Bankers Life and Casualty Insurance Company Review

Family Members Relaxing By Beach. Getty Images/Grant Squibb

 Company Overview

Bankers Life and Casualty Company traces its beginnings back to 1879. The company is headquartered in Chicago, Illinois and specializes in insurance and retirement services for seniors offering Medicare supplement insurance, life insurance, annuities and long-term care insurance to customers across the United States. The parent company of Bankers Life and Casualty is CNO Financial Group.

 The company markets its insurance and retirement products through a network of more than 275 U.S. offices and 5,000 agents.

Community involvement and giving back to the community is an important part of the corporate activities of Bankers Life and Casualty Company. Through its sponsorship of the Alzheimer’s Association, Bankers Life and Casualty hosts national fundraising efforts and corporate donations. It also supports the local Meals on Wheels Program in Chicago through donations and fundraising events. CNO Financial Group holds the naming rights to Bankers Life Fieldhouse where many events are housed including the NBA Indiana Pacers, ice hockey, college basketball, indoor concerts and more.

Financial Stability Ratings

Bankers Life and Casualty is a financially stable insurance company. Here is how these top insurance rating organizations rated the company:

  • S&P: “BBB+”  Adequate financial performance
  • Moody’s:  “Baa1” Medium Grade

Better Business Bureau Rating

The Better Business Bureau file for Bankers Life and Casualty was opened in 1963 and it became an accredited business in 2013. The BBB gives Bankers Life and Casualty its “A+” rating. Over a 3-year period, a total of 112 complaints were filed and the company has a composite rating of 3.72 out of 5 stars based on 16 customer review (15 negative reviews and 1 positive review).

Complaints against the company were filed in the following areas: problems with product/service (73); guarantee/warranty issues (1); delivery issues (15); billing/collection issues (12) and advertising/sales (11). Of these complaints, 16 were resolved to the customer’s satisfaction.

Insurance Products and Retirement Services

Local Bankers Life and Casualty agents across the United States offer customers insurance and retirement services products including:

Life Insurance 

  • Term Life Insurance: Term life insurance plans are offered for periods of 5, 10 or 20 years.
  • Whole Life Insurance: The whole life insurance plans offers permanent life-long protections with fixed premiums over the lifetime of the policy. This plan also offers a guaranteed cash accumulation value.
  • Universal Life Insurance: Permanent life insurance plan offering flexible payment options and cash value accumulation which is tax-deferrable.

Medicare Supplement Insurance

  • Medicare Supplement Insurance Plans A,B,F: These plan options help pay for items not covered by Medicare including co-insurance, extended hospital care, physician’s services, outpatient and ambulance services.
  • High Deductible Option Plans G,K.L,M, and N: Offers a high deductible option to save money on your insurance premium.
  • Medicare Advantage Plan: Medicare Advantage Plans are offered by non-affiliated carriers.
  • Medicare Part D Prescription Drug Coverage: Prescription drug coverage plans are offered by non-affiliated carriers.

Annuities

  • Fixed Interest Annuity: A retirement plan that earns a guaranteed fixed interest rate and is tax-deferrable. Taxes are payable when funds are withdrawn.
  • Fixed Index Annuity: This retirement account is tied to an external market index and allows you to earn interest without risking the money in your annuity fund.
  • Immediate Annuity: Immediate Annuity plans are purchased with a single lump-sum payment and pays out income almost immediately after purchase.

Long-term Care Insurance

  • Comprehensive Long-term Care Insurance:  A comprehensive plan that helps pay for nursing home and home health care expenses.
  • Facility-only Long-term Care Insurance: Pays for care received in nursing homes, assisted living facilities and Alzheimer’s care facilities.
  • Home health Care Insurance: Pays for home health care expenses such as a nurse’s care or help with household chores.
  • Short-term Care Insurance: Pays for at-home or facility care on a temporary basis for needs lasting less than one year.\

Hospital Indemnity Insurance

In 2016, Bankers Life launched its Hospital Indemnity Insurance Plan which provides cash benefits for hospitalizations due to accidental injury or sickness. The benefits are paid directly to the policy holder and are designed to cover expenses such as deductibles and co-pay amounts not covered by a traditional health insurance policy or by Medicare. You can read more about the Hospital Indemnity Insurance through Bankers Life and Casualty here.

The Bottom Line

Bankers Life and Casualty is a well-established name in insurance and retirement services for seniors across the United States. The company is financially stable with a good offering of customizable policy options. When shopping for the best value for life insurance, Medicare supplement insurance or when planning for your retirement; it is a good option to consider.

Contact Information

To find a local agent or get a quote for life insurance, Medicare supplement Insurance or retirement services for seniors, you can visit the Bankers Life and Casualty website or call 800-621-3724.