Is Bankers Life a Good Insurance Company?
Is Bankers Life a good insurance company? With roots going back to the 19th century and now part of CNO Financial Group, Bankers Life has a long-standing presence in life insurance, annuities, and retirement support. At Diversified Insurance Brokers, we respect that heritage, but we also believe that when choosing a carrier, you should compare across many options—looking at rates, riders, customer service, and payout execution—to determine if you’re getting the best deal.
Compare Bankers Life vs. Other Carriers
See current fixed and fixed indexed annuity options side by side, then request a tailored quote.
Lifetime Income Calculator
Company Overview
Bankers Life & Casualty Company (doing business as Bankers Life) serves individuals, especially those approaching or in retirement, with life insurance, annuities, long-term care and Medicare-supplement options. As part of CNO Financial Group, it has a broad network of agents, claims operations and servicing capabilities.
Where Bankers Life Performs Well
- Long-term presence: Established history and a recognized brand in the retirement insurance space.
- Wide product offering: From term and whole life to annuities and career-end strategies, it covers many planning needs.
- Agent access: A large agent network means you may have more local and point-of-contact support.
What You Should Still Compare
While the company meets many baseline expectations, our comparative review shows several areas you should scrutinize.
- Customer service & claims experience: Reviews show persistent concerns with claim delays and service responsiveness. Compare with our advice in the How to Protect Your Funds in Retirement guide.
- Rate competitiveness: For annuities, payout factors and credited interest matter. Checking the latest fixed & fixed indexed annuity spreads via our current annuity rates page is critical.
- Rider and payout features: If you are looking for strong income guarantees or enhanced death benefits, the strength of those riders varies widely across carriers. See our discussion on Annuity Beneficiary Death Benefits for context.
Product Focus: Annuities & Retirement Strategies
If you’re considering Bankers Life for an annuity, make sure you compare the terms—particularly accumulation rate (for fixed) or crediting/index terms (for indexed), surrender schedule, free-withdrawal rules, and income rider details. Compare with alternatives through our Fixed Indexed Annuity Myths Debunked page.
Ideal Fit for Bankers Life
You may find Bankers Life a good fit if you:
- Value brand history and agent-based support.
- Want straightforward life or annuity coverage without chasing exotic features.
- Are focused on basic accumulation or protection needs rather than cutting-edge payout maximization.
When to Shop Widely
- If maximizing your annuity payout is a priority—small rate differences add up over time.
- If you want top tier income riders or advanced liquidity features; other carriers may lead there.
- If you’ve had service complaints with past carriers and want best-in-class servicing reputations.
Next Steps
- Use the income calculator above to estimate potential lifetime income based on your premium, age, and deferral preferences.
- Compare the offered rate and rider features you receive from Bankers Life with the rates posted on our current annuity rates listing.
- Request a quote through the button above and we’ll model Bankers Life alongside 75+ other carriers to show side-by-side comparisons.
Related Pages
Talk With an Advisor Today
Choose how you’d like to connect—call or message us, then book a time that works for you.
Schedule here:
calendly.com/jason-dibcompanies/diversified-quotes
Licensed in all 50 states • Fiduciary, family-owned since 1980
FAQs: Is Bankers Life a Good Insurance Company?
Is Bankers Life financially stable?
Yes — the company is part of CNO Financial Group and maintains investment-grade ratings. However, financial strength alone doesn’t guarantee service experience or best pricing.
How competitive are Bankers Life’s annuity rates?
The rates are solid, but when maximizing income is critical, comparing multiple carriers often reveals better payout factors or crediting terms.
What do customer reviews say?
Reviews show recurring complaints about claims and service interruptions. Always check policy contract language and service records.
Does Bankers Life offer fixed indexed annuities with strong riders?
Yes, they offer annuity products, but the strength of features (income riders, liquidity options) should be compared against leading specialists in the field.
When is Bankers Life a good fit?
When you prefer a recognized brand, agent-based support, and want an understandable product rather than chasing the highest possible payout features.
When should I explore other carriers?
When your focus is on maximizing lifetime income, accessing advanced riders or liquidity features, or minimizing all costs—you might find stronger offerings elsewhere.
About the Author:
Jason Stolz, CLTC, CRPC, is a senior insurance and retirement professional with more than two decades of real-world experience helping individuals, families, and business owners protect their income, assets, and long-term financial stability. As a long-time partner of the nationally licensed independent agency Diversified Insurance Brokers, Jason provides trusted guidance across multiple specialties—including fixed and indexed annuities, long-term care planning, personal and business disability insurance, life insurance solutions, and short-term health coverage. Diversified Insurance Brokers maintains active contracts with over 100 highly rated insurance carriers, ensuring clients have access to a broad and competitive marketplace.
His practical, education-first approach has earned recognition in publications such as VoyageATL, highlighting his commitment to financial clarity and client-focused planning. Drawing on deep product knowledge and years of hands-on field experience, Jason helps clients evaluate carriers, compare strategies, and build retirement and protection plans that are both secure and cost-efficient.
