed above, with an average of one out of five stars from 446 individual customer reviews.
There are bound to always be some bad reviews, so it’s best to look at the whole picture and multiple review websites to get a thorough understanding of the company today.
Liberty Mutual Insurance sure isn’t the cheapest deal.
….which means you should avoid ’em like the plague! RIGHT?
NOPE! It’s not that simple ladies and gentlemen! In fact, spending more on your insurance policy can actually save you money in the long run.
Sure, Liberty Mutual Insurance isn’t the cheapest company out there…but they’re a fantastic company and it depends on what type of insurance you are looking to buy.
There’s a reason some insurers are more costly than others and I’m gonna let you in on WHY you might go for the more expensive option.
Table of Contents:
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About Liberty Mutual Insurance
Liberty Mutual Insurance, the parent company of Liberty Life Assurance Company of Boston, is an insurer that you can trust AND one of the top players in a VERY competitive industry.
However, they’re only ONE of the many choices available to you.
Liberty Mutual Insurance was founded all the way back in 1912. At that time, it was known as the Massachusetts Employee Insurance Association (MEIA) before officially becoming Liberty Mutual Insurance in 1917.
This well-established insurer has several subsidiary companies that include Safeco, Golden Eagle Insurance, and America First Insurance.
In the United States, Liberty Mutual still operates as a mutual company where policyholders are technically shareholders. Pretty cool, huh?
Liberty Mutual Insurance also has an extensive list of insurance products for you to peruse – but more on that later!
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Financial Strength
SO…Let’s cut to the chase! Is Liberty Mutual Insurance a financially stable company?
They sure are! Let’s check out what the agencies have to say about them right now!
Liberty Mutual Insurance is a VERY well respected company.
Take a look at the ratings! AM Best and Standard and Poor’s really think they are doing a bang-up job.
You may be wondering why this important!
If the company you purchase your insurance from isn’t on financially stable ground, they might not be able to make good on your claims.
In order to avoid buying into a company that may not be around for the long haul, I suggest doing your homework to see how they stack up to the competition.
As you can see Liberty Mutual Insurance is a star.
Liberty Life Assurance Company of Boston
- A.M. Best Company Rating: A (Excellent)
- Standard & Poor’s Rating: A (Strong)
- 70% of bond portfolio is rated highest quality and above
Liberty Mutual Insurance
- A.M. Best Rating: A (Excellent)
- Moody’s Rating: A2 (Good)
- Standard & Poor’s Rating: A (Strong)
There’s a LOT to like about Liberty Mutual Insurance
In a nutshell, if you’re looking for stability in your insurance company, Liberty Mutual Insurance is one of the most tried-and-true. There’s something to be said for getting a good night’s sleep knowing that they’ll be there in the morning!
…and to top it off, if you’re looking for an incredible array of products Liberty Mutual Insurance is THE company for you.
They have a VERY comprehensive offering that includes: Life Insurance, Homeowner’s Insurance and Vehicular insurance…
…not to mention a number of specialty offers.
Because I’m a life insurance agent, let’s start with those products now:
Liberty Mutual Life Insurance
I’ve been in the life insurance business for OVER 10 years and I’d say one of THE most important questions to ask yourself is…what TYPE of life insurance do you need?
The answer really depends on what you want to achieve with your coverage.
For MOST people, term life insurance is the right choice. Let’s face it, income replacement for families that would be devastated by the loss of a paycheck is the PRIMARY reason people buy life insurance. For them, the flexibility and affordability of term is perfect.
If you have an estate, a business, need an additional tax shelter, have dependents with disabilities or are an older applicant and would like coverage until the day you die, Lifetime Coverage may be the type of product you’re looking for.
Liberty Mutual Insurance provides a GREAT comparison chart on their site that goes through the details of each of the main life insurance products. It’s a good way to familiarize yourself with the advantages of each.
Liberty Mutual Life Insurance Product Comparison
Term Life Insurance
Liberty Mutual Life Insurance offers its customers 10, 15, 20 or 30 year terms.
You receive a guaranteed level death benefit for the term you choose and there are a variety of riders to customize your policy.
Permanent Life Insurance
Liberty Mutual has a very good selection of permanent life insurance policies.
If you are looking for lifetime coverage, permanent insurance is a good option.
At Huntley Wealth we prefer Guaranteed Universal Life to Whole Life Insurance because it’s GUARANTEED to be there when you need it.
Whole Life is usually reserved for the wealthy and is primarily used for estate planning, business insurance, and asset protection.
