Bankers Life and Casualty Company is not one our top 10 best life insurance companies, but they most certainly are a trustworthy, long standing life insurance carrier.
Bankers Life touts a good variety of product choices and has a decent financial strength to stand behind, making them an okay choice for individuals, families, and businesses alike with specific needs.
But does this mean your family’s future is secure with them? Does it mean you will get the most value out of their products when compared to another, similar carrier?
Our Bankers Life and Casualty Company review will help you get a better idea about who the company is, what they stand for, and if they’re right for you. As we always suggest, be sure to do your homework on any insurer you choose before you make a purchase.
Our Bankers Life and Casualty Company Review
Bankers Life has been around since before 1900, though, before they got their current name, were running as the Hotel Men’s Mutual Benefit Association.
Getting their first leg up through direct mail marketing, Bankers Life sought new, simpler and more cost effective means to market their product, and consumers were very receptive. Within the next few decades, Bankers Life and Casualty would grow to become one of the larger providers of both life and health across the nation. As Medicare was rolled out in the middle of the century, Bankers Life was one of the first carriers to create and offer Medicare Supplements.
Today, Bankers Life has a more strict focus on helping to protect and insure the portion of the population who are considered pre-retirees, or retirees. This is a vastly growing segment of our population, where nearly 10,000 people per day are going to step foot into retirement throughout the next decade. Bankers Life is positioned for success in this way.
Bankers Life Financials
Just within the last year, Bankers Life has seen an improvement in its ratings. Until mid-2015, Bankers Life and Casualty Company did not boast any “A” ratings, but this is no longer the case.
This year, A.M. Best moved Bankers to an “A-” reporting weaker earnings and safety of investments. In addition, Bankers Life holds a “BBB+” from Fitch, Moody’s ranked them at “Baa1”, and Standard & Poor’s remains at “BBB+”. Considering the positive outlook, Bankers Life could hold more “A” ratings from the other agencies, yet they must be considered as they currently stand.
With a Comdex of just 56, however, there is a lot left to be desired, and many, many more financially secure companies above them.
Products from Bankers Life
If you’re looking for life insurance, long term care insurance, medicare supplements, annuities or other investments, Bankers Life and their subsidiaries have you covered. Medicare supplements, for example, are offered through Bankers Life, yet are underwritten by Colonial Penn. While they underwrite the annuities themselves, investments are made through their Bankers Life Securities, Inc. division.
Or course, we’ll be focusing mostly on the life insurance portion. They host a full collection of term life, universal life, and whole life to cover the many needs you and your loved ones may have, and can even get a policy with a death benefit up to $30,000 without a medical exam.
Term life insurance is going to be your most basic policy, with a defined premium and death benefit for a chosen number of years. Here are the general features of term life insurance from Bankers Life:
- 5, 10, or 20 year duration
- Level death benefit
- Level premium (during specified duration)
A universal life insurance is an affordable way to purchase a permanent life insurance plan. From Bankers, here’s what you get:
- Permanent coverage
- Flexible premiums
- Guaranteed cash value
Now, flexible premiums refers to the ability to modify your minimum payment when times are tough; it does not mean you can simply select what you want to pay. Ask for an in force illustration from an agent to see what the differences might be.
A whole life insurance policy from Bankers Life and Casualty Company is much like the universal, but comes with a little less flexibility and better guarantees. For example, you’ll get:
- Permanent coverage
- Level premiums
- Guaranteed cash value
While you may not have the flexibility of the universal life, you do have the guarantee of your premiums never increasing for as long as you own the policy, assuming you make your payments on time each month.
Our Own Conclusion
Whether it’s the Bankers Life Fieldhouse, the home of the Indian Pacers, or their familiar name, Bankers Life resonates with many people.
In our own opinion, they aren’t nearly as financially strong as several other comparable carriers, and even having a “A-” rating from A.M. Best, you can likely find more affordable rates from several insurers with safer, less risky solvency.
If you already do business with Bankers or are looking for a complete suite of products under one roof, however, you may want to keep them on your short list, for now.
|Company Name (and Subsidiaries)||CNO Financial Group (Holding Co.)|
Bankers Life (Marketing Brand)
Bankers Life and Casualty Company
Bankers Life Securities, Inc.
Bankers Life Advisory Services, Inc.
Colonial Penn Life Insurance Company
Bankers Conseco Life Insurance Company (BCLIC) (NY only)
|Company Ratings||A.M. Best (A-)|
Moody’s Investors Services (Baa1)
Standard & Poor’s (BBB+)
|Headquarters (Address, Phone, Web)||111 East Wacker Drive|
Chicago, Illinois 60601
|Policy Types Available||Term|