Bankers Life

What Bankers Life does

Bankers Life and Casualty Company, headquartered in Chicago, Illinois, is a U.S. insurance provider specializing in retirement, health, and life insurance solutions for the pre-retiree, retiree, and mature-market segments. Founded in 1879 and operating today as a wholly-owned subsidiary of CNO Financial Group, Inc. (NYSE: CNO), the company sells Medicare Supplement insurance, life insurance, long-term care insurance, and annuity products — including fixed and variable annuities and guaranteed lifetime income products — under the Bankers Life, Colonial Penn, and Washington National brand family, with New York policies underwritten through Bankers Conseco Life Insurance Company (BCLIC).

The company reaches customers primarily through a field sales model built on a network of more than 5,000 dedicated insurance agents across the United States, supplemented by a direct-to-consumer digital presence (website, blog/insights content, and organic social channels on Facebook, YouTube, and LinkedIn). Products are priced individually by age, health, coverage, and state, are paid on a recurring monthly basis, and are underwritten by four separate carriers operating from Chicago, Carmel (IN), Philadelphia, and Jericho (NY). Multi-entity underwriting allows Bankers Life to navigate state-level regulatory variation, including a dedicated New York carrier (BCLIC) and a Medicare Supplement specialist (Washington National).

Revenue is generated through recurring insurance premiums and annuity considerations across four product lines: Medicare Supplement, life insurance, long-term care, and annuities (with an enhanced death benefit rider launched in March 2026). The business serves more than one million customers annually, holds a BBB A+ accreditation, and operates within a parent group (CNO Financial Group) that provides capital oversight and statutory balance-sheet support. No proprietary technology stack, AI/ML capabilities, patents, or non-insurance revenue streams are disclosed.

Name

Bankers Life

Legal name

Bankers Life and Casualty Company

Website

https://bankers.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Bankers Life and Casualty Company, a Chicago-based subsidiary of CNO Financial Group (NYSE: CNO), underwrites Medicare Supplement, life, long-term care, and annuity insurance for pre-retirees and retirees across the United States, distributed through 5,000+ agents serving 1M+ customers.

Ownership category

akta.pro rank

Product category

Retirement and Insurance Solutions

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114), Portfolio Management and Investment Advice (52394)

SIC

Life Insurance (6311), Hospital & Medical Service Plans (6324), Investment Advice (6282)

akta.pro primary industry

Annuity & Insurance-Based Retirement Solutions Advisory (FSAEABAH)

akta.pro secondary industries

Whole Life Insurance (FSAIABAA), Level Term Life Insurance (FSAIAAAA)

Keywords

• Retirement insurance
• Medicare Supplement
• Annuity products
• Long-term care insurance
• Life insurance

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 to help cover costs not covered by Original Medicare, targeting seniors and individuals with disabilities.
2. Life Insurance: Life insurance products including traditional policies, providing death benefit protection to beneficiaries.
3. Long-Term Care Insurance: Insurance coverage for long-term care services including nursing home care, assisted living, and in-home care.
4. Annuities: Annuity products providing guaranteed income streams in retirement, including fixed and variable annuities and enhanced death benefit riders for guaranteed lifetime income.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Bankers Life is a retirement and insurance solutions provider that sells Medicare Supplement insurance, life insurance, long-term care insurance, and annuity products to pre-retirees and retirees. Policies are underwritten by Bankers Life and Casualty Company, Washington National Insurance Company, Colonial Penn Life Insurance Company, and Bankers Conseco Life Insurance Company, and distributed through a network of more than 5,000 dedicated insurance agents across the United States.

Product overview

Bankers Life is a retirement and insurance solutions provider offering a portfolio of insurance and financial products. The company operates as part of CNO Financial Group and markets Medicare Supplement insurance (underwritten by Washington National Insurance Company), life insurance, long-term care insurance, and annuities (underwritten by Bankers Life and Casualty Company), along with securities services through Bankers Life Securities. The company serves customers through a network of over 5,000 dedicated insurance agents across the United States, with subsidiaries including Colonial Penn (focused on the mature market) and Washington National (supplemental health and life insurance).

Differentiator

Problem solved

Functional benefit

Brands

• Bankers Life Securities: Securities and investment services offered through Bankers Life

Products and services

• Medicare Supplement Insurance Insurance coverage that helps pay costs not covered by Original Medicare, including copayments, coinsurance, and deductibles. Sold to seniors and individuals with disabilities seeking supplemental health coverage.
• Life Insurance

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Alzheimer's AssociationminorOthers · 1 January 2025CNO Financial Group and Bankers Life support the Alzheimer's Association with donations for Alzheimer's care, education and research programs through the Forget-Me-Not Days campaign.

Scale indicators4 records

Recent moves4 records

Expansion highlights5 records

Direct peers

• Mutual of Omaha: Mutual of Omaha sells Medicare Supplement, life insurance, long-term care, and annuities to a similar mature/senior customer base via a comparable captive-agent distribution model. Overlap with Bankers Life is high across nearly every product line and customer segment.
• Globe Life: Globe Life writes life and supplemental health insurance predominantly to middle-income and senior households via agent and direct-response channels. Comparable customer segment and life/supplemental health product mix.
• New York Life: New York Life underwrites whole life, term life, long-term care, and annuities and distributes them through a large captive agent force. Comparable to Bankers Life in product mix and agent-led GTM targeting retirement-stage customers.
• Lincoln Financial Group: Lincoln Financial is a major annuity and life insurance carrier with strong retirement-income focus. Comparable to Bankers Life in annuity product innovation and advisor/wholesaler-led distribution.
• Transamerica: Transamerica offers life insurance, annuities, and supplemental health products with significant focus on the middle-income and pre-retiree market. Comparable product portfolio and customer demographic to Bankers Life.
• Northwestern Mutual: Northwestern Mutual sells life insurance, disability income, and annuities through a financial advisor network, with strong emphasis on retirement and legacy planning. Directly comparable in advisor-led distribution and life/annuity product mix.
• Brighthouse Financial: Brighthouse Financial is an annuity-led insurer focused on retirement income solutions. Directly comparable to Bankers Life's annuity strategy and mature-market customer focus.
• Genworth Financial: Genworth is one of the largest long-term care insurance writers in the U.S., also offering life insurance and annuities. Strong overlap with Bankers Life in LTC and retirement-income positioning.

Broad incumbents

• AIG (Corebridge Financial): AIG (through Corebridge) is a major provider of life insurance, retirement, and individual retirement annuities in the U.S. Comparable in life and annuity product mix but operates as a much larger, broadly diversified carrier.
• Prudential Financial: Prudential is a large, diversified insurer with significant life insurance, annuity, and retirement businesses. Overlaps with Bankers Life in retirement solutions but at much broader scale and product scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 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