Liberty Mutual
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Author: Kaitlyn Short
Liberty Mutual offers insurance in the following categories: auto and vehicle, casualty, property, commercial auto, and risk. The company was established in 1912 and thus has over 100 years of experience providing insurance.
Liberty Mutual offers both company and personal insurance packages, with rates as low as $12 per month for individuals. While headquartered in Boston, the company is global, with dealings in over 25 countries.
In terms of awards and recognitions, Liberty Mutual has recently been recognized as a Best Place to Work for minority and underrepresented groups including women and LGBTQ+ individuals.
The company offers a critical illness plan as one of its supplemental offerings — the benefits and drawbacks of which will be discussed below.
Top Ranked Companies
The Good
- Customizable Plans
- Coverage
- Pricing
Customizable Plans
While some of Liberty Mutual’s competitors in the insurance arena offer plans only through your employer, Liberty Mutual allows you to purchase a personal plan if you would like.
Having a personal plan gives you greater flexibility in terms of which supplemental coverage you want, and allows you to keep your rates down since you are only paying for what you choose.
Coverage
Liberty Mutual’s critical illness plan seems fairly standard for the industry in terms of what it covers, but here are the basics of what you can do with the money from its plan:
- Pay for out-of-pocket medical costs such as deductibles and copays.
- Cover unexpected recovery costs, including extra-childcare, rehab, or other assistance.
- Take care of everyday costs, such as mortgage payments, groceries, and other bills.
- Use the money anywhere else that financial support is needed.
Pricing
Liberty Mutual advertises that its critical illness coverage can start as low as $12 per month for individuals. This is a small fraction of the payout you would receive back if you were to file a critical illness claim with the company and be approved.
Liberty Mutual’s goal is to help you focus on getting the right care and properly healing first, and expenses after that.
The Bad
- Lacking in Detail
Lacking in Detail
Compared to its competitors in the critical illness insurance arena, Liberty Mutual doesn’t offer as much information about its plan. We couldn’t find links to PDFs with additional information or details about how the plan itself actually works — something we were able to find with some other companies.
The Bottom Line
Liberty Mutual is a global company with plans for all types of insurance. While its critical illness plan seems about standard for the industry, it does offer competitive pricing and allows for personal, customized plans, which is a nice benefit.
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