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Liberty Mutual Whole Life Insurance Products
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Liberty Mutual Universal Life Insurance Products
Liberty Mutual Life Insurance Quotes
So this is always what it comes down to – THE MONEY. Let’s check out some quotes now!
As I mentioned above, Liberty Mutual Insurance certainly is NOT one of the least expensive insurers on the market.
I opted for a healthy male non-smoking applicant throughout the decades to show you what to expect from Liberty Mutual Life Insurance. I’m also providing you with similar Banner Life rates for comparison.
Liberty Mutual Term Life Insurance Quotes
| Age | $100K | $250K | $500K | $1 Mil |
|---|---|---|---|---|
| 20 Years Old | $21.87 | $32.85 | $33.75 | $53.55 |
| 30 Years Old | $22.50 | $33.75 | $36.00 | $58.05 |
| 40 Years Old | $29.70 | $55.13 | $56.70 | $100.35 |
| 50 Years Old | $64.98 | $144.68 | $154.35 | $294.75 |
| 60 Years Old | $166.86 | $399.83 | $403.65 | $797.85 |
Life Insurance Preferred Quotes based on healthy, male, non-smoker for 20 Year Guaranteed Level Term, as of 2/4/18 subject to change
Term Life Insurance Quotes from Banner Life
| Age | $100K | $250K | $500K | $1 Mil |
|---|---|---|---|---|
| 20 Years Old | $10.32 | $16.30 | $26.14 | $46.01 |
| 30 Years Old | $11.35 | $16.31 | $26.53 | $47.59 |
| 40 Years Old | $15.35 | $21.88 | $37.73 | $76.97 |
| 50 Years Old | $26.23 | $48.87 | $89.87 | $171.18 |
| 60 Years Old | $63.12 | $126.30 | $240.80 | $461.39 |
Life Insurance Preferred Quotes based on healthy, male, non-smoker for 20 Year Guaranteed Level Term, as of 2/4/18 subject to change
WHOA! As you can see Banner Life knocks Liberty Mutual Life Insurance out of the ballpark price-wise.
To give you an idea of just how much more expensive Liberty Mutual Life Insurance is, let’s see what the difference would be over a 20 year term with $500k of coverage for the 50 year old man I quoted above:
- $36,960 paid over 20 Years with Liberty Mutual
- $21,568 paid over 20 Years with Banner Life
That’s $15,392 in SAVINGS!
The Key is Picking the RIGHT Life Insurance Company for YOU
PLEASE NOTE: All of these numbers depend on you QUALIFYING for the rating I mentioned above.
The fact is, the underwriting guidelines change from company to company and some are much more lenient than others for specific health conditions.
If you happen to qualify for a preferred rating for Liberty Mutual and only get offered a standard rating for Banner because you have a medical condition that they are tough on, these numbers won’t be as dramatic.
This is why it’s SO important to consult an independent life insurance agent like those at Huntley Wealth. We know the ins and outs of all the life insurance companies and can help you determine what insurer will work best for your particular circumstances.
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Liberty Mutual Home Insurance
Hey, what about Liberty Mutual Home Insurance? Do they have a good offering?
YEP! They sure do!…and then some!
Which Brings me to Liberty Mutual Home Insurance products.
Whether you own a house, are a landlord with tenants or you’re simply renting, they’ve got the coverage for you!
Everyone loves options and with Liberty Mutual Insurance, there are plenty of them.
Consider it a one-stop shop for all of your needs!
Read more: Liberty Mutual Home Insurance Review
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Liberty Mutual Mobile Insurance
Do you live in mobile home?
Liberty Mutual Insurance offers specialized coverage for just that!
This policy covers damage to both your buildings and personal property.
Liberty Mutual Landlord Insurance
Do you own investment property and want to make sure your investment is protected?
This policy covers damage to both your buildings and personal property.
Liberty Mutual Renters Insurance
Maybe you’re renting but want to make sure your belongings are safe.
This policy protects just that, your liabilities, and more!
Liberty Mutual Condo Insurance
If you own a condo this is a terrific option.
This policy Protects the cost of damage to your condominium and the personal property within.
Liberty Mutual Flood Insurance
No matter where you live, flooding can be a BIG problem.
This policy covers you for rain damage but WON’T cover you if the damage is the result of rivers, lakes or oceans.
But WAIT there’s more!
If you want to add something extra to your homeowners insurance consider the following:
Liberty Mutual Home Protector Plus
If you really want your protection to be airtight, check out home protector plus.
The upgraded package offers extra coverage including personal property replacement as well as expanded coverage.
