Bankers Life Insurance Review & Complaints: Life Insurance

Bankers Life Insurance Company does not sell traditional life insurance, instead offering four annuity plans with varying rate guarantees, premiums, and returns. Bankers Life Insurance reviews are available for its parent company, Banker's Financial Corporation, which has an A+ rating from the BBB.

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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 place to get it.

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Written by Eric Stauffer
Founder & Former Insurance Agent Eric Stauffer

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 1, 2022

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Bankers Life Insurance

Financial Strength

Bankers Life Insurance Company focuses on annuities rather than the usual life insurance products, bringing the focus of their policies onto retirement planning rather than simply providing for loved ones. Keep reading our review to learn if buying Bankers Life life insurance is the right choice for you.

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What kind of coverage does Bankers Life offer?

Founded in 1976, Bankers Life is headquartered in St. Petersburg, Florida and sells supplement insurance for your financial security. They are a subsidiary of Bankers Financial Corporation, which also owns Bankers Insurance Group and Western Bankers Life Insurance, and offers a range policy options for both financial products and warranty services.

Bankers Life does not sell traditional life insurance products such as term or universal life insurance for a lump sum death benefit, but instead writes annuity products, designed as financial planning tools for money for retirement strategy as well as providing death benefits. Their range of products is limited due to the very specific focus on annuities. There is no Bankers Life supplemental health insurance.

Bankers Life Insurance products are sold only through independent agents across the state of Florida. They are not associated with Bankers Life and Casualty Company.

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What insurance products are offered by Bankers Life?

Bankers Life life insurance company offers four different annuity options to policy owners that differ based on rate guarantees, premium choices, and returns at policy issue. Although they are named as a life insurance company, they do not sell the type of traditional life insurance most people expect to find.


The Single Premium Immediate Annuity is a flexible choice that offers lifetime or fixed period guaranteed income. Premium options range from $10,000 up to $500,000. Joint life income benefits are also available with this product. The SPIA is an immediate (as opposed to deferred) annuity for faster income.


This product is a Single Premium Deferred Annuity that provides a 5-year guaranteed interest rate along with the following features:

  • Ten percent withdrawal free without charge after the first year, additional withdrawals at reducing percentage rates from 9 percent down to 0 in the 6th contract year
  • Minimum premium of $10,000, qualified, or non-qualified
  • Annuitization after the first 12 months for five or more years

This product works well for IRA and other rollovers.


This product is also a deferred annuity, and offers similar features to the SPDA-5, but with a guaranteed interest rate for seven years and annuitization after 12 months for 10 or more years. The same withdrawal rules and minimum premiums apply.

Interest Plus+

This product offers a 5-year guaranteed peak interest rate and the opportunity to withdraw any amount over $1000 at any time, subject to a 1% redemption fee. It is Bankers most recent addition and a good choice for fixed investors seeking an annuity with high guaranteed rates and easy access.

What investment information and financials does Bankers Life offer?

For your investment goals on your investment journey, Bankers’ annuities are an investment that can provide income through retirement as well as death benefits to those left behind, making them different from standard Bankers Life insurance policies. As with all investments, there is some risk, although annuities generally have less market-related risk than other forms of retirement. Instead, it is the stability of the company that is important, since annuities are not FDIC insured.

Does Bankers Life offer annuity payments?

Bankers offers both immediate and deferred options for annuity payments as well as several options to allow for early withdrawal of funds. Not all annuities provide death benefits for the life insurance beneficiaries of your estate, but Bankers does offer product options to provide this type of security.

Remember: Bankers Life life insurance rates will be different from a traditional policy because it is an annuity. However, it is still possible to get affordable Bankers Life life insurance.

We are unable to locate a record of a Banker’s customer encountering difficulty with payments currently through online searches.

Bankers agents are the best source for determining what type of annuity is right for your financial situation, and what kind of payment you can expect to get as a result.

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Is Bankers Life a good insurance company?

As a small subsidiary of a larger financial company, Bankers Life has very little in the way of available consumer information. Bankers is not a Better Business Bureau accredited company, and we are unable to find a profile on the BBB website. The company’s parent, Banker’s Financial Corporation, is listed on the BBB and given an A+ rating. There are no complaints listed on the website in the past three years.

It’s not unusual for companies in this market to have limited consumer information, as they differ greatly from regular insurance companies that have constant interaction with customers, either through policy servicing or more importantly, claims.

Although it is named as an insurance company, Bankers Life is truly a financial company, and a small one at that. Still, the lack of negative information seems to indicate that Bankers Life’s reputation is good.

How is Bankers Life’s financial strength?

Rating Company Grade Financial Outlook
AM Best B Stable
Fitch N/A N/A

What is the bottom line?

Bankers Life serves a very specific market with a limited number of product offerings. They appear to serve their customers well, but their financial strength rating, as reported by AM Best, is very low.

Because Bankers only offers a few types of annuities and no traditional insurance policies, they are not well suited to those who need traditional insurance or need a much larger range of investment options. Bankers is likely to serve well those who want to make simple, low-risk investments to provide income for retirement, as well as potential death benefits, but not to those seeking a life insurance policy with a large death benefit. Enter your ZIP code in our FREE tool below to get a Bankers Life life insurance quote or an insurance quote for anything else you might need today.

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