Welcome to InsureChance, the first online life Insurance marketplace. We are an independent life insurance agency and have a mission of making life insurance a simple concept. We can do this by providing the most unbiased and informative reviews and if you’re looking for a reliable review of Bankers Life and Casualty Insurance then you have come to the right place! We don’t like our articles to be biased because we feel it doesn’t help our clients find the best life insurance company and by providing all the information possible in our articles we feel that it has helped our clients find their best life insurance company because what’s the best company for one person may not be the best for the other person. It all comes down to specific needs, health, and lifestyle. In this article, we will be discussing Bankers Life and Casualty Insurance Company’s history, our review of them, and of course their products with highlights. The following are key points from the article;

1. The company all started in 1879 when the company’s predecessor, the Hotel Men’s Mutual Benefit Association began their operations.
2. Just like many big box life insurance companies, Bankers Life and Casualty Insurance also takes great pride in their community involvement.
3. The company markets their insurance and retirement products through a network of more than 275 U.S offices and more than 5,000 agents.
4. Bankers Life offers a wide variety of products with their subsidiaries such as long-term care insurance, medicare supplements, annuities, and life insurance.
5. 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+”.
6. 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.
7. An advantage they have over some of their competitors is that Bankers Life offers both term life and permanent life which has whole life and universal life which is a good variety of different flavors to choose from.
8. 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 History

The company all started in 1879 when the company’s predecessor, the Hotel Men’s Mutual Benefit Association began their operations. From the day they opened their doors, John D. MacArthur took tremendous interest in great American manufacturers. He reasoned that if he could reduce the high cost of selling insurance that he would make it more affordable for middle-income Americans. By 1956 Bankers Life and Casualty Company became one of the nation’s largest individual health and accident insurance companies. Four years later they turned their attention to the nation’s growing senior population. They entered the senior market after President Lyndon Johnson signed the Medicate Bill into law and they became one of the first insurance companies to develop and offer Medicare Supplement insurance.

Bankers Life and Casualty Insurance Company Giving Back

Just like many big box life insurance companies, Bankers Life and Casualty Insurance also takes great pride in their community involvement. They have been a part of many organizations but are in partnerships with two organizations right now. They are partners with the Alzheimer’s Association which is the world’s leading voluntary health organization in Alzheimer’s care, support and research. Bankers Life has been in partnership with the Alzheimer’s Association for 15 years now and has their campaign called Bankers Life Forget Me Not Days, to raise awareness of Alzheimer’s disease and collects donations for the Alzheimer’s Association. Since 2003 Bankers Life have helped raise more than $4.5 million for the Alzheimer’s Association. Their second partnership is with Meals on Wheels Chicago which for more than 27 years, the organization has supported programs offering needy residents more choices in their care and living arrangements, despite their age and income. Bankers Life believes all individuals especially those who are seniors and those who have disabilities should still be able to live independently at their own home.

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?

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. Ratings are not made up for jokes and giggles, there is a process these rating agencies go through to develop their rating. The company has to first seek out the help of the rating agency they choose to work with and sign a contract with them in order to allow them to go through the company’s financials and plans. Once the rating agency thoroughly investigates the company’s financials and plans then they present the recommended rating to their board and vote on whether or not the rating is a fair rating for the company to receive. After the vote then the rating is posted on the agency’s website and sent to the company.

If a company has a good rating it means that they are financially stable and if anything happens to their environment they would be perfectly fine. However, if a company has a bad rating it not only shows their instability with their financials but it also means they are vulnerable in their environment so if anything were to happen in their environment they wouldn’t know how to react. Plus they may not even be around in another 5 years or so and you don’t want to invest into a company that would just pick up and leave because not only will your policy be gone with the wind but so will all the premiums you have paid until that day. Moral of all this, just take a couple minutes of your day and check out a company’s 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 a type of temporary life insurance that provides coverage for a short and specified period of time.
• 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!

If you think that Bankers Life and Casualty is right for you then that’s fantastic, however, we always recommend our clients shop around for quotes before deciding on the best company to buy from. If you have 30 seconds go below this article and fill out our quick and easy quote engine, then you will see for yourself all the different quotes (from A rated companies) you will be offered. Not only will you see the quotes you will be offered but you can compare for yourself what other companies have to offer as well this way you can assure yourself that you are getting the best possible rate. Or you can give us a call and let us do all the work for you! Take advantage of our free service and let us do all the shopping around for you, plus we will do the application for you so that you can spend more time with those who matter the most, your family.

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