Bankers Life Insurance Review: What You Need to Know
- Is a Bankers Life Insurance policy right for you? Find out more in this Bankers Life Insurance review.
While it does not cater solely to seniors, Bankers Life Insurance (part of Bankers Life and Casualty Company) does have a large contingent of customers in this demographic and has thus created a line of products for older adults. Headquartered in Chicago with a history that dates back to 1879, the company focuses on life insurance, long-term care insurance and Medicare supplement options.
Life insurance options are available for consumers from age 17 to 85.
What Products and Services Does Bankers Life Insurance Provide?
Bankers Life Insurance largely focuses on retirement, life insurance and supplemental products, including:
- Medicare supplement insurance
- Term life insurance
- Whole life insurance (adults and juveniles)
- Universal life insurance
- Long-term care insurance
- Supplemental health insurance
Term Life Insurance
The company offers term life insurance plans for 5-, 10- and 20-year periods. This is the most affordable life insurance option provided through Bankers.
Whole Life Insurance
Whole life insurance policies with Bankers provide fixed premium options as well as policies with guaranteed cash accumulation. The company offers five whole life insurance options, including a basic plan that has level premiums, an innovative plan for those up to age 85 and a secure plan with a wide array of face amounts.
Universal Life Insurance
Bankers' universal life insurance policies also offer cash value accumulation and flexible payment terms. This is one of the most flexible policy options offered to Bankers' customers because it allows for a decrease in premium payments as circumstances change and allows for the adjustment of death benefits as needed.
The Pros and Cons of Bankers Life Insurance
Pros
- Guaranteed death benefit amounts: The whole life policies ensure that death benefits are guaranteed to remain the same. Moreover, death benefits with whole life through the company are generally tax-free.
- Numerous riders: The company has a diverse array of riders for its insurance options, which means that customers can easily customize their policies to fit their specific situations.
- In-person customer service: While the inability to get a quote online is a drawback, the company excels where in-person service is concerned. Because the company largely deals with senior customers, this level of interaction may provide a more well-rounded response to customer queries than online encounters.
Cons
- Online quotes: While the company has an informative website, it does not offer customers online quotes. Customers can only purchase policies directly through Bankers agents.
- Term life policy lengths: Term life insurance through Bankers is the most affordable of the company's policy options. However, the lengths available to consumers is also shorter than the norm, which is a con of the offerings in this category.
What People Are Saying About Bankers Life Insurance
Reviews of Bankers Life Insurance underscore the knowledge of the agents and the extent to which they are helpful when taking customer requests via phone. Local interactions have also been pointed out in reviews as a benefit of working with this company.
Those reviews that were less than stellar note the higher premiums for some policies and the length of time it takes to pay out death benefits, which is sometimes based on the state in which a customer resides.
Who Would Bankers Life Insurance Be Good For?
Bankers Life Insurance is ideal for seniors because of the range of products and services geared toward older populations. Moreover, given the company's point of focus on older consumers, this means that customer service representatives are well-versed in the provision of information that might help seniors to choose the best products for their specific situations.