Is Bankers Life a Good Insurance Company?
Is Bankers Life a Good Insurance Company?
Jason Stolz CLTC, CRPC, DIA, CAA
Bankers Life and Casualty Company is one of the most recognized insurance brands in America for the demographic it serves — middle-income Americans aged 55 to 75 who prefer face-to-face guidance over online comparison shopping. Founded in 1932 in Chicago and part of CNO Financial Group (NYSE: CNO) since 1992, Bankers Life operates through more than 4,300 exclusive career agents in over 230 branch offices nationwide, reaching a market that many carriers simply do not serve with in-person support. CNO Financial Group holds $30 billion or more in assets and is rated investment-grade by Moody’s, Fitch, and S&P, and its primary insurance subsidiaries — including Bankers Life — hold AM Best A (Excellent). That is a full tier above A-, the minimum most advisors recommend, and it is the strongest financial strength signal in this evaluation. The product lineup is broad: multiple fixed indexed annuities including the GLIA and GLIA Plus designed specifically for guaranteed lifetime income, long-term care insurance, Medicare Supplement plans, term and permanent life insurance, and investment products through registered subsidiaries. Two facts require honest disclosure before any buyer proceeds. First, Bankers Life products are sold exclusively through Bankers Life career agents — those agents can only show you Bankers Life products and cannot compare rates against independent-channel carriers. Buyers who want to see the full competitive market need to engage an independent broker alongside or instead of a Bankers Life agent. Second, Bankers Life’s NAIC complaint ratio has run above average for a company of its size over multiple years — far more complaints than expected — which is a customer service signal worth understanding before committing. These are not financial stability concerns; the A rating and CNO backing address that. They are service and shopping experience concerns that matter to buyers who prioritize both. At Diversified Insurance Brokers, Jason Stolz, CLTC, CRPC, DIA, CAA, evaluates Bankers Life as one option in a broader market comparison for clients who value the in-person service model — with rates and product terms verified against independent-channel alternatives before any placement recommendation.
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What Bankers Life Offers and What Buyers Need to Understand
| What Bankers Life Provides | How It Works | What Buyers Should Know |
|---|---|---|
| AM Best A (Excellent) | CNO Financial Group’s primary subsidiaries carry AM Best A — one full tier above A-, backed by $30+ billion in CNO assets and investment-grade ratings from Moody’s, Fitch, and S&P | The A rating is a genuine strength — stronger than the A- most advisors require as a minimum; it addresses financial security concerns for any Bankers Life product commitment |
| GLIA and GLIA Plus Annuities | Fixed indexed annuities with guaranteed lifetime withdrawal benefits; GLIA Plus adds the ability to temporarily increase income withdrawals for up to two years during a qualifying healthcare crisis; the Enhanced Death Benefit Rider was added in 2026 | Specifically designed for the middle-income retiree who needs guaranteed lifetime income rather than accumulation; the healthcare income increase provision addresses a gap that most GLWB riders leave unfilled |
| Multiple FIA Options | Security Builder, GrowthPoint, and Premium Bonus Indexed Annuity — each a fixed indexed annuity with different emphasis on accumulation, premium bonuses, or income; principal protected against market losses across all three | Broader FIA selection than most buyers encounter from a single carrier; rates are set by Bankers Life exclusively and are not listed on independent comparison platforms, so verifying competitiveness requires additional research |
| Long-Term Care Insurance | Traditional LTC policies sold through the same agent who handles annuity and life insurance conversations — one relationship covering multiple retirement protection needs | Convenience of bundling is real but so is the limitation — the agent cannot compare Bankers Life’s LTC product against independent-channel alternatives from carriers like Mutual of Omaha or Nationwide |
| Career Agent Model | All Bankers Life products are sold exclusively through Bankers Life career agents — no independent agents, no online rate comparison, no cross-carrier shopping within a single Bankers Life conversation | The agent can only show you what Bankers Life offers; buyers who want to verify that Bankers Life’s rates are competitive must independently compare against other carriers before committing |
| NAIC Complaint Ratio | Bankers Life has generated far more complaints than expected for a company of its size over a sustained multi-year period, per NAIC data analysis | Above-average complaints do not indicate financial instability — the A rating addresses that — but they do indicate that the post-sale service experience for a meaningful portion of policyholders has not met expectations |
The Career Agent Model — Strength and Limitation
The most defining characteristic of Bankers Life is not its rating or its products — it is its distribution model. Every Bankers Life product is sold through a Bankers Life exclusive career agent. That agent visits you in your home or office, walks you through the product options, and builds a relationship across your entire retirement insurance portfolio. For a specific type of buyer — someone who finds online comparison confusing, who wants a single trusted contact for multiple coverage needs, and who values in-person guidance over rate optimization — this model genuinely serves them well. The agent knows their client, tracks policy anniversaries, and handles service issues personally. For another type of buyer — someone who wants to see every carrier’s rates side by side before committing, who is comfortable researching independently, and who prioritizes maximum yield — the career agent model creates an inherent conflict: the agent can only show you Bankers Life, and Bankers Life’s rates on fixed annuities are generally not the highest available in the independent market. No criticism of any individual Bankers Life agent is intended by that observation. The structure itself limits the comparison. For buyers who have been approached by a Bankers Life agent and want to know whether the proposed product and rate are competitive, our resource on getting a second opinion on your annuity quote covers exactly that process — bringing an independent perspective to any single-carrier presentation before you sign. The regulated regulatory history from 2008 and 2012 — both now more than a decade in the past — involved claims processing and broker-dealer registration issues that resulted in settlements with state regulators. Those are disclosed here because informed buyers should know them, not because they indicate current financial risk. The A rating and CNO’s regulated public company status address the current financial picture; the regulatory history is background context for buyers who want the full picture.
