111 E. Wacker Drive
Chicago, IL 60601
A.M. Best Rating
CNO Financial Group
Direct Premiums Earned
Insurance Coverage Options
- Term Life Insurance
- Universal Life Insurance
- Whole Life Insurance
- Long-Term Care Insurance
- Supplemental Health Insurance Plans
- Medicare Supplement Plans
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 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.
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.
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.
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.
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 Lifer 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.
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.
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