Bankers Life Insurance Company Review

Bankers Life Insurance
Financial Strength

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Bankers Life Insurance Company focuses on annuities rather than the usual life insurance products, bringing the focus of their policies onto retirement rather than simply providing for loved ones.

Bankers Life Insurance Summary

Founded in 1976, Bankers Life is headquartered in St. Petersburg, Florida. They are a subsidiary of Bankers Financial Corporation, which also owns Bankers Insurance Group and Western Bankers Life Insurance, and offers a range of financial products and warranty services.

Bankers Life does not sell traditional life insurance products such as term or universal, but instead writes annuity products, designed as financial planning tools for retirement as well as providing death benefits. Their range of products is limited due to the very specific focus on annuities.

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.

Insurance Products

Bankers offers four different annuity options that differ based on rate guarantees, premium choices, and returns. 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:

  • 10% withdrawal free without charge after the first year, additional withdrawals at reducing percentage rates from 9% down to 0 in the 6th contract year
  • Minimum premium of $10,000
  • Annuitization after the first 12 months for 6 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 7 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.

Investment Information and Financials

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 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.

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 beneficiaries of your estate, but Bankers does offer product options to provide this type of security.

There is no record of any Bankers customer encountering difficulty with payments that can currently be located 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.

Consumer Research and Complaints

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, but has an A+ rating based on a multi-factor system that considers length of time in business, number of complaints, and financial stability among other factors.

There are currently no complaints on file in the last three years against Bankers Life, which is not surprising considering the company’s size and limited product offerings. No government actions against the company have been reported.

The larger company that owns Bankers Life, Bankers Financial Corporation, also has an A+ rating with the BBB and does not have any complaints on record, which is a good sign for a company of that size.

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 the company has a good reputation.

Financial Strength

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

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.

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

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