Bankers Life and Casualty Company Review 2020

(Accurate rates in less than 2 minutes)

Bankers Life & Casualty Review
Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email

Table of Contents

Shopping for life insurance can be an overwhelming and confusing process. Not to mention that it’s costly, especially if you don’t know what’s out there in terms of products and premiums.

That’s why it’s so essential to perform extensive reviews of the companies that you’re considering to handle your insurance needs.

However, knowing the products is only half the battle. You also want to know that the company you plan to work with is financially stable with excellent customer service.

You may find that it’s easier to search for life insurance with an agent. But if you’re out here on your own looking for a good policy, we’ve got you covered.

In this article, we’re discussing a complete review of Bankers Life and Casualty Group. You’ll learn about their products, ratings, and how they’re giving back to the community. Keep reading to learn more.

Bankers Life & CasualtyCompany Facts
FOUNDED:1879
PARENT COMPANY:CNO Financial Group
HEADQUARTERS:Bankers Life
111 E. Wacker Drive
Suite #2100
Chicago, IL 60601
CUSTOMER SERVICE:(800) 621-3724
COMPANY WEBSITE:www.bankerslife.com
AM BEST RATING:A-
INSURANCE OPTIONS:Term Life Insurance
Universal Life Insurance
Whole Life Insurance
Long-Term Care
Supplemental Health Insurance Plans
Medicare Supplement Plan
Annuities

VIEW RATES

Bankers Life and Casualty Company Review

Bankers Life holds its corporate headquarters in Chicago, IL. They have been offering life insurance products and services since 1879.

The company specializes in insurance and retirement services for retirement age individuals. They offer life insurance, annuities, long-term care insurance, and Medicare supplement insurance to consumers throughout the United States.

CNO Financial Group is the parent company for Bankers Life with over $19 Billion in assets. The company markets its products with over 5,000 agents in over 275 offices nationwide.

Community Involvement

Giving back to the community is a top priority at Bankers Life and Casualty. In Chicago, where the headquarters resides, it supports the local Meals on Wheels program with both donations and fundraising events. They also sponsor the Alzheimer’s Association with national fundraising efforts and corporate contributions.

In addition, the Bankers Life Fieldhouse is home to many events, including NBA Pacers games, college basketball, ice hockey, and indoor concerts. Of course, CNO Financial holds the naming rights to this.

Bankers Life & Casualty Company Ratings

Understanding the financial strength of your insurance company is important so that you don’t get caught off guard later down the road.

There are several agencies that perform ratings on insurance companies, including the Better Business Bureau, or BBB, and others that rate the financial strength of an institution.

Bankers life financial ratings stand as follows:

  • Moody’s – Baa1 or Medium Grade
  • S&P – BBB+ or Adequate Financial Performance
  • Fitch – BBB+ or Good
  • A.M. Best – A- or Excellent
  • BBB – A or Excellent

It’s important to note that the A.M. Best rating only recently upgraded from a B+. Take this for what it means to you, but it can obviously stand for progressive movements within the company. It definitely means that their financial strength is improving and an Excellent rating is hard to beat.

Bankers Insurance Products

This company offers a variety of insurance products to cover your various needs before and after retirement. These products align with other insurance companies in their coverage and options.

These are well-established products, often with customizable policy options.

Hospital Indemnity Insurance

If you are accidentally injured or laid up due to sickness, you can benefit from Hospital Indemnity Insurance. Of course, you have to sign up for the policy before you are sick or injured.

The policy pays you directly in the event of injury or illness. You can use these benefits for expenses such as co-pays and deductibles that are not covered by health insurance or Medicare.

One of the most excellent benefits of this policy is the guaranteed renewability for as long as you pay your premiums on time. There are no restrictions on how the benefit payments may be used.

Long Term Care Insurance

Long Term Care Insurance provides an array of benefits from short term care to comprehensive, long term care. For at-home or facility care on a temporary basis, you can utilize the short term care insurance, which pays for these needs up to one year.

Home Health Care Insurance allows you to pay for home health care expenses such as hired help or nurse’s care.

Facility Only Long Term Care covers nursing home care and assisted living facilities as well as Alzheimer’s care facilities. And if you need Comprehensive Long Term Care, you can rest assured that your home health care and nursing home expenses will be covered.

Annuities

You can choose from a Fixed Interest, Fixed Index, or Immediate Annuity with Bankers Life.

Taxes are payable when funds are withdrawn on a fixed interest annuity. This plan is tax-deferrable and earns a guaranteed fixed interest rate.

If you have an external market index account, you can tie in your fixed index annuity to earn interest without the risk of losing money in your annuity fund.

An Immediate Annuity pays out almost immediately after a lump sum purchase payment.

