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Bankers Life & Casualty Life Insurance

Bankers Life & Casualty Life Insurance
Overall Satisfaction Rating 1.37/5
  • 5 stars
    3
  • 4 stars
    7
  • 3 stars
    3
  • 2 stars
    2
  • 1 stars
    96
Based on 111 ratings

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Bankers Life sells term, permanent and universal life insurance policies. Term life insurance covers policyholders for 5, 10 or 20 years, and the whole and universal policies provide coverage for life. Permanent policies automatically include individual riders. Customers must speak to a local representative for quotes and coverage options, then apply with that representative. The company does not let customers apply online.

BOTTOM LINE

Bankers Life offers term, whole and universal life insurance, including plans for seniors. Specific policies automatically add riders. Customers cannot get online quotes. Agents assist in applications.

PROS
  • Guaranteed cash value
  • Living benefit rider
  • Plans for seniors
CONS
  • No online quotes

Top Bankers Life & Casualty Life Insurance Reviews We Found

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Rated with 5 stars
Verified Reviewer

When I was bedridden, the agent came to my home to explain the policy to me before I signed up. The customer service over the phone has also been great. I pay by automatic draft so I don't ever have to worry about a missed payment or lapse in policy.

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Rated with 4 stars
Verified Reviewer

The agent has taken the time to really get to know me and why I need life insurance. He calls every 6 months to check in. We meet once a year to see how the policy is doing. I am very happy with the company and how the policy is doing.

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    Are you this business?

    About Bankers Life and Casualty Company

    Bankers Life and Casualty Company offers term, whole or universal life options. The company's universal life insurance plans come with a living benefit option that lets you use a portion of your death benefit if a doctor diagnoses you with a chronic illness. Bankers Life insurance also offers Medicare supplemental plans, long-term care insurance and annuities.

    Bankers Life's customer service agents provide a free consultation to help you customize a policy that fits your retirement plans. Bankers Life's insurance policies have level premiums that don’t increase. The availability of in-home customer service sets Bankers Life and Casualty Company apart from many of its competitors.

    Bankers Life insurance policies and coverage

    Bankers Life offers term life, whole life and universal life insurance policies. Monthly premiums never increase over the life of the policy.

    • Term life insurance: Bankers Life term life insurance policies cover the policyholder for a 5-, 10- or 20-year period. These plans allow customers to buy only the amount and duration of coverage they need at a lower price than permanent life insurance.
    • Whole life insurance: Bankers Life whole life insurance policies cover customers for life. These plans include a guaranteed cash value rider, so their cash value accumulates over time. Customers can receive a loan using a whole life insurance policy.
    • Universal life insurance: Bankers Life universal life insurance lasts a lifetime and includes a guaranteed cash value. This plan also includes a PLUS living benefit rider that lets you use a portion of your death benefit if you’re diagnosed with a permanent chronic illness. The universal option also comes with a flexible premium that lets you pay a lower amount when your budget is tight.
    • Life insurance for seniors: Bankers Life offers life insurance options for individuals who are over 65. These plans require no medical exam and provide coverage up to $30,000.

    How much does Bankers Life life insurance cost?

    Bankers Life offers life insurance policies that start at $16 per month. The cost of your policy varies based on your coverage needs, age, location and health profile. A young, healthy person purchasing term life coverage for five years pays significantly less than a 60-year-old individual who wants whole life insurance.

    To get a quote, fill out a form on the website to be connected with Bankers Life insurance customer service. An agent answers your questions and helps you complete the application process. You can also call and provide your name, address and phone number, then connect with a Bankers Life insurance agent, who collects your information to determine your quote.

    Bankers Life FAQ

    Does Bankers Life require a medical exam for life insurance?
    Some policies do not require a medical exam. Talk to your local agent to find out the specific requirements of the policy you choose.
    How do I submit a life insurance claim with Bankers Life?
    Download claim forms from Bankers Life’s website, then upload the completed forms and any supporting documents on the company's website or mail them to the address provided. You can contact Bankers Life's customer service representatives with any questions.
    Where are Bankers Life agents located?
    Find a Bankers Life agent in any of its branches in 48 states. The company does not have branches in Alaska or North Dakota.

    Is Bankers Life a good life insurance company?

    With term life, whole life and universal life packages, Bankers Life offers something for every coverage need and budget. The company also provides coverage to seniors. If you prefer to meet with an agent in person, Bankers Life insurance agents make in-home appointments with their customers. You can also visit an office in your area. Customers cannot apply online, which is inconvenient for some.

    Bankers Life & Casualty Life Insurance Reviews

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    How do I know I can trust these reviews about Bankers Life & Casualty Life Insurance?
    How do I know I can trust these reviews about Bankers Life & Casualty Life Insurance?
    • 3,149,555 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.

    For more information about reviews on ConsumerAffairs.com please visit our FAQ.

