Colorado Bankers Life Insurance Company Overview, Contacts, Services, Financials, Claims, Reviews

Colorado Bankers Life Insurance Company is one of the providers of excess and surplus lines insurance in the United States.

An image illustration of Colorado Bankers Life Insurance Company
Colorado Bankers Life Insurance Company is one of the providers of excess and surplus lines insurance in the United States.

In this blog post, we will review the company’s history, products, services, financial performance, coverage details, claims process, and customer experiences.

We will also provide some basic information about the company and answer some frequently asked questions.

Colorado Bankers Life Insurance Company Overview

History and founding year: Colorado Bankers Life Insurance Company was founded in 1974 as a subsidiary of Bankers Life Holding Corporation.

The company was acquired by Global Bankers Insurance Group in 2015, a group of insurance and reinsurance companies owned by Greg Lindberg.

CEO and leadership team: The company does not have a CEO or a leadership team at the moment, as it is under the supervision of the North Carolina Department of Insurance.

The Commissioner of Insurance of the State of North Carolina, Mike Causey, is the Rehabilitator of the company, and he has appointed Noble Consulting Services, Inc. to serve as Special Deputy Rehabilitator to oversee the rehabilitation process.

Market share and company size: The company has a market share of 0.02% in the U.S. life insurance industry, with $1.2 billion in total assets and $1 billion in total liabilities as of December 31, 2019.

The company has about 300 employees and serves over 100,000 policyholders.

Colorado Bankers Life Insurance Company Contacts

Here is a table that provides some basic information about the company:

Category Information
Phone Number (833) 658-2841
Address P.O. Box 11609 Winston-Salem, NC 27116
Customer Service Contact Contact Us
Policy Details Policyholder Services
Email Address info@cblife.com
Fax Number (336) 759-3141
Operating Hours Monday-Friday: 8:30 AM – 5:00 PM EST

Colorado Bankers Life Insurance Company Services & Products

Colorado Bankers Life Insurance Company Financial Details

Premium costs: The premium costs vary depending on the type, amount, and duration of the policy, as well as the age, health, and risk profile of the policyholder.

The company provides online quotes for some of its products on its website.

Payment options: The company accepts payments by credit card, electronic check, mail, or phone.

Discounts and promotional offers: The company does not offer any discounts or promotional offers at this time.

Claim payout ratio: The claim payout ratio is the percentage of premiums that are paid out as claims to policyholders.

The company had a claim payout ratio of 64.8% in 2019.

Colorado Bankers Life Insurance Company Coverage Details

Policy exclusions: Policy exclusions are the situations or events that are not covered by the policy.

The policy exclusions vary depending on the type and terms of the policy. Some common exclusions are suicide, fraud, war, illegal activities, pre-existing conditions, and acts of God.

Coverage limits: Coverage limits are the maximum amounts that the policy will pay out in case of a claim. The coverage limits vary depending on the type and terms of the policy.

Some common coverage limits are death benefit, cash value, surrender value, annuity payments, and benefit periods.

Deductibles: Deductibles are the amounts that the policyholder has to pay out of pocket before the policy pays out any benefits. The deductibles vary depending on the type and terms of the policy.

Some common deductibles are medical expenses, hospitalization costs, prescription drugs, and co-payments.

Add-ons or riders: Add-ons or riders are optional features that can be added to the policy for an additional cost. They provide extra benefits or coverage that are not included in the base policy.

Some common add-ons or riders are accidental death benefit, disability income benefit, waiver of premium benefit, and guaranteed insurability benefit.

Colorado Bankers Life Insurance Company Claims

Claim process: To file a claim with Colorado Bankers Life Insurance Company, the policyholder or beneficiary can use one of the following methods:

    • Online: They can file a claim online by using the Report a Claim tool on the company’s website. They will need to provide some basic information about themselves, their policy, and their loss. They can also upload any supporting documents or photos that they have.
    • Email: They can email their claim information to claims@cblife.com. They will need to include their name, policy number, date of loss, type of loss, contact information, and any supporting documents or photos that they have.
    • Fax: They can fax their claim information to (336) 759-3141. They will need to include their name, policy number, date of loss, type of loss, contact information, and any supporting documents or photos that they have.
    • Phone: They can call the company’s claims department at (833) 658-2841 and report their claim verbally. They will need to provide some basic information about themselves, their policy, and their loss. They may also be asked to send any supporting documents or photos that they have.

Required documents for claims: The required documents for claims vary depending on the type and terms of the policy and the nature and extent of the loss. Some common documents for claims are death certificate, proof of identity, proof of relationship, medical records, police reports, receipts, invoices, and estimates.

Average claim approval time: The average claim approval time varies depending on the complexity and validity of the claim and the availability and accuracy of the required documents. The company aims to process claims as quickly as possible, but it may take several weeks or months to complete the claim review and payment.

Colorado Bankers Life Insurance Company Customer Experiences

According to Birdeye, Colorado Bankers Life Insurance Company has a 1.9 star rating with 57 reviews.

This means that the company has received mostly negative feedback from its customers, with some positive and some neutral comments.

Some of the positive reviews praise the company for its professionalism, responsiveness, and helpfulness.

Some of the negative reviews complain about the company’s poor communication, slow claims process, and rude customer service.

FAQs

Q: What is the status of my insurance company?

A: Colorado Bankers Life Insurance Company is in rehabilitation. This means that it is under the supervision of the North Carolina Department of Insurance and is not currently selling products.

The goal of the rehabilitation is to protect the interests of all policyholders and creditors.

Q: How does rehabilitation affect my policy?

A: Rehabilitation does not affect your policy benefits or coverage. You will continue to receive your annuity payments or life insurance benefits as per your policy terms.

However, you will not be able to make any changes to your policy, such as withdrawals, surrenders, loans, transfers, or beneficiary changes.

Q: How can I access my policy information?

A: You can access your policy information by logging into your online account on the company’s website.

You can also contact the customer service by phone, email, fax, or mail.

Q: How can I contact my insurance company?

A: You can contact your insurance company by using one of the following methods:

      • Phone: (833) 658-2841
      • Email: info@cblife.com
      • Fax: (336) 759-3141
      • Mail: P.O. Box 11609 Winston-Salem, NC 27116

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