Liberty Mutual Umbrella Insurance
For those things that crop up that you never thought of.
This policy protects your assets, by financially protecting you.
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Liberty Mutual Car Insurance & Additional Products
How about cars?
They’ve gotcha covered there too – whether you travel by land or sea.
As if that wasn’t enough!
Liberty Mutual Car Insurance! They excel here too! …and you can customize your own policies!
Liberty Mutual Insurance has several additional insurance features available for purchase.
Remember, all insurance premiums hinge on your PERSONAL circumstances. Did you know….
Even speeding tickets can increase car insurance premiums by 50%. Convictions for serious traffic violations can be recorded for more than 5 years and agencies will only consider covering such a driver after at least 3 years since the felony took place, provided, of course, that the driver did not breach any other laws. High Risk Auto Insurance Rates, How a Criminal Record Determines Coverage Costs – The Business Insider
Liberty Mutual Antique & Classic Car Insurance
Got a model T-Ford or a vintage Jag?
This policy protects the value of your car if it is considered a classic.
Liberty Mutual Motorcycle Insurance
Same idea as standard auto insurance, but caters to motorcyclists.
Liberty Mutual ATV & Off Road Vehicle Insurance
Are you a bit of a daredevil?
We have lots of clients that like to go out on their snowmobiles.
Well, Liberty Mutual Insurance has a special policy for that too! Insurance for ATVs, golf carts, dirt bikes, & more.
Liberty Mutual RV & Trailer Insurance
Looking to travel across country with your loved ones?
Well then you’ll need some Insurance catering to recreational vehicles and travel trailers…and Liberty Mutual Insurance has you covered.
Liberty Mutual Boat & Watercraft Insurance
Liberty Mutual Insurance covers all the bases-by land and sea.
If you have a boat or watercraft this policy insures against costs such as towing, accident removal and fuel spills. (For more information, read our “Best Boat Insurance Providers“).
If you’re worried about those gaps your Liberty Mutual Auto Insurance policy might leave, they offer some extras you might want to consider!
Liberty Mutual Vehicle Service Plan
Liberty Mutual’s VSP gives you peace of mind knowing that should a breakdown occur after your warranty expires, you’ll be covered.
Now that’s service!
Liberty Mutual Deductible Fund
With this feature, Liberty Mutual Insurance will reduce your collision deductible annually by $100.
Furthermore, your deductible won’t go up even if you are in an accident.
Liberty Mutual Accident Forgiveness
This coverage can vary depending on your state of residence.
With accident forgiveness, your premium won’t go up after your first accident.
Liberty Mutual New Car Replacement
With new car replacement, you’ll receive payment for the price that you paid for the car in the event that you total it within the first year or first 15,000 miles.
Wow, this is awesome protection!
Benefits of Liberty Mutual Insurance
As you can see Liberty Mutual Insurance has a LOT to offer, so I’m going to break up my final assessment into two distinct sections.
The first will review Liberty Mutual Insurance as a company that oversees a large array of insurance products. The final section will assess their life insurance offering.
So let’s start with the basics now:
Pros:
- Financial strength
- Wide range of appealing insurance features and coverage options
- Above average customer support
- Getting a quote is easy
Liberty Mutual Insurance Has an INCREDIBLE Selection of Products
Wow! If you’re looking for insurance, there’s not much you could want that Liberty Mutual doesn’t have.
I provided a comprehensive list of products above. There are VERY few insurers that offer this sort of selection. Liberty Mutual Insurance truly is a one-stop shop.
Finally a Company with Decent Customer Support
Although customer support reviews are always a mixed bag, Liberty Mutual Insurance is known for being one of the better insurance companies in this category.
NEVER underestimate the importance of this. When you or your loved ones go to make a claim it is incredibly important that someone handles your file with care and diligence.
Paying a little extra when it comes to your premiums for this service is OK with me!
Here’s a positive review on Liberty Mutual from ConsumerReviews.com if you want to find out more.
Customer service has become even more important:
In today’s fast-paced world, where our thoughts, opinions, and ideas can be shared with the click of a mouse or with a few taps on a keyboard, there seems to be a constant yearning to have our voices heard, to offer advice, and to give our opinions in as short amount of time as possible. This may work on social media; however, when you have a business to run and clients to serve, this can cause problems. Improve Your Customer Experience: Don’t Just Hear. Listen., Customer Think
Financial Strength: Can It Get Any Stronger?
There is no denying that Liberty Mutual is one of the top insurance companies out there in terms of financial strength.
