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

Affiliated Brand Names

  • Bankers Life and Casualty Company
  • Bankers Conseco Life Insurance Company (New York)
  • Colonial Penn

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

Medicare Plans Offered

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 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

Bankers Life 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 Request Info
Plan F
Most popular
$116* $0 $0 100% Covered 100% Covered 100% Covered Request Info
Plan G $105* $0 $233 100% Covered 100% Covered 100% Covered Request Info
Plan B $104* $0 $233 Not Covered Not Covered Not Covered Request Info
Plan N $70* $0 $233 Not Covered 100% Covered 100% Covered Request Info
Plan D $97* $0 $233 Not Covered 100% Covered 100% Covered Request Info
Plan A $69* $1,556 $233 Not Covered Not Covered Not Covered Request Info
Plan L $76* $389 $233 Not Covered 75% Covered Not Covered Request Info
Plan K $45* $778 $233 Not Covered 50% Covered Not Covered Request Info
Plan M $97* $778 $233 Not Covered 100% Covered 100% Covered Request Info

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

*Ratings as of 2/17/15

Bankers Life Video

Bankers Life Review

Bankers life is an established insurance company with a 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.

  • Market Experience
  • Fast Claims Processing
  • Strong Financial Reserves
  • Competitive Rates
  • Customer Satisfaction

How To File A Claim With Bankers Life

Telephone Number: (800) 773-4760

To speak with a person:

  1. Press 1 for policy holders
  2. Enter your policy number when prompted, followed by the # sign

Company Contact Information

Customer Service:

(800) 621-3724

Mailing Address:

Administrative office, Bankers Life

111 E. Wacker Drive, Suite 2100

Chicago, IL 60601

How To Get A Rate Quote

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:

by Lindsay Malzone, Lindsay Malzone is the Medicare expert for 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.