Bankers Life Insurance Review & Complaints: Medicare Insurance (2024)

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The Highlights

• Bankers Life Medicare Supplement plans are underwritten by Colonial Penn
• All 12 of the standard Medicare Supplement plans are available, including two high deductible plans
• Medicare Part D prescription drug coverage is not available from this company

Chicago-based Bankers Life and Casualty focuses on the senior market, with financial and insurance products for retirement. Bankers Life Medicare supplements are one of the many products and services offered by the company. Bankers Life products include life insurance, annuities, long-term care, and supplemental health insurance.

Before you read more about the Medicare supplement plans available from Banker’s Life, take the time to see what you could be paying. Enter your ZIP code above to get a FREE quote on various types of life insurance from multiple insurance agents and companies near you.

What is 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 insurance plans and accident insurance policies.

When Medicare was introduced in the 1960s, Bankers Life became a Medicare Supplement provider and during that time period, they 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.

Are Bankers Life and Colonial Penn the same?

Technically no, but all of the Medicare Supplement plans are underwritten by Colonial Penn Life Insurance Company, another subsidiary of CNO.

Read more: Colonial Penn Medicare Insurance Review & Complaints: Health Insurance

Are the Medicare Supplemental insurance reviews positive?

Bankers Life offers all of the 12 possible standardized letter-coded plans available in most states. This includes the two high deductible versions of plans G and F.

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.

Does the company offer competitive rates?

Bankers 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 the option of an online quote here may deter some people from seeking a quote. That said, it is a system that has worked for companies like Bankers for a long time.

Without rates, we are unable to compare Bankers Life’s long-term, permanent life insurance coverage, or any other coverage type, to other similar companies in terms of value, nor can we say if affordable Bankers Life Medicare supplement plans are available.

This also means you can’t buy Bankers Life Medicare Supplement policies online.

Claims Process at Bankers Life Insurance

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Bankers Life offers multiple options for filing insurance claims, including an online claim form request system. Policyholders can also contact the provider directly for claims processing. The availability of mobile apps for claim filing is not explicitly mentioned in the provided content.

Average Claim Processing Time

The content does not provide specific information about the average claim processing time for Bankers Life insurance. Timely claims processing is crucial for policyholders, but this aspect remains unaddressed in the available content.

Customer Feedback on Claim Resolutions and Payouts

Bankers Life has received an A+ rating from the Better Business Bureau (BBB). While the content mentions 87 customer complaints in the past three years, it also notes that the number of complaints has decreased over time.

The BBB file includes both positive and negative reviews, with some citing good claims service. However, the content does not delve into specific customer feedback regarding claim resolutions and payouts.

Explore the Digital and Technological Features of Bankers Life Insurance

Mobile App Features and Functionality

The content does not provide information regarding the features and functionality of Bankers Life’s mobile app, if they have one. A mobile app can enhance the overall customer experience by providing easy access to policy information, claims filing, and account management on smartphones and tablets.

Online Account Management Capabilities

While the content mentions an online claim form request system, it does not elaborate on the online account management capabilities offered by Bankers Life. Online account management can include features such as policy viewing, premium payment, and updating personal information, which are essential for policyholders’ convenience.

Digital Tools and Resources

The content does not discuss any specific digital tools or resources offered by Bankers Life. Insurance providers often provide resources like educational materials, calculators, and FAQs on their websites to help policyholders make informed decisions and navigate their insurance needs effectively. However, the content does not provide insights into Bankers Life’s digital resources.

Are the ratings and consumer reviews positive?

Bankers Life has an A+ rating from the Better Business Bureau (BBB), with a total of 87 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 61 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 fewer 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.

Read more: Bankers Life Insurance Review & Complaints: Life Insurance

Banker’s Life Medicare Supplement: What’s 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 insurance agents that tend to show up when people are eligible for Medicare. Finding the best overall Medicare company can be difficult without understanding where to look.

While Banker’s Life Medicare supplement quotes aren’t offered online, we can help you compare insurance policy quotes from top companies. Enter your ZIP code below to get a FREE insurance quote.