Type Subsidiary Website www.bankerslife.com Parent organization CNO Financial Group | Industry Health Insurance Founded 1879 | |
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Products Medigap Policies, Long Term Care Insurance, Home Health Care Insurance, Short Term Care Insurance, Life Insurance, and Annuities Headquarters Chicago, Illinois, United States Motto "For the Life of Your Retirement." Profiles | ||
Bankers life on inside edition
Established in 1879 in Chicago, Bankers Life is the primary subsidiary of CNO Financial Group, Inc. (itself formerly Conseco, Inc until 2010). CNO is a Fortune 1000 company (rank of 548 in 2015) whose subsidiaries provide insurance products and services to customers in the United States. The core retail market served by Bankers Life is the pre-retirement and retirement aged individual and their families whose annual household income is between $25,000 and $75,000.
Contents
- Bankers life on inside edition
- History
- Medicare Supplement Insurance
- Life Insurance
- Annuities
- Long Term Care Insurance
- Supplemental Health Insurance
- Research Studies
- Alzheimers Association
- Meals on Wheels Chicago
- Bankers Life Fieldhouse
- References
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 320 nationwide offices.
History
Bankers Life's predecessor, the Hotel Men's Mutual Benefit Association, began operations on January 17, 1879.
John D. MacArthur bought Bankers Life in 1935, and continued to develop it until his death in 1978. After studying how large American manufacturers branded and mass-marketed household goods and services, MacArthur lead Bankers Life in reducing the cost of selling insurance and in making insurance coverage more affordable for middle-income Americans. By 1956 Bankers Life was one of the largest individual health and accident insurance companies in the U.S. The needs of America's growing senior market became Banker Life's focus once President Johnson signed the Medicare bill into law. Bankers Life became one of the first insurers to develop and offer Medicare supplement insurance. Upon his death, 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, a holding company for a group of insurance companies operating throughout the United States.
As of 2015, Bankers has $19 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.
Medicare Supplement Insurance
Bankers Life offers Medicare Medicare Supplement insurance plans A, B, F, with high deductible, G, K, L, M, and N. These types of supplements help pay for items that Medicare may not cover such as Medicare deductibles, hospital and medical care co-insurance, exted hospital care, physician's services, hospital outpatient services and supplies, and ambulance services.
Life Insurance
Bankers Life offers Term Life Insurance, Whole Life Insurance and Universal life insurance. These offers differ in terms of coverage length, premium flexibility, cash value accumulation and distribution.
Annuities
Bankers Life offers a variety of annuities, including Fixed Interest Annuity, Fixed Index Annuity, and Immediate Annuity.
Long Term Care Insurance
There are several types of extended care coverage that Bankers Life offers. These include Comprehensive long-term care insurance, Facility-only long-term care insurance, Home health care insurance, and Short-term care insurance.
Supplemental Health Insurance
Bankers Life offers a variety of supplemental health insurance coverage options. Critical illness insurance covers cancer, heart attack, stoke, end-stage renal failure, and other conditions.
Research Studies
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.
Alzheimer's Association
Bankers is a national sponsor of the Alzheimer's Association. The Alzheimer's Association is the world's leading voluntary health organization in Alzheimer's care, support and research.
Meals on Wheels Chicago
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. This is home to both the NBA Indiana Pacers and the women's basketball team, Indiana Fever. The venue hosts nearly two million guests a year and features events, such as the 2015 U.S. National Gymnastics Championships.