Bankers Life & Casualty Long-Term Care Insurance Reviews

Extremely dissatisfied!! Two Long term care policies were taken out by my parents to be used if needed during an unfateful illness. Just that happened. My Mom became ill and I have spent the past year jumping through Bankers Life's hoops in order to get them to pay. A year of trying to take care of my Mom while constantly fighting this company. For years my parents made their payments on time. Now Bankers tries every time to deny their claims on minor technicalities. I spoke with Jodi and then asked for a manager. Then they gave me Dex, who said he was a manager. Then... I got a real manager, Jolene. Hard to believe anything they say. I asked for a way to file a complaint and was told "they have no way to do that". I would encourage people to pay themselves the premium and then they will have their money when needed for care of a loved one. Sad but true.

Called today, went through 3 people to get a English speaking understandable person. My father 67 years age bought himself and my mother the long term care policies and it is a total loss as they have paid in for all that time and it is a use it or lose it policy. JUNK. Do not do this as they are rich from my parents and they will not pay a family member to take care of them, just the scary health care people they recommend. Never, as they are 92 and 88 years young and I would not trust anyone but family to take care of them.

Updated on 03/13/2026: After reporting them to BBB, they've recently contacted me. Instead of refunding me what I've paid over 10 years or giving me the policy I asked for, they said, "Well you can return the surrender amount," and pay $395 by certain date and they will reinstate current policy. WHAT??!! They contacted agent and said agent confirmed everything was explained to me. So yeah. Don't trust them. They will sell you anything. My honest evaluation is invest in an IUL. It's your money. No one profits. Not taxable and it builds with interest. Side note I had to give 1 star in order to post review.

It has been impossible to get any claims paid by this sham of a company. 6 months so far and nothing. All they do is give you a runaround, asking for more and more paperwork saying that my claim is being looked at. They don't hesitate to withdraw my monthly insurance payment directly out of my checking account. On time all the time. Stay far away from these crooks. They should be put out of business.

I purchased Long-Term Care Insurance but misplaced my Policy and the one for my spouse. I know the money leaves the bank but I have no idea that I have a policy. I have asked my agent several times and waited for a copy of my policy but I have received nothing. I have spent thousands for coverage but no way to get any benefits when I need them because I have no proof. Even my financial planner has his doubts that anything exists. I think it's time to cut my losses and cancel the policies. I am trying to warn others and report this to the BBB but when I tried, the BBB site recommends I file a complaint first. I guess I will lose some more money and report it somehow to the BBB.

Horrible experience. Two representatives from Bankers Life came to my house. They basically misled me from the start. I was looking for a Medigap type policy before turning 65. They led me to believe that I was getting a plan from Wellcare. I emphasized several times that I was interested in a policy that my medical care facility would accept. They did accept WellCare.

Mother-in-law had a policy for long-term care. Put 55,000 into it over 10 year period. Bankers Life took half of that money away for according to them fees lying their own pocket. Mother-in-law decided she couldn’t afford the policy anymore because her spouse passed away so banker life decided they’re gonna keep the remainder amount $23,000. Is that legal?

After reading the mostly critical reviews of Bankers Life & Casualty Long-Term Care Insurance I have to agree. Even with professional staff at my mom's Assisted Living facility completing the claims paperwork, claims are delayed or rejected. Just today, I'm contacting Banker's Life Customer Service to find out why a letter was received for the July 2025 claim that doesn't make sense. The Customer Service rep is giving me a status that doesn't agree with what is shown online for the claims received July 1 and August 1. Rather than taking it out on the poor Customer Service rep who has no power or authority in this process, I'll call again next week. And the week after that. Just to add to the confusion, the customer service rep speaks English as a second language. There seems to be a total disconnect between Customer Service and the people who review claims.

My mother & father have paid for a Long Term Care policy for over 30 years from Bankers Life. Fortunately, neither have had to use it until this past November when my father at 93 went into memory care. We contacted Bankers Life and they have been extremely challenging to work with. They claim every month that they have not received adequate documents from the nursing centers & nursing centers send it multiple times, they are rude and evasive when I call to find out why no reimbursements have been made and they give different reasons, different excuses each time I call. My dad died in April and they immediately deleted my customer portal with all my saved documents while I'm still waiting on numerous reimbursements. Please consider another company, they are not timely on payments and seem to find every excuse to delay payments. Overall, incredibly unprofessional and slow.

I have personally seen the benefits that this valuable protection provides. Besides being in control of how and where you get your care, it saved me from using my assets to paying for the visiting nurse to care for me. Also, they cook and cleaned for us and took me to my doctor and physical therapy appointments.