    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: March 22, 2021

    My brother died in November 2020 and we still have not been paid. I understand there is a contestable period and we have waited and waited. We have sent all documents promptly as requested. My brother died of aggressive cancer that he did not have when the policy was written. They searched and searched and could not find any evidence of cancer throughout 3 years of records! Then they denied him of uncontrolled diabetes in which was not the cause of death. Also to add more, he stated to them over a recorded call when they did the application that he had diabetes and they approved him for the policy but will not pay now. Who gets denied for having diabetes?? Buyers beware of this company!! I am searching for a lawyer that will start a class action law suit. This company is a rip off!! I hate we took a chance on this company. This company is worth a billion in assets and they won't pay a small claim is beyond my understanding.

    13 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 18, 2021

    I moved from WI to AZ in June of 2020. I had a whole life policy with Bankers Life. After my move to AZ, I had difficulty contacting the company. I stopped my payment through direct deposit in my WI Bank. This all occurred during the pandemic. Banker's life's employees were working from home. After several attempts, I was able to contact a customer service person after long wait times. I advised them of my change of address and told them that I wanted to be billed, monthly, at my new address. I didn't get a bill for over a month later.

    Later I again called customer service. This time, to tell them about my statement arriving after my payment was due. I then attempted to pay my bill, online, through my new bank. Bankers Life did not accept the payment, though my bank attempted to send it. Bankers Life did not contact me about refusing the payment or giving me a reason why. (I still don't know.) I kept calling the company to say I made a payment, but was still being billed. My mail continued to be sent weeks after the statements were sent, having passed my due date. I went on Banker's Life website and tried to pay it from there. By now, several months have passed. The payment routed through my bank, once again, did not go through.

    After more delayed statements and correspondence, always arriving past the time given to take whatever action was requested. Banker's Life was trying to contact by e-mail. My computer was not set up. I called again to say I wanted to make my full payment. At that time, I was told that my payment was being taken directly from the balance in my policy. I asked to have payments again reverted to me. She said that I would have to apply for reinstatement of my policy first. My whole life had been cha and would end in a few years, after the money in that policy had run out.

    I got the paperwork to apply for reinstatement. I returned the application, was visited by a Banker's Life agent, who also filled out an application for me, and called a company, as directed in (once again) delayed mail, to conduct a telephone interview with a nurse. I did all of this and then was notified that I didn't meet their underwriting standards. I received this letter two weeks after it was mailed.

    My health has not changed significantly since I took the policy out in 2012. I now have non life threatening back issues, that have surfaced. All of my other health issues are well controlled by medication, as they were in the past. While all of this was going on, the company kept taking my payments from the policy. If I had realized that the loss of my policy was impending, I would have cashed it out sooner and benefited from a larger payout. I am going to seek legal remedy for this. This company has been poorly run and communication deficient since this whole journey began.

    12 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: Feb. 15, 2021

      My brother-in-law died 6 mos. after my sister. It took BL 3 mos. to send my benefit—except they didn’t send it. Everyone you talk to is reading a screen in Manila. When you ask to speak to a supervisor, you just get another clerk. You want to speak with someone higher up? Send a letter to a P.0. box in Indiana. 3 mos. and I still haven’t seen a nickel.

      16 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 29, 2021

      It has taken a month to get my money after requesting to cash in my Annuity. 13 business days (2 1/2 weeks) to close the account. Another 5 days to print the check and now they are telling me it's 5 to 7 BUSINESS days to get it. Still waiting for my check. The only reason I bought this annuity is because my wife's son started working as an agent for them. He left after 3 months due to improper business practices and they didn't pay him for the contracts he sold. Bad company to deal with in my opinion.

      18 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 18, 2020

      Agent told me that my parents' policy covered in-home health care services. When we went to file a claim, we were told otherwise. When I talked to the agent's supervisor, he indicated that the agent had made a mistake. The agent made a representation about coverage without actually looking at the policy. We incurred a huge financial obligation in reliance on the agent's misinformation. I asked the supervisor if he could change or upgrade the policy and he said that he could not. This experience was very upsetting to me and my family. Based on this experience and the quality of people representing this company, I would recommend that people look elsewhere for long-term care insurance.

      26 people found this review helpful
      Customer increased Rating by 3 stars!
      profile pic of the author
      Verified Reviewer
      Resolution response: Sept. 1, 2020

      There was a misunderstanding in the communication and our understanding of the agreement. After clarification with the agent and the company, the case was resolved.

      Original review: Aug. 27, 2020

      Beware of this company and its agents. while I was in research stage shopping around and getting quotes, this company said the only way to get a quote is to get the whole application filled out (INCLUDING MY PERSONAL BANK ACC.) I trusted the company and the agent and did so. At the end I decided to go with AIG, however this company without notifying me has charged my account for past 12 months. This is while they don't even have my signature on the contract/agreement. This has never happened to me in my life, and something I never expected from such a company. Now I am requesting bank to dispute the charges, and trying to get hold of someone at the Bankers company who cares to listen! Lesson learnt the hard way! Hope it helps someone who considers dealing with this company.

