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Annuities

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Grow your retirement savings with Bankers Life and Casualty Company's annuities

Many people worry if their savings will last the life of their retirement. A Bankers Life annuity offers you a way to protect your retirement savings while providing an additional source of retirement income.

What is an annuity?

An annuity is a financial vehicle designed to help you accumulate money for retirement, protect what you’ve saved, or turn your retirement savings into an income stream. You agree to fund the annuity, either with a lump sum of money or through regular payments. These contributions generally earn a tax-deferred rate of return as they accumulate.

Benefits of annuities

  • Financial security—your principal is always safe from market loss

  • Growth potential—accumulate interest with traditional fixed and fixed indexed options

  • Tax-deferred interest accumulation

  • A variety of income options, including guaranteed lifetime income

  • Death benefit paid to beneficiaries

Types of Bankers Life annuities

Fixed Indexed Annuities

Guaranteed Lifetime Income Annuity

Get the option of a guaranