Bankers Life

What Bankers Life does

Bankers Life and Casualty Company is a Chicago-based insurance marketing brand founded in 1879 and operated as a subsidiary of CNO Financial Group, Inc. (NYSE: CNO). The company focuses on the retirement market, serving middle-income Americans approaching or already in retirement, as well as Medicare beneficiaries and adults aged 50-85 seeking life insurance. Its product portfolio spans Medicare Supplement insurance (underwritten by Washington National Insurance Company), life insurance products (Term, Whole, Universal, Juvenile Whole, and a no-medical-exam Basic Life product with up to $50,000 coverage), Long-Term Care Insurance, Supplemental Health Insurance (Critical Illness and Hospital Indemnity), and Annuities — including the recently launched Enhanced Death Benefit Rider for legacy beneficiary protection, available in 48 states and Washington, D.C. Wealth management and securities services are delivered through affiliated entities Bankers Life Securities, Inc. (a FINRA/SIPC broker-dealer) and Bankers Life Advisory Services, Inc. (an SEC-registered investment adviser).

The company's technology footprint consists of an insurance and annuity product administration platform with online portals serving policyholders, agents, and healthcare providers, plus secure web infrastructure with SSL encryption. Its go-to-market combines a 5,000+ agent field sales network operating from 200+ offices nationwide with direct-to-consumer channels (website, phone, and digital inquiry forms), supplemented by research and content marketing through the Bankers Life Center for a Secure Retirement. Revenue is generated primarily through recurring insurance premiums (Medicare Supplement, life, long-term care), annuity contract revenue, and transaction-based fees/commissions on securities and advisory products. Bankers Life operates across a multi-entity structure spanning Illinois (Chicago), Indiana (Carmel), Pennsylvania (Philadelphia), and New York (Jericho, via Bankers Conseco Life Insurance Company), and maintains a flagship community partnership with the Alzheimer's Association through the Forget Me Not Days campaign dating back to 2003, which has raised more than $8.2 million.

Name

Bankers Life

Legal name

Bankers Life and Casualty Company

Website

https://bankerslife.com

Company type

Private

Founded year

1879

Operating status

Operating

Headcount range

101–250 employees

Short description

Bankers Life is a Chicago-based insurance and retirement solutions marketing brand of CNO Financial Group, serving middle-income Americans near or in retirement with Medicare Supplement, life insurance, long-term care, annuities, and wealth management products distributed through 5,000+ agents and 200+ offices nationwide.

Ownership category

akta.pro rank

Product category

Retirement Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411), Insurance Agencies and Brokerages (52421), Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)

SIC

Life Insurance (6311), Insurance Agents, Brokers & Service (6411), Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industries

Level Term Life Insurance (FSAIAAAA), Retirement & Pension Planning (401(k)/IRA) (FSAEAAAD), Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ), Tax-Advantaged Investing & Wrappers (ISA, 529, Insurance Bonds, etc.) (FSAAAAAL)

Keywords

• Retirement insurance solutions
• Medicare supplement insurance
• Annuity products
• Life insurance policies
• Wealth management services

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premiums: Bankers Life generates revenue through ongoing insurance premiums from Medicare Supplement, life insurance, and long-term care insurance policies. Premiums are paid by policyholders on a recurring basis.
2. Annuity Products: Revenue from annuity products including fixed and variable annuities. Annuities provide guaranteed income streams in retirement and may include surrender charges for early withdrawal.
3. Securities and Advisory Services: Bankers Life Securities, Inc. (a broker-dealer) and Bankers Life Advisory Services, Inc. (an SEC Registered Investment Adviser) generate revenue through securities transactions, advisory fees, and commissions on investment products.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels9 records

Core offering

Bankers Life sells retirement-focused insurance and financial products, including Medicare Supplement insurance, life insurance (Term, Whole, Universal, Juvenile Whole, and Basic Life), Long-Term Care Insurance, Critical Illness and Hospital Indemnity supplemental health insurance, and fixed and variable annuities. Products are distributed primarily through a nationwide network of more than 5,000 dedicated insurance agents across 200+ offices, with Bankers Life Securities also offering mutual funds, variable annuities, retirement accounts, and advisory services through registered financial advisors.

Product overview

Bankers Life is a retirement and insurance solutions marketing brand of CNO Financial Group serving middle-income Americans. The company offers a comprehensive portfolio of insurance and financial products for retirement planning: Medicare Supplement insurance (underwritten by Washington National Insurance Company), life insurance products including Term, Whole, Universal, and Juvenile Whole Life, Long-Term Care Insurance, Supplemental Health Insurance (Critical Illness and Hospital Indemnity), and Annuities with optional riders like the Enhanced Death Benefit Rider. Additionally, Bankers Life Securities provides wealth management and investment services including mutual funds, variable annuities, and advisory services through its affiliated broker-dealer and investment adviser subsidiaries.

