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Bankers Life & Casualty Long-Term Care Insurance

Bankers Life & Casualty Long-Term Care Insurance
Overall Satisfaction Rating 1.48/5
  • 5 stars
    4
  • 4 stars
    1
  • 3 stars
    3
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    5
  • 1 stars
    49
Based on 62 ratings

This company is not yet accredited. 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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    Bankers Life & Casualty Long-Term Care Insurance Reviews

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    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 17, 2020

    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.

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    Rated with 1 star
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    Verified Reviewer
    Original review: Sept. 2, 2020

    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.

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      Rated with 1 star
      Verified Reviewer
      Original review: July 31, 2020

      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.

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      Rated with 5 stars
      Verified Reviewer
      Original review: June 5, 2020

      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!

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      Rated with 1 star
      Verified Reviewer
      Original review: June 3, 2020

      I have been reading the reviews on the web site. NOT GOOD. I have been paying on my long term care policy since 1995. Maybe I should shopped a little better when looking for the coverage. Are there any good reviews? Now I'm worried about my coverage. I am 76 and concerned.

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      Rated with 1 star
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      Verified Reviewer
      Original review: May 29, 2020

      My elderly mom (who was lower-middle class) has paid into the s/t care policy for years but now that she is eligible to receive home care it's been a nightmare. When I call the 1-800 number with a question, I get a different rep to each time (usually in a foreign country that doesn't understand what I am asking). I am put on hold (this is way before the COVID scare) for anywhere from 30 to 40 minutes. Sometimes the call even disconnects after a certain time period and if I do get through, no one will allow me to talk to someone in charge. I am put through the tortures of explaining a 6-month ordeal when I talk to each new rep and each one gives me a different.

      My mom has needed in-home-care since January and it is a few days until June at this point; yet, we still DO NOT have coverage. We had a homecare provider originally approved in January but in May a Care Coordinator Abigail ** sent me a letter saying it is not approved. When I called to talk to a rep, he said they had no record of the letters I have sitting on my desk signed by AO. No one in the company can provide me with a list of approved care providers (how can that be that they won't provide a list???) and when they did give me a list of "suggestions" it clearly stated that they could not guarantee they would pay any of them. Two of the three homecare co given to me do not serve my area of town and the 3rd said they will probably not be able to facilitate us.

      My mother has advanced dementia at this point and meets all the necessary requirements for home health care provisions but no one from Bankers helps me with my questions. This was the biggest waste of money a financially struggling mother could have ever invested in. She thought she was doing her children a favor by planning ahead to relieve us from stress if she ever needed help; she would have been better off going through Social Security. One other point, whenever you file paperwork the reps will tell you it will take another 6 weeks for them to process your question. So each time you submit paperwork for proof, it is another 6 weeks you fall behind. If someone was planning on using this type of account for cancer care, etc. they would be dead before Bankers would finally pay out -- if at all. STAY AWAY FROM BANKERS LIFE!

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

      Being the executor of my elderly aunt’s estate, I dealt with the Bankers Life Long Term Care (LTC) bureaucracy over two years. NOTHING was easy, from getting the policy she paid into for a long period turned on, to monthly payments to the LTC facility, to a litany of ongoing information requests from Bankers. But I never could have predicted the runarounds and blatant incompetence of Bankers in trying to receive final LTC payments.

      When my aunt passed, I contacted Bankers to finalize the policy and receive her final LTC payments. After providing the information requested to finalize the policy, I made ~16 phone calls to Bankers customer service (800-621-3724) over ~4 months. Each time Bankers representatives provided no new status or requested additional, conflicting, or duplicate information. Finally, I demanded a supervisor and after being on hold for 75 minutes was told Bankers required more information, contrary to previous calls where I was told they had all information needed. After providing this information again, I got the same runaround and after pressing the issue found the supervisor was at a Manila call center, did not know the Bankers Life location in America, and had no influence in resolving the claim other than notations in their system.

      At this time, I contacted the local Bankers agent who had helped get the LTC policy turned on. After telling the agent I was considering filing a Consumer Complaint with the State Insurance Board, the agent contacted his supervisor, who contacted the Main Bankers Life headquarters. Finally, a Bankers Life representative from the main office contacted me, and after briefing the agent on what I had been dealing with for ~ 6 months and providing previously submitted information, the claim was approved, and the final LTC payment received.

      From this experience it appears Bankers Life’s LTC business model is to make it so hard people (especially the elderly without an advocate) will get frustrated, worn down over the continued bureaucracy and conflicting information to understand what is required, and give up, thus getting Bankers out of paying the policy holders what they are entitled. I recommend others trying to get payment resolution from Bankers to avoid the customer service number and go directly to your local agent to avoid frustration and runarounds. Hopefully enough consumer complaints will change the current Bankers policies and procedures that hurt the elderly.

      20 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 9, 2019

      My mom died in August 2019, and I have been dealing with these people since then. The local agent n Florida was never available when I called, but I was reassured for over 3 weeks that he would call me back within. 48 hours. Nope. Called the company, they sent a check to the estate of my dead mother, but since there is no account in that name, it was invalid. They told me to send the information with my name, and they would send it. They sent the same thing! Both times I had asked if they needed a death certificate, and they said no. The last time I called they said they needed one and a form needed to be filled out and notarized. I sent it in a month ago, still no answer. I called today and they said they have no record of her contract. These people are the absolute worst. They abuse people in crisis, and they do not give a rip about it.

      20 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Dec. 4, 2019

      I am working with Bankers Life (BL) as my mom's power of attorney, processing claims and reimbursements for approved home health care. Well. expect to have your claims REJECTED with canned verbiage as to why. I'm on month number 4. 4 claims placed with all the required documentation, and BL Rejects. Try calling customer service you say. I've phone in many times trying to get more reasoning than the canned form letter verbiage of what I'm doing wrong on the claims (likely nothing). Well BL customer service will be HAPPY to read you, verbatim, the language from their form letter with NO FURTHER detail no matter how many times you ask. Escalate to a supervisor you ask. Tried that too, nope no way can you get anyone other than the person who originally answered the phone.

      Avoid this company at all costs. Get refunds for all your premiums NOW, and look for a much better rated company. I'm a telecommunications executive in my late 40s. My mom, 82 yrs old. If my mom was trying to fill out forms and get a claim approved much less reimbursed, she'd be dead a decade and OUT all her premiums AND dead broke since BL won't ever reimburse you no way no how. Next stop is calling the local news station and get more spotlights on this company and its shady business practices.

      17 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 18, 2019

      Their customer service is beyond awful. My father passed away 9/12/19 and the local agent cancelled his policy as of 9/1/19 even though a death certificate was provided. None of his medical bills between 9/1/19 and 9/12/19 are being paid by insurance that he has paid a monthly premium for for a very long time. I have been trying to get this resolved since learning of the cancellation. As of today, 11/18/19 it has yet been resolved. Every time I call (more than a dozen times), I get a different person with a different answer. They refuse to assign my case to one person. I have spoken to one manager who did nothing to help me. I have not received one phone call back or follow-up call back or any correspondence informing me that they are resolving the issue. I would never recommend this company to anyone.

      13 people found this review helpful
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      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.

      by Matthew Brodsky Insurance Contributing Editor

      Matthew Brodsky is an established expert on insurance, having written hundreds of articles and other pieces of content on the subject, interviewed countless practitioners, and attended dozens of conferences and events. He served as an editor at industry magazine Risk & Insurance for six years.

      Bankers Life & Casualty Long-Term Care 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
      Phone:
      (800) 231-9150
      Website:
      www.bankers.com