Is Bankers Life & Casualty Life Insurance Trustworthy?

Bankers Life and Casualty Company has been offering insurance policies since 1879 and is a subsidiary of CNO Financial Group. The company sells term, whole, indexed universal, and universal life insurance policies. While the company has a solid lineup of policies and riders, it has received a high number of customer complaints, primarily concerning delays, denials, and issues with premium refunds.

Pros and cons of Bankers Life & Casualty Life Insurance

Pros of Bankers Life & Casualty Life Insurance

Bankers Life & Casualty Life Insurance has a wide range of policies and riders. The company has been around for a long time and offers a solid lineup of term and permanent policies. Their policies are customizable, with a long list of riders available. They also offer policies with low starting face values, which can be appealing to those looking for cheaper permanent life insurance options. Their fixed-interest universal life insurance has a guaranteed minimum interest rate of 3%. Their customer service agents provide free consultations to help customers customize a policy that fits their retirement plans. Bankers Life also provides in-home customer service and has a network of agents across the country.

Cons of Bankers Life & Casualty Life Insurance

Bankers Life has received a high volume of customer complaints, with a high ratio of complaints filed to state regulators relative to the company's size. You cannot apply for a policy or get a quote online. Their whole life insurance does not pay dividends, and their indexed universal life insurance has limited investment options. Their term life insurance only goes up to 20 years.

Customer reviews of Bankers Life & Casualty Life Insurance

Some customers have shared positive experiences with Bankers Life & Casualty Life Insurance, particularly highlighting the convenience of in-home customer service and the range of policy options available. One customer shared how their agent took the time to get to know them and understand their needs, calling every six months to check in and meeting once a year to review the policy. Another customer praised the company for its simple claims process, saying they received a check within days of submitting the necessary documentation.

However, there are also numerous negative reviews from customers who have encountered difficulties with the company. A common issue raised by customers is the delay in payments, with some claiming that Bankers Life & Casualty Life Insurance always has an excuse for not paying and that it takes months to receive reimbursements. Several customers have also complained about the company's customer service, describing it as unhelpful and unresponsive. There are also reports of the company denying claims and being uncooperative during the claims process, with one customer stating that they had to resort to calling their state Attorney General to get assistance.

In addition to these issues, some customers have expressed frustration with the lack of an online application and quote process, as well as the high number of complaints the company has received relative to its size.

Types of insurance policies offered by Bankers Life & Casualty

Bankers Life and Casualty Company offers term, whole, and universal life insurance options. The company also provides coverage for seniors. Here is a detailed overview of the types of insurance policies offered by Bankers Life and Casualty:

Term Life Insurance

Term life insurance policies offered by Bankers Life cover the policyholder for a specific period, usually 5, 10, or 20 years. These plans are more affordable than permanent life insurance and allow customers to buy only the amount and duration of coverage they need. Term policies are available for individuals up to 70 years old, with coverage starting at $100,000.

Whole Life Insurance

Bankers Life offers five types of whole life insurance products: BasicLife, BasicLife Graded, InnovativeLife SP 1, InnovativeLife SP 2, and SecureView. These policies provide coverage for individuals aged 17 to 85, with minimum coverage amounts ranging from $2,500 to $30,000. Whole life insurance policies last a lifetime and include a guaranteed cash value that accumulates over time.

Universal Life Insurance

Bankers Life's universal life insurance policies include TurningPoint Fixed-Interest Universal Life and ClearVantage Indexed Universal Life. These plans offer flexible premiums and death benefits, with coverage starting at $30,000. The policies are available for individuals up to 85 years old and are tied to the growth of the S&P 500 index, ensuring a guaranteed minimum interest rate.

Life Insurance for Seniors

Bankers Life caters to the needs of individuals over 65 with their senior life insurance options. These plans do not require a medical exam and provide coverage of up to $30,000.

Riders

In addition to the core insurance policies, Bankers Life offers a range of riders, or add-ons, to customize coverage. These include the accelerated death benefit rider, accidental death benefit rider, additional insured level term rider, child term rider, disability income rider, guaranteed insurability rider, payor benefit, reinstatement without evidence of insurability, and waiver of premium rider.

Complaints about Bankers Life & Casualty

There are a number of complaints about Bankers Life & Casualty, with customers giving the company a rating of 1.6 out of 5 stars. Many customers have had issues with the company's long-term care insurance, with some claiming that Bankers Life has stalled or refused to pay out on policies. One customer claimed that the company only lived up to its obligations after they contacted their state Attorney General. Another customer claimed that Bankers Life refused to pay out on a policy because their parent could feed and clean themselves, despite the fact that they used a walker and couldn't cook for themselves.

Some customers have also had issues with the company's life insurance policies. One customer claimed that Bankers Life charged them for a premium just for asking for a quote, while another claimed that the company refused to pay out on a policy following the death of their mother.

There are also complaints about the company's customer service, with some customers claiming that they were given incorrect information and that the company lost their paperwork. Others have complained about the company's sales practices, with one former employee claiming that Bankers Life operates like a pyramid scheme.

Contacting Bankers Life & Casualty

Bankers Life & Casualty offers a range of insurance products, including life insurance, long-term care insurance, critical illness insurance, hospital indemnity insurance, and Medicare supplement insurance. The company has a network of agents located across the United States, except in Alaska and North Dakota.

If you are interested in purchasing a policy or have questions about an existing policy, you can contact Bankers Life & Casualty through the following methods:

• Phone: Call the life insurance department at 1-800-283-8011 or 1-800-845-5512 if you are in New York.
• Email: Visit the Bankers Life website to access the contact form.
• In-person: Find a local Bankers Life agent or visit one of their branches in 48 states.

It is important to note that Bankers Life & Casualty does not allow customers to apply for policies online. You will need to speak to a local representative to obtain quotes and coverage options and then apply through that representative. This can be done by calling the company or meeting with an agent in person.

When contacting Bankers Life & Casualty, it is helpful to have the following information ready:

• Your name, address, and phone number
• Policy number (if you have an existing policy)
• Details of your coverage needs and health profile (if requesting a quote)

Frequently asked questions