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
Banker’s traditional fixed annuity allows you to grow your money via a fixed interest rate. The growth that takes place in the account takes place on a tax-deferred basis, and your principal is protected, regardless of what happens in the market. This, in turn, lets you sleep much easier at night, knowing that your principal will remain in-tact – and growing – over time.
You can also count on a set amount of income, guaranteed, on a regular basis. So, you never have to worry about running out of income in retirement – at a time when you need it the most.
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).
If you need income right away, the Banker’s Life immediate annuity could be the way to go. This simple annuity is purchased with a single lump-sum contribution – such as funds that you have saved in a 401(k) plan or IRA account. With this annuity, you have the flexibility to decide whether you want to receive guaranteed income payments for life, or for a specific period of time such as ten or twenty years.
Is a Banker’s Life Annuity Right for You?
An annuity is really only as good as the insurance company that backs it. With that in mind, it is essential that you know the insurer’s financial strength and reputation, as well as have confidence that the company will be around in the future so that it can follow through on the income payments you’re expecting.
Because of that, make sure that you review the underlying insurance company through methods other than the fancy, glossy brochures that are created by the carrier. Rather, it can be much more beneficial to work with an independent annuity research specialist before you make a long-term – and potentially costly – financial decision.
That’s where the Annuity Gator comes in!
We’ve been researching all types of annuities and providing in-depth and objective annuity reviews for years. You can find these annuity reviews in our online annuity review database.
In our reviews, we lay out both the pros and cons of annuities. That way you will be in a much better position to make a determination as to whether or not a particular annuity is right for you.
Want more information about annuities?
If so, feel free to reach out to us directly via phone at (888) 440-2468. Or, you could also contact us through our secure online contact form here to set up a specific time to chat with one of our annuity professionals, as well as to compare annuities and their anticipated performance.
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P.S If you would like to read more of our Bankers Life annuity reviews here are some links to check out: