Bankers Life

[Sherd]

I'm starting to run into Bankers life policy holders. What's the good and bad of their policies?

I door knocked 2 houses that had it and didn't want to change or review. I spoke to one on the phone who had a year old whole life policy immediate coverage. He had a heart attack 4 months ago, so I didn't want to take him out that policy. Then I got to thinking I better find out if they are any good or not.

As always, any and all help his greatly appreciated.

sherd

 

[Chazm]

They're usually pretty expensive but the agent will stop at nothing to make their products seem like gods gift to them

 

[insuranceconceptscindy]

A med supp is a med supp is a med supp. The plan designs are identical across all carriers. The main issue I have with Bankers Life is the price. They are insanely over-priced. I've saved people more than $100 per month replacing them.
I'm not a huge fan of their sales tactics either, but to each their own.

 

[jdeasy]

I'm starting to run into Bankers life policy holders. What's the good and bad of their policies?

I door knocked 2 houses that had it and didn't want to change or review. I spoke to one on the phone who had a year old whole life policy immediate coverage. He had a heart attack 4 months ago, so I didn't want to take him out that policy. Then I got to thinking I better find out if they are any good or not.

As always, any and all help his greatly appreciated.

sherd

They are just over priced. Especially for non smokers. To beat their smoker rates you can find one that's 3 or 4 years ols and still beat it.

Plus the agents I've followed are just liars. I recenty had one replace a whole life with term and told the guy it was the same thing. I got that one fixed. Then I followed a Bankers into a home where the Bankers agent had replaced 3 policies, One OA, one 5 Star and one PM that totaled $17000 and were out of contestability with a $17000 2 yr ROP policy for only $10/mo less than he was paying for the other 3.

The agent did not tell the guy it was a 2 year ROP. I was able to get all his money back from Bankers and get him into a 1st day coverage policy again.

This agent was a Bankers manager from Indianapolis. The other agent was out of the Evansville, In office.

That sems to be systemic lying to me.

 

[Indy007]

A big problem with their agents is they are paid such low commission. They get 45% on Level FE, and 35% on graded. That coupled with 90% of them roll in pairs splitting commissions, keeps them very hungry, starving actually. Most will say anything to get the sale.

 

[goillini52]

They were a major player in the 70's and 80's, but they've priced themselves out of the Medicare Supplement market...I would suspect the same to be true with all their products. I hardly run into them anymore. Not familiar with their life. I guess that they have to lie since they're captive, and only have one thing to offer.

 

[WinoBlues]

They are just over priced. Especially for non smokers. To beat their smoker rates you can find one that's 3 or 4 years ols and still beat it.

Plus the agents I've followed are just liars. I recenty had one replace a whole life with term and told the guy it was the same thing. I got that one fixed. Then I followed a Bankers into a home where the Bankers agent had replaced 3 policies, One OA, one 5 Star and one PM that totaled $17000 and were out of contestability with a $17000 2 yr ROP policy for only $10/mo less than he was paying for the other 3.

The agent did not tell the guy it was a 2 year ROP. I was able to get all his money back from Bankers and get him into a 1st day coverage policy again.

This agent was a Bankers manager from Indianapolis. The other agent was out of the Evansville, In office.

That sems to be systemic lying to me.

This stuff never ceases to amaze me.

A few days ago I called a referral in SoCal that swore she had $10,000 WL. Knowing the company's prices I told her that there was no way. She said the other agent said people like me would tell her that and not to listen to us. I left her my number and moved on. She leaves a message today that she looked at the policy and it was $5,000. WL and $5,000 Accidental Death. What a thief. There was another one local that the agent wrote down $10,000 at $40 a month on a business card (***). I opened up the policy and it was $6,000. What a bunch of Dirtbags. There is zero reason for that kind of dishonesty.

 

[axeman462]

Check the questions on the app, very often they are clean sheeted. Bankers FE is completely field underwritten. Their agents know this and commonly insure uninsurable people
Bankers is also a B++ company if their customers knew that, most would probably not buy their product

 

[Newby]

I run into a LOT of dirtbag things that Bankers agents do. The most recent, they rolled my client on a Plan F Med Sup to a Plan N that was only $10 less and told her it was a better plan. She has Parkensons Disease and of course they marked that question "no" to get it issued. I didn't meet with her until 3-months later. Couldn't get her back into a Med Sup so she had to go Med Advantage.

Had another one they replaced a regular Plan F with a Hi deductible Plan F with a slight savings. The lady was in a horrible accident right after the change and that was the first she knew that she had over $2,100 deductible.

Bankers gives all of us a bad reputation.

 

[xrac]

I run into a LOT of dirtbag things that Bankers agents do. The most recent, they rolled my client on a Plan F Med Sup to a Plan N that was only $10 less and told her it was a better plan. She has Parkensons Disease and of course they marked that question "no" to get it issued. I didn't meet with her until 3-months later. Couldn't get her back into a Med Sup so she had to go Med Advantage.

Had another one they replaced a regular Plan F with a Hi deductible Plan F with a slight savings. The lady was in a horrible accident right after the change and that was the first she knew that she had over $2,100 deductible.

Bankers gives all of us a bad reputation.

Unfortunately Bankers has trained more people in the seniors market Han about anyone.