Our Professional Opinion
Bankers Life is a good annuity company, but we are not especially excited about its annuities. Its financial strength meets our standards, yet the products we reviewed have enough limitations that we would shop around before buying.
Bankers Life and Casualty Company has an A (Excellent) financial strength rating from AM Best. That is a good rating and above our A− minimum for recommending an insurer.
One of our biggest concerns is how the products are sold. Bankers Life uses a captive sales force for its annuities. A Bankers Life agent can explain the company’s products, but that does not give you an independent comparison of annuities from across the market. Before committing, compare the guaranteed rate, income payout, fees, and access to your money with offers from other A− or better-rated insurers.
For accumulation, we are not fans of complicated bonuses that take years to vest or additional deposits that can start their own withdrawal-charge periods. We would generally compare those designs with a simpler fixed indexed annuity that locks a competitive cap or participation rate on a traditional index. If you want a known interest rate, compare the contract with a MYGA that guarantees its rate for the full term.
For lifetime income, compare the guaranteed paycheck in dollars, not just an attractive illustration or a promise of no rider fee. If you are waiting several years to start income, we generally prefer an income benefit with guaranteed growth that does not depend on future index performance.
We would consider an immediate annuity for a specific need, such as a temporary income bridge, but we would also compare its payout with a fixed indexed annuity offering a guaranteed lifetime withdrawal benefit. The latter may provide competitive income while preserving access to an account value.
What We Like
- Good financial strength: Bankers Life’s A rating meets our standard for considering an insurer.
- Different income choices: The company offers both immediate payments and a lifetime withdrawal option.
- Flexible deposits on some contracts: The ability to add money over time may be useful if you want to consolidate savings into one annuity.
What We Don’t Like
- Captive distribution: A Bankers Life presentation is not the same as shopping the broader annuity market.
- Bonus restrictions: Some bonuses vest over time, and additional deposits can start separate withdrawal-charge periods.
- Renewal-rate risk: Some fixed rates, caps, or participation rates can change while surrender charges still apply.
- Immediate annuity tradeoffs: Turning a lump sum into payments can limit access to your money, so the payout needs to justify what you give up.
- A good company does not guarantee a competitive product: The actual rate or guaranteed income must stand up to alternatives.
Explore our individual Bankers Life annuity reviews using the links below to see what we like, what we do not, and how each product compares with other options.
Financial Ratings & Company Strength
- A.M. Best: A (Excellent)
- S&P: A– (Strong)
- Fitch: A– (Strong)
- Moody’s: A3 (Upper-Medium)
- Comdex Score: 73
- Founded: 1932
These ratings indicate that Bankers Life is financially sound and adequately positioned to meet long-term obligations for many policies. Its long track record and A-level ratings support its status as a credible insurer.
What They Sell
Life Insurance
Annuities & Related Products
- Fixed annuities
- Some accumulation-type annuities
Supplemental and Retirement-focused Products
- Long-term care insurance
- Medicare supplement insurance
- Retirement income solutions
- Accident, health, and supplemental coverage
Our Bankers Life Annuity Reviews
- Bankers Life Flexible Premium Bonus Indexed Annuity
- Bankers Life Guaranteed Lifetime Income Annuity
- Bankers Life Immediate Annuity
- Bankers Life Traditional Fixed Annuity
Why Company Stability Matters
Long-term contracts—such as life insurance or annuities—rely on the issuer to remain sound for decades, to pay claims or guaranteed income, and to provide consistent policy service. Bankers Life’s A-level ratings mean it meets that stability requirement.
Why Strong Ratings Don’t Automatically Mean Great Products
Even well-rated companies can offer products that:
- They are priced higher than comparable policies
- Have more restrictive terms, fewer benefits, or riders.
- Provide lower growth or flexibility than alternatives.
- They are more favorable to the company’s bottom line than to the policyholder.
In other words: a strong company is necessary—but not sufficient—for a strong product.
Useful Resource: Compare Bankers Life rates and income payouts with 50+ companies
Pros and Cons
Pros
- Strong financial backing and long operating history
- Broad product lineup in life, annuities, and supplemental markets
- Credible issuer for long-term protection
Cons
- Some products may not be as cost-competitive or feature-rich as niche carriers’.
- For large face-amount policies or advanced planning, product flexibility may be limited
- A Comdex score in the 70s is good—but not best-in-class for very long-horizon guarantees.
- Supplemental focus may mean trade-offs if you need highly customizable life or annuity contracts.
Who Needs Bankers Life & Casualty and Why
- Individuals looking for life insurance with a credible issuer who may hold coverage long-term.
- Buyers of supplemental protection, like long-term care or Medicare supplements, in addition to life insurance
- Retirement savers seeking guaranteed protections or accumulation options with a solid carrier.
Who Should Consider Other Options
- Shoppers whose primary goal is the lowest-cost term life, regardless of issuer size
- Buyers needing very large face amounts, advanced riders, or high cash-value accumulation
- Individuals with ultra-long horizons (20, 30 years+) who prefer issuers with top-tier Comdex scores (90+) and a broader historical scale
- Those needing a wide variety of highly flexible annuity or life contract features
Additional Insurance to Consider
- Disability income insurance to protect your earning power
- Core term or permanent life insurance from more specialized carriers
- Annuities with guaranteed lifetime withdrawal benefits (GLWB) if your goal is retirement income
People Who Benefit Most
- Families who want a dependable death-benefit carrier
- Policyholders seeking consistent service and moderate coverage amounts
- Buyers who value issuer strength and want a well-known insurer
- Individuals seeking supplemental protection tied to retirement or health-related risks
How to Evaluate Bankers Life & Casualty Before Buying
- Request quotes and compare with other A-rated carriers.
- Review policy cost, riders, features, surrender or exit provisions.
- Confirm face amount, premium schedule, and underwriting class availability.
- Assess how the product fits your long-term goals and budget.
- Use an independent broker to compare multiple insurers.
Always Compare Before Buying
A strong company alone doesn’t guarantee a strong policy. Always evaluate:
- Cost over time
- Coverage amount
- Rider availability
- Policy flexibility
- Liquidity and withdrawal terms
Comparison ensures you truly get value—and avoid a policy that favors the company more than you.
What To Do Next
Contact The Annuity Expert for free quotes comparing Bankers Life & Casualty Company with other A-rated insurers so you get the best coverage for your needs.
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FAQ
- Is Bankers Life & Casualty financially strong? Yes—A.M. Best rating A and other A-level agency ratings reflect strong insurer strength.
- Does a strong issuer mean the product is best? No, you still must compare policy design, cost, and fit.
- Does Bankers Life offer both life insurance and annuities? Yes—they offer life insurance, annuities, and supplemental protection, though their specialty is more toward retirement-age coverage and supplemental markets.
- Should I compare Bankers Life with other insurers? Absolutely—comparison ensures you choose the best policy for your long-term goals.