      30 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: July 31, 2020

      WOW, In my personal opinion, I would not do any business with this co. Reason it takes too long to get your money after you fill out paperwork to get funds. Even if you cancel your policy it will take over a month to get your money. Money too direct deposit to your account will take a long time, The fees are out of line! Cost way too much, very unreasonable. Be careful. Agents promise a lot of stuff. But they say home office is taking care of issues, NOT it take more than a month to get money. Really just a push of a button done. Filed a formal complaints to Insurance Commissioner to get anything done. BEWARE!!!

      38 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Feb. 12, 2020

      Be very careful with Banker's Life "agents" because many are dishonest and dangerous. I am currently in the process of filing elder abuse charges and insurance fraud charges against a local agent here. I am the legal guardian through the courts for a sweet elderly "incapacitated adult". She became eligible for an insurance program for very impoverished elderly adults that would pay for her blood thinner heart medication and many things she needs in the nursing home she is in. I called Banker's Life to say that she no longer needed and couldn't afford anyway the Colonial Penn Medicare supplement plan that they have deducted $150 to now $181 per month for many years and to please cancel it because she has other insurance for extremely low income people that would enable her to live in the nursing home and to also stop the monthly $181 auto pay from her account.

      The agent said he would and would need to come out in person to have a signature which sounded reasonable and when he was here he said there was an "extra" their insurance company that the "government" provides low income seniors with free things like transportation to Dr appointments, over the counter meds, etc for no cost to them. I said, "She has her two insurances and we weren't interested" so he said it couldn't hurt to have the catalogue and she wouldn't have to order from it. I couldn't get rid of him so signed for the catalogue.

      A few days later I got a letter from a company named Humana saying "Thank you for choosing a Humana Gold Plus SNP DE HMO) Medicare Advantage plan". etc. He had disenrolled her from the standard Medicare plan and enrolled in this Humana plan instead without my knowing it or her needing or wanting it so that even her medication drug plan was hijacked and cancelled, with a letter saying she was disenrolled in it. That means she can't go to her usual specialists, may have to find somewhere to live with her severe dementia and heart problems instead of the nursing home. I was stunned. Had no knowledge of the company. He conned me and used the supposed agreement to the Humana catalogue to use to drop her insurance and enroll her in this unknown unaffordable and not useable plan without my legal permission. Elder abuse.

      I was on the phone for two hours with Medicare who did not know it was being done without permission or our knowledge. He won't return calls and his supervisor called schmoozing and offering to get her the same drug plan in a month etc. Medicare head person for this state called today and really really listened and helped. Is reinstating her and nullifying the policy (unless it is his supervisors impersonating Medicare). I am not done with this. Hope to file Elder Abuse and Insurance Fraud charges against him. Sigh. Please be careful. Lots of con-men out there.

      83 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 8, 2020

      I cancelled my insurance in Oct. effective Jan. In Jan. they still took out a payment from my autopay account and I have had all kinds of time invested in waiting for them to serve on on the phone and when they did they requested a copy of my new ins. And a letter signed by me sent to them. I photo copied the papers and wrote an response asked for to email the. No. I have to run around town to get copies made and hand mail it to them. I then asked for help from the phone person’s supervisor. I told him how unhappy I was. The response is the policy is this. I told him I was going to write a review here and now he agreed to let me email him personally and he will get it to the right person to refund my money. In this day and age, this is really backwards. I would not encourage anyone to use this company unless they update their technology and service.

      55 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 3, 2020

      There is literally not enough room to tell you what all this company has put us through. Trying to get paid out CORRECTLY on a policy through them will not happen. The level of incompetency is absolutely astounding. I was told something different every time I called or was sent a letter concerning the policies. They got my policies confused, names incorrect. Told me I wasnt a beneficiary but a contingent, even though that person they said was a beneficiary had been removed. This is the most unprofessional, incompetent, disorganized company I have ever seen. Not to mention I sent out my Poa paperwork to them over and over during a 10 year period. They NEVER retained the info and applied it to my mothers policies. And that is just scratching the surface! Bankers has made my life hell and added stress that I shouldnt be dealing with after my mom passed!

      67 people found this review helpful
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      Bankers Life & Casualty Life Insurance Company Information

      Company Name:
      Bankers Life & Casualty Life Insurance
      Year Founded:
      1879
      Address:
      111 E Wacker Dr Suite 2100,
      City:
      Chicago
      State/Province:
      IL
      Postal Code:
      60601
      Country:
      United States
      Website:
      www.bankers.com