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Bankers Life and Casualty Company Review and Rating
June 05, 2018
There are many life insurance companies to choose from (see our list of life insurance companies). This review of Bankers Life and Casualty Company helps shed some light on the pros and cons of this company, as well as offering a potential alternative.
About Bankers Life
In 1879, Bankers Life first opened its doors in Chicago, Illinois. The company offers more than just life insurance; they also offer other retirement-related products such as supplementary retirement income, health insurance, and extended care.
A subsidiary of CNO Financial Group (parent company of Washington National and Colonial Penn), the company has over $19 billion in assets under management. Products offered in New York by Bankers Conseco Life Insurance Company.
Pros of Bankers Life and Casualty Company
Bankers Life is a reliable life insurance company that serves over a million policyholders. In 2012 alone, Bankers Life and Casualty fulfilled over $1.3 billion in policy payments.
It’s not that easy to find someone who will complain about the quality of product or service that Bankers Life and Casualty has to offer. It's a great company that seems to have a lot of satisfied policyholders.
Bankers Life Ratings
There are a few really notable rating agencies that rate the quality and reliability of financial institutions such as life insurance companies. These ratings help potential investors and policyholders to know the financial strength and outlook of a life insurance company. After all, when you purchase a life insurance policy, you are making a financial investment—don’t you want it to be a sound one?
In December 2016, A.M. Best Company (one of the most prestigious and trustworthy rating agencies around) gave Bankers Life Insurance a rating of a B. This is a OK rating and should make life insurance seekers feel a bit uneasy in Bankers Life as a financial institution. This kind of rating means the outlook for the future is somewhat stable but you might want to take a wait and see approach.
Bankers Life Insurance Products
Like most life insurance companies, Bankers Life Insurance offers the two main life insurance types: permanent life insurance vs term life insurance.
Term Life Insurance
Term Life covers the policy holder for a certain number of years. Typically, 10 year term, 20 year term and 30 year term life insurance is available.
There are two types of ways to get term life. One is through a fully underwritten life insurance medical exam. The other way is to get simplified issue life insurance.
In the case of Bankers Life, 5, 10 and 20 year terms are available. Upon expiration of the term, the policy ends.
Some companies allow the coverage to be renewed annually upon expiration, but for an increased rate or lower face amount.
Permanent Life Insurance
Bankers Life offers two types of permanent life insurance coverage: whole life and universal life.
Whole life insurance covers a policyholder for his or her entire life. Whole life insurance policies have cash value, and you can even take a loan against the policy.
Another permanent type of coverage is Universal Life. Just like whole life, Universal Life policies are valid for an entire lifetime.
The difference between universal and whole life is that the payment and death benefit with Universal Life is flexible.
Let’s say you have an exceptionally good financial year—you can pay more into your life insurance policy without being obliged to do it forever. If things get difficult, then you can lower your payments.
Cons of Bankers Life and Casualty Company
As we’ve said already, Bankers Life and Casualty is a good life insurance company. For many people they’re a solid option. The only negative aspect of buying a life insurance policy from Bankers Life and Casualty is that it is simply one company among many.
It’s not possible for us to tell you if Bankers Life and Casualty is right for you because we don’t know you. We also don’t work directly with Bankers Life and Casualty, so instead, we recommend you give them a call. Ask one of their representatives what they can offer you.
After you speak with a representative at Bankers Life and Casualty, then call TermLife2Go. We won’t tell you anything about what Bankers Life and Casualty can offer you, but we will spend time understanding your needs and current situation. Then, we will use that knowledge and make customized recommendations.
So, what are you waiting for? Give us a call today to see what we can do for you!
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