Bankers life financial

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Bankers Life Insurance Company Single Premium Immediate Annuity is an excellent choice for guaranteed income. Income can be guaranteed either for the lifetime of your client or for a fixed period. Provide your clients with the ability to customize payments according to their income needs. These payments will not fluctuate with market conditions.

Issue Ages Annuitant: 0-90 (age of last birthday) | Policy Owner: 18+ (age of last birthday)

Minimum Premium Amount $10,000

Maximum Premium Amounts $500,000 (home office approval needed for higher amounts)

Tax Qualification Types Non-Qualified and Qualified (Inherited and Stretch IRAs are not available with Bankers Life Insurance Company)

Guaranteed Payments The payment amount is guaranteed at issue. The payment period is guaranteed according to the option chosen

Electronic Funds Transfer Clients must have payments directly deposited in to bank accounts to prevent lost checks, and have immediate access to funds. Funds will normally be available the following business day on which payments are due

Proposals Payout quotes are guaranteed for 10 days with 30 days thereafter on transfers

Benefit Options Lifetime Income (ages 75 and below) | Life Income with Period Certain (5, 7, 10, 15, or 20 years) | Income for a Fixed Period (5-20 years) | Joint Life Income (100% or 66 2/3% to the survivor)

Commuted Settlement Should immediate liquidity of remaining cash value be desired by the owner or a lump sum death benefit be desired by the beneficiary(ies), Bankers Life Insurance Company is willing to process a commuted settlement

Effective Dates The contract will be effective on the date the single premium is received at Bankers Life Insurance Company. If funds are coming from more than one source the contract will be effective when the last money is received

First Payment The first payment is made one period after the effective date of the contract

Acknowledgement of Delivery Required with all cases

Suitability Form Required with all cases at the time of application

Annuity is underwritten by Bankers Life Insurance Company, which is the only entity financially obligated under the annuity. This annuity has limitations that may not be described here. For costs and complete details of the annuity, contact Bankers Life Insurance Company. Annuity form not available in all states. Approval does not imply endorsement of any insurer or product. Bankers and its representatives do not give legal or tax advice. This content reflects our understanding of tax rules and regulations in effect at the time of publication. Taxes must be paid on deferred earnings when accessed. You may be responsible for income taxes on amounts withdrawn, including a 10% penalty for withdrawals prior to age 591/2. In Texas, Bankers Life conducts business as Western Bankers Life Insurance.)


* Long Term/Short Term Issuer Default Rating displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium content is displayed in Fitch Red

Rating History

  • Insurer Financial Strength
Original Rating Date
Insurer Financial Strength26-Aug-1993
Endorsement Status
EU Endorsed, UK Endorsed
Country of Fitch Office
Solicitation Status
Insurer Financial StrengthSolicited - Sell Side
Country of Analyst

Douglas Meyer, CFA
Primary Rating Analyst

David Gorak
Secondary Rating Analyst


* Long Term/Short Term Issuer Default Rating displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium content is displayed in Fitch Red

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Bankers Life

Bankers Life is the primary subsidiary of CNO Financial Group, Inc. (itself formerly Conseco, Inc until 2010). The company was established in 1879 in Chicago, Illinois. CNO is a Fortune 1000 company[1] (rank of 548 in 2015) whose subsidiaries provide insurance products and services to customers in the United States. The core retail market served by Bankers Life is the pre-retirement and retirement aged individual and their families whose annual household income is between $25,000 and $75,000.

Bankers Life has 1.4 million policyholders and offers a variety of different insurance products including long-term care and life insurance, annuities, Medicare products including supplement plans, Medicare Advantage plans and Medicare Part Dprescription drug coverage and critical illness/specified disease insurance. Bankers Life also offers vision and dental plans through a partnership with Humana.[2] They sell their policies through a network of over 5,000 insurance agents based in over 320 offices throughout the USA.


Bankers Life's predecessor, the Hotel Men's Mutual Benefit Association, began operations on January 17, 1879.[3]

In 1935, John D. MacArthur bought Bankers Life, and continued to develop it until his death in 1978.[4] After studying how large American manufacturers branded and mass-marketed household goods and services, MacArthur led Bankers Life in reducing the cost of selling insurance and in making insurance coverage more affordable for middle-income Americans.

By 1956, Bankers Life was one of the largest individual health and accident insurance companies in the U.S. The needs of America's growing senior market became Bankers Life's focus once President Johnson signed the Medicare bill into law.[5] Bankers Life became one of the first insurers to develop and offer Medicare supplement insurance. Upon MacArthur's death, control of the company passed to the John D. and Catherine T. MacArthur Foundation, a major charitable institution in the U.S. The foundation later sold Bankers Life, and today, the company is a subsidiary of CNO Financial Group, a holding company for a group of insurance companies operating throughout the United States. As of 2015, Bankers Life has $19 billion in assets under management. In 2012, Bankers Life processed more than 8.5 million claims and paid out more than $1.3 billion in policy benefits.

