![]() It only pays out if the policyholder dies within this preset term. Term life insurance covers a specified number of years. ![]() This is a nice perk because some other IULs guarantee a return of no less than 0.0%. The cash value won’t be credited less than a 1% return even if the index loses value. ClearVantage lets you allocate your cash value to a fixed-rate account or to an indexed account that's tied to the S&P 500 index. ClearVantage: This indexed universal life (IUL) insurance policy determines your interest based on a stock market index.TurningPoint: This is a fixed-interest universal life insurance plan with a guaranteed interest rate of 3% that will increase if you keep your policy for longer than 16 years.Universal life (UL) insurance is also a form of permanent life insurance, but it’s designed so you can benefit from rising interest rates and flexible premiums. Bankers Life offers two universal life insurance policies. LifeStart: Juvenile whole life insurance is available for ages 0 to 16, with face values starting at $10,000.Innovative Life SPII: This is similar to the Innovative Life SPI as a single premium policy, but its minimum coverage amounts are higher.Innovative Life SPI: Bankers Life offers a single premium policy available up to age 85.SecureView: Available for ages 17 to 75, a SecureView policy also has level premium payments that are guaranteed for life, although you also have the option of paying off your policy in full in 10 or 20 years.BasicLife Graded: BasicLife Graded is similar to BasicLife, but it has a lower initial death benefit of $2,500 that reaches 100% over three years. This type of policy is best for those who are in poor health and who would probably not be approved for a regular policy that requires health questions.With level premium payments, your out-of-pocket payments will never change. The death benefit can be as low as $2,500. BasicLife: This policy is designed for those 17 to 49 and 50 to 85 years old and who don't want to take a medical exam or answer many health questions.Whole life policies can also accumulate a cash value. Bankers Life offers five whole life insurance policies and one juvenile whole life insurance policy. Whole life insurance is a permanent life insurance policy that's designed to last throughout the lifetime of the policyholder. This score means that Bankers Life has an excellent ability to meet its ongoing financial obligations.īankers Life offers several policy options to choose from. Third-Party RatingsĬredit rating service AM Best issues financial strength ratings for each company in the insurance industry based on the company’s analysis of financial health and projected ability to pay claims and meet other financial obligations.Īccording to AM Best, Bankers Life and its parent company, CNO Financial Group, have an A (Excellent) financial strength rating. The majority of these complaints involved delays, denials, and problems with premium refunds. This is considerably higher than the market standard. A higher score indicates that the company received more complaints than expected, and a score of less than 1.00 means the company received fewer complaints than expected.īankers Life has an average index of 5.01 over three years for the individual life category. This means that the company received an expected number of complaints for its size. The National Association of Insurance Commissioners (NAIC) calculates a complaint index to indicate the number of complaints a company receives relative to other companies. But a higher coverage limit may be available to some applicants with home office approval. Relatively low max death benefit without home office approval: A maximum death benefit of $2 million may be too low for some consumers. ![]() This should give potential applicants pause.
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