Banker Life Insurance: Is It Worth The Cost?

Bankers Life Insurance is a subsidiary of CNO Financial Group, offering a wide range of insurance policies since its founding in 1879. The company provides term, whole, indexed universal, and universal life insurance plans, with optional riders for customisation. However, its high volume of customer complaints, lack of online application and quote processes, and issues with claim approvals and refunds may deter potential applicants.

Bankers Life offers a range of insurance policies, including term, permanent, and universal life insurance

Term life insurance covers a specified number of years and pays out if the policyholder dies within this period. Bankers Life offers one term life insurance policy called ReliaTerm, which is renewable when the term expires until the age of 95. Face amounts for this policy start at $25,000.

Permanent life insurance, on the other hand, typically lasts a lifetime and builds cash value that can be borrowed against in the future. Bankers Life offers five whole life insurance policies: BasicLife, BasicLife Graded, SecureView, InnovativeLife SPI, and InnovativeLife SPII. The company also provides a juvenile whole life insurance policy called LifeStart, which offers a minimum of $10,000 of coverage for a child aged 0 to 16.

Universal life insurance is another form of permanent life insurance that offers flexible premiums and death benefits. Bankers Life offers two universal life insurance policies: TurningPoint and ClearVantage. TurningPoint is a fixed-interest plan with a guaranteed interest rate of 3%, while ClearVantage is an indexed universal life policy tied to the growth of the S&P 500.

While Bankers Life offers a range of insurance policies, it's important to note that the company has received a high volume of customer complaints, particularly regarding delays, denials, and issues with premium refunds. Additionally, Bankers Life does not offer an online application or quote process, which may be inconvenient for some.

The company has been in business since 1879 and is a subsidiary of CNO Financial Group

Bankers Life and Casualty Company has been in the insurance business since 1879 and is a subsidiary of CNO Financial Group. The company is headquartered in Chicago and offers a wide range of insurance policies, including whole, term, indexed universal, and universal life insurance.

Bankers Life has an extensive selection of riders, including a disability income option, which is rare in the industry. The company also provides no-medical-exam policies, offering coverage to eligible applicants for up to $150,000 without a medical exam.

However, one notable drawback of Bankers Life is the lack of online capabilities. The company does not offer online quotes or application processes, which may be inconvenient for tech-savvy applicants.

In terms of customer satisfaction, Bankers Life has received a high volume of complaints relative to its size. Most of these complaints relate to delays, denials, and issues with premium refunds. Despite this, the company has an "A" (Excellent) financial strength rating from AM Best, indicating an excellent ability to meet its financial obligations.

Bankers Life has received numerous customer complaints, particularly regarding delays, denials, and issues with premium refunds

Bankers Life Insurance has been the subject of numerous customer complaints, with a high volume of grievances filed against the company relative to its size. One of the most common issues cited by customers is delays in processing claims and payments. In several instances, customers have reported that Bankers Life repeatedly requested additional documentation to support their claims, only to later claim that they never received the documents in question. This back-and-forth has resulted in significant delays in claim settlements, causing financial strain and stress for claimants.

Another common complaint against Bankers Life Insurance is the denial of claims. Customers have reported that the company has denied their claims on various grounds, often without providing clear or satisfactory explanations. In some cases, claimants have had to resort to legal action or seek assistance from state authorities to receive their rightful benefits. The denial of claims, especially in long-term care insurance, has left customers feeling betrayed and vulnerable during difficult times.

Issues with premium refunds have also been a frequent source of dissatisfaction among Bankers Life Insurance customers. Some customers have reported difficulties in cancelling their policies and obtaining refunds for unused premiums. In certain cases, customers have had to engage in prolonged correspondence and follow-ups to secure their refunds. This has led to frustration and negative perceptions of the company's customer service.

The high volume of complaints against Bankers Life Insurance has been reflected in the company's ratings. While it has received positive reviews for its extensive range of policies and riders, the high number of customer complaints has negatively impacted its overall ratings and perception among consumers.

The company does not allow customers to apply for insurance policies online, which may be inconvenient for some

The process of applying for an insurance policy with Bankers Life is not as straightforward as with other companies. Unlike most modern insurance companies, Bankers Life does not allow customers to apply for insurance policies online. This means that customers must go through the process of speaking to a representative and applying with that representative. This may be inconvenient for some people, especially those who prefer the convenience of applying for and purchasing policies entirely online.

The inability to apply for policies online can make the process more time-consuming and cumbersome. It requires customers to schedule appointments or visits with local representatives, which can be inconvenient for those with busy schedules or who live in remote areas. Additionally, it may limit the accessibility of Bankers Life's services to individuals who do not have easy access to a local branch or agent.

The lack of an online application process can also be seen as a drawback in terms of customer service and support. Online applications typically provide customers with more flexibility and control over the application process. They can easily compare different policies, review terms and conditions, and make informed decisions at their own pace. With Bankers Life, customers may feel rushed or pressured to make decisions without fully understanding the details of the policy.

Moreover, the absence of an online application process can be seen as a sign of the company's resistance to technological advancements. In today's digital age, many individuals prefer the convenience and efficiency of online services. By not offering an online application process, Bankers Life may be perceived as outdated or less innovative compared to its competitors.

However, it is important to note that Bankers Life has a network of agents across the country, and customers can always call the company to get a quote and initiate the application process. While the lack of an online application option may be inconvenient for some, Bankers Life tries to make up for it by providing personalised assistance and support through its agents.

Bankers Life offers a variety of riders, including a disability income rider, which is rare in the industry

Riders, including a disability income option

Bankers Life offers a long list of riders, which are optional features that give you additional benefits. One of these is a disability income rider, which is rare in the industry. This rider offers income if you become disabled during your policy.

Extensive list of riders

The company also offers the following riders:

• ADB: Terminal Illness Rider: This rider allows you to access a portion of your policy’s death benefit while you’re still alive if you’re diagnosed with a terminal illness.
• ADB: Chronic Illness Rider: This rider lets you access your death benefit if you become chronically ill.
• Accidental Death Benefit: This rider makes additional coverage available if the policyholder dies an accidental death.
• Reinstatement Without Evidence of Insurability: This rider reinstates your policy without evidence of insurability in case of cognitive impairment.
• Children’s Term Rider: You can add term coverage for your children to your own policy with this rider.
• Waiver of Premium Rider: This rider waives the cost of your premium if you become totally disabled.

Frequently asked questions