What will we be covering in this annuity?
In this annuity review, we will be discussing all of the details regarding the Bankers Life and Casualty Guaranteed Lifetime Income Annuity, including:
- Product type
- Current rates
- Realistic long term return expectations
- How it is best used
- How it is most poorly used
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in.
We make the complex, simple
If you’ve been thinking about purchasing an indexed annuity because of the market-linked (and tax-deferred) growth you can obtain without any worry about market-related losses, then the Bankers Life and Casualty Guaranteed Lifetime Income Annuity could be a good option for you.
That’s because fixed index annuities can offer you the opportunity for both accumulation and principal protection, along with an ongoing, guaranteed lifetime income that you can count on when you retire – and for the remainder of your life, regardless of how long that may be.
In fact, fixed index annuities have become extremely popular with investors who are tired of worrying about stock market losses – and losing a considerable amount of sleep over it – and who want to know that their money will be there when they need it – and for as long as they need it.
Even so, though, before you run out and purchase any annuity (and, in particular, an indexed annuity that has many moving parts), it is important that you first have a good understanding of how the product works so that you can anticipate how the returns are determined, what limitations you could run into, and any of the fees that you may incur, as well as knowing the ins and outs of the crediting of returns. That way, you won’t be disappointed if the annuity does not perform the way you originally anticipated that it would.
Annuity and Retirement Income Planning Information that You Can Trust
If this is your first visit to our website, we would like to personally welcome you here to AnnuityGator.com. Here at Annuity Gator, we are a team of experienced financial pros who are intent on offering the most comprehensive and unbiased annuity reviews. We have been at this for a number of years now, and quite a bit longer than any of our competitors out there – and because of that, we’ve become a known and trusted source of annuity information.
If you’ve been seeking more information on how annuities work – and how they may work for you – it is likely, then, that you’ve come across many conflicting details about these financial vehicles online. This, however, is not entirely surprising, because there is a lot of confusion about these products – particularly as more products, riders, features, and benefits have come into being.
You may also have attended an annuity seminar in the recent past. While there, you may have been offered a free meal in exchange for allowing the presenter to discuss the Bankers Life & Casualty Guaranteed Lifetime Income annuity, or some other similar product.
Afterward, you may even have scheduled a time to meet one-on-one with an advisor in order to move forward with a purchase. That seminar or appointment may even have been the catalyst that eventually led you here to our website.
While there are many other sites on the Internet that provide annuity information to consumers, unfortunately, there are some that will attempt to lure you in by offering such bold claims like:
- Low Fees
- High Income Payouts
- Guaranteed Lifetime Income
- Top-Rated Annuity Carriers
Even though these features sound very enticing, it is critical that you find out just how many – if any – are true prior to moving forward with shifting a sizeable chunk of your retirement savings over to them.
In doing so, though, it may require you to wade through a plethora of annuity “small print” that could make getting a root canal more appealing.
But don’t worry – it won’t be that bad.
In fact, if you have arrived here at AnnuityGator.com with the intent of learning more about the Guaranteed Lifetime Income Annuity from Bankers Life & Casualty, then you have definitely landed in the right place (and we don’t use dental tools here!)
Even though there are other “copycat” websites that may look official, we dare say that right here on our site is the only place where you can get all of the details that you need – including both the benefits and the drawbacks.
Many insurance and financial advisors would paint a nice rosy picture of this – or any – annuity by focusing solely on the positive elements. One reason for this is because when they sell you an annuity, they get a commission.
But we believe that in order to truly make a well-informed buying decision – especially one that will require a large chunk of your retirement savings – then you need to know the bad, and the ugly too!
Just so that we are clear, there are some significant advantages to owning an annuity – provided that this type of product fits nicely into your overall financial plan. So, given that, you not only need to know how these annuities work but also why you may end up choosing the Bankers Life Guaranteed Income Annuity over a long list of other potential annuity options.
This annuity review is here in order to help you with getting a more in-depth understanding of all of this annuity’s fine print – as knowing this can help you in making a well-informed decision going forward.