The GLIA and GLIA Plus — What Makes Them Worth Evaluating
Among Bankers Life’s annuity products, the Guaranteed Lifetime Income Annuity series is the most purpose-built for what its target market actually needs. Most middle-income retirees approaching this carrier are not looking for maximum accumulation — they are looking for guaranteed income they cannot outlive, combined with protection from the healthcare cost spikes that derail retirement budgets. The GLIA is a fixed indexed annuity with a guaranteed lifetime withdrawal benefit built in — you accumulate tax-deferred, then activate a guaranteed income stream that continues regardless of how long you live or how markets perform. The GLIA Plus extends that design with a healthcare income provision: if a qualifying health crisis occurs, you can temporarily increase your income withdrawals for up to two years to cover the additional expense. In 2026, Bankers Life added the Enhanced Death Benefit Rider — available in 48 states — which ensures beneficiaries receive an enhanced amount rather than just the remaining accumulation value if income withdrawals have not yet begun. For buyers evaluating whether this type of income-focused FIA design is the right tool for their situation, our resource on the best fixed indexed annuities for income covers the full competitive landscape of FIA income products, including how Bankers Life’s GLIA compares to income-focused FIAs from independent-channel carriers. For buyers still assessing whether guaranteed income is the right allocation at all — versus keeping money in retirement accounts — our resource on how long a 401(k) lasts in retirement provides the depletion context that often drives the decision. And for buyers running Medicare planning alongside their annuity conversation, our resource on Medicare Advantage versus Medicare Supplement covers the healthcare coverage side of retirement that directly affects how much guaranteed income you need your annuity to produce.
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Frequently Asked Questions: Is Bankers Life a Good Insurance Company?
What is Bankers Life’s AM Best rating?
Bankers Life and Casualty Company carries AM Best A (Excellent) — one full tier above the A- minimum that most independent advisors recommend. The A rating reflects the financial strength of CNO Financial Group, the publicly traded holding company (NYSE: CNO) that owns Bankers Life. CNO holds $30 billion or more in assets and carries investment-grade ratings from Moody’s, Fitch, and S&P alongside the AM Best A. That rating picture is a genuine strength — stronger than the majority of independent-channel annuity carriers buyers encounter on rate comparison tables. For buyers whose primary concern is whether the carrier will be around to pay claims and annuity income for the next 20 years, the A rating backed by CNO’s regulated public company status addresses that concern clearly. For context on what A means relative to A-, A+, and the broader spectrum, our resource on what an AM Best rating means covers the full framework.
Why does Bankers Life have a high NAIC complaint ratio?
Over a sustained multi-year period, Bankers Life has generated far more complaints to state insurance regulators than expected for a company of its size, per NAIC data analyzed by NerdWallet. The complaints are primarily service-related — claims handling, policy administration, and billing — rather than indicators of financial instability. The A rating and CNO’s financial position address the latter; the complaint ratio is a customer experience signal. The likely driver is scale combined with a career agent model that concentrates sales activity heavily in the 55-75 demographic, which often has more intensive service needs during claims. Bankers Life’s regulatory history — a 2008 multi-state claims processing settlement and a 2012 NASAA settlement for unregistered broker-dealer operations — predates the current management team and regulatory environment, but it provides context for a company that has historically had a complicated relationship with complaint management. Buyers who have already purchased a Bankers Life policy and are experiencing service difficulties should escalate directly to the carrier’s home office and, if necessary, to their state insurance department.
Can I compare Bankers Life annuity rates against other carriers?
Not through a Bankers Life agent. Bankers Life products are sold exclusively through Bankers Life career agents, and those agents can only present Bankers Life products — they cannot show you what competing carriers offer. Bankers Life annuity rates are also not listed on independent rate comparison platforms, so the rate you see in a Bankers Life presentation cannot be verified against the market without going to a separate source. For any buyer who has received a Bankers Life annuity proposal and wants to know whether the rate and product terms are competitive, our resource on getting a second opinion on your annuity quote covers exactly that process. An independent broker can run the same deposit amount, term, and product type across multiple A-rated carriers and show you where Bankers Life sits relative to alternatives — information the Bankers Life agent cannot provide. If Bankers Life is competitive, the comparison confirms it. If it is not, the comparison shows you what else is available before you commit.
What is the GLIA Plus and who is it designed for?
The Guaranteed Lifetime Income Annuity Plus — GLIA Plus — is a single-premium fixed indexed annuity with a guaranteed lifetime withdrawal benefit and a healthcare income enhancement provision. The standard GLIA provides guaranteed income for life regardless of how long you live. The GLIA Plus adds the ability to temporarily double your income withdrawal for up to two years when a qualifying healthcare crisis occurs — a hospital stay, qualifying care need, or similar qualifying event can trigger the increased payment. Most guaranteed lifetime withdrawal benefit riders do not include a healthcare trigger; this one does. The Enhanced Death Benefit Rider added in 2026, available in 48 states, further protects beneficiaries by paying an enhanced benefit if death occurs before income withdrawals have begun. GLIA Plus is primarily designed for middle-income retirees who need guaranteed income as a core retirement paycheck and want a financial buffer specifically for healthcare cost spikes — the demographic Bankers Life has served for over 90 years through face-to-face agent relationships. For buyers comparing GLIA Plus against similar income-focused FIA designs from other carriers, our resource on the best fixed indexed annuities for income covers the competitive landscape.
Is Bankers Life a good fit if I want one company to handle all my retirement insurance needs?
For buyers whose primary goal is simplicity — one agent, one carrier, one relationship for annuities, life insurance, long-term care, and Medicare Supplement — Bankers Life’s breadth of products and in-person service model genuinely delivers that. The career agent who handles your annuity can also handle your Medicare Supplement enrollment, your long-term care insurance, and your life insurance coverage. The single-relationship model reduces the coordination burden that comes with managing multiple carriers independently. The trade-off is that the convenience of one relationship comes at the cost of competitive shopping — the Bankers Life agent cannot show you what Mutual of Omaha charges for Medicare Supplement or what Nationwide offers on a comparable FIA income product. For buyers who are comfortable accepting that trade-off because they value the relationship and service model highly, Bankers Life at AM Best A is a defensible choice. For buyers who want both the convenience and the assurance that the products are competitively priced, the validation step of an independent comparison before signing is worth the effort. Our resource on annuity rescue planning covers what to do if you later find you are holding an underperforming product.
About the Author:
Jason Stolz, CLTC, CRPC, DIA, CAA and Chief Underwriter at Diversified Insurance Brokers (NPN 20471358), is a senior insurance and retirement professional with more than 25 years 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, Group Health, Travel Medical and Evacuation Insurance, 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, and contributions from his agency featured in Kiplinger and GoBankingRates— 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. Visitors who want to explore current annuity rates and compare options across multiple insurers can also use this annuity quote and comparison tool.
Review More Carrier Reviews: Browse our complete Long-Term Care Insurance Company Reviews — covering John Hancock, Genworth, Bankers Life, Mutual of Omaha, and more LTC carriers.
Last Reviewed: June 12, 2026 |
Reviewed by: Jason Stolz, CLTC, CRPC, DIA, CAA
Chief Underwriter, Diversified Insurance Brokers, Inc. | NPN: 20471358 | Diversified Insurance Brokers, Inc. — Licensed in all 50 states
Fact Checked by: Tonia Pettitt, CMIP©
Medicare Specialist, Diversified Insurance Brokers, Inc. | NPN: 14374308 | Diversified Insurance Brokers, Inc. — Licensed in all 50 states
Editorial Standards: Diversified Insurance Brokers maintains rigorous editorial standards to ensure accuracy, clarity, and independence in all content. Learn more about our editorial standards and commitment to transparency.
