Bankers Fidelity Life Insurance Company Review & Complaints: Life & Medicare Supplement Insurance (2023)

Georgia-based Bankers Fidelity Life Insurance Company is an insurance company focused on serving the senior market. To that end, they offer life insurance and a variety of supplemental medical insurance options, including Medicare Supplement.

Our Bankers Fidelity Life Insurance Company review will give you everything you need to know about Bankers Fidelity Medicare supplement plans, nursing facility care coinsurance, monthly premiums, Bankers Fidelity’s financial strength, and customer reviews.

Before we get started, use the box above to find affordable comprehensive coverage plan options to help with your medical costs from insurance companies near you.

What is Bankers Fidelity?

Bankers Fidelity was founded in 1955 in Atlanta, Georgia, and became a wholly-owned subsidiary of another local company, Atlantic American Corporation, in 1975. Today the insurer serves 46 states through the original insurer as well as a subsidiary, Bankers Fidelity Assurance Company, which was originally known as Direct Life and was acquired in 2014.

The insurer writes an array of supplemental products designed to provide financial protection to senior citizens. They write standard term life insurance and whole life insurance plans as well as final expense policies for seniors. Their medical supplement coverage includes short-term care, cancer care, and Medicare Supplement plans, which we have reviewed separately here.

Bankers Fidelity products are sold through independent agents across the nation, and the headquarters remains in Atlanta.

What Products Are Offered?

As previously noted, we have already reviewed this provider’s Medicare Supplement program, so we will focus mainly on life insurance plans in this review, with a look at other medical supplement policies as well. Product availability varies from state to state; we looked at plan availability for the company’s home state of Georgia for the purpose of this review.

Life Insurance

The insurer offers a level term life insurance policy with term lengths of either 10 or 20 years. This product can be issued between the ages of 18 and 65, with a face value between $25,000 and $250,000. The policy can be renewed on an annual basis after the initial term up to age 95 or can be converted to a whole life policy up to age 70. Riders for this policy include an accidental death benefit, children’s rider, and waiver of premium.

Final expense insurance is offered with three different plans. The first two plans are the preferred and standard whole life plans, which are similar but have different rates based on health information. These plans both have immediate, full death benefits that are payable tax-free to beneficiaries. Both plans include an accelerated death benefit rider as well as a waiver of premium rider automatically.

The Graded Death Benefit plan takes three years to build up to 100% death benefit, paying 25% the first year and 60% the second. 100% is paid immediately in the event of accidental death.

Final expense plans have face amounts ranging from $3,000 up to $25,000. As whole life insurance products, all of the three plans will build cash value over time.

Medical Supplement Plans

The insurer writes both Cancer Care and Short Term Care policies to provide financial protection in the event of an illness.

Short Term Care plans are available with the choice of 180 or 360-day coverage, and daily benefits ranging from $20 to $300. These plans are renewable for life, and full benefits are restored six-months after any covered confinement. The lifetime benefit on these plans is two times the selected benefit period.

Cancer Care Solution is a product offered to help with the costs of a cancer diagnosis or for any other expense you may choose through a first diagnosis lump sum payment. The plan includes $50-90 per day for hospital stays and $100-600 for chemo treatments. There is also a Specified Dread Disease rider with an increased daily hospital benefit of $250.

Are the Rates Competitive?

The insurer does not offer an online quoting option. There is, however, a form that can be filled out in order to request a quote. This requires entering contact information that may be used for solicitation, something many insurance shoppers prefer to avoid.

Companies like Bankers that focus on a specific market, particularly the senior market, tend to rely on traditional methods of bringing in new business. It is not surprising that the insurer does not offer online quoting, but it’s certainly something more and more insurance customers are expecting to see even from smaller companies.

Bankers Fidelity Life Insurance Company’s Claims Process

Ease of Filing a Claim

Bankers Fidelity Life Insurance Company offers a straightforward claims process to its policyholders. While specific details about the methods of filing a claim are not provided in the available information, it’s common for insurance companies to offer multiple channels for filing claims.

Policyholders can typically choose to file a claim online through the company’s website, over the phone by contacting a dedicated claims line, or by reaching out to their independent agent.

Average Claim Processing Time

Details regarding the average claim processing time for Bankers Fidelity Life Insurance Company are not available in the provided content. Policyholders are encouraged to reach out to the company directly or consult their policy documents for precise information on claim processing times.

The efficiency of claim processing can vary based on the type of insurance and the specific circumstances of each claim.

Customer Feedback on Claim Resolutions and Payouts

The content does not provide specific customer feedback on claim resolutions and payouts for Bankers Fidelity Life Insurance Company. As a potential policyholder, it’s essential to consider seeking customer reviews and ratings from independent sources to gauge the company’s performance in this regard.

Customer satisfaction with claim resolutions and payouts is a critical aspect to assess when choosing an insurance provider.

Bankers Fidelity Life Insurance Company’s Digital and Technological Features

Mobile App Features and Functionality

The available information does not mention specific details about a mobile app offered by Bankers Fidelity Life Insurance Company. Policyholders interested in mobile app features and functionality should reach out to the company directly or visit their website to inquire about the availability and capabilities of such a tool.

Online Account Management Capabilities

While the content mentions online account management capabilities briefly, it does not provide specific details about the features and functionalities offered through the company’s online portal. Policyholders interested in online account management should visit the company’s website or contact their customer service for comprehensive information on the available online tools and resources.

Digital Tools and Resources

The content briefly mentions that Bankers Fidelity Life Insurance Company offers digital tools and resources. However, it does not provide specific information about the types of tools and resources available to policyholders.

To fully understand the digital offerings, policyholders are encouraged to explore the company’s website or contact their customer support for detailed information on available digital resources.

Ratings and Consumer Reviews

Bankers Fidelity – not to be confused with Bankers Life, which is a different company – does not appear to have a Better Business Bureau (BBB) record. This is unusual for a company in business since 1955. Atlantic American Corporation, the parent company to Bankers Fidelity, is currently not rated by the BBB, although a file exists.

We found very little in the way of information or customer satisfaction reviews on this company’s reputation – no reviews on any of the usual consumer sites or any other common review locations.

The Bottom Line

Bankers Fidelity is the type of traditional insurance company that likely brings in most business through existing client-agent relationships and word of mouth, as well as direct solicitation. Since we do not have rate information and there is little to go on in terms of reputation, we are unable to offer a clear opinion on this insurer. That said, it is unlikely that this provider will compete effectively with larger, direct buy insurers on rates, but it may appeal to those who like a more personal approach.