Medicare Supplement Insurance

There are four plans available for Medicare supplement insurance with Bankers Life. The Medicare Advantage Plan and Medicare Part D Prescription Drug Coverage Plan are offered by non-affiliated third-party carriers.

The other two are broken down here:

  • Medicare Supplement Insurance Plans A, B, and F
  • High Deductible Option Plans G, K, L, M, and N

Medicare Supplement Insurance Plans A, B, and F are in place to help you pay for items and services not covered by Medicare. This may include physician’s services, co-pays, outpatient services, and ambulance services.

The alternative High Deductible Option Plans can help you save money on your insurance premium by offering a higher deductible

Bankers Life Insurance Options

Depending on your health history, you may be able to get a life insurance policy up to $30,000 without a medical exam. Of course, this is only one option offered.

Otherwise, you’ll want a life insurance policy that covers your basic death costs, including burial, estate taxes, and any outstanding debt you leave behind.

Life insurance is an essential component of aging. It’s best not to wait too long before finding a policy that’s right for you.

Term Life

A term life insurance policy is almost just as it sounds. You will pay a premium each month for a set period determined by the insurance company, and this is known as your term. If you die during this term, the death benefit will be paid to your beneficiary.

Bankers Life offers 5, 10, and 20-year terms with a level death benefit. Level death benefit means that the payout amount stays the same throughout the entire duration of the term.

They also offer this plan at a level premium, meaning it cannot change.

Universal Life

A universal life insurance policy is a little bit more complicated but altogether a great option if you want to accumulate cash value.

With this type of policy, you are protected with a guaranteed amount of death benefit proceeds. Additionally, as you pay your premium, some funds are allocated to a cash savings account which can be cashed out if you live to the maturity date. This cash grows on a tax-deferred basis.

Bankers Life offers permanent coverage universal life insurance with flexible premiums and a guaranteed cash value. Of course, you should speak to a representative about the flexibility of premiums according to your specific plan.

Whole Life

A whole life insurance policy is similar to a universal life policy except that it includes whole and permanent coverage. This means you are covered until you die as long as you pay your premiums on time.

The great thing about Bankers Life Whole Life policy is that you can still accumulate cash value which is also tax-deferrable. You’ll have permanent life-long protection with fixed premiums over the life of this policy.

While this policy is not as flexible as a universal life policy, it may be your best option depending on your individual situation. Talk to an agent to help decipher the key differences between these types of policies so you can make an informed decision.

Final Thoughts - Is Bankers Life a Good Option?

Overall, Bankers Life is a reputable insurance company in the field that you can trust to handle all of your insurance needs. Be reminded that these policies are generally tailored for seniors.

Bankers Life and Casualty also offer supplementary retirement income programs. Ask your agent for details when you call. You can also get a quote online.

Click here if you need some direction for buying life insurance online.

If you found this post helpful, please visit this page for more helpful information related to planning ahead and being prepared. We strive to bring you updated, accurate information about life insurance products and reviews.

Ready to Compare Life Insurance Rates?

It’s free, fast and super simple.

Jeffrey Manola

Jeffrey Manola

Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.

Not only does he strive to provide you with the best rates for your life insurance coverage, but he also wants you to be well informed about the different types of life insurance options that are available. You will also find a significant amount of valuable information on the multiple life insurance companies that can provide you with coverage.

Jeffrey Manola is licensed to provide expert advice and help aid in the purchasing process of life insurance products. He is licensed with the National Insurance Producer Registry (NIPR) in the following states:

AL: 790866 AR: 14358927 AZ: 14358927 CA: 0K29801 CO: 531038 CT: 002536246 DC: 3000281706 DE: 3000190912 FL: W383615 GA: 3089339 HI: 482421 IA: 14358927 ID: 646048 IL: 14358927 IN: 3100885 KS: 14358927 KY: DOI-986908 LA: 758187 MA: 2045330 MD: 3000011601 ME: PRN252004 MI: 14358927 MN: 40427014 MO: 8428106 MS: 10519253 NC: 14358927 ND: 14358927 NE: 14358927 NH: 2434852 NJ: 1562332 NM: 14358927 NV: 3299018 NY: LB-1484031 OH: 1117369 OK: 100293583 OR: 14358927 PA: 740709 RI: 3000183893 SC: 14358927 TN: 2383399 TX: 1969337 UT: 648983 VA: 987464 VT: 3426230 WA: 947010 WI: 14358927 WV: 14358927

Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

More Articles Written by Jeffrey Manola

Table of Contents

Bringing you the easiest way to compare and buy life insurance online
100% FREE

Ready to Shop for Great
Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574

Ready to Shop for Great
Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574