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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.
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.
- Guaranteed cash value
- Living benefit rider
- Plans for seniors
- No online quotes
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.Read full review
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.Read full review
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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.
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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.
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.
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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!
The Bankers Life sales rep. Francisco G. sent me a letter regarding my future Medicare selections. Two days later he was at my front door wanting to know if I received his letter and if I wanted to do business. I said, "NO.. I hadn’t even had a chance to go thru the mailer he sent me two days ago." I sent him on his way. Two more days go by and he phones my home which has an unlisted number. I told him to quit harassing me or else. Really scary within a week I get a mailer, house call and then a phone call. If he ever shows or calls again... I will phone the police.
We told the agent to please hold the paperwork until the beginning of December so we could make sure it was feasible for us, called him this past Monday. Told him not to tear up checks. He didn't now we are going to be almost $300 in the hole because he did it with our routing number instead of the check that was postdated for December 9th and took our money. He also did this to my elderly mother and she is almost $80 in the hole. They take advantage of people and take money that they were told not to process, so all in all they are not a reputable company to use.
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After receiving a call from our local Bankers Life Rep, we agreed to have them come to our house & explain about upcoming Medicare Enrollment period. Little did we know that actually all they were doing was giving us a sales pitch about needing another supplemental plan for a cancer policy, because according to them, medicare & BC/BS oF FLORIDA didn't pay for expensive chemo and radiation. After purchasing a plan to cover these expenses, I later investigated & found out that indeed Medicare & BC/BS DID pay these benefits. I called both of the agents as well as their local office in Clearwater, Fl & told them we wanted to opt out and to cancel our checks. All three of them wanted to come out again to talk to us, which we declined due to the previous 2 1/2 hrs wasted the other day.
My husband went to the bank to stop payment and was told we were the second complaint that week about Bankers Life! I also reported them to the state insurance commissioner, who said it would be their word against mine! So I guess it's OK to come into your home and lie straight to your face to sell an insurance policy....completely unhappy with this company and will NEVER recommend them to ANYBODY!
One of their agents met with my father to discuss a Medigap insurance policy he needed. I was asked by my father to call to help him during the meeting because I live in Pasadena, CA, not in FL. I called and explained to the agent that 1) he has a financial advisor already, 2) that he only needed the medigap policy (no other sales efforts were requested at that time), 3) that the advisor my father has must review their proposal before he can sign up. My father agreed. She acted like she agreed also, so I got off the phone and back to work.
When I talked to my father later, he told me she collected a check from him for a "Cadillac" policy - before the advisor's review. And she scheduled another meeting for him to try to get him to change financial advisors. She told him she thought he was paying too much for his advisor. (His rates are discounted and fair in reality.) That claim was especially insulting to hear after she quoted him a medigap policy that would cost us $1200 more a year than the same policy from Anthem.
After talking to my dad, and at his request, I had told her he didn't want that policy, and that he didn't want the meeting and would not be attending. She ignored my text, email, and voicemails and continued pursuing my father's appointment, pretending not to understand why he wasn't there asking him to come in. She could have called me when she got my first email saying we were not taking that policy and I would have been happy to explain the reason why the advisor didn't recommend that policy - maybe should could have generated a new quote on a different plan and still gotten my father's business. Instead she ignored his family and tried to isolate him to twist him into other contracts that he didn't need or want. Her actions were unprofessional and shameful. I'm not a lawyer but they are probably illegal as well.
When I spoke to her office manager to complain, he apologized and said he would talk to her. Well, I just talked to my father and the agent came to his house since he stopped answering her calls, she is still simply ignoring our requests to stop soliciting him and she told him she just has his best interest at heart. How could she possibly say that when she doesn't even know the scope of work that my father's advisor does? And her insurance quote from Colonial Life was $100 more per month more than what Anthem quoted? That's $1200 more a year for the SAME coverage! Medigap plan coverage is the same from any provider.
What an utterly deceptive agent and office, if she talked to me on the phone with my father and acted like she was agreeing to wait for authorization and then tried to sell him things she knew he did not need and already has - why would she think we would trust her with our business? After I contacted them and told them to stop soliciting my father, the agent went to my father's house directly again today try to pressure sell him in person.
**. Phone numbers. Cell phone **. Home Address **. Agent Mr. L. **, stopped handling the policy, and was turned over to office manager, Josha **, # **. I have yet to receive death settlement, due to lack of followup on getting medical report from a Dr **. I have submitted several medical release forms to them. They wanted me to get it, isn't that their job. Also a beneficiary was to be deleted from the policy, Mrs. Jessica ** (daughter), but for unknown reason, Mr ** cannot locate form, which Mr ** had filled out, but no one can find this. Still waiting on death settlement as of today 10/23/2019. They should be doing their job and and stop stalling, this office seems to mishandle customers problems, and pass them back to persons to do their job.
Even though my aunt told them that she decided not to purchase guaranteed income insurance, they won't stop calling. I will be her POA if something happens to her, so they came out a second time and I sat through their spiel. It was the next day that she told them she didn't feel comfortable buying their product. They now keep calling me as well. They want me to "convince" her to purchase their product.
My mother has 3 policies with them. 2 money, and 1 home health. I have been her POA since 2009, and have sent them the POA paperwork 9 or 10 times and EVERY TIME I call they say, SORRY WE DONT HAVE YOU LISTED AS POA! This is the most DISORGANIZED company I have ever seen. I just sent it again this time CERTIFIED. I then call to confirm that I am listed as POA. She assures me yes. I then get a letter in the mail for only 2 of my mother's policies stating MY SISTER is the POA! I cannot believe a company can be so incapable of handling such an easy task. After reading these horror stories and knowing how this company operates I am scared for the day I will have to file a claim on these policies.
Bankers Life & Casualty Life Insurance Company Information
- Company Name:
- Bankers Life & Casualty Life Insurance
- Year Founded:
- 111 E Wacker Dr Suite 2100,
- Postal Code:
- United States
- (800) 231-9150