Bankers Life Insurance Review 2023

Bankers Life Insurance Review 2023

Our experts at Bankers Life Insurance are dedicated to answering readers’ insurance questions and providing unbiased product reviews. With a wide variety of life insurance policies and optional riders for customization, we strive to offer the best coverage for your needs. While we do receive commissions from our partners, we ensure that our opinions remain independent and objective.

Bankers Life Insurance has been serving middle-income individuals in the US since 1879, protecting their financial security and helping them prepare for retirement. With a focus on the growing senior population, our company has paid claims to over 658,000 policyholders, totaling $266 million in 2022 alone.

What sets us apart is our commitment to personalized service. We conduct all our business through qualified agents, who can assist you either in-person or over the phone. We even make house calls! While we don’t offer online quotes or applications, we believe in old-fashioned customer service, ensuring that your experience with Bankers Life is tailored to your needs.

Now, let’s explore the different types of life insurance plans we offer:

Types of Life Insurance Plans from Bankers Life

At Bankers Life, we understand that life insurance is essential for protecting your loved ones’ financial future, especially during retirement. That’s why we offer a range of options to suit your specific needs:

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• Term life insurance: Provides temporary protection for a set number of years, with affordable fixed premiums. Available for individuals up to age 75, with coverage starting at $25,000.

• ReliaTerm life insurance: A convertible term life policy that allows you to switch to long-term, permanent insurance without proving insurability.

• Basic Life: This whole life insurance product offers a guaranteed death benefit from day one, starting at $2,500 for individuals aged 17-49 and 50-85. It also provides access to long-term cash value via loans.

• Basic Life graded: Similar to Basic Life, this policy features a death benefit that increases over the first two years before reaching 100% in year three. Coverage starts at $2,500 for individuals aged 50-85.

• Innovative Life SP I: This whole life product offers a guaranteed death benefit starting at $30,000 for individuals aged 0-85, with a single premium payment and access to long-term cash value via loans.

• Innovative Life SP II: Similar to SP I, this product provides a guaranteed death benefit for individuals aged 0-85, with a single premium payment and access to long-term cash value via loans.

• SecureView: This whole life policy features a guaranteed death benefit, starting at $30,000 for individuals aged 17-75, with level monthly premiums and access to long-term cash value via loans.

• Juvenile Whole Life Insurance: Designed for children, this product offers permanent coverage starting at $10,000 for individuals aged 0-16. It provides access to long-term cash value via loans and the option to fully pay for the policy in five or ten years.

• TurningPoint: A fixed-interest universal life insurance product, providing flexible long-term protection with a minimum cash value growth rate of 3%. It also offers an adjustable death benefit and flexible premiums.

• Clearvantage: This indexed universal life insurance policy features flexible long-term protection that builds cash value through market gains (but not losses) at a minimum rate of 1%. It also offers an adjustable death benefit and flexible premiums.

We also provide additional coverage options, known as riders, for added protection:

Additional Coverage Options (Riders) From Bankers Life Insurance

Bankers Life offers a wide range of riders, depending on your base policy. Some of our available riders include:

• Accelerated death benefit: Allows access to part of the death benefit while still alive for individuals diagnosed with a terminal illness.

• Accidental death benefit: Provides an additional lump sum if you die within 90-180 days of a covered accident.

• Additional insured level term: Offers coverage for an additional individual, such as a spouse.

• Children’s term insurance: Provides additional coverage for eligible children.

• Disability income: Offers additional coverage in case of disability.

• Guaranteed insurability benefit: Allows more coverage for a child’s whole life policy, regardless of their health status.

• Payor benefit: Waives premiums on your child’s whole life policy if you become disabled or die.

• Reinstatement without proof of eligibility: Reinstates coverage within 90 days of lapsing in the event of cognitive impairment.

• Waiver of premium: Allows premium pausing in case of disability or unemployment.

Now let’s address the cost of Bankers Life Insurance:

How Much Does Bankers Life Insurance Cost?

Bankers Life Insurance provides affordable life insurance for individuals of all ages, starting at just $16 per month for a 65-year-old female seeking coverage in the amount of $2,776. The cost of life insurance varies depending on factors such as coverage details, age, gender, and associated risk factors like tobacco use, medical history, and occupation/hobbies.

While the cost of life insurance generally decreases with age, it is essential to consider your individual circumstances and consult with a qualified agent to determine the most suitable coverage for you.

Filing a claim with Bankers Life Insurance is a straightforward process, outlined below:

How to File a Claim With Bankers Life Insurance

To submit a life insurance claim with Bankers Life, follow these steps:

1. Download the claims form specific to your state and policy type from our website.
2. Complete the claims form, ensuring you sign and date it.
3. Submit your claim form along with the insured’s death certificate online at My.BankersLife.com, via fax at 312-396-6629, or by mail to Bankers Life and Casualty Company Life Claims Department, P.O. Box 1937, Carmel, IN 46082-1937.
4. Within 1-2 weeks, your claim will be assigned to an agent for review.
5. Additional information may be requested from the claimant or beneficiary, such as a divorce decree, property settlement agreement, or estate/trust paperwork.
6. Once all required information is received, a claim determination will be made, and if eligible for benefits, you will be contacted by your agent for payment delivery instructions.

If you have any further questions or need assistance, our online support resources and 24/7 claims specialists are available to help. You can reach us at 800-621-3724.

At Bankers Life Insurance, we understand the importance of trust, and that’s why we take great care in our reviews and comparisons. Our analysis involves considering various factors, including product quality, available insurance riders, net performance scores, pricing, and customer service. We offer a wide array of life insurance products, from basic death benefits to long-term financial planning options.

To help you make an informed decision, we recommend working with a qualified agent who can guide you through the process, provide quotes, and offer advice on premiums. They can also explain specific scenarios, such as accelerated death benefits and life insurance loans.

Now, let’s take a look at how Bankers Life Insurance compares to other companies in the market:

How Bankers Life Insurance Compares

• Bankers Life vs. Banner Life Insurance: While both companies offer term life insurance options, Banner Life stands out with customizable coverage in five-year increments for up to 40 years. They also offer lab-free underwriting for healthy individuals and higher coverage limits, starting at $100,000. Bankers Life excels in whole life insurance options and available riders.

• Bankers Life vs. Globe Life Insurance: Globe Life focuses on easy online application processes and instant coverage, providing modest death benefits up to $50,000 (whole life) and $100,000 (term). They also offer a zero-risk, money-back guarantee and rank highly in customer satisfaction. Bankers Life offers more extensive coverage options and the ability to customize policies through riders.

• Bankers Life vs. Mutual of Omaha Life Insurance: Mutual of Omaha’s Term Life Express offers no medical exam coverage up to $300,000, making it suitable for individuals in uncertain health. They also provide online quotes for term life insurance. Bankers Life offers a range of whole and universal life insurance options, as well as the ability to convert term policies to permanent coverage.

In conclusion, Bankers Life Insurance is dedicated to providing comprehensive coverage options and personalized service to middle-income individuals, with a focus on the senior population. While our products have received strong ratings, we acknowledge that customer complaints may exist. We encourage you to assess your individual needs and consult with a qualified agent to determine if Bankers Life Insurance is the best fit for you.

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