Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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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: Jul 16, 2021

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The Brief

  • Liberty Bankers offers a 30-day free look period
  • Liberty Bankers does not specifically mention a cancellation fee, but it would be wise to expect one
  • Some competitors on the market offer more affordable rates than Liberty Bankers

If you have a policy with Liberty Bankers and need to make a change, don’t worry. We’re going to tell you how to cancel Liberty Bankers life insurance in three easy steps.

We’ll tell you all about the company’s cancellation policy, and give you some replacement options and contact methods.

Before you learn how to cancel Liberty Bankers life insurance company coverage, type your ZIP code into our free and helpful tool above to find affordable life insurance quotes in your area.

What is Liberty Bankers’ cancellation policy?

Like most life insurance companies, Liberty Bankers offers a free look period. Unlike most, its free look period is a full 30 days. This means that you have that first month to cancel your policy and get a full refund.

What happens if you cancel after the free look period? Details are scarce from Liberty Bankers on a surrender charge, but the company’s website does mention a cash surrender value, so it’s for the best to expect one.

According to the Insurance Information Institute, the surrender charge is a fee for withdrawing from the policy earlier than the timeframe established.

Surrender fees are especially applicable to whole life insurance policies, which accrue cash value over time. From that point, you will receive the cash surrender value stated in your policy.

Let’s move on to the second step: comparison shopping.

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How to Cancel Liberty Bankers Life Insurance: Finding a Replacement

Now that we’ve covered the first step — knowing what you’re in for in terms of possible fees — let’s go over step two: finding a replacement.

Below you’ll find a table that compares the average monthly rates for a $10,000 policy from various major insurers including Liberty Bankers.

$10,000 Whole Life Average Monthly Life Insurance Rates by Age and Gender
Companies50-Year-Old Female50-Year-Old Male60-Year-Old Female60-Year-Old Male70-Year-Old Female70-Year-Old Male80-Year-Old Female80-Year-Old Male
Americo$24.56$32.06$33.93$43.68$53.43$72.93$112.77$145.65
Mutual of Omaha$24.67$29.16$32.87$42.76$53.24$73.70$98.43$132.65
Transamerica$25.32$30.73$33.72$43.85$71.59$74.66$104.11$140.22
Assurity$25.48$28.82$34.74$41.65$56.41$73.05$113.89$155.57
Liberty Bankers Life$25.57$30.51$34.67$45.80$54.79$73.31$109.16$146.80
American-Amicable$25.96$30.80$37.22$45.76$58.70$76.57$110.44$151.36
Settlers$26.01$31.45$36.38$45.31$55.76$72.85$113.48$153.80
Foresters$26.05$32.00$35.41$45.19$83.41$72.91$111.08$216.09
United Home Life$26.06$31.02$35.42$44.69$73.28$74.63$141.58$138.60
Nassau Re Life$26.63$30.15$36.46$43.27$55.26$72.74$110.24$146.92
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As you can see, Liberty Bankers is towards the middle of the pack throughout the entire table. Essentially, while you could do worse, there are replacement options out there that will be better for your wallet.

Contact Options to Cancel Liberty Bankers Life Insurance

Now that you know what to expect upon cancellation, what are the contact methods to cancel Liberty Bankers life insurance?

The Liberty Bankers phone number for the policy service department is (800) 745-4927. This is listed as the primary contact method for accessing policy information.

Other options include using your Liberty Bankers Life login information on the app or calling the Liberty Bankers customer service number at (800) 604-8002.

Now that you know how to cancel Liberty Bankers life insurance, type your ZIP code into our free and helpful tool below to find affordable life insurance companies near you.