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Bankers Life & Casualty Life Insurance

Bankers Life & Casualty Life Insurance

 3.8/5 (108 ratings)
  • 5 stars
  • 4 stars
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  • 1 stars

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About Bankers Life & Casualty Life Insurance

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.

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    Overall Satisfaction Rating

    • 5 stars
    • 4 stars
    • 3 stars
    • 2 stars
    • 1 stars

    Pros

    • Guaranteed cash value
    • Living benefit rider
    • Plans for seniors

    Cons

    • No online quotes

    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.

    Top Bankers Life & Casualty Life Insurance Reviews

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    Rated with 5 stars
    Verified

    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 s...

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    Rated with 4 stars
    Verified

    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 ...

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    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?
    • 3,394,562 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: July 20, 2021

    I wish I could give this company a (-) negative 1,000!!!! I first filed a claim in January 2021 and they have given my family and I the run around for the last 6 months! I must admit that everyone (for the most part) has been very nice when I called. But that's all they have going for them. Banker's Life is extremely UNORGANIZED and they lie lie lie through their teeth! The claims department does not have a telephone number so the insured has to rely on un-updated notes from the customer service department. I had one associate that hung up on me!!!! Another associate was so very nice and promised me over and over again they they would call me back and of course that never, ever happened. Absolutely unacceptable. I contacted this company at least twelve times for the same issue!

    Our benefits finally arrived after over six months of the run around and staying on the company. The premiums were extremely high and to have to go through this ordeal after a sudden death of my family member was insanely tough. I hope they get more organized and stop being untruthful to their customers. I will NEVER trust this company again.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 12, 2021

    It is almost impossible to get someone, on the phone. God forbid if there is A death, & the third world country operators just keep repeating the same word over & over again. Hey if you need those services you just as well go out of business. Ms Dell & Ms Carol should never answer the phone- to talk English.

    5 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: May 31, 2021

      If I could rate Bankers Life less than one it would be ZERO! I have never had an account with any business that I could never reach a human being when I called them. It is all an automated system. I tried three different numbers that I finally found for Customer Service and they all had the same automated system. The only way to contact anyone is to email, text, or call your insurance agent. The other problem is, I created an online account with them. I only ever had one successful sign in.

      The rest of the time, every single time I tried to sign in, a screen with a red triangle with "PING" in it popped up with an error message so I was unable to sign in. I even created a new account with a different password. After I created the new account I tried to sign in immediately but when I did the PING screen popped up, once again, not allowing me to sign in. I have created a new account in the same day, several times, with a different password each time and I still could not sign because of PING. I have no idea what PING is and why, for whatever reason, it has anything to do with my online account.

      I am sick and angry that my insurance agent convinced me to take out a Bankers Life Medicare Supplemental policy! If I can ever get into my online account I am going to close it immediately. The last thing is, I received an email from PING saying that there had been a request to change the password for my online account. I have no idea why PING, instead of Bankers Life, sent me an email regarding this. I don't understand why PING would be involved in my online banking or in control of sending me emails. I have never been able to sign in to my online account.

      4 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: May 24, 2021

      Go through agents like the wind. You will get a new agent every other month. They hire everyone and their brother. You will get phone calls routinely from new agents because they mass hire. They are only concerned with writing new business, not helping you. Good luck If you have a problem!

      3 people found this review helpful
      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.

      19 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.

      16 people found this review helpful
      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.

      21 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.

      22 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.

      30 people found this review helpful
      Customer increased Rating by 3 stars!
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      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.

      34 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