So, if you are ready to get started, let’s go ahead dive in!
The Bankers Life and Casualty Guaranteed Lifetime Income Annuity at a Glance
|Product Name||Guaranteed Lifetime Income Annuity - GLIA|
|Issuer||Bankers Life & Casualty|
|Type of Product||Single premium fixed indexed annuity|
|Phone Number||(800) 787-1431|
Opening Thoughts on the Bankers Life and Casualty Guaranteed Lifetime Income Annuity
Although Bankers Life and Casualty is not considered to be one of the largest insurers in the marketplace, this company has a good reputation, and it offers a nice product variety, especially for those who are preparing for retirement. The company is a wholly-owned subsidiary of CNO Financial – which has a history that dates all the way back to 1879.
Bankers Life has more than 300 offices across the U.S. and roughly 5,000 insurance agents who market the company’s products, which include:
- Medicare Supplement Insurance and other supplemental health coverage
- Long-Term Care Insurance
- Life Insurance
- Annuities – Fixed, Fixed Index, and Immediate Income
A fixed indexed annuity from Bankers Life will allow you to earn a higher rate of return – usually up to a set maximum, or cap – while at the same time keeping your principal safe from the ups and downs of the stock market. Because you incur no losses, your funds can continue to build upon past gains, without the need to “make up” for a downward market move and get yourself back to even again.
Like a traditional fixed annuity, a fixed index annuity will also provide you with a number of income strategies – which includes the lifetime income option. That way, you can enjoy retirement, knowing that you’ll continue receiving income for the remainder of your life (as well as for your spouse or partner’s lifetime, if the joint-life income option is chosen).
Before we get into the gritty details, here are some legal disclosures we need to provide…
This is an independent product review, not a recommendation to buy or sell an annuity. Bankers Life & Casualty has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This review is meant to be an independent review at the request of readers so that they may see our perspective when breaking down the positives and negatives of this particular annuity. Prior to purchasing any type of investment or insurance product, it is important that you do your own due diligence and that you consult a properly licensed professional if you should have any specific questions that relate to your individual circumstances. All names, marks, and materials that were used for this review are the property of their respective owners.
For more details on how you can compare annuities so that you can determine which one may be right for you, click here to instantly download our free annuity report.
How Bankers Life Describes the Guaranteed Lifetime Income Annuity
The Bankers Life Guaranteed Lifetime Income Annuity, or GLIA for short, is described as a single premium fixed indexed annuity that is designed to provide you with a safe and reliable retirement savings solution that can help to accumulate savings, and provide the opportunity to select a guaranteed income stream. With this annuity, you can opt to receive a guaranteed, predictable income stream for life without having to annuitize your policy (i.e., convert the annuity over into an income stream – which is an irreversible decision).
People are living longer today than they did in the past, and this annuity could help to ease concerns about whether or not you will have enough money for the remainder of your life, as well as how much you can expect.
According to Bankers Life, this annuity offers a simple design that provides you with control, flexibility, and the potential for growth for the entire time you are in retirement. Just some of the key benefits of the Bankers Life Guaranteed Lifetime Income Annuity include:
- Principal safety and growth potential. This annuity provides the simplicity of a traditional fixed annuity, combined with the opportunity to earn interest that is linked in part to an external market index – while at the same time protecting the principal against downside market risk.
- Guaranteed lifetime income option. The annuity also offers predictable and dependable income payments for life so that you know exactly how much yearly income you will receive for as long as you live – regardless of how long that may be.
- Flexibility and control of your money. This annuity also offers the ability to stop and restart lifetime income payments as your needs change over time. It also provides the option to access annuity funds in times of financial uncertainty.
With this annuity, if you opt for the lifetime income withdrawal benefit, you can start receiving income payments that will continue – even if the account value is depleted by the lifetime income withdrawals.
There are some additional features that are included with this annuity. For instance, as with other annuities, the funds in the account are allowed to grow on a tax-deferred basis. Also, a death benefit may be paid out to a named beneficiary if the annuitant (i.e., the income recipient) passes away.
