About Bankers Life & Casualty Long-Term Care Insurance
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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.
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I "ditto" all the issues that people have written Consumer Affairs. Bankers Life seems to need more and more information and threatens to close my request for benefits. When will it end? Their client service agents are polite, but not skilled, and you really need to talk to someone higher up to get true information. Do not believe their client service agents, your claim being "approved", just means you are eligible to file a claim. They don't have "everything" because they will have another request one week later. They work with faxes, so don't expect efficient emails. They will not copy you on requests to providers, yet you are responsible for making sure Bankers has all information. It requires hours and hours on the phone.
Banker’s Life refuses to accept bills from a nursing home saying over and over that the forms are not filled out correctly. They are a nightmare to try to work with. Do not give them any money. They only want to keep what has been deposited with them and not return it to the client.
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I purchased a long term care insurance in 2015. Unfortunately while on a trip on July of 2019 I suffered an acute ischemic stroke and became handicapped for life. After two years of endless Physical Therapy, Occupational therapy, Speech therapy, Vestibular Therapy sessions I suffer from all ADL,s plus neuro cognitive and memory issues.
Since day one I have had a struggle with first getting approved. Fighting with them daily from August 15 after I was finally released from the hospital after 14 days and two major surgeries to approve my long term claim. I needed a caregiver since day one of my stroke (paid out of pocket). The first check I saw from them was in October. Three months of telephone calls and frustration. I have been harassed time and time again. Crucified by them. They have not paid me for a year of services. Each time a different excuse. I have appealed my claim more than ten times. Each time taking two to three months. I am sick. I am on medications. I am on antidepressants and Bankers Conseco killed me this past year. They are ruthless. Heartless. Even though I have brought them countless letters from my attending drs that I Am chronically ill That I have issues with all ADL’s they still find a different reason to harass me and not pay my caregiver.
They have put me through hell. They have roasted my heart and soul and in addition they cancelled my insurance even though I paid for it with no reason at all. What a waste of my precious money this past 6 years where I blindly paid them. I have already spoken with an attorney and I will start taking proper action. I have given them way too much time and opportunity. Main point for G-Da sake do not purchase a long term insurance from Bankers, Bankers conseco, Washington mutual. All are the same company. Different names. Same waste of your money. I have cried so many days because of them.
My two sisters and I have spent countless hours contacting Bankers Life about our mother's long term care insurance. We have made I'm sure, more than 50 phone calls to them trying to get payment for my mother's care in an assisted care facility. As so many others have found, they delay and delay, and stall using many different tactics. Most often they say they have not received the documents even though we know they have been sent. Phone calls are not returned and promises to resolve are not kept. They will do anything to prevent paying out! Stay away from this company.
Banker's Life and Casualty Company does not pay legitimate claims and if they do pay, they do not pay on time. They lie straight to your face with no remorse or concern. If you do not track the payments, they will just happen to skip a payment. They intentionally were saying, "...your October and November claims..." They intentionally left out the September claim payment; had I not asked about it, they would have intentionally not paid it. Here it is Jan 5 and the September and October payments are nowhere to be found. This is normal and quite frankly is abusive to my 87 year old mother that in good faith signed a contract and made all of the payments on time. Is this different than other LTC insurance, sadly for the American people, probably not. So beware! Keep good records! You are going to need them. If anyone reading this has the email addresses of CEOs and the like, please post.
I am my mother's power of attorney. She has been diagnosed with dementia, and also suffers from seizures. She doesn't eat unless she is reminded and can not cook for herself. Her short term memory is gone and has difficulty reading and understanding what she reads. After being her primary caregiver for several years, I was unable to continue. I started the process for assisted living back in March and it has been nothing but red tape and lies since then. Her claim was denied and we are now having to get a attorney.
This company is a rip off. Doing research I have to come to find out they have been sued multiple times in several successful class action suits. They are not going to help you, so be prepared to jump through hoop after hoop and listen to lie after lie. I am contacting both state and federal agencies along with the media. We are obtaining letters from specialists, and hospital records to begin our appeal. Please please save your money. You are better off without this, it is a complete waste of money and should you ever need to use it, you will fight tooth and nail and still not see any benefits. Anyone else having problems I urge you to reach out to the media, and any agencies you can so we can get this company investigated.
