Bankers Life and Casualty Company (a CNO Financial Group subsidiary) targets a market most major carriers ignore: middle-income Americans aged 55-75 who want face-to-face guidance from a local agent. With 4,300+ career agents in 230+ branch offices, Bankers Life is one of the most accessible insurers for buyers who prefer in-person service. That accessibility comes with a trade-off: rates are not competitive with top MYGA carriers, and the company has a substantial regulatory history worth understanding before you buy.
Bankers Life at a Glance
| Detail | Information |
|---|---|
| Full Legal Name | Bankers Life and Casualty Company |
| Founded | 1932 (Chicago, Illinois) |
| Headquarters | Chicago, Illinois |
| Parent Company | CNO Financial Group, Inc. (NYSE: CNO) |
| AM Best Rating | A (Excellent) – verify current rating at ambest.com |
| Distribution | Exclusive career agents only – NOT sold through independent agents or online |
| Agent Network | 4,300+ agents, 230+ branch offices nationwide |
| Primary Products | Fixed Indexed Annuity (FIA), Traditional Fixed Annuity, SPIA |
| FIA Minimum Premium | $10,000 |
| State Availability | All 50 states + DC (NY via Bankers Conseco Life Insurance Company) |
Bankers Life’s Financial Strength and Background
Bankers Life and Casualty was founded in 1932 in Chicago and has been part of CNO Financial Group since 1992. CNO is a publicly traded holding company (NYSE: CNO) with $30+ billion in assets that also owns Washington National Insurance Company. Bankers Life carries an A (Excellent) AM Best rating and investment-grade ratings from Moody’s, Fitch, and S&P. In New York, products are issued by Bankers Conseco Life Insurance Company.
Buyers should be aware of the company’s regulatory history before purchasing. Verify current ratings at ambest.com and review the company’s record at bankerslife.com.
Regulatory history buyers should know: In 2008, CNO/Bankers Life paid $6+ million in penalties and agreed to spend $26 million improving claims management after state regulators found issues with claims processing practices. In 2012, NASAA (state securities regulators) found Bankers Life ran unregistered broker-dealer operations for six years, resulting in a $9.9 million settlement across multiple states. These settlements are historical and do not indicate current financial risk to policyholders, but informed buyers should factor them into their decision.
What Annuity Products Does Bankers Life Offer?
- Security Builder Indexed Annuity (FIA) – Fixed indexed annuity linked to market indexes with principal protection. Caps and participation rates vary. Standard FIA structure.
- Flexible Premium Bonus Indexed Annuity (launched 2023) – Unique in the FIA market: accepts multiple ongoing premium contributions, not just a single lump sum. Premium bonus credited at issue. Useful for buyers building their position over time.
- Guaranteed Lifetime Income Annuity (GLIA) and GLIA Plus – Structured products with guaranteed lifetime income. The Enhanced Death Benefit (EDB) Rider was added in 2025, available in 48 states. Maximum premium $2,000,000.
- Traditional Fixed Deferred Annuities – Guaranteed interest rates for specified terms, marketed primarily to middle-income seniors through career agents.
- Single Premium Immediate Annuities (SPIA) – Available in most states. Primarily sold to retirees seeking pension-like income through the career agent channel.
Note: Bankers Life products are not available on independent annuity rate comparison platforms. You must work with a Bankers Life career agent directly to obtain rates and purchase products.
Who Is Bankers Life Best For?
- Middle-income buyers ($50,000-$150,000 in assets) who are below the threshold most independent advisors prioritize and want face-to-face service from a local agent.
- Buyers who want to bundle coverages – Bankers Life also sells Medicare supplement, Medicare Advantage, and long-term care products. Buyers who want one provider for multiple senior insurance needs may find the Bankers Life model convenient.
- Buyers who prefer in-person guidance over online shopping – the 230+ branch office network makes Bankers Life physically accessible in most markets.
Bankers Life is not the right fit for rate-competitive buyers (their fixed annuity rates are not listed on comparison platforms and are generally not market-leading), buyers who want to compare products independently, or anyone who prefers working through an independent agent who can shop multiple carriers.
Bankers Life Pros and Cons
Pros
- A (Excellent) AM Best with investment-grade ratings from all four major agencies
- 1.4 million policyholders and 4,300+ career agents in 230+ branches nationwide
- Flexible Premium FIA accepts ongoing contributions – rare in the indexed annuity market
- New York availability via Bankers Conseco – one of the few carriers with a full NY solution
- One-stop senior coverage – Medicare supplement, LTC, and annuities from one company
Cons
- NAIC complaint ratio above average for a company its size (per NerdWallet NAIC analysis)
- Substantial regulatory history – 2008 multi-state settlement ($6M+ penalties), 2012 NASAA settlement ($9.9M for unregistered broker-dealer operations)
- Rates not market-competitive with top MYGA carriers
- Career agent only – cannot comparison shop against other carriers without a separate agent
- Career agent compensation structure creates potential conflicts of interest
Frequently Asked Questions About Bankers Life
Can I compare Bankers Life rates against other carriers online?
No. Bankers Life products are only sold through exclusive career agents and are not listed on independent rate comparison platforms. To see Bankers Life rates, you must contact a local branch agent directly. If you want to compare Bankers Life products against A-rated alternatives from independent carriers, use our rate comparison tool first to establish a rate benchmark, then request a Bankers Life illustration from a local agent for a side-by-side comparison.
Is “Bankers Life” the same as “Bankers Life Insurance Company”?
No – these are two different, unaffiliated companies. Bankers Life and Casualty Company (CNO Financial Group, Chicago) is the company in this review. Bankers Life Insurance Company is a separate entity that is not affiliated with CNO. Bankers Life and Casualty has published warnings about this confusion. Verify you are dealing with the CNO entity by confirming the Chicago headquarters and NYSE: CNO parent affiliation.
How do I buy a Bankers Life annuity?
Bankers Life products are sold exclusively through their career agent network. Find a local Bankers Life office at bankerslife.com. If you want to compare Bankers Life products against independent-channel alternatives before committing, My Annuity Store can show you current rates from 20+ competing carriers. Request a free quote or call 855-583-1104.
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