Bankers Life Insurance Review & Complaints: Life Insurance (2024)

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Bankers Life Insurance Company focuses on annuities rather than the usual life insurance products, bringing the focus of their policies onto retirement planning rather than simply providing for loved ones. Keep reading our review to learn if buying Bankers Life life insurance is the right choice for you.

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What kind of coverage does Bankers Life offer?

Founded in 1976, Bankers Life is headquartered in St. Petersburg, Florida and sells supplement insurance for your financial security. They are a subsidiary of Bankers Financial Corporation, which also owns Bankers Insurance Group and Western Bankers Life Insurance, and offers a range policy options for both financial products and warranty services.

Bankers Life does not sell traditional life insurance products such as term or universal life insurance for a lump sum death benefit, but instead writes annuity products, designed as financial planning tools for money for retirement strategy as well as providing death benefits. Their range of products is limited due to the very specific focus on annuities. There is no Bankers Life supplemental health insurance.

Bankers Life Insurance products are sold only through independent agents across the state of Florida. They are not associated with Bankers Life and Casualty Company.

What insurance products are offered by Bankers Life?

Bankers Life life insurance company offers four different annuity options to policy owners that differ based on rate guarantees, premium choices, and returns at policy issue. Although they are named as a life insurance company, they do not sell the type of traditional life insurance most people expect to find.

SPIA

The Single Premium Immediate Annuity is a flexible choice that offers lifetime or fixed period guaranteed income. Premium options range from $10,000 up to $500,000. Joint life income benefits are also available with this product. The SPIA is an immediate (as opposed to deferred) annuity for faster income.

SPDA-5

This product is a Single Premium Deferred Annuity that provides a 5-year guaranteed interest rate along with the following features:

• Ten percent withdrawal free without charge after the first year, additional withdrawals at reducing percentage rates from 9 percent down to 0 in the 6th contract year
• Minimum premium of $10,000, qualified, or non-qualified
• Annuitization after the first 12 months for five or more years

This product works well for IRA and other rollovers.

SPDA-7

This product is also a deferred annuity, and offers similar features to the SPDA-5, but with a guaranteed interest rate for seven years and annuitization after 12 months for 10 or more years. The same withdrawal rules and minimum premiums apply.

Interest Plus+

This product offers a 5-year guaranteed peak interest rate and the opportunity to withdraw any amount over $1000 at any time, subject to a 1% redemption fee. It is Bankers most recent addition and a good choice for fixed investors seeking an annuity with high guaranteed rates and easy access.

What investment information and financials does Bankers Life offer?

For your investment goals on your investment journey, Bankers’ annuities are an investment that can provide income through retirement as well as death benefits to those left behind, making them different from standard Bankers Life insurance policies. As with all investments, there is some risk, although annuities generally have less market-related risk than other forms of retirement. Instead, it is the stability of the company that is important, since annuities are not FDIC insured.

Does Bankers Life offer annuity payments?

Bankers offers both immediate and deferred options for annuity payments as well as several options to allow for early withdrawal of funds. Not all annuities provide death benefits for the life insurance beneficiaries of your estate, but Bankers does offer product options to provide this type of security.

Remember: Bankers Life life insurance rates will be different from a traditional policy because it is an annuity. However, it is still possible to get affordable Bankers Life life insurance.

We are unable to locate a record of a Banker’s customer encountering difficulty with payments currently through online searches.

Bankers agents are the best source for determining what type of annuity is right for your financial situation, and what kind of payment you can expect to get as a result.

Is Bankers Life a good insurance company?

As a small subsidiary of a larger financial company, Bankers Life has very little in the way of available consumer information. Bankers is not a Better Business Bureau accredited company, and we are unable to find a profile on the BBB website. The company’s parent, Banker’s Financial Corporation, is listed on the BBB and given an A+ rating. There are no complaints listed on the website in the past three years. (For more information, read our “Best Life Insurance Company That Is BBB Accredited“).

It’s not unusual for companies in this market to have limited consumer information, as they differ greatly from regular insurance companies that have constant interaction with customers, either through policy servicing or more importantly, claims.

Although it is named as an insurance company, Bankers Life is truly a financial company, and a small one at that. Still, the lack of negative information seems to indicate that Bankers Life’s reputation is good.

How is Bankers Life’s financial strength?

Claims Process at Bankers Life Insurance

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Bankers Life Insurance offers multiple convenient channels for filing claims, catering to diverse customer preferences. Policyholders can file their claims online through the company’s website, making the process quick and accessible.

Additionally, Bankers Life provides the option to file claims over the phone, ensuring a hassle-free experience for those who prefer verbal communication. For customers on the go, the company’s mobile app offers a user-friendly platform to submit and track claims, further enhancing convenience.

Average Claim Processing Time

The speed at which an insurance company processes claims is a crucial factor for policyholders. Bankers Life Insurance aims to streamline the claim processing experience, striving for efficient and prompt resolution. While specific processing times may vary depending on the nature of the claim,

Bankers Life is committed to minimizing delays and ensuring policyholders receive their benefits as quickly as possible.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback plays a vital role in evaluating an insurance company’s claims process. Policyholders’ experiences with claim resolutions and payouts are indicative of the company’s commitment to customer satisfaction. Bankers Life Insurance, although primarily focused on annuities, aims to provide a seamless and satisfactory claims experience for its customers.

Real-world feedback from policyholders can shed light on the effectiveness and reliability of Bankers Life’s claims department.

Explore Bankers Life Insurance’s Digital and Technological Features

Mobile App Features and Functionality

Bankers Life Insurance recognizes the importance of staying connected with its policyholders through modern technology. The company offers a mobile app equipped with a range of features and functionalities designed to enhance the overall customer experience.

These features may include easy access to policy information, claims submission, premium payments, and account management. Exploring the capabilities of the Bankers Life mobile app can provide valuable insights into the convenience it offers to policyholders.

Online Account Management Capabilities

Efficient online account management is a fundamental aspect of modern insurance services. Bankers Life Insurance provides policyholders with robust online account management tools that empower them to take control of their insurance policies.

These tools may include the ability to view policy details, update personal information, make payments, and monitor policy performance. Evaluating the online account management capabilities can help customers determine the level of control and convenience they can expect from Bankers Life.

Digital Tools and Resources

In today’s digital age, insurance companies often offer a range of digital tools and resources to assist policyholders in making informed decisions. Bankers Life Insurance may provide educational resources, calculators, and interactive tools to help customers plan for their financial future.

Exploring these digital resources can offer valuable insights into the company’s commitment to assisting policyholders with their financial and insurance needs.

What is the bottom line?

Bankers Life serves a very specific market with a limited number of product offerings. They appear to serve their customers well, but their financial strength rating, as reported by AM Best, is very low.

Because Bankers only offers a few types of annuities and no traditional insurance policies, they are not well suited to those who need traditional insurance or need a much larger range of investment options.

Bankers is likely to serve well those who want to make simple, low-risk investments to provide income for retirement, as well as potential death benefits, but not to those seeking a life insurance policy with a large death benefit. Enter your ZIP code in our FREE tool below to get a Bankers Life life insurance quote or an insurance quote for anything else you might need today.