Bankers Life was first established in Chicago in the year 1879. They offer a variety of health insurance and retirement products to benefactress and operate as a subsidiary of the CNO Financial Group. They have over 1.4 million policyholders to date, which includes their supplement insurance services

Company Highlights

  • Founded in 1879 in Chicago, IL
  • More than 5,000 agents working out of 275 offices nationwide
  • Manages over $14.5 billion in assets as of 2012
  • Paid out only $1.3 billion for 8.5 million claims in 2012

Bankers Life Medicare Plans

Bankers Life offers Medicare supplement insurance to seniors who want to alleviate worries about their medical expenses down the road. They offer 8 of the available 10 Medigap plans: A, B, F, G, K, L, M, and N. They may also offer Medicare Advantage and/or Medicare Part D plans in your area through a non-affiliated carrier. Ask your Bankers Life agent for details.

Medicare Supplement Plans YES
Medicare Advantage Plans YES*
Medicare Part D Drug Plans YES*

*These coverages are offered through non-affiliated carriers

Premium Comparison

You’ll want to make sure you compare rates and quotes from several different companies before you settle for a Bankers Life policy. Below, you can get an idea of how they compare to their competitors based on national averages. The compiled data is displayed in the chart below.

This Table Represents National Average Costs of Medicare Supplement Plans

Plan Type Starting From Part A Deductible Part B Deductible Excess Nursing Travel
Plan C $118* $0 $0 Not Covered 100% Covered 100% Covered
Plan F $116* $0 $0 100% Covered 100% Covered 100% Covered
Plan G $105* $0 $233 100% Covered 100% Covered 100% Covered
Plan B $104* $0 $233 Not Covered Not Covered Not Covered
Plan N $70* $0 $233 Not Covered 100% Covered 100% Covered
Plan D $97* $0 $233 Not Covered 100% Covered 100% Covered
Plan A $69* $1,556 $233 Not Covered Not Covered Not Covered
Plan L $76* $389 $233 Not Covered 75% Covered Not Covered
Plan K $45* $778 $233 Not Covered 50% Covered Not Covered
Plan M $97* $778 $233 Not Covered 100% Covered 100% Covered

Financial Strength Ratings

Finding a company’s financial strength rating is an essential part of doing your homework in order to get the best deal on your Medicare supplement plan. Because Bankers Life is such a large and established institution, it has ratings from all three of the top rating agencies. Even though their overall ratings aren’t perfect, they are fairly good for such a large company.

A.M. Best Rating B++
Standard & Poor’s Rating BBB+
Moody’s Rating Baa2

Bankers Life Review

Bankers life is an established insurance company with particular expertise in helping senior citizens with Medicare supplement insurance, as well as other financial retirement products. They have experienced some negative backlash from customers in the past over a reluctance to pay claims, but efforts have been made to resolve the issues and re-establish relationships with underserved customers.

How to Compare Bankers Life Medicare Plans

Customers looking to get a rate quote, or learn more about plans have 2 options:

  • Call a licensed insurance representative at: (877) 910-7579
  • Complete an online quote request at:

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by Lindsay Malzone, Lindsay Malzone is the Medicare expert for Medigap.com. She's been contributing to many well-known publications as an industry expert since 2017. Her passion is educating Medicare beneficiaries on all their supplemental Medicare options so they can make an informed decision on their healthcare coverage.