Banker Life and Casualty

What Banker Life and Casualty does

Bankers Life and Casualty Company is a Chicago-headquartered insurance carrier founded in 1879 that markets retirement and insurance solutions to middle-income Americans, primarily those aged 50-85 who are planning for or already in retirement. The company is a wholly-owned subsidiary of CNO Financial Group, Inc. (NYSE: CNO), operating alongside sister brands Colonial Penn Life Insurance Company and Washington National Insurance Company, with CNO collectively serving more than one million customers per year. Its product portfolio spans Medicare Supplement insurance (underwritten by Washington National), life insurance (term, whole, universal, and a simplified-issue Basic Life product with no medical exam for ages 50-85), long-term care insurance, supplemental health insurance (critical illness and hospital indemnity), and a layered annuity franchise including Guaranteed Lifetime Income Annuity and variable annuity products — the most recent addition being an Enhanced Death Benefit Rider launched in March 2026.

Bankers Life distributes its products through a captive network of more than 5,000 dedicated insurance agents working out of local branch offices across the United States, supported by a direct-to-consumer call center, the MyBankersLife online policyholder portal, and an agent-locator system on bankerslife.com. Investment products (mutual funds, variable annuities, 529 plans, equities, bonds, ETFs) are offered through two affiliated entities — Bankers Life Securities, Inc. (a FINRA/SIPC member broker-dealer) and Bankers Life Advisory Services, Inc. (an SEC-registered investment adviser). Revenue is generated primarily through recurring insurance premiums across the product portfolio, with transaction-based commissions and fees layered in through the broker-dealer and advisory subsidiaries.

The business operates with conventional insurance-policy-administration technology (no disclosed API, no proprietary AI/ML capabilities, and no mobile app), supplemented by the Center for a Secure Retirement research initiative and the annual Forget Me Not Days charitable campaign with the Alzheimer's Association (raising more than $8.2 million cumulatively since 2003). Strategic activity is incremental and product-focused rather than transformational, with the Enhanced Death Benefit Rider launch (March 2026) and a planned new website (July 2026) representing the most significant recent moves.

Name

Banker Life and Casualty

Legal name

Bankers Life and Casualty Company

Website

https://bankerslife.com

Company type

Private

Founded year

1879

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Bankers Life and Casualty Company, founded 1879 and headquartered in Chicago, is a wholly-owned subsidiary of CNO Financial Group (NYSE: CNO) that provides retirement and insurance solutions — including Medicare Supplement, life, long-term care, annuities, and supplemental health coverage — to middle-income Americans aged 50-85 through more than 5,000 captive insurance agents nationwide.

Ownership category

akta.pro rank

Product category

Retirement Insurance and Annuities

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411), Direct Health and Medical Insurance Carriers (524114)

SIC

Life Insurance (6311), Accident & Health Insurance (6321), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industry

Level Term Life Insurance (FSAIAAAA)

Keywords

• Retirement insurance solutions
• Medicare Supplement coverage
• Life insurance products
• Long-term care insurance
• Guaranteed lifetime annuities

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. Medicare Supplement Insurance: Medicare Supplement insurance policies sold by Washington National Insurance Company, providing coverage to help pay costs not covered by Original Medicare. This is a primary revenue stream targeting retirees.
2. Life Insurance: Various life insurance products including term life, whole life, universal life, and juvenile whole life insurance. Premium payments constitute recurring revenue.
3. Long-Term Care Insurance: Insurance coverage for long-term care services including in-home care, assisted living, and nursing home care. Underwritten by Bankers Life and Casualty Company.
4. Annuities: Guaranteed Lifetime Income Annuity products and Guaranteed Lifetime Income Annuity Plus, providing retirement income solutions. Includes Enhanced Death Benefit Rider launched March 2026.
5. Supplemental Health Insurance: Critical illness insurance and hospital indemnity insurance to cover expenses associated with illness or hospitalization.
6. Securities and Investment Services: Broker/dealer services through Bankers Life Securities, Inc. offering mutual funds, variable annuities, and other investment products with associated commissions and fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Bankers Life and Casualty Company provides retirement and insurance solutions to middle-income Americans, including Medicare Supplement, life, long-term care, and supplemental health insurance, plus annuity and investment products. Insurance coverage is underwritten by Bankers Life and Casualty Company, Washington National Insurance Company, Colonial Penn Life Insurance Company, and Bankers Conseco Life Insurance Company (New York).

Product overview

Bankers Life is a retirement and insurance solutions company offering a comprehensive portfolio of insurance and investment products. The core insurance offerings include Medicare Supplement Insurance, Life Insurance (Term, Whole, Universal, and Juvenile), Long-Term Care Insurance, and Supplemental Health Insurance (Critical Illness and Hospital Indemnity). The company also provides annuity products including Guaranteed Lifetime Income Annuity, Fixed Annuities, and Variable Annuities. Investment services are offered through Bankers Life Securities, Inc. (FINRA/SIPC member) and Bankers Life Advisory Services, Inc. (SEC Registered Investment Adviser), offering mutual funds, 529 plans, equities, bonds, ETFs, and variable annuities. The company operates as part of CNO Financial Group alongside Washington National Insurance Company and Colonial Penn Life Insurance Company. A notable recent addition is the Enhanced Death Benefit Rider for Guaranteed Lifetime Income Annuity products launched in March 2026.