Banker's Life is not a customer focused company. They are only in it to get your money and now with a new long-term care administrator, they have figured out how not to pay claims. Their communications arrive 3 months from the date shown on the "change to a new administrator" letter and 2 months after the effective date of change. They do not tell you how to make a claim in the letter about the change so you have to call and talk to their claim people who are trained to be robots and show no empathy or care about the situation this company has put my family in.
They say they've mailed 4 separate checks but none have arrived. They owe us $9000 now but we can't submit any claims until they get things set up on their end. A person has been assigned to our account and is supposed to call me. The timeframe for a return call is 10 days...and he's out of the office this week. You can't make this stuff up! RUN, RUN, and DO NOT PURCHASE ANYTHING FROM THIS COMPANY.
So many detailed complaints go into an absolutely horrible rating this company has received. My experience with them on behalf of parents in memory care is just typical. They simply will avoid payment, never return calls, delay all communication and WILL probably never payout on a claim that they agree is correctly documented and owed. 6 months in a nursing home and still no payments, just promises that it will get reviewed by case manager to see what happened. 1/2 hour to 1 hour on hold each time for a customer service person to look up account and say the same thing each time. Never ever buy anything from this horrible organization. The only way to get their attention is to sue them and they are located to the most crooked state of Illinois. Starting down the suit process today.
My mother has dementia/Alzheimer’s and is residing in a long term care facility. She will not recover or leave the facility. But every month Bankers Life requires monthly reports on her progress. The facility sends it in and Bankers Life seems to lose the info delaying payment. The last episode occurred for May 2020 payment. We were informed a new 3rd party was going to be handle claims starting June 1. They said they did not receive the May report facility filed it last of May. Old processing company recorded it received info, but never processed claim. So I was reviewing payments and noticed I had not recorded a May payment.
I contacted Bankers Life on 7/20/20 about non payment and they relayed story of way it was not processed and then explained old company did not process it. And they would expedite it claim. And I would expect a check in 5 to 10 business days. Fast forward to 7/31/2020, I called customer service and representative relayed that was sent to expedite department but was never processed and he said I would receive a check in 5 to 10 business days. He said he was sorry, but sorry does not pay long term care bills. Warning if you need help, do not expect it from this company stay away. And last problem, bankers life does not use direct deposit for payment. They mail paper checks for claim payments, I think they do not use direct payment is float. If they used direct deposit there would be an immediate subtraction from their account. But 5 to 7 days before check is cleared is float they make money on.
My experience has been completely positive. Faxed in claims documents when my 78 year old grandmother needed home health care, a short nursing home stay and ultimately hospice. The policy was purchased years ago but it was the Agent who really helped us. Fortunately, we had a long term relationship and reviewed the policy annually with our Agent. We even have his personal cell phone for when we have questions. Bankers has been excellent to us!
Bankers Life & Casualty Life Insurance author review by Matthew Brodsky
Bankers Life & Casualty offers a complete range of coverage packages for the elderly, including Medicare supplement insurance, supplemental health insurance, life insurance, annuities and long-term care insurance.
Comprehensive long-term care insurance: The company provides comprehensive coverage for both nursing home facilities and in-home health care expenses.
Facility-only long-term care insurance: Bankers Life & Casualty offers coverage for costs associated with long-term care facilities, nursing homes and Alzheimer’s facilities. The company offers both short- and long-term care options in a variety of settings.
Medicare supplement insurance: Customers can purchase supplemental coverage to lower out-of-pocket costs and travel expenses related to care. The company has plans that let you keep your doctor and visit any hospital.
Retirement planning: In addition to its long-term care insurance products, Bankers Life can also assist with life insurance and annuities to help secure your financial future.
Get a free consultation: Talk to an expert long-term care insurance agent to find the right solution for you.
Bankers Life & Casualty Long-Term Care Insurance Company Information
- Company Name:
- Bankers Life & Casualty Life Insurance
- Year Founded:
- 111 E Wacker Dr Suite 2100,
- Postal Code:
- United States
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