Bankers Life specializes in addressing the insurance and investment needs of middle-income individuals approaching or in retirement.
As a division of CNO Financial Group, Inc., they offer a network of dedicated insurance agents and financial representatives who work from numerous sales offices across the United States.
These professionals provide guidance on managing healthcare expenses, securing guaranteed income, and more.
The Center for a Secure Retirement is their informational resource for retirement planning, offering a wealth of original articles on insurance, financial planning, healthcare, wellness, and related topics.
Bankers Life agents prioritize building personal relationships with their clients, making them an ideal choice for retirement planning and security.
Company description
Bankers Life concentrates on addressing the insurance and investment requirements of middle-income individuals who are approaching or already in retirement.
Bankers Life is a division of CNO Financial Group, Inc. (NYSE: CNO), a conglomerate of companies specializing in insurance and wealth management solutions designed to safeguard the well-being and financial security of employed Americans and retirees.
The organization employs a network of around 4,300 exclusive insurance agents under the Bankers Life brand, including over 700 financial representatives.
These professionals operate from more than 230 sales offices across the United States, where they provide guidance and support to individuals in preparing for unforeseen healthcare expenses, securing guaranteed income, protecting their loved ones, and building a lasting legacy.
The Center for a Secure Retirement serves as a comprehensive information hub for those contemplating a secure and satisfying retirement.
It offers a daily repository of informative, original articles covering topics such as insurance, financial planning, healthcare, wellness, and more.
Bankers Life agents are committed to accompanying their clients throughout the retirement journey, emphasizing the importance of personal relationships.
source : mma.prnewswire
They prioritize a personalized approach to customer service, often meeting with clients in the comfort of their homes. To explore career opportunities with us, please visit
Industry
- Insurance
Company size
- 1,001-5,000 employees
9,126 on LinkedIn
Headquarters
- Chicago, Illinois
Specialties
Long-Term Care Insurance
Annuities
Medicare Supplement Insurance
Critical Illness Insurance
Contacts
Contact Us ·
Policy Services ·
Customer Service · (800) 621-3724 · (800) 845-5512 · (800) 800-2254 · (800) 852-6285 ·
Customer Service · (800) 621-3724.
Locations
Primary
303 E Wacker Dr, Ste 500, Chicago, Illinois 60601, US
Bankers Life insurance policies
Term life insurance:
Bankers Life offers ReliaTerm, which is available for individuals aged 20 to 75 and can be purchased for 5, 10, or 20 years. Coverage starts at $25,000, and within the first five years or until the policyholder reaches 70 years of age (whichever comes later), it can be converted into a permanent policy.
Whole life insurance:
There are five whole life insurance products available, catering to various age groups and needs:
- BasicLife: Open to individuals aged 17 to 85, with coverage starting at $2,500. The death benefit remains constant as long as premiums are paid.
- BasicLife Graded: Designed for those aged 50 to 85, offering coverage as low as $2,500. The death benefit starts lower and increases over the first two years, meaning beneficiaries may receive less if the policyholder passes away during this period.
- InnovativeLife SP 1 and InnovativeLife SP 2: Available for individuals up to age 85, these policies require an upfront payment and aim to maximize cash value.
- SecureView: For people aged 17 to 75, this policy provides steady premiums and offers coverage starting at $30,000. Policyholders can choose a 10- or 20-year payment period to pay off their policy faster.
- Universal life insurance: Bankers Life offers two universal life insurance policies with flexible premiums and death benefits:
- TurningPoint Fixed-Interest Universal Life: This policy accumulates cash value at a minimum interest rate of 3%. It is available for applicants up to 85 years old, with coverage starting at $30,000.
- Clearvantage Indexed Universal Life: Tied to the S&P 500’s growth with a guaranteed minimum interest rate of 1%. This policy is also available to applicants up to 85 years old, with coverage starting at $30,000.
Child whole life insurance:
Child whole life insurance: Life Start offers $10,000 minimum coverage, with constant premiums and growing cash value. Ownership transfers at “age of majority
Bankers Life add-ons
You have the option to tailor your insurance coverage based on your specific needs with the following supplementary features:
- Accelerated death benefit rider: If you’re diagnosed with a terminal illness, this rider permits you to access a portion of your policy’s death benefit while you’re still alive.
- Additional insured level term rider: Designed to extend coverage to another person, such as your spouse.
- Children’s term insurance rider: Offers additional coverage for your child.
- Disability income rider: This rider offers additional benefits in case you become disabled.
