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Bankers Life Insurance
Bankers Life Insurance
Bankers Life Insurance
Since 1879, Bankers Life has been helping middle-income individuals throughout the US protect their future financial security — in particular when preparing for retirement. After President Lyndon B. Johnson signed the Social Security Amendments of 1965 into law, Bankers Life turned its collective attention to the country’s growing senior population. Bankers Life says it paid claims to more than 658,000 policyholders (to the tune of $266 million) in 2022 alone.
Seniors nearing retirement or anyone who enjoys old-fashioned customer service may appreciate that Bankers Life conducts all of its business via qualified agents — during the quote and application process, neither of which is available online — either in-person (they make house calls!) or on the telephone. Plus, the company offers robust options via life insurance products that build cash value in a wide array of coverage amounts.
The company has an A+ rating with the Better Business Bureau (BBB) and an A (Excellent) financial stability rating from AM Best, but according to the National Association of Insurance Commissioners (NAIC), it has a higher than average rate of customer complaints. Keep reading to see if Bankers Life is the best life insurance company for you.
Types of Life Insurance Plans from Bankers Life
For many individuals, life insurance is a means of protecting their loved ones’ financial future — which means planning accordingly is a key component in securing peace of mind, especially in the retirement years.
Life insurance from Bankers Life provides a death benefit to pay off debts, cover final expenses, and replace lost income following your death. You can choose from the following options, with varying coverage lengths and flexibility in premiums.
Term life insurance: This coverage provides temporary protection for a predetermined number of years (in initial terms of 5, 10 or 20 years) and boasts affordable, fixed premium payments. Banker’s term life insurance is available for individuals up to age 75 (and renewable to age 95), with coverage amounts starting at $25,000.
ReliaTerm life insurance: This convertible term life insurance policy comes with the option of switching to long-term, permanent insurance (for five years or up to age 70) without having to prove insurability.
BasicLife: This whole life insurance product features a guaranteed death benefit from day one, in amounts beginning at $2,500 for individuals ages 17-49 and 50-85, with level monthly premiums and access to long-term cash value via loans. It’s available with minimal health questions/no medical exam.
BasicLife graded: This whole life policy features a death benefit that increases over the first two years before reaching 100% in year three, in amounts beginning at $2,500 for individuals ages 50-85, with level monthly premiums and access to long-term cash value via loans.
InnovativeLife SP I: This whole life product features a guaranteed death benefit, in amounts beginning at $30,000 for individuals ages 0-85, with a single premium payment and access to long-term cash value via loans.
InnovativeLife SP II: This whole life product features a guaranteed death benefit for individuals ages 0-85 with a single premium payment and access to long-term cash value via loans.
SecureView: This whole life policy features a guaranteed death benefit, in amounts beginning at $30,000 for individuals ages 17-75, with level monthly premiums and access to long-term cash value via loans.
Juvenile Whole Life Insurance: This product features permanent coverage, in values starting at $10,000 for individuals ages 0-16, with access to long-term cash value via loans and the option to fully pay for your policy in five or 10 years.
TurningPoint: This fixed-interest universal life insurance product features flexible long-term protection that builds cash value at a minimum rate of 3% — plus an adjustable death benefit and flexible premiums.
Clearvantage: This indexed universal life insurance policy features flexible long-term protection that builds cash value (at a minimum rate of 1%) via market gains but not losses — and it boasts an adjustable death benefit and flexible premiums.
Additional Coverage Options (Riders) From Bankers Life Insurance
Bankers Life offers an extensive list of additional coverage options depending on your base polic. Not all riders are available with all insurance products.
Accelerated death benefit: For individuals diagnosed with a terminal illness, this rider affords access to part of your death benefit while still living.
Accidental death benefit: This rider provides an additional lump sum if you die within 90-180 days of a covered accident.
Additional insured level term: This rider provides coverage for an additional individual, such as a spouse.
Children’s term insurance: This rider provides additional coverage for eligible children.
Disability income: This benefit provides additional coverage in the event you become disabled.
Guaranteed insurability benefit: This benefit allows more coverage for a child’s whole life policy, regardless of their health status.
Payor benefit: This rider waives premiums on your child’s whole life policy in the event you become disabled or die.
Reinstatement without proof of eligibility: This benefit reinstates coverage, within 90 days of lapsing, in the event of cognitive impairment.
Waiver of premium: This rider allows for premiums to be paused in the event you become disabled or unemployed.
How Much Does Bankers Life Insurance Cost?
Bankers Life offers affordable life insurance for individuals of all ages — including seniors — starting at just $16 a month (for a 65-year old female seeking coverage in the amount $2,776).
As a general rule of thumb, the younger and healthier you are, the cheaper it is to get life insurance. Premium costs vary depending on a variety of factors, including: coverage details, age, gender, and associated risk factors — such as tobacco use, medical history and occupation/hobbies.
