This rider allows you to temporarily stop paying premiums if you become disabled. A similar waiver of payor benefit is available on juvenile life plans should the adult applicant become totally or permanently disabled or pass away. With this rider, you can access a portion of your death benefit ahead of time if you are diagnosed with a terminal illness.
This is only available with whole life and universal life plans. If you let your policy lapse after a cognitive impairment, this rider allows you to reinstate your policy for up to 90 days. For example, if you had a stroke didn't pay your policy premiums for a couple of months, this rider would help you get a continuation of your coverage after the lapse. This rider allows you to get term coverage for your spouse or business partners.
This rider lets you purchase additional affordable coverage for yourself that will last a set number of years. This rider provides a benefit if you become disabled and can replace or supplement disability insurance. One of the advantages of Bankers Life is that there are branches across the U. For general questions about anything, you can also call The industry average is 1. Bankers Life received 34 complaints in for a complaint index of 4.
Complaints are also trending upward—the index was only 3. However, some customers noted the opposite experience, citing helpful agents and prompt claims as reasons for their positive reviews. There are dozens of life insurance companies that have better financial strength ratings than Bankers Life. The company plans to use an infusion of capital and apply other strategies to protect its financial stability, but AM Best notes that this may be difficult in current market conditions and the company will remain under review until it applies these fixes.
However, all life insurance companies must provide a day free-look period, or longer in some states. Like other larger life insurance companies, Bankers Life offers many policy types and customization options. But Bankers Life lags behind other life insurance companies in the areas of financial strength and customer satisfaction, and many other life insurance companies also offer more robust digital tools, like online quotes and live chat customer support.
Bankers Life and Mutual of Omaha both offer plans for a wide range of ages, including children, and a long list of riders. Both companies have been around for more than a century and provide many different products focused on retirement. However, there are some key differences:. Of these two companies, Mutual of Omaha stands out because the company offers many of the same options as Bankers Life, but is far more reputable in terms of customer satisfaction and financial strength.
Read our full Mutual of Omaha review. Bankers Life might appeal to people looking to transact in person since the company has physical branches all over the U.
The high number of complaints, mixed customer service reviews, and a rating under review from AM Best are all reasons to choose another life insurance provider. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences.
Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies. Actively scan device characteristics for identification. This may influence which products we write about and where and how the product appears on a page.
However, this does not influence our evaluations. Our opinions are our own. NerdWallet is a free tool to find you the best credit cards, cd rates, savings, checking accounts, scholarships, healthcare and airlines.
Start here to maximize your rewards or minimize your interest rates. Katia Iervasi. Sells a variety of term and permanent policies, including child whole life insurance. Far more than the expected number of complaints to state regulators for a company of its size.
Pros Cons Extensive whole life insurance lineup. High volume of complaints. Offers a long list of riders. Best way to reach you Email.
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