Products and services[edit]

Medicare Supplement insurance[edit]

Bankers Life offers Medicare Medicare Supplement insurance plans A, B, D, F, with high deductible, G, K, L, M, and N. These types of supplements help pay for items that Medicare may not cover such as Medicare deductibles, hospital and medical care co-insurance, extended hospital care, physician's services, hospital outpatient services and supplies, and ambulance services.[6]

Life insurance[edit]

Bankers Life offers term life insurance, whole life insurance and universal life insurance. These products differ in terms of coverage length, premium flexibility, cash value accumulation and distribution.[7]


Bankers Life offers a variety of annuities, including Fixed Interest Annuity, Fixed Index Annuity, and Immediate Annuity.[8]

Long term care insurance[edit]

Bankers Life offers several types of extended care coverage that include comprehensive long-term care insurance, Facility-only long-term care insurance, home health care insurance, and short-term care insurance. [9]

Supplemental health insurance[edit]

Bankers Life offers a variety of supplemental health insurance coverage options such as critical illness insurance which covers cancer, heart attack, stroke, end-stage kidney failure, and other conditions.[10]

Research Studies[edit]

U.S. News & World Report referenced a recent study conducted by Bankers Life in an article titled "A Dozen Big Changes in Perceptions About Retirement". The Bankers Life study, titled "Middle-Income Boomers, Financial Security and the New Retirement," found that nearly 3 of every 4 middle-income Baby Boomers are rethinking their retirement date, and of these, 79% are delaying their retirement by an average of five years.[11]

Charity funding[edit]

Alzheimer's Association[edit]

Bankers Life is a national sponsor of the Alzheimer's Association, which is the world's leading voluntary health organization in Alzheimer's care, support and research.[12]

  • Since 2003, the company has organized Forget Me Not Days, it is an annual nationwide fundraising campaign to collect donations for the Alzheimer's Association and raise public awareness of the disease. These campaigns have supported the Association with more than $2.9 million for care, education and research programs.[13]
  • In 2011, Bankers Life contributed $386,000 and in 2012 they contributed $420,000 to support the care, support and research efforts to the Alzheimer's Association through a fundraiser and a separate corporate donation. [14]
  • In 2014, Bankers Life collected and donated over $436,000 on behalf of the Alzheimer's Association.[15]
  • Bankers Life opened its annual 2015 Forget Me Not Days with Alzheimer's Awareness Night at Bankers Life Fieldhouse, in Indianapolis, Indiana on April 12, 2015.[16]

Meals on Wheels Chicago[edit]

Bankers Life also supports Meals on Wheels Chicago. In 2010, the company made a $20,000 donation to aid Meals on Wheels Chicago. Since 2004, Bankers has donated $230,000 to Meals on Wheels Chicago for programs, services and fundraising initiatives.[17]

Bankers Life Fieldhouse[edit]

On December 22, 2011, CNO Financial Group, Inc. and Indiana Pacers Sports & Entertainment announced that Conseco Fieldhouse would be renamed the Bankers Life Fieldhouse. This is home to both the NBA Indiana Pacers and the WNBAIndiana Fever. The venue hosts nearly two million guests a year and features events, such as the 2015 U.S. National Gymnastics Championships.[18]

In March 2018, the company announced that its parent company, CNO Financial Group would not extend its naming partnership with Pacers Sports and Entertainment. In a news release, the company's chief executive officer said the partnership would continue, but in a more limited capacity.[19]


  1. ^"CNO Financial Group". Fortune. 2015-06-04. Retrieved 2016-04-26.
  2. ^" and also offers Humana Dental and Vision Plans Through Bankers' Career Agents." Wall Street Journal:
  3. ^"The History of Bankers Life". Retrieved 2016-04-26.
  4. ^"About John D. & Catherine T. MacArthur". MacArthur Found. 2020. Retrieved April 4, 2020.
  5. ^"Insuring America: Bankers Life and Casualty Company Celebrates 125 Years". Media Room.
  6. ^"Colonial Penn Life Insurance Company". Bankers Life.
  7. ^"Make Life insurance a part of your 'life' story". Bankers Life.
  8. ^"Protect and grow your retirement savings". Bankers Life.
  9. ^"What is long-term care?". Bankers Life.
  10. ^"Protect your family with supplemental health insurance". Bankers Life.
  11. ^Moeller, Philip (2011-05-23). "A Dozen Big Changes in Perceptions About Retirement". U.S. News and World Report. Retrieved 2011-05-25.
  12. ^"Bankers Life Planting Seeds of Hope for Alzheimer's Research". CNO Financial Group. CNO Financial Group. Retrieved 8 May 2015.
  13. ^"Bankers Life and Casualty Company Increases Alzheimer's Association Support to $386,000; Street Donations Grow By 20%". CNO Financial Group.
  14. ^Bankers Life Increases Forget Me Not Total" National Underwriter: 2011-08-10 at the Wayback Machine
  15. ^"Bankers Life Increases Alzheimer's Association Support to $436,000" (Press release). Bankers Life. Retrieved 2016-05-10 – via PR Newswire.
  16. ^"Bankers Life Planting Seeds of Hope for Alzheimer's Research" (Press release). Bankers Life. Retrieved 2016-05-10 – via PR Newswire.
  17. ^Bell, Allison. "Good Works: MDRT, Sun Life, Allstate, Bankers Life, FBL, Prudential." National Underwriter: 2010-11-27 at the Wayback Machine
  18. ^"Conseco Fieldhouse Renamed Bankers Life Fieldhouse." Pacers Sports & Entertainment: 2013-01-19 at the Wayback Machine.
  19. ^"Bankers Life Fieldhouse will soon get new name: 'You've got to make sure it's a fit here'" Indy Star:

External links[edit]

The Bankers Life


Financial bankers life


The Value of a Bankers Life Investment Advisor


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