Bankers Life Insurance
Bankers Life Insurance
Bankers Life Insurance
How to File a Claim With Bankers Life Insurance
To submit a life insurance claim with Bankers Life, you’ll following these steps:
Step 1: Begin by downloading a claims form online (specific to your state and policy type); complete the claims form, being sure to sign and date it. Return your claim form, along with the insured’s death certificate, online at My.BankersLife.com; via fax (312-396-6629); or by mail:
Bankers Life and Casualty Company Life Claims Department
P.O. Box 1937
Carmel, IN 46082-1937
Step 2: Within 1-2 weeks, your claim will be assigned to an agent for review.
Step 3: Additional information — including but not limited to divorce decree, property settlement agreement, and estate/trust paperwork — may be requested from the claimant or beneficiary.
Step 4: Once all of the required information is received, a claim determination will be made. If you are deemed eligible for benefits, you will be contacted by your agent for payment delivery instructions.
Still have questions? Visit Bankers Life online support or contact a claims specialist 24/7 by calling 800-621-3724.
Bankers Life Insurance Frequently Asked Questions
Living benefits build cash value, accessible via loans and withdrawals, over the life of your policy. These funds can be used in several ways, among them to supplement retirement income, tackle debt, or cover emergency expenses. All permanent life insurance products from Banner Life include living benefits.
A policyholder can name as many beneficiaries as he/she likes, using one of two options. The per capita approach divides the total death benefit among all named beneficiaries; if any is deceased, the surviving beneficiaries’ shares will be increased accordingly. The per stirpes approach passes the share of any deceased beneficiary onto his/her descendants and distributes it evenly among them.
Upon the policyholder’s death, the named beneficiaries will receive the guaranteed death benefit via tax-free payment of the policy’s face value (less any debts), assuming premiums are paid in full. In most cases, this will happen within 10 days of receiving the certified death certificate.
Why You Should Trust Us: What Went into Our Bankers Life life insurance Review
We compared life insurance companies on various factors — including product quality, available insurance riders, net performance scores, pricing, and customer service — when compiling this review. Furthermore, we consider a wide array of life insurance products when comparing plans offering basic death benefits with those designed to assist in long-term financial planning. See our insurance rating methodology for more details on how we assign start ratings to products.
The best way to ensure you find a policy that meets the unique needs of you and your family is to shop for life insurance with a qualified agent. Experienced agents can assist in the myriad pieces of the life insurance process, from providing quotes and advise on premiums to educating consumers about more specific scenarios such as accelerated death benefits and life insurance loans — among myriad others.
Bankers Life Insurance
Bankers Life Insurance
Bankers Life Insurance
How Bankers Life Insurance Compares
Bankers Life vs. Banner Life Insurance
While both companies offer several term life insurance options, Banner Life, owned by Legal & General America, is a known leader in term life coverage — boasting customizable coverage in five-year increments for up to 40 years (which is almost unheard of among competitors), plus the option of lab-free underwriting for individuals in good health. Banner Life also offers higher coverage limits across the board, starting at $100,000 and up to $10+ million.
In the market for whole life insurance? Bankers Life will be your best bet as Banner Life does not offer any permanent whole life options (save for universal life insurance, often considered the midpoint between term and whole life insurance). Whether you’re in the market for term, whole or universal life insurance, Bankers Life beats Banner Life’s options for base products and available riders despite its lower-than-average limits.
Read our Banner Life Insurance review.
Bankers Life vs. Globe Life Insurance
If you’re seeking an easy, online application process and instant coverage, you’ll likely be a fan of Globe Life’s simple, standard coverage designed to deliver modest death benefits in amounts up to $50,000 (whole life) and $100,00 (term).
Middle-income individuals and customers looking for supplemental coverage to complement employer-provided life insurance for instance will apprecaite Globe Life’s zero-risk, money-back guarantee with no waiting period. Plus, Globe Life is ranked #2 in overall customer satisfaction according to the JD Power 2022 US Individual Life Insurance Study, whereas Bankers Life has a high level of recent complaints via the Better Business Bureau — with regard to myriad issues such as lack of response in settling claims to incomplete payment of claim.
Read our Globe Life Insurance review.
Bankers Life vs. Mutual of Omaha Life Insurance
While both companies come with the solid financial backing needed to build cash value via universal life insurance and indexed universal life insurance, new applicants in uncertain health might find Term Life Express from Mutual of Omaha a good fit: it requires no medical exam, comes with coverage up to $300,000, and is available for individuals up to age 80 (with the option to renew up to age 94). Plus, quotes for term life are available online for consumers who want to shop around independently without having to speak with an agent.
If a robust array of whole and universal life insurance options for building long-term wealth ranks high on your list, stick with Bankers Life. Especially for those nearing retirement age, the ability to customize coverage via extensive optional riders makes good sense. For older customers who do choose term life insurance, Bankers Life comes with the option of converting to a permanent policy during the first five years or up to age 70 — whichever comes later.
Read our Mutual of Omaha Life Insurance review.