In fact, Liberty Mutual made the Fortune 100 list of top U.S. corporations. Talk about safe!
The ratings given by agencies like A.M. Best are great resources that can help you determine how reliable a company is.
Liberty Mutual boasts several accolades in this category:
- A.M. Best gives Liberty Mutual an ‘A’ (excellent) rating
- Standard and Poor gives Liberty Mutual an ‘A’ (strong) rating
- Moody rating agency gives Liberty Mutual an ‘A2’ (good) rating
- Liberty Mutual ranks #75 on the Fortune 500 list of U.S. corporations (calculated according to revenue from 2016)
Why is this important?
Well, a company with solid financial strength is a company that you can trust to support you.
When it comes to insurance, this is especially important, since policies last several years. Make sure you’re doing business with an insurer that will be there for you for years to come!
Getting A Liberty Mutual Insurance Quote Is Easy
Another great thing about Liberty Mutual is the ease of their processes.
Getting a quote and filing a claim with Liberty Mutual Insurance is simple and convenient.
When you visit their website, you’ll see an option to receive a quick 10 minute quote on your home, life, or auto insurance. I was skeptical at first, but it really is as easy as it sounds.
To get a quick auto insurance quote, I simply needed to plug in my zip code and a few general details.
One of the things I really liked about the process was the option to choose between a quick ballpark estimate, or a more accurate personalized quote:
I opted for a ‘rough price estimate’. The amount of personal information you enter is up to you.
In fact, you don’t even need to give them your driver’s license number! This is a huge step up from several other insurance companies, where the getting-a-quote process is often long and arduous. Plus, you’re usually required to give more personal information than you’d like.
The best part?
You can do it all from your computer!
Of course, you also have the option to call if you’d like.
Disadvantages of Liberty Mutual Insurance
Although Liberty Mutual Insurance makes getting a quote easy, they aren’t known for their cheap prices. Can’t have everything, right?
For example, if you’re looking for auto insurance, you’ll see that their premiums are slightly higher than most of their competitors. Need specifics? Check out some of the statistics from credio.com, and read some reviews from Liberty Mutual policyholders.
Cons:
- Expensive!
- Limited Customer Service Periods
Customer service, although good, is limited
Unlike some other insurance companies, Liberty Mutual Insurance does not provide 24 hour support. That being said, you can receive emergency assistance or file a claim at any time.
Gotta admit though… it’s a bit disappointing that you won’t have standard support available around the clock.
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Final Thoughts on Liberty Mutual Insurance Company
Ok, that was a lot. Allow me take a step back here and give you my general opinion on the company.
Liberty Mutual is a well-rounded insurance provider…
….and if you look at their offering as a WHOLE, they are one of the better insurers in the market.
- The company offers a wide-range of insurance products. If you can think of it, they’ve got it.
- Getting a quote is easy-peasy! It’s a little more difficult for home insurance but I was able to easily navigate each and every area of their quoting system. I wish more companies offered this.
- Adept customer support team. You can’t underestimate this service when you are looking to resolve a claim. It justifies some of their added expense.
- Liberty Mutual is a very stable company, it even made the Fortune 100 List of top U.S. corporations!
In conclusion, Liberty Mutual is a great option for those looking for auto and home insurance who place a high-value on a company’s financial strength, simplicity, and support. However, if you are simply looking for the cheapest prices… well, you’ll want to look further.
Find The Best Insurance Company for YOU
As you can imagine when it comes to life insurance I have some different thoughts.
You saw the numbers above.
My advice, is if you are looking for life insurance, call an independent life insurance agent today!
I can almost guarantee that we will find you better premiums and we have some remarkable companies to draw from like Banner Life, that will provide you with excellent customers service and stability too.
Liberty Mutual Life Insurance will cost you a PRETTY penny and that’s money that could be better spent.
The True Superheroes in Life Are Those That Plan!
Remember, it’s not just your well-being at stake.
Deciding on a life insurance company is one of THE most important financial decisions you can make for you and your family.
We all watch movies that follow the antics of fictional superheroes, but in my humble opinion the TRUE superheroes are those that PLAN for their families.
So when the unthinkable happens, they aren’t thrown into a financial hole.
The best advice I can give to ANYONE shopping for life insurance is to do your homework – because there really is a company out there that is the right fit for your personal circumstances.
…and that’s what we’re here for…
…to give you the information you need to get the best coverage for you and your loved ones at the best possible prices.
Enter your ZIP code below to view companies that have cheap insurance rates.
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Kristen Gryglik
Licensed Insurance Agent
Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.