Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Apr 28, 2021

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The Facts of Life
  • Liberty Bankers has lower rates than Great Western
  • Liberty Bankers has more policy options than Great Western
  • The companies are rated equally by A.M. Best


Great Western and Liberty Bankers are life insurance providers that primarily focus on final expenses. Both companies offer whole life insurance but Liberty Bankers also offers term life policies.

In addition to more insurance options, Liberty Bankers has lower monthly rates. Comparing Great Western vs. Liberty Bankers will help you find the right fit for your family.

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

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

Comparing the monthly rates of two insurance companies will help you determine which one you can afford. The following charts show 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 $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 $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 monthly rates, and rates for women are lower than those for men.

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

One major determining factor you should consider when shopping for life insurance is the types of policies offered by a company. While Great Western and Liberty Bankers both offer whole life and final expense insurance, only Liberty Bankers offers term life insurance options.

Great Western doesn’t offer any term life options but does offer two different whole life policies. Both of these policies are designed for final expenses and differ based on the health of the policyholder at the time of purchase. Unlike most whole life plans, these policies are available for adults of any age.

The Assurance Plus plan is the best option for those that are in good health. This policy provides a 25 percent death benefit increase if the policyholder answers some health questions, as well as early access to funds if needed to cover medical expenses. It also has a simple underwriting process that results in quick approval for those who qualify.

The Guaranteed Assurance plan is for those who have had a serious medical condition at some point in their life. This plan doesn’t require an underwriting process, making it easier for those with medical issues to receive approval. However, it does have higher premiums due to the lack of medical information provided.

The policy covers both accidental and non-accidental deaths within the first two years. Non-accidental deaths are covered for the duration of the policyholder’s life and the death benefit is 110 percent of the premiums paid if the death occurs within 24 months.

Great Western also offers pre-need insurance, designed to cover funeral and burial expenses. The death benefit will be paid directly to the funeral home of your choice, allowing the policyholder to make all arrangements and payments before death.

Liberty Bankers offers term life insurance in 10-, 15-, 20-, and 30-year terms. These short-term policies are available for those between the ages of 18 and 70, though those above 65 have limited options.

The provider offers two types of whole life insurance, both of which are intended for final expenses. The simplified issue plan is available for those between the ages of 66 and 80 years old and coverage ranges from $1,000 to $25,000.

The modified whole life plan is for those who might not qualify for the simplified issue plan, either due to their age or medical history. This type of whole life policy is available for those between 40 and 80 years of age.

Liberty Bankers’ pre-need insurance plans are similar to Great Western’s in that the policyholder can choose their funeral home and the death benefit is paid directly to the home. This allows the policyholder to make all arrangements before death and take the burden off of their loved ones.

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

Most life insurance providers offer options that can be added to an existing policy. Referred to as riders, customers can use these options to customize their policy. Great Western and Liberty Bankers offer multiple riders.

Optional riders available from Great Western for an additional premium 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 both companies offer multiple riders, they have fewer rides available than many of their competitors.

Great Western vs. Liberty Bankers: What are their financial ratings?

Credit rating agencies provide financial ratings for most life insurance companies. These ratings determine the likelihood that the company will be able to provide a payout when a claim is filed.

Great Western and Liberty Bankers have both been given an “A” by the credit rating agency A.M. Best. This rating is described as “excellent” and means that both companies should be able to provide a payout, even during the most difficult economic times.

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

Great Western has an online claim form that can be printed and filled out by customers who need to file a claim. This death benefits form should be mailed to the company with the policyholder’s death certificate and medical authorization.

Liberty Bankers also has an online form that can be printed and filled out by customers looking to file a claim. The provider offers more options for submission than Great Western, as you can return the form by mail, fax, or email.

Great Western vs. Liberty Bankers: History

The Great Western Insurance Company was founded in 1983 by John E. Lindquist, the owner of Lindquist Mortuaries & Cemeteries.

The idea was to create life insurance plans that would work in conjunction with the funeral home. The company remained family-owned until 2018 when it was purchased by the American Enterprise Group.

Liberty Bankers was founded in 1958 in Dallas, TX with a focus on providing final expenses. It would eventually be purchased by Heritage Guaranty Holdings Inc. The company has grown its policy options over the years but remains a leading final expense insurance provider.

Great Western vs. Liberty Bankers: The Bottom Line

Reading Liberty Bankers life reviews and reviews from Great Western is the best way to learn which company is best for you. Liberty Bankers has multiple advantages over Great Western, including lower monthly rates and more insurance options.

But those with medical issues might find it easier to receive approval for Great Western policies. Comparing affordable Great Western vs. Liberty Bankers life insurance quotes will help you find the option that best fits your needs and personal circumstances.

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

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Great Western vs. Liberty Bankers: Frequently Asked Questions

Here are some frequently asked questions about Great Western and Liberty Bankers.

#1 – Is Great Western life insurance related to the Great Western Bank?

Great Western life insurance and Great Western Bank are two different companies. While Great Western life insurance is owned by the American Enterprise Group, Great Western Bank is owned by Washington Mutual.

#2 – Can I buy Great Western vs. Liberty Bankers life insurance online?

You can’t purchase Great Western or Liberty Bankers life insurance online. Both companies require customers to contact an agent.

#3 – How can I make Great Western or Liberty Bankers policy payments?

Payments for Great Western or Liberty Bankers policies can be made by credit card, debit card, check, or automatic bank draft.