Bankers Life is the primary subsidiary of CNO Financial Group, Inc. (itself formerly Conseco, Inc until 2010). The company was established in 1879 in

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = List of sovereign states, Count ...

, Illinois. 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. Bankers Life has 1.4 million policyholders and offers a variety of different insurance products including

long-term care Long-term care (LTC) is a variety of services which help meet both the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves for long periods. Long-term care is focused on individualized and ...

and

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the dea ...

annuities In investment, an annuity is a series of payments made at equal intervals.Kellison, Stephen G. (1970). ''The Theory of Interest''. Homewood, Illinois: Richard D. Irwin, Inc. p. 45 Examples of annuities are regular deposits to a savings account, m ...

, Medicare products including supplement plans,

Medicare Advantage Medicare Advantage (Medicare Part C, MA) is a capitated program for providing Medicare benefits in the United States. Under Part C, Medicare pays a private-sector health insurer a fixed payment. The insurer then pays for the health care expense ...

plans and

Medicare Part D Medicare Part D, also called the Medicare prescription drug benefit, is an optional United States federal-government program to help Medicare beneficiaries pay for self-administered prescription drugs. Part D was enacted as part of the Medica ...

prescription drug A prescription drug (also prescription medication or prescription medicine) is a pharmaceutical drug that legally requires a medical prescription to be dispensed. In contrast, over-the-counter drugs can be obtained without a prescription. The r ...

coverage and critical illness/specified disease insurance. Bankers Life also offers vision and dental plans through a partnership with

Humana Humana Inc. is a for-profit American health insurance company based in Louisville, Kentucky. In 2021, the company ranked 41 on the Fortune 500 list, which made it the highest ranked (by revenues) company based in Kentucky. It has been the thir ...

. They sell their policies through a network of over 5,000 insurance agents based in over 320 offices throughout the USA.

History

Bankers Life's predecessor, the Hotel Men's Mutual Benefit Association, began operations on January 17, 1879. In 1935,

John D. MacArthur John Donald MacArthur (March 6, 1897 – January 6, 1978) was an American insurance magnate, real estate investor and philanthropist who established the John D. and Catherine T. MacArthur Foundation, benefactor in the MacArthur Fellowships. E ...

bought Bankers Life, 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 led 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 Bankers 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 MacArthur's death, control of the company passed to the

John D. and Catherine T. MacArthur Foundation The John D. and Catherine T. MacArthur Foundation is a private foundation that makes grants and impact investments to support non-profit organizations in approximately 50 countries around the world. It has an endowment of $7.0 billion and ...

, a major charitable institution in the U.S. The foundation later sold Bankers Life, and today, the company 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 Life has $19 billion in assets under management. In 2012, Bankers Life processed more than 8.5 million claims and paid out more than $1.3 billion in policy benefits.

Products and services

Medicare Supplement insurance

Bankers Life offers Medicare

Medicare Supplement Medigap (also called Medicare supplement insurance or Medicare supplemental insurance) refers to various private health insurance plans sold to supplement Medicare in the United States. Medigap insurance provides coverage for many of the co-pays a ...

insurance plans A, B, D, 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, extended hospital care, physician's services, hospital outpatient services and supplies, and ambulance services.

Life insurance

Bankers Life offers

term life insurance Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaran ...

, whole life insurance and universal life insurance. These products 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

Bankers Life offers several types of extended care coverage that 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 such as

critical illness insurance Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the ...

which covers cancer, heart attack, stroke, end-stage

kidney failure Kidney failure, also known as end-stage kidney disease, is a medical condition in which the kidneys can no longer adequately filter waste products from the blood, functioning at less than 15% of normal levels. Kidney failure is classified as eit ...

, and other conditions.

Research Studies

U.S. News & World Report referenced a recent study conducted by Bankers Life in an article titled "A Dozen Big Changes in Perceptions About Retirement". The Bankers Life study, titled
Middle-Income Boomers, Financial Security and the New Retirement
" found that nearly 3 of every 4 middle-income

Baby Boomers Baby boomers, often shortened to boomers, are the Western demographic cohort following the Silent Generation and preceding Generation X. The generation is often defined as people born from 1946 to 1964, during the mid-20th century baby boom. ...

are rethinking their retirement date, and of these, 79% are delaying their retirement by an average of five years.

Charity funding

Alzheimer's Association

Bankers Life is a national sponsor of the

Alzheimer's Association The Alzheimer's Association was founded by Jerome H. Stone with the help of several family members in Chicago, Illinois, and incorporated on April 10, 1980, as the Alzheimer's Disease and Related Disorders Association, Inc. It is a non-profit Ame ...

, which is the world's leading voluntary health organization in Alzheimer's care, support and research. * Since 2003, the company has organize
Forget Me Not Days
it is an annual nationwide fundraising campaign to collect donations for the Alzheimer's Association and raise public awareness of the disease. These campaigns have supported the Association with more than $2.9 million for care, education and research programs. * In 2011, Bankers Life contributed $386,000 and in 2012 they contributed $420,000 to support the care, support and research efforts to the Alzheimer's Association through a fundraiser and a separate corporate donation. * In 2014, Bankers Life collected and donated over $436,000 on behalf of the Alzheimer's Association. * Bankers Life opened its annual 2015 ''Forget Me Not Days'' with ''Alzheimer's Awareness Night'' at

Bankers Life Fieldhouse A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becaus ...

, in

Indianapolis Indianapolis (), colloquially known as Indy, is the state capital and most populous city of the U.S. state of Indiana and the seat of Marion County. According to the U.S. Census Bureau, the consolidated population of Indianapolis and Marion ...

Indiana Indiana () is a U.S. state in the Midwestern United States. It is the 38th-largest by area and the 17th-most populous of the 50 States. Its capital and largest city is Indianapolis. Indiana was admitted to the United States as the 19th ...

on April 12, 2015.

Meals on Wheels Chicago

Bankers Life also supports ''Meals on Wheels'' Chicago. In 2010, the company made a $20,000 donation to aid

Meals on Wheels Meals on Wheels is a programme that delivers meals to individuals at home who are unable to purchase or prepare their own meals. The name is often used generically to refer to home-delivered meals programmes, not all of which are actually named ...

Chicago. Since 2004, Bankers has donated $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

Indiana Pacers The Indiana Pacers are an American professional basketball team based in Indianapolis. The Pacers compete in the National Basketball Association (NBA) as a member of the league's Eastern Conference Central Division. The Pacers were first estab ...

Sports & Entertainment announced that Conseco Fieldhouse would be renamed the

. This is home to both the NBA Indiana Pacers and the WNBA

Indiana Fever The Indiana Fever are an American professional basketball team based in Indianapolis, playing in the Eastern Conference in the Women's National Basketball Association (WNBA). The team was founded before the 2000 season began. The team is owned ...

. The venue hosts nearly two million guests a year and features events, such as the 2015 U.S. National Gymnastics Championships. In March 2018, the company announced that its parent company, CNO Financial Group would not extend its naming partnership with Pacers Sports and Entertainment. In a news release, the company's chief executive officer said the partnership would continue, but in a more limited capacity."Bankers Life Fieldhouse will soon get new name: 'You've got to make sure it's a fit here'" Indy Star: https://www.indystar.com/story/sports/nba/pacers/2018/03/13/bankers-life-fieldhouse-get-new-name-pacers-arena/419870002/.

References

External links

Bankers Life Insurance
— Official Site
The Bankers Story
— History {{DEFAULTSORT:Bankers Life Financial services companies established in 1879 American companies established in 1879 Insurance companies of the United States Companies based in Chicago Insurance companies based in Illinois 1879 establishments in Illinois