Bankers Life is an insurance company focused on the insurance needs of the retirement market. Established in 1879 in Chicago, Bankers Life, is a subsidiary of CNO Financial Group, Inc. (itself formerly Conseco), a nationwide company that offers a broad portfolio of life and health insurance retirement products designed especially for seniors.
Bankers Life has 1.4 million policyholders and offers a variety of insurance products including long-term care and life insurance, annuities, Medicare products including supplement plans, Medicare Advantage Plans and Medicare Part D prescription drug coverage and critical illness/specified disease insurance.
Bankers Life also offers vision and dental plans through a partnership with Humana.
Bankers Life sells its products through a network of over 5,000 insurance agents based in over 275 nationwide offices.
John D. MacArthur developed and owned Bankers Life until 1935. At the time of his death in 1978, control of the company passed to the John D. and Catherine T. MacArthur Foundation, a major charitable institution in the U.S. The foundation later sold Bankers Life.
Today, Bankers is a subsidiary of CNO Financial Group, Inc., a holding company for a group of insurance companies operating throughout the United States.
As of 2012, Bankers has $14.5 billion in assets under management. In 2012, Bankers processed more than 8.5 million claims and paid out more than $1.3 billion in policy benefits.
The company has faced several lawsuits in which they were accused of denying claims to seniors and both Conseco and Bankers have been noted as having a particularly high amount of complaints among long-term care clients: in 2005, Conseco had one complaint for every 383 such policyholders, whereas, according to 2005 statistics, Genworth Financial, the largest long-term-care insurer received one complaint for every 12,434 policies. Bankers Life agreed to pay $3.2 million in a settlement with insurance regulators after examiners found that the insurer failed to make suggested updates to its claims practices.
Research Studies
Bankers Life Center for a Secure Retirement conducts studies and consumer awareness campaigns to provide insight and practical advice for how everyday Americans can achieve financial security during retirement. U.S. News and World Report referenced a recent study conducted by Bankers Life in an article titled "A Dozen Big Changes in Perceptions About Retirement." The Bankers study, titled "Middle-Income Boomers, Financial Security and the New Retirement," found that nearly 3 of every 4 middle-income Baby Boomers are rethinking their retirement date, and of these, 79% are delaying their retirement by an average of five years.
Charity Funding
Bankers is a national sponsor of the Alzheimer's Association. Since 2003, the company has organized Forget Me Not Days, its annual nationwide fundraising campaign to collect donations for the Alzheimer's Association and raise public awareness of the disease.
In 2012, Bankers contributed $420,000 to support the care, support and research efforts of the Alzheimer's Association through the fundraiser and a separate corporate donation, up from $386,000 in 2011. Since 2003, Bankers has supported the Association with more than $2.9 million for care, education and research programs.
Bankers also supports Meals on Wheels Chicago. In 2010, the company made a $20,000 donation to aid Meals on Wheels Chicago. Since 2004, Bankers has transferred $230,000 to Meals on Wheels Chicago for programs, services and fundraising initiatives.
Bankers Life Fieldhouse
On December 22, 2011, CNO Financial Group, Inc. and Pacers Sports & Entertainment announced that Conseco Fieldhouse, the home of the Indiana Pacers, would be renamed the Bankers Life Fieldhouse.
References
External links
- Bankers Life Insurance -- Official Site
- The Bankers Story -- History
- Bankers Life Center for a Secure Retirement
- Bankers Life Forget Me Not Days
- Bankers Life LinkedIn Page
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