Differentiator

Problem solved

Functional benefit

Brands

• Center for a Secure Retirement: Research and consumer education division dedicated to providing insight and practical advice to help everyday Americans achieve financial security in retirement.
• Forget Me Not Days

Products and services

• Medicare Supplement Insurance Medicare Supplement insurance that helps cover costs not paid by Original Medicare, including deductibles, copayments, and coinsurance; targeted at retirees and adults qualifying as disabled.
• Life Insurance Life insurance including Term Life, Whole Life, Universal Life, and Juvenile Whole Life policies underwritten by Bankers Life and Casualty Company, designed for final expense planning and legacy needs.
• Long-Term Care Insurance Insurance coverage for long-term care services including in-home care, assisted living, and nursing home care; underwritten by Bankers Life and Casualty Company for retirees planning future care needs.
• Supplemental Health Insurance Critical Illness insurance and Hospital Indemnity insurance designed to cover out-of-pocket expenses associated with illness or hospitalization for retirees and pre-retirees.
• Annuities Guaranteed Lifetime Income Annuity, Guaranteed Lifetime Income Annuity Plus, Fixed Annuities, and Variable Annuities providing guaranteed retirement income solutions. The Enhanced Death Benefit Rider, launched March 4, 2026, enhances legacy benefits for beneficiaries and is available in 48 states and Washington, D.C.
• Basic Life Insurance Simplified-issue whole life insurance for ages 50-85 with coverage up to $50,000 and no medical exam required; 86% of applicants are approved and 77% receive an instant decision.
• Mutual Funds Professionally managed mutual funds enabling diversification with stated investment objectives, distributed through Bankers Life Securities, Inc. to retirement-focused investors.
• 529 College Savings Plans Education savings plans that allow prepayment of qualified higher education expenses with tax-free withdrawals for eligible uses, distributed through Bankers Life Securities, Inc.
• Equities Individual stocks traded on exchanges such as NASDAQ that provide ownership rights including voting rights and dividends, made available through Bankers Life Securities, Inc.
• Bonds Fixed-income securities representing loans to issuers with stated interest rates, scheduled payments, and maturity dates, distributed through Bankers Life Securities, Inc.
• Exchange Traded Funds (ETFs) Marketable securities tracking indexes, commodities, or asset baskets that trade like common stocks on exchanges, distributed through Bankers Life Securities, Inc.
• Enhanced Death Benefit Rider Annuity rider that enhances legacy benefits for beneficiaries of the Guaranteed Lifetime Income Annuity and Guaranteed Lifetime Income Annuity Plus, available in 48 states and Washington, D.C.

Quantifiable outcome

• 86% of Basic Life insurance applicants are approved
• +1 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

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• Alzheimer's AssociationcoreStrategic 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 campaign. The partnership has raised more than $8.2 million for Alzheimer's care, education, and research programs. The 24th annual fundraising campaign was open in 2025, with the company announcing contributions of more than $400,000 in 2024.
• CNO Financial Group, Inc. (NYSE:CNO)coreOthersBankers Life is part of CNO Financial Group, Inc., a NYSE-listed company (CNO) providing life and health insurance, annuities, financial services, and workforce benefits solutions. CNO's family of brands includes Bankers Life, Colonial Penn, and Washington National. CNO serves more than one million customers each year.
• FINRA (Financial Industry Regulatory Authority)coreOthersBankers Life Securities, Inc. is a member of FINRA (Financial Industry Regulatory Authority), providing securities and variable annuity products and services.
• SIPC (Securities Investor Protection Corporation)coreOthersBankers Life Securities, Inc. is a member of SIPC (Securities Investor Protection Corporation), protecting customer securities and cash in the event of broker-dealer failure.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Mutual of Omaha: Direct peer — a mutual insurer with a long history of selling life insurance, Medicare Supplement, and retirement products to middle-income Americans through a captive agent and direct distribution model. Closely comparable in customer segment, product mix, and channel strategy.
• Aflac: Direct peer — leading provider of supplemental health and life insurance products in the U.S. and Japan, distributed through worksite and agent channels, with strong penetration among middle-income consumers. Comparable in supplemental health and life product focus.
• Transamerica: Direct peer — offers term, universal, and indexed universal life insurance, annuities, and retirement income solutions to individuals and small businesses, with similar middle-income skew and broker/agent distribution.
• Lincoln Financial Group: Direct peer — provides life insurance, annuities, and retirement plan services to individuals and groups, with strong advisor and agent channels. Comparable in life/annuity product mix and retirement focus.
• Northwestern Mutual: Direct peer — large mutual insurer with a captive financial advisor network selling life, disability, and annuities to middle- and upper-middle-income households. Comparable in agent-led distribution and life/annuity core.
• New York Life: Direct peer — large mutual insurer selling whole life, term, long-term care, and annuities through a massive captive agent force. Comparable in product breadth and exclusive agent distribution, though with a slightly higher-end customer mix.
• Globe Life: Direct peer — focuses on life and supplemental health insurance for middle-income and senior households via a large agent sales force. Highly comparable in target demographic, product mix, and agent-led distribution model.

Broad incumbents

• Prudential Financial: Broad incumbent — diversified financial services giant offering life insurance, annuities, retirement, and investment products. Comparable in life and annuity products and middle-income target market, but with a much broader institutional and group benefits business.
• MetLife: Broad incumbent — large global life insurer and retirement/annuities provider with broad product breadth including life, dental, disability, and retirement. Comparable in life/annuity offerings and middle-income U.S. customer focus, but with a much larger and more diversified portfolio.

Others

• Colonial Penn (CNO subsidiary): Sibling brand within CNO Financial Group, focused on direct-to-consumer life insurance (especially no-medical-exam products) for the mature market. Operates in the same parent and shares back-office infrastructure, providing an internal benchmark for the Bankers Life agent-led model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 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 Banker Life and Casualty