For more details on the Bankers Life Guaranteed Lifetime Income Annuity, you can check out the insurer’s website.
How a Financial Advisor May Pitch the Guaranteed Lifetime Income Annuity from Bankers Life
Because fixed indexed annuities can offer a wide range of benefits, there are several ways in which an insurance or financial advisor might pitch, or position, this product. For example, they may key in on the fact that this annuity offers the opportunity to get market index-linked growth, yet without any downside risk – regardless of what occurs in the market.
On top of keeping your principal safe in an environment that can produce higher than regular fixed annuity returns, the Guaranteed Lifetime Income Annuity from Bankers Life can also provide you with an ongoing lifetime income in retirement for as long as you need it.
What the agent may or may not heavily focus on, however, is the “fine print” – which is important for you to know, though, as it will outline the parameters that are required for some (or all) of the annuity’s benefits to kick in.
As an example, even though fixed indexed annuities allow you to capture upside potential of one or more underlying market indexes, these products will typically “cap,” or limit, the maximum return. For instance, if the annuity has a cap of 5%, and the underlying index has a return of 7% in a given time period, the annuity will only be credited with the 5%.
There are also other potential drawbacks to look out for, such as surrender fees if you withdraw more than 10% of the contract value during the surrender period. And, if you make such withdrawals before you have turned age 59 ½, then you could also incur an additional 10% “early withdrawal” penalty from the IRS.
That being said, it is essential that you know exactly what you are getting into with an annuity before it is too late – and too expensive – to get out of it!
The Annuity Gator’s End Take on the Bankers Life Guaranteed Lifetime Income Annuity:
Where it works best:
This particular annuity will usually work the best for those who are looking for:
- The opportunity to obtain a higher rate of growth than that of a regular fixed annuity
- Safety of principal
- Lifetime income – with guaranteed income
Where it works worst:
Conversely, this particular annuity may not fare so well for those who:
- Want to fully participate in market gains
- Want or need to access their funds penalty-free within the surrender period
- Do not intend to use the guaranteed lifetime income feature
There are a number of important factors that need to be considered when you are trying to determine whether or not a particular annuity will be right for you – or even if any annuity at all is the best option for your retirement funds.
If you are considering a fixed indexed annuity, then you can be secure in knowing that your principal will be safe from the ups and downs of the stock market, as well as in that you will have a future retirement income that you can count on. The Guaranteed Lifetime Income Annuity from Bankers Life can also help you to alleviate the worry about running out of money in retirement.
But in reality, the only way to really know if this particular product is right for you is to have it tested. We can do this for you providing you with an in-depth and personalized spreadsheet showing how the annuity may perform given your specific parameters.
In going this route, you could find that it fits the bill for you – or, you may also find out that there may be some other products out there that work better for you and your particular situation.
Have Any Additional Questions on the Guaranteed Lifetime Income Annuity from Bankers Life? Did You Notice Any Mistakes in this Review?
We understand that this annuity review was a bit on the lengthy side. However, when offering our annuity reviews here at AnnuityGator.com, we would much rather “err” on providing “too much” information for our readers rather than not enough. That way, you will be in a better position to make a truly informed decision as to whether or not a particular annuity product is right for you.
In addition, we also know that annuity information can change on a regular basis. So, if you noticed any details in this review that may need to be updated or revised, then please let us know that, and we will be happy to make any of the needed changes here. Likewise, if reading over this review caused even more confusion about this product, then please click here in order to let us know that too.
Are there any other annuities you would like to have reviewed?
No problem! Just simply provide us with the name of the annuity and then be sure to check back soon in order to check out the review, as well as any of the updated reviews of the current products.
The Annuity Gator.
P.S. If you would like to read more of our Bankers Life annuity reviews here are some links to check out:
- Independent Review of Bankers Life
- Independent Review of the Bankers Life & Casualty Premium Bonus IA Fixed Indexed Annuity