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Bankers Life Medicare Review

Bankers Life Medicare offers ten of the eleven possible standardized letter coded plans in most states. Bankers Life Medicare Insurance has an A+ rating from the Better Business Bureau, but has had 103 customer complaints on file in the past three years.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Jul 13, 2020

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Chicago-based Banker’s Life and Casualty focuses on the senior market, with financial and insurance products for retirement. Their product lineup includes life insurance, annuities, long-term care and supplemental health insurance.

About Bankers Life

Bankers Life was originally known as the Hotel Men’s Mutual Benefit Association and was founded in 1879. Using a direct mail approach, the company expanded on the successful sale of life and accident insurance policies.

When Medicare was introduced in the 1960s, Bankers moved their focus onto products for those entering their retirement years. They were at the forefront of the Medicare Supplement market and among the first companies to offer it for sale.

Bankers Life now operates as a wholly owned subsidiary of CNO Financial and writes policies across the country through local independent agents. All of their Medicare Supplement plans are underwritten by Colonial Penn Life Insurance Company, another subsidiary of CNO.

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Bankers Life Medicare Supplement

Bankers Life offers a good range of plans, with ten of the eleven possible standardized letter coded plans available in most states. They write plans A, B, C (in some states), F, high deductible F, G, K, L, M, and N.

Plan A is the base plan which all companies that write Medicare Supplement are required to offer. This plan covers Parts A & B coinsurance as well as the first three pints of blood each year. Each of the remaining plans cover these as well with the exception of K and L, which provide 50% and 75% coverage respectively for each of those items.

Each plan adds on additional coverage, up to Plan F, which is the highest available level of coverage. Plan F pays for all out of pocket costs, which makes it generally the most expensive plan. The high deductible version of Plan F has a lower premium in return for a fixed out-of-pocket amount in the form of a deductible.

Rates

Banker’s Life does not offer rates on their website, but the site does offer a contact form that can be filled out to request a quote. This is right in line keeping with their agent-driven approach to selling insurance policies and is likely to result in ongoing solicitation attempts that may be annoying to some. In the internet age, many potential customers expect to be able to obtain rate information online without having to provide personal contact details, and the lack of that option here may deter some people from seeking a quote. That said, it is a system that has worked for companies like Banker’s for a long time.

Without rates we are unable to compare Banker’s Life to other similar companies in terms of value.

Claims

There is a claim form request system on the Banker’s Life website, and Medicare Supplement forms are among those that can be requested.

In most cases, however, claims should be processed directly with the provider, and the insured should rarely become involved. As a result, there is little claims information for this type of policy on the site, which is normal.

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Ratings and Consumer Reviews

Bankers Life has an A+ rating from the Better Business Bureau (BBB), with a total of 103 customer complaints on file in the past three years. The number of complaints is down from the last time we reviewed this company and overall is not a high complaint volume considering their size. The BBB file has 23 reviews of this company with an overall two-star rating. The complaints appear to be mainly in regards to door-to-door and phone solicitation attempts as well as difficulty reaching customer service. There are several positive reviews, however, that cite good claims service.

Consumer Affairs has 78 reviews of Bankers with an overall rating of less than two stars. There are again a few good reviews and again many complaints about solicitation attempts including repeated phone calls and home visits. Some complaints cited claims problems, but surprisingly that is not the main issue people have with this company.

The overall impression of this company is one of an aggressive marketing approach that includes cold calls and door to door sales as well as repeated follow-up attempts. While this is pretty common for this type of company, it is something worth noting before you provide them with any contact information – they will likely contact you more than you’d like.

The Bottom Line

Bankers Life and Casualty does not offer any rates for Medicare Supplement online, nor do they underwrite directly. Since Colonial Penn does the underwriting, customers might want to go directly to the source rather than adding another solicitor to the list of agents that tend to show up when people are eligible for Medicare.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Review Information

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Bankers Life Medicare
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About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

1 Comment

  1. Me personally, I like the fact that Bankers Life Medicare Insurance company was aggressive in my case.

    If not I would not have the right information I needed about how this plan worked or any one of theses medicare plans.

    I thank them for coming into my home and explaining to me on a one on one basis how this plan really worked.

    Some of these other companies should take note. If the phone calls and visits are going bother you that would be the least of my worries.

    Me I just want my plan to be handled honestly and properly knowing that my needs are met.

    Therefore when I go to see the Doctor my finances are in the right place and in the right hands.

    We really do perish because of what we do not know.

    Reply

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