Differentiator

Problem solved

Functional benefit

Brands

• Bankers Life Center for a Secure Retirement: Research and education division dedicated to studying retirement trends and consumer education for middle-income Americans
• Forget Me Not Days

Products and services

• Medicare Supplement Insurance Insurance coverage designed to help pay costs not covered by Original Medicare, including copayments, coinsurance, and deductibles, for Medicare-eligible individuals.
• Term Life Insurance Life insurance providing coverage for a specified term or period, typically 10-30 years.
• Whole Life Insurance Permanent life insurance with guaranteed death benefit and cash value accumulation over the policyholder's lifetime.
• Universal Life Insurance Flexible permanent life insurance allowing policyholders to adjust premium payments and death benefits based on needs.
• Juvenile Whole Life Insurance Whole life insurance designed for children, providing coverage starting at a young age with locked-in rates.
• Long-Term Care Insurance Insurance covering care services for individuals who need assistance with daily activities due to chronic illness, disability, or aging.
• Critical Illness Insurance Supplemental health insurance providing lump-sum payment upon diagnosis of specified critical illnesses.
• Hospital Indemnity Insurance Supplemental health insurance providing fixed daily or periodic benefits for hospital stays.
• Annuities Insurance contracts designed to provide regular income payments during retirement, including fixed and variable options.
• Basic Life Insurance Affordable whole life insurance for ages 50-85 with coverage up to $50,000, no medical exam required, and instant decisions for many applicants.
• Bankers Life Securities Wealth Management Wealth management and securities services including mutual funds, variable annuities, 529 plans, equities, bonds, and ETFs offered through registered financial advisors and supported by complimentary portfolio reviews.

Quantifiable outcome

• 86% of Basic Life applicants are approved
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Two partnerships are on record, tiered flagship and core.

• Alzheimer's AssociationflagshipStrategic or Co-development Partner · 1 January 2003Since 2003, CNO Financial Group and Bankers Life have partnered with the Alzheimer's Association through the Forget Me Not Days annual fundraising campaign. The partnership has raised more than $8.2 million for Alzheimer's care, education, and research programs. The 24th annual campaign is ongoing, and the company also sponsors Walk to End Alzheimer's events.
• CNO Financial GroupcoreOthersBankers Life is a marketing brand of various subsidiaries of CNO Financial Group, Inc. (NYSE:CNO). CNO provides life and health insurance, annuities, and financial services through its family of brands including Bankers Life, Colonial Penn, and Washington National.

Scale indicators7 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Transamerica: Transamerica provides life insurance, annuities, Medicare Supplement, and supplemental health products with a focus on retirement and middle-income customers through a combination of agents and digital channels — product overlap is strong with Bankers Life.
• MassMutual: MassMutual is a mutual insurer offering whole life, term life, long-term care, retirement income, and annuities distributed through financial professionals to middle-market U.S. households — an overlapping product set and distribution philosophy with Bankers Life.
• Lincoln Financial Group: Lincoln Financial sells life insurance, fixed and variable annuities, and employer retirement plans to middle-market individuals, with retirement income and annuity accumulation products directly comparable to Bankers Life's annuity and retirement offerings.
• Aflac: Aflac specializes in supplemental health (critical illness, hospital indemnity, accident) and life insurance marketed through employer worksite and agent channels to middle-income consumers, closely matching Bankers Life's supplemental health and life insurance focus.
• Northwestern Mutual: Northwestern Mutual sells whole life, term life, disability income, and annuities through a nationwide financial advisor network to middle-market individuals focused on retirement and income planning, paralleling Bankers Life's retirement-focused, advisor-driven model.
• Mutual of Omaha: Mutual of Omaha offers a near-identical product portfolio (Medicare Supplement, life insurance, annuities, long-term care) targeted at middle-income Americans near retirement, with a comparable agent-driven distribution model — making it the closest direct peer to Bankers Life.
• New York Life: New York Life is a mutual insurer with whole life, term life, long-term care, and annuity products sold through a large captive agent force, targeting retirement and legacy planning for middle-market U.S. consumers — directly overlapping Bankers Life's core offerings and go-to-market.

Broad incumbents

• Prudential Financial: Prudential is a broad financial services incumbent offering life insurance, annuities, retirement plans (401(k), IRA), and investment management. Its retirement solutions span retail and institutional, but its individual annuity and life insurance products overlap Bankers Life's core retail retirement lineup.
• Nationwide: Nationwide offers life insurance, annuities, retirement plans, and specialty insurance through both captive and independent channels across the U.S. Its retail retirement and life insurance products overlap with Bankers Life while operating as a broader financial services incumbent.

Emerging players

• Colonial Penn: Colonial Penn is a sister company under CNO Financial Group, selling direct-to-consumer no-medical-exam life insurance to the mature market. While sharing the parent, its D2C digital model contrasts with Bankers Life's agent-led model, making it a meaningful adjacent peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/BankersLifeCasualty
• Facebookfacebook.com/BankersLife
• LinkedInlinkedin.com/company/bankers-life-and-casualty
• Xx.com/bankerslifejobs

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bankers Life