Bankers life logo search site BLOG FAQ ABOUT US UPDATE LOCATION Life Insurance Help at every step of the way. Call (888) 489-6003 Products + Get a Quote What is life insurance and why do I need it? Life insurance offers a way to provide for your loved ones. It pays them a sum of money that may help protect them from the financial impact of your passing. Life insurance can be an important aspect of retirement planning—helping bring peace of mind and financial security for your family. See how life insurance can be a part of your story. How can life insurance help protect my family? Life insurance can help protect your family’s future by providing funds to pay off debts and final expenses, replace lost income, and transfer wealth. What type of life insurance policy suits me the best? Finding a policy that’s right for your needs is easier when you know the types of life insurance that are available and what they're designed to do. Answer some important questions when deciding which type and what amount of life insurance is right for you: What do you want the insurance to cover? What amount of coverage do you need? How long will you need the coverage? Compare types of life insurance policies Bankers Life offers several temporary and permanent insurance options that have one sure thing in common: Each pays a death benefit when the covered person passes away. The money can be used by heirs to replace income, pay off debts, or leave a legacy. But the plans can differ in terms of coverage length, premium flexibility, cash value accumulation and distribution. Term Whole Universal Juvenile Coverage Length A pre-determined number of years Lifelong, permanent protection Lifelong, permanent protection Lifelong, permanent protection Death Benefit PLUS Living Benefit* Option Premium Payments Most affordable and remain level throughout the term of the policy. Premiums are level for life and will never increase as long as they're paid on time. Premiums are flexible, choose to make higher payments when you can afford it or pay a lower amount if money is tight. Premiums are level for life and will never increase as long as they're paid on time. Cash Value N/A Guaranteed Guaranteed Guaranteed Advantages Only buy what you need. Guaranteed cash value accumulates over time and can be borrowed against. Guaranteed cash value accumulates tax-deferred and can be used in the future for any purpose. Lock in childhood rates for life, making premiums affordable. Learn More Learn More Learn More Learn More How do I know if I’m eligible for life insurance? Step one in obtaining life insurance is completing an application. Our underwriters will review your medical history to determine if your application is acceptable, and to identify your risk classification. You may need a medical exam. In general, the younger and healthier you are, the less the cost of life insurance. How is the cost of life insurance determined? Some life insurance policies go through underwriting, which is the process of assessing risks faced by the insured. Premiums may vary based on the type of life insurance plan chosen (i.e. term, whole life, universal life). Your premium amount will be determined in part by the amount of insurance coverage you request, your age, gender and risk classification. Additional risks that can impact cost include tobacco use, health/medical history, and risky hobbies/jobs. Why Bankers Life? Simplified application process Our knowledgeable insurance agents/producers sit down with you in your home to understand your preferences and goals. They’ll provide you with simple, clear choices that meet your individual financial needs. Personalized approach With a history dating back to 1879, there are some things that never change. At Bankers Life, that means taking a personalized approach to help protect the individuals and families we serve. We focus on helping you improve upon your financial security, particularly as you enter and navigate retirement. Service you can trust Our goal is to provide excellent service to every policyholder and make your life easier when it comes to your claims. In 2018, Bankers Life paid life insurance claims to over 700,000 policyholders, totaling $187 million. Bankers Life is accredited by the Better Business Bureau with an A rating as of April 2017, in addition to receiving an A- (Excellent) rating by A.M. Best Company for our financial strength. Hear from our customer Dilla Joseph shares her story about the benefits of having Universal Life insurance with the Accelerated Benefit Rider. FAQs Who needs life insurance? What type of life insurance is right for me? How much life insurance do I need? How will my family members get paid? How soon will a claim be paid? What are living benefits? Can I have more than one life insurance beneficiary? Medicare Supplement insurance Life insurance Term Life Insurance Whole Life Insurance Universal Life Insurance Juvenile Whole Life Insurance Long-term care insurance Supplemental health insurance Critical Illness Insurance Hospital Indemnity Insurance Annuities Find a branch Find the address and phone number of your local Bankers Life office for assistance. Access a helpful guide designed to assist families as they prepare and plan for the loss of a loved one. It includes useful checklists as well as instructions on how to plan for final expenses Beneficiary Resources Bankers Life Facebook page Bankers Life YouTube page Bankers Life LinkedIn page Site Map Terms & Conditions Privacy Center CNOInc.com © Copyright 2021 Bankers Life A.M. Best: A- (Excellent). This rating is their assessment of our relative financial strength and ability to meet contractual obligations. This rating is the fourth highest of thirteen ratings. For the latest rating, visit www.ambest.com. This is a Life insurance solicitation. An insurance agent/producer may contact you. Life policies are underwritten by Bankers Life and Casualty Company (Chicago, IL), Colonial Penn Life Insurance Company (Philadelphia, PA) and in New York, Bankers Conseco Life Insurance Company (Jericho, NY). Policy form series (subject to state availability): L-19E, L-20F, L-5Z1, L-29K/ICC17-L-19K, L-100(17)/ICC16-L-100(17), L-14Y/ICC17-L-14Y. Insurers and their representatives are not permitted by law to offer tax or legal advice. The general and educational information here supports the sales, marketing or service of insurance policies. Based upon individuals' particular circumstances and objectives, they should seek specific advice from their own qualified and duly-licensed independent tax or legal advisors. These products and its features are subject to state availability and may vary by state. ¹ What is “permanently chronically ill”? 1) Being unable to perform two or more of these six activities of daily living: bathing, continence, dressing, eating, toileting and transferring for at least 90 days; or, 2) Having a severe cognitive impairment, such as Alzheimer's disease or dementia. Additional Illinois State resident information Additional New York State resident information Additional Oregon State resident information Additional New Mexico State resident information Additional California State resident information Confidential insurance communication request form Bankers Life is the marketing brand of Bankers Life and Casualty Company, Medicare Supplement insurance policies sold by Colonial Penn Life Insurance Company and select policies sold in New York by Bankers Conseco Life Insurance Company (BCLIC). BCLIC is authorized to sell insurance in New York. Administrative office: Chicago, Illinois. For information and educational purposes only. Does not constitute investment advice or a recommendation. 155973 (03/20)