Bankers Life Insurance Review & Complaints: Medicare Insurance (2024)
Banker's Life Medicare supplement plans include all of the 12 possible standardized letter coded Medicare plans in most states, with two high-deductible options. Medicare supplement Part D coverage is currently not available. Reviews of the company boast an A+ rating from the Better Business Bureau, and plans are underwritten by Colonial Penn.
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
UPDATED: May 4, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: May 4, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
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.
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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.
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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
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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.
Frequently Asked Questions
What is Medicare?
Medicare is a federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease.
What are the different parts of Medicare?
Medicare has four parts – Part A, Part B, Part C, and Part D. Part A covers inpatient hospital care, skilled nursing care, and hospice care. Part B covers outpatient medical services, such as doctor visits and medical tests. Part C, also known as Medicare Advantage, is an alternative to Original Medicare and provides additional benefits. Part D covers prescription drugs.
How can I file a complaint against Bankers Life Insurance?
You can file a complaint against Bankers Life Insurance by contacting their customer service department or by filing a complaint with your state insurance department.
Can I change my Medicare insurance plan?
Yes, you can change your Medicare insurance plan during the annual enrollment period or during a special enrollment period.
Can I get coverage for pre-existing conditions with Bankers Life Insurance’s Medicare plans?
Yes, Bankers Life Insurance’s Medicare plans cover pre-existing conditions, but you may have to wait a certain period before the coverage starts.
What is the provider network for Bankers Life Insurance’s Medicare Advantage plans?
Bankers Life Insurance’s Medicare Advantage plans have a network of healthcare providers that you can use for medical services.
What are the advantages of working with an insurance agent when choosing Medicare insurance?
An insurance agent can provide personalized guidance and advice when choosing Medicare insurance, and can help you navigate the complex enrollment process. They can also help you compare different plans and providers to find the best coverage for your needs and budget.
Can you provide a detailed Banker Life review?
Bankers Life offers a range of insurance products, including Medicare supplements, life insurance, and annuities. Reviews highlight their focus on the senior market and varied coverage options. However, individual experiences may vary, so it’s crucial to consider your specific needs and consult with an agent.
Where can I find Bankers Life and Casualty Company reviews?
You can find reviews for Bankers Life and Casualty Company on various platforms, including the BBB website, consumer review websites, and insurance forums.
How can I contact Bankers Life and Casualty provider phone number?
You can contact Bankers Life and Casualty provider phone number by visiting their official website or calling their customer service hotline.
How do Bankers Life insurance company reviews compare to others?
Bankers Life insurance company reviews may vary compared to other insurance providers. It’s essential to consider factors such as coverage, customer service, and financial stability when comparing reviews.
Can you give an overview of Bankers Life long-term care reviews?
Bankers Life offers long-term care insurance to help cover expenses associated with extended medical care. Reviews may vary, but many customers appreciate the peace of mind and financial security provided by these policies.
What are the features of Bankers Life Medicare plans?
Bankers Life Medicare plans offer various features, including coverage for hospital stays, doctor visits, prescription drugs, and other medical services not covered by Medicare Part A and Part B.
How can I contact Bankers Life Medicare supplement provider phone number?
You can contact Bankers Life Medicare supplement provider phone number by visiting their official website or calling their customer service hotline.
Are there any complaints or reviews about Bankers Life Plan G?
Reviews for Bankers Life Plan G may vary. Some customers may praise the coverage and affordability, while others may have complaints about premiums or claims processing. It’s essential to research and read multiple reviews to get a comprehensive understanding.
What does Bankers Life Plan N cover?
Bankers Life Plan N covers a wide range of medical services, including hospital stays, doctor visits, and prescription drugs. It may also include coverage for some preventive care services.
Where can I find authentic Bankers Life reviews?
Authentic Bankers Life reviews can be found on various platforms, including the BBB website, consumer review websites, and insurance forums. It’s essential to read multiple reviews to get a comprehensive understanding of customer experiences.
Can you explain the benefits of Bankers Life supplement insurance?
Bankers Life supplement insurance offers additional coverage beyond what is provided by Medicare. Benefits may include coverage for deductibles, copayments, and other out-of-pocket expenses.
Can you provide information about Bankers Medicare supplement plans?
Bankers Medicare supplement plans offer various coverage options to help fill the gaps in Medicare coverage. Plans may include coverage for hospital stays, doctor visits, and prescription drugs.
Are there any notable differences between Colonial Penn and Bankers Life Medicare supplement plans?
