Bankers Life Insurance Company

What Bankers Life Insurance Company does

Bankers Life Insurance Company was a North Carolina-domiciled, privately held insurance carrier that offered final expense, traditional life, annuity, and accident and health insurance products to individual policyholders across multiple U.S. states. The company accumulated approximately 91,000 policies in force before its collapse, generating premium and investment revenue in line with a mid-sized life and health insurer. Distribution was conducted across multiple states, and the company's customer base consisted of individual retail consumers rather than institutional clients.

The company was controlled by Greg Lindberg, whose alleged $2 billion insurance fraud scheme — involving related entities including Colorado Bankers Life Insurance Company — led to rehabilitation proceedings and ultimately a court-ordered liquidation effective November 30, 2024. The North Carolina Insurance Commissioner was appointed as court-appointed Liquidator, with policyholder coverage transferred to the relevant state life and health insurance guaranty associations subject to statutory limits. Greg Lindberg was sentenced to 12 years in federal prison; approximately 30,000 policyholders died before recovering their money.

The remaining Bankers Life Insurance Company entity is no longer an operating business. Effective January 1, 2026, Continental General Insurance Company acquired the approximately 91,000 policies from state guaranty associations, assuming all liabilities, assets, policy administration, and claims management. The company's website, headquartered at P.O. Box 11948, Winston-Salem, NC, currently functions solely as a liquidation portal hosting proof-of-claim forms, policyholder notices, moratorium orders, and quarterly receiver reports. There are no products, pricing models, distribution channels, or active GTM motions associated with the entity going forward.

Name

Bankers Life Insurance Company

Legal name

Bankers Life Insurance Company

Website

https://bankerslifeinsurance.com

Company type

Private

Founded year

1976

Operating status

Closed

Headcount range

501–1,000 employees

Short description

Bankers Life Insurance Company was a Winston-Salem, NC-domiciled life and health insurer offering final expense, life, annuity, and accident and health policies to individual U.S. policyholders. The company is now in court-ordered liquidation effective November 30, 2024, following an alleged $2 billion fraud scheme by its owner.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

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

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Final Expense / Burial Life Insurance (FSAIABAF)

akta.pro secondary industries

Level Term Life Insurance (FSAIAAAA), Final Expense Term Life Insurance (FSAIAAAI)

Keywords

• Final expense insurance
• Life insurance products
• Annuity products
• Health insurance coverage
• Insurance policy administration

Headquarters

HQ city

St. Petersburg

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales

Core offering

Bankers Life Insurance Company historically issued and administered final expense insurance, traditional life insurance, annuity products, and accident and health insurance policies to individual consumers across the United States. Following court-ordered liquidation effective November 30, 2024, the company no longer underwrites new business; its remaining function is administering the uncovered portion of existing policies and supporting the wind-down of approximately 91,000 policies now largely covered by state guaranty associations or administered by Continental General Insurance Company.

Product overview

Bankers Life Insurance Company was an insurance provider offering final expense, traditional life, annuity, and accident and health insurance policies. The company was court-ordered to liquidate effective November 30, 2024, and is currently under the administration of the North Carolina Insurance Commissioner as court-appointed Liquidator. The policy portfolio of approximately 91,000 policies (originally issued by Bankers Life Insurance Company and Colorado Bankers Life Insurance Company) was acquired by Continental General Insurance Company effective January 1, 2026. The remaining Bankers Life Insurance Company operations now focus on policyholder services for uncovered policy amounts, policy administration during liquidation, and claims processing through the Special Deputy Liquidators.

Differentiator

Problem solved

Functional benefit

Products and services

• Final Expense Insurance

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Continental General Insurance CompanycoreStrategic or Co-development Partner · 1 January 2026Continental General Insurance Company completed the acquisition of approximately 91,000 final expense, traditional life, annuity, and accident and health insurance policies from state guaranty associations. Effective January 1, 2026, Continental General assumed all liabilities, assets, policy administration, and claim management responsibilities for the acquired portfolio originally issued by Bankers Life Insurance Company.
• State Life and Health Insurance Guaranty AssociationscoreOthers · 30 November 2024Each state's life and health insurance guaranty association provides coverage to Bankers Life Insurance Company policyholders who are residents of that state, up to coverage limits specified by state laws. The associations became statutorily responsible for covered obligations following the court's liquidation order.
• NOLHGA (National Organization of Life and Health Insurance Guaranty Associations)coreStrategic or Co-development Partner · 1 January 2024NOLHGA coordinated the transactions for approximately 91,000 policies transferred from state life and health insurance guaranty associations to Continental General Insurance Company. The policies were originally issued by Bankers Life Insurance Company and Colorado Bankers Life Insurance Company, which were court-ordered to liquidate in 2024.

Scale indicators3 records

Recent moves7 records

Expansion highlights1 record

Broad incumbents

• Globe Life Inc. Globe Life operates multiple direct-to-consumer life insurance subsidiaries offering simplified-issue and final expense products at scale, overlapping with Bankers Life's product mix across a broader portfolio.
• Mutual of Omaha Insurance Company: Mutual of Omaha is a broad life, health, and Medicare supplement insurer with a long-standing final expense and whole life product suite that overlaps with Bankers Life's offerings.

Direct peers

• National Western Life Insurance Group: National Western Life underwrites whole life, universal life, and annuity products with a comparable simplified-issue product mix and annuity capabilities to Bankers Life.
• Security Benefit Corporation: Security Benefit offers life insurance, annuities, and retirement products with comparable individual life and annuity capabilities to Bankers Life's product mix.
• TruStage (CMFG Life Insurance Company): TruStage operates CMFG Life, a direct life insurance carrier offering term and permanent policies including final expense through credit union and consumer channels.
• Colonial Penn Life Insurance Company: Colonial Penn is a direct peer focused on simplified-issue final expense and burial insurance for seniors - the same niche that defined Bankers Life's primary product offering.
• American Amicable Life Insurance Company: American Amicable directly competes in the final expense and whole life insurance niche with comparable simplified-issue underwriting and senior-focused distribution.
• Lincoln Heritage Life Insurance Company: Lincoln Heritage specializes in final expense and pre-need funeral insurance products, directly competing in Bankers Life's core burial insurance market.
• Assurity Life Insurance Company: Assurity Life is a mutual carrier selling individual life, disability income, and accident & health insurance, with comparable simplified-issue life and A&H products to Bankers Life's mix.

Others

• Continental General Insurance Company: Continental General is the strategic acquirer of Bankers Life's ~91,000 policies from state guaranty associations, assuming policy administration and claims management effective January 1, 2026.

Market position

Weaknesses4 records

Competitive moat2 records

Key risks5 records

Key highlights3 records

Customer concentration

• Xx.com/globalbankersig
• Facebookfacebook.com/bankerslifeinsurancecompany
• LinkedInlinkedin.com/company/bankers-life-insurance-company

Revenue estimate

Valuation estimate

Number of profiles

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 Insurance Company