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Bankers Life insurance review 2021
Last updated:
Get personalized service and choose from term, whole and universal life insurance.
finder.com's rating: 2.5 / 5
★★★★★
- Get a quote if… You like the idea of a local agent, or you’re purchasing life insurance as a part of your retirement plan.
- Pick something else if… You want an online quote, and to be able to manage your policy online.
18 to 76
Issue Age
N/A to $30,000 without a medical exam
Coverage
Depends on policy
Medical Exam Required
Details
| Policies | Term, Whole, Universal, Critical illness, Annuities |
|---|---|
| Coverage maximum | $30,000 without a medical exam |
| Term lengths | 5, 10, or 20 years |
| Medical exam required | Depends on policy |
| Available states | Nationwide |
| Issue age | Not listed |
Pros
- Personalized service
- Holistic approach to retirement
- Financial strength
Cons
- No online quotes
- Limited customization
- Upselling tactics
| Riders |
Accelerated death benefit rider Accidental death benefit rider Child rider Disability income benefit rider Guaranteed insurability rider Level term rider Payor benefit rider Waiver-of-premium rider |
|---|
Review by
Amy Stoltenberg
amy.stoltenberg@finder.comAmy Stoltenberg is a staff writer covering all things travel, shopping and lifestyle. After earning a BA at Savannah College of Art and Design, she worked as technical designer in corporate fashion before opting for a career with unlimited travel time. When her laptop's closed, you can find her wandering around Los Angeles looking for hole-in-the-wall eateries and plotting her way to all 50 states (she's currently at 28).
Expert review
Bankers Life appeals to those who are interested in retirement planning. It offers three key policies and personalized service — but you can’t apply for a policy online, and the insurer has an old-school approach to paperwork.
If you want to apply for and manage your coverage online, compare life insurance companies.
What affects my rate with Bankers Life
Like most insurers, Bankers Life doesn’t disclose its rates online. Premiums vary, and the price you’re offered will come down these factors:
- Policy type
- Amount and length of coverage
- Your health and lifestyle
- Your gender
- Other personal factors
How to get a quote from Bankers Life life insurance
If you’re interested in learning more about getting insured by Bankers Life, here’s how to get started:
- Go to the Bankers Life website and click Products.
- On the next page, click Get a quote.
- Enter your personal and contact information.
- In the I’m interested in box, choose Life insurance and click Submit.
- The insurer will automatically pair you up with a local agent, who will give you a call to talk details.
I’ve signed up. What happens next?
After you see your quote, Bankers Life gives you the option to request a callback. If you want to move forward, you’ll get a call to talk about next steps.
What types of life insurance coverage does Bankers Life offer?
Bankers Life keeps it simple with three policies:
- Term life insurance. This policy offers temporary coverage for 5, 10 or 20 years, and a guaranteed death benefit if you die during the term.
- Whole life insurance. This permanent policy provides lifelong protection and builds cash value over time at a fixed rate set by the insurer,
- Universal life insurance. Along with offering lifelong coverage, this policy has a cash value that’s invested in various subaccounts — so it has higher risks, but higher potential returns.
What riders can I add to my policy?
This insurer allows policyholders to customize their coverage with riders. You may be able to add these extras to your policy:
- Accelerated death benefit rider. If you become terminally ill, your policy pays a portion of your death benefit while you’re still alive to cover expenses such as hospital bills.
- Accidental death benefit rider. The final death benefit increases if your cause of death is accidental, such as a car accident.
- Child rider. Eligible children can be covered under your life insurance policy at low limits, such as $10,000.
- Disability income benefit rider. If you become disabled, this rider adds a monthly amount to the value of your policy.
- Guaranteed insurability rider. This rider allows you to increase the policy face amount or purchase a new policy on specific dates, without evidence of insurability.
- Level term rider. Confirms your benefit amount stays the same during the term of the rider.
- Payor benefit rider. Usually added to a juvenile policy, this rider makes sure premiums are waived if the person paying for the policy becomes disabled before the insured reaches 18 years old.
- Waiver-of-premium rider. Waives your monthly premium if you suffer a disability.
Bankers Life life insurance reviews and complaints
Bankers Life has been accredited with the Better Business Bureau (BBB), and has A+ rating with the organization. The BBB has recorded 85 complaints over the last three years, and customers award the insurer 2 out of 5 stars — which means there’s room for improvement when it comes to customer service.
| AM Best financial rating |
A- |
| BBB accredited | Yes |
| BBB rating | A+ 1.63/5 out of 126 customer reviews |
| Trustpilot score | 3.2/5 out of 1 customer reviews |
| Customer reviews verified as of | 19 January 2021 |
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