- Payor benefit: Also applicable to Bankers Life’s juvenile policies, this rider waives premiums on your child’s policy if you become disabled or pass away.
- Reinstatement without evidence of insurability: This feature reactivates your coverage if your policy lapses due to cognitive impairment. No additional medical examination is required, but you must request reinstatement within 90 days of your policy lapsing.
- Waiver of premium rider: Pauses your premium payments for a specific period if you experience disability or unemployment.
Bankers Life customer complaints and satisfaction
During the span of three years, Bankers Life’s customers filed a significantly higher number of complaints than what would typically be anticipated for a company of its size.
This insight is drawn from Nerd Wallet’s analysis of data sourced from the National Association of Insurance Commissioners.
More about Bankers Life
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Apart from life insurance, Bankers Life provides annuities and several other insurance options:
- Long-term care insurance: This insurance assists in covering expenses for nursing homes, assisted living facilities, or in-home care for individuals with chronic illnesses.
- Critical illness insurance: It aids in managing medical costs when facing diagnoses like cancer or requiring surgeries such as amputation or transplantation.
- Hospital indemnity insurance: This policy activates when hospitalization results from covered accidental injuries or illnesses.
- Medicare supplement insurance, also referred to as Medigap, supplements Medicare by addressing out-of-pocket expenses that Medicare doesn’t cover.
Life insurance buying guide
Before you commence your company comparisons, make clear choices about the type of life insurance, such as term or whole life.
Determine the specific life insurance riders you desire to include in your policy, if any.
Calculate the necessary coverage amount and the desired duration.
Ensure that the insurers you are evaluating provide the coverage you seek.
When you compare rates, ensure that the quotes pertain to the same coverage amount and timeframe.
Additionally, ensure that the policy’s medical requirements align with your preferences.
For instance, if you prefer to skip the life insurance medical exam but are willing to respond to health-related queries, verify that the application process for each policy under consideration is consistent with your preferences.
Remember that the price may not be the primary deciding factor for your purchase.
Examine the number of consumer complaints each company has received, as higher complaint volumes can raise concerns about the quality of service.
Life insurance ratings methodology
NerdWallet rates life insurance based on your feedback, complaints recorded by the National Association of Insurance Commissioners, and financial strength scores, which reflect how well an insurance company can cover future claims.
When we evaluate consumer experiences, we look at how easy it is to communicate with the company and how transparent their website is regarding policy details. We use a 5-point scale to calculate each insurer’s rating.
Our ratings are helpful, but we advise you to explore and compare multiple insurance quotes to find the most suitable rate for your needs. NerdWallet doesn’t get paid for reviews. Read our editorial guidelines for more information.
Insurer complaints methodology
NerdWallet reviewed complaints reported to the NAIC from 2019-2021.
The NAIC creates a yearly complaint index, comparing insurers.
NerdWallet assessed each insurer’s complaint history independently.
We calculated an index over three years, considering market shares.
Our data analysis and conclusions are independent of the NAIC’s endorsement.
Ratios are determined separately for auto, home, and life insurance.
Bankers Life Insurance Review
Bankers Life offers diverse features and riders for whole and universal life insurance.
However, numerous complaints and limited online services may deter some potential customers.
Pros Explained
- Choose from a variety of riders to personalize your policy. Bankers Life also offers a unique Disability Income Rider.
- opt for cash value or investment-focused plans, including term, whole, universal life, indexed UL, and final expense options.
- Eligible applicants can secure coverage up to $150,000 without a medical exam through the company’s no-medical-exam policies.
Cons Explained
- Bankers Life lacks online application, which can frustrate tech-savvy applicants looking for convenience.
- The company receives more complaints than expected, which should make potential applicants cautious.
- The $2 million maximum death benefit may be insufficient for some, but higher limits may be attainable with home office approval.
Bonventure Hillman: Risk Management & Analysis Specialist
Location: Arkansas
Expertise:
- Risk Management Strategy
- Data-Driven Insights
- Financial Planning Solutions
Summary:
- Skilled analyst tackling complex risk management scenarios.
- Joined the Insurance Blob in 2023, contributing beyond reporting.
- Transforms data into actionable insights for diverse audiences.
- Dedicated to accuracy and strategic thinking, he is a valuable asset to the team.
Education:
- Bachelor of Science in Actuarial Science, Arkansas Tech University, USA.
Contact email
Bonventure@insuranceblob.com
Reach him out on social media