As any hardworking American, you understand the need to protect your loved ones with life insurance. However, you have been busy with the daily grind but finally had a minute to remember you don’t have life insurance. Then you hear about Bankers Life and Casualty Insurance company and wonder if they are the right choice for your family. Well, you have come to the best source because we’re an independent agency that works with 60 different carriers, so we know a thing or two about what it takes to be a great carrier. When it comes to picking a life insurance company it can be pretty difficult to compare to the best companies in the U.S since they have competitive pricing, great ratings, and awesome service. So let’s dig in and see what Bankers Life and Casualty has to offer. Here is a brief summary if you like to glance the important points:
- The company all started in 1879 when the company’s predecessor, the Hotel Men’s Mutual Benefit Association began their operations.
- Similar to their big competitors, Bankers Life and Casualty Insurance also takes great pride in their community involvement.
- The company markets their insurance and retirement products through a network of more than 275 U.S offices and more than 5,000 agents.
- Bankers Life offers a wide variety of products with their subsidiaries such as long-term care insurance, Medicare supplements, annuities, and life insurance.
- According to A.M Best, Bankers Life is rated an “A-” and Moody’s rated them a “Baa1”. Fitch and Standard & Poor’s both rated Bankers Life a “BBB+”.
- Ratings are important for consumers to know because it gives them a good idea of their financial stability. It’s good for you, the consumer, to know whether a company is financially stable or not because you want to make sure the company will be around long enough for your policy to pay out.
- An advantage they have over some of their competitors is that Bankers Life offers both term life and permanent life which has a whole life and universal life which is a good variety of different flavors to choose from.
- However, with every good, there comes a bad to follow, and the only bad thing about Bankers Life is that they are only one company among many. They may be a good company but there are other life insurance companies who have higher ratings and more policies such as Variable Universal life or Index Universal life.
Bankers Life and Casualty Insurance Company’s Review 2017
Bankers Life has been around for over 135 years and has fulfilled over $1.3 billion in policy payments. Today, Bankers Life helps meet the insurance needs of middle-income retirees as part of the nationwide subsidiaries of CNO Financial Group, Inc. The company markets their insurance and retirement products through a network of more than 275 U.S offices and more than 5,000 agents. Bankers Life offers a wide variety of products with their subsidiaries such as long-term care insurance, Medicare supplements, annuities, and life insurance. According to A.M Best, Bankers Life is rated an “A-” and Moody’s rated them a “Baa1”. Fitch and Standard & Poor’s both rated Bankers Life a “BBB+”. Bankers Life upgraded because they had much lower ratings so it’s good that Bankers Life finally has one A rating. These ratings are not the best and that’s what puts them behind their competitors but they are not bad ratings either.
Why do ratings matter?
A life insurance rating is the best way to get a pulse on the life insurance companies financial. Personally, we recommend that you use the rating as the primary indicator of whether or the insurer is worthy of your business. Afterward, you can look at their customer reviews, products and history. The reason the rating is so important is that because it shows you how much reserves the company keeps for their claims paying ability. If a company gets hit with too many claims at once they may go out of business and leave your loved ones in a tough spot. Also be sure to check with multiple rating agencies to get a good idea on the companies average rating.
Bankers Life and Casualty Insurance Company’s Products
Like most life insurance companies, Bankers Life Insurance offers the two main life insurance types, Permanent life insurance, and Term life insurance. The following will describe each life product they offer and what is included in the product with of course the meaning of each.
Permanent Life Insurance
- There are two types of permanent life insurance that Bankers Life offers and that is Whole life and Universal life.
- Whole life insurance is a form of permanent life insurance and provides coverage for your entire life. Whole life offers the opportunity to build cash value with time.
- Universal life insurance is another form of permanent life insurance and also provides coverage for your entire life. Universal life is a flexible life insurance product and allows you to accumulate cash value.
- Universal life insurance allows your payments to be flexible to match your ever so changing life.
- Both types of permanent life insurance allow you to borrow against your policy’s cash value in case you need immediate cash for any unplanned event.
- With the Universal life insurance and Whole life insurance products, your cash value is 100% guaranteed to happen.
- Whole life insurance offers premiums that are level which means that the premiums will neither increase nor decrease your entire life.
Term Life Insurance
- Term life is the most affordable and popular life insurance policy in America.
- Since a term life policy is for only a temporary period of time, you will need to choose how long you want your coverage for.
- Bankers Life offers term life insurance in term lengths of 5, 10, or 20-years.
- Term life insurance offers a level death benefit which means you cannot change the death benefit at any time of your policy’s life.
- Your premiums will also be level during the specified duration of your policy.
Pros and Cons of Bankers Life Insurance
In conclusion, Bankers Life is a good life insurance company and they are worthy of their new “A-” rating from A.M Best. An advantage they have over some of their competitors is that Bankers Life offers both term life and permanent life which has a whole life and universal life which is a good variety of different flavors to choose from. However, with every good, there comes a bad to follow, and the only bad thing about Bankers Life is that they are only one company among many. They may be a good company but there are other life insurance companies who have higher ratings and more policies such as Variable Universal life or Index Universal life.
Work With Us!
So Bankers Life and Casualty is a pretty good company but there are many better choices out there. This is where we come in since we give you the tools to shop around with over 60 top rated insurers at the comfort of your home. In addition to that, we are a specialist when it comes to getting you the best life insurance plan since we find companies based on all the factors you present. Feel free to check out quotes from all the top companies on our site or simply call us at 1.888.492.1967 to speak to one of our professionals. Welcome to InsureChance!
