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Bankers Life insurance review 2022

Get personalized service and choose from term, whole and universal life insurance.'s rating: 4 / 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 No info available

Review by

Amy Stoltenberg is a staff writer at Finder. She manages Finder's newsletter, which is about all things personal finance, with a sparkling eye toward cryptocurrency and the exciting world of DeFi. When her laptop's closed, you can find her driving around Los Angeles, marveling at the palm trees. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report.

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:

  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.

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 02 November 2021

Compare life insurance companies like Bankers Life

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Policygenius - Life Insurance
18 - 85 years old
10, 15, 20, 25, 30 years
Depends on provider and policy
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
20 - 60 years old
10, 15, 20, 25 or 30 years
No, for coverage up to $3M
Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.
18 - 60 years old
5, 10, 15, 20, 25 and 30 years
Compare 40+ insurers and apply online to get the lowest possible price — no medical exam required.
Everyday Life
18 - 70
10, 15, 20, 25, 30, 35 and 40 years.
Ladder multiple life insurance policies to save on the coverage you need for all your debts.
18 - 60 years old
10, 15, 20, 25, 30 years
Get a quote and apply.

Compare up to 4 providers

Frequently asked questions about Bankers Life life insurance

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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