Yes, there may be notable differences between Colonial Penn and Bankers Life Medicare supplement plans. These differences may include coverage options, premiums, and provider networks.
What are the details of Colonial Penn Medicare supplement Plan D?
Colonial Penn Medicare supplement Plan D offers coverage for a range of medical services, including hospital stays, doctor visits, and prescription drugs not covered by Medicare Part A and Part B.
Can you explain the coverage provided by Colonial Penn Medicare supplement Plan G?
Colonial Penn Medicare supplement Plan G offers comprehensive coverage for medical expenses not covered by Medicare, including deductibles, copayments, and coinsurance.
How can I contact Bankers Fidelity Provider Phone Number?
To contact Bankers Fidelity Provider Phone Number, you can reach out to their customer service department or refer to their official website for contact information.
Can you provide information about Bankers Life and Casualty Medicare Supplement plans?
Bankers Life and Casualty Company offer Medicare Supplement plans designed to fill the gaps in Original Medicare coverage. These plans vary in coverage levels and may include options like Plan A, Plan G, or Plan N.
Is Bankers Life Colonial Penn Medicare Supplement a reliable option?
Bankers Life Colonial Penn Medicare Supplement plans are underwritten by Colonial Penn Life Insurance Company, a subsidiary of CNO Financial Group. Customers should research and compare plan options to determine reliability.
What coverage does Bankers Life Medicare Supplement Plan N offer?
Bankers Life Medicare Supplement Plan N typically covers services such as Medicare Part A and B coinsurance, hospice care coinsurance or copayments, and more, depending on the specific plan details.
What are some common complaints mentioned in Bankers Life Medicare supplement reviews?
Common complaints in Bankers Life Medicare supplement reviews may include issues with claims processing, premium increases, customer service experiences, or coverage limitations. It’s essential to consider individual circumstances and review multiple sources of feedback.
What is Bankers Life and Casualty Company’s rating?
Bankers Life and Casualty Company has an A+ rating from the Better Business Bureau (BBB).
Are there any complaints regarding Bankers Life annuities?
Complaints regarding Bankers Life annuities can vary, but you can research specific complaints through consumer advocacy websites or regulatory bodies.
What is Bankers Life’s rating on BBB (Better Business Bureau)?
Bankers Life garners an A+ rating on BBB, signaling strong approval and reliability in Bankers Life casualty company reviews.
What benefits does Bankers Life offer to policyholders?
Bankers Life offers various benefits to its policyholders, including life insurance coverage, annuities, long-term care insurance, and supplemental health insurance.
How do I access the Colonial Penn provider portal through Bankers Life?
You can access the Colonial Penn provider portal through Bankers Life by visiting the Colonial Penn website and logging in with your credentials.
What are the reviews for health insurance offered by Bankers Life?
Reviews for health insurance offered by Bankers Life can vary. It’s advisable to research specific plans and read customer reviews to assess their quality and suitability.
Does Bankers Life provide medical insurance?
Yes, Bankers Life provides medical insurance, including Medicare supplement plans and other health insurance products.
How can I check eligibility for Bankers Life Medicare supplement plans?
You can check eligibility for Bankers Life Medicare supplement plans by contacting a licensed insurance agent or visiting the Bankers Life website for more information.
Where can I log in as a provider for Bankers Life services?
Providers for Bankers Life services can log in through the provider portal on the Bankers Life website or through the Colonial Penn provider portal.
What are the ratings for Bankers Life insurance policies?
Bankers Life insurance policies typically receive positive ratings, but specific ratings may vary depending on the type of policy and customer feedback.
How can I find healthcare providers associated with Bankers Life?
You can find healthcare providers associated with Bankers Life by using their online provider directory or contacting customer service for assistance.
What supplemental insurance plans does Bankers Life offer?
Bankers Life offers a range of supplemental insurance plans, including Medicare supplement plans, long-term care insurance, and supplemental health insurance.
Where can I find information for providers on bankerslife.com?
You can find information for providers on bankerslife.com by navigating to the provider section of the website or contacting customer support for assistance.
Are there any reviews for Colonial Penn Medicare supplement plans offered through Bankers Life?
Indeed, there are evaluations accessible for Medicare supplement plans provided by Colonial Penn under Bankers Life. These assessments are accessible on various consumer review platforms and insurance discussion boards.
Where can I find the claim form for Colonial Penn life insurance policies?
You can obtain the colonial penn claim form either through the Colonial Penn website or by contacting customer service for assistance.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.