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Bankers Life insurance review 2021

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Get personalized service and choose from term, whole and universal life insurance.'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


Depends on policy

Medical Exam Required


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


  • Personalized service
  • Holistic approach to retirement
  • Financial strength


  • 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

Expert review

Amy Stoltenberg

Review by

Amy Stoltenberg writes about lifestyle and money for Finder, researching the best options for shopping, banking, insurance and authentic travel experiences. After studying writing and fashion at Savannah College of Art and Design, she worked designing apparel at a corporate behemoth before opting for a career with unlimited travel time. When her laptop’s closed, she can be found wandering the streets looking for happy hour and hole-in-the-wall eateries.

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 type of life insurance 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 life insurance 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.

How much does Bankers Life cost?

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

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21 - 60 years old
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Get affordable term life insurance with accelerated underwriting or no-exam coverage up to $1,000,000. Available in all states except CA, NY and MT.
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Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
21 - 54 years old
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Affordable 10- and 20-year term life insurance policies with instant quotes and no medical exams.

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Bankers 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.

How do I sign up?

If you’re interested in learning more about getting insured by Bankers Life, here’s how to get started:

  1. Go to the Bankers Life website and click Products.
  2. On the next page, click Get a quote.
  3. Enter your personal and contact information.
  4. In the I’m interested in box, choose Life insurance and click Submit.
  5. 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.

Frequently asked questions

Life insurance ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

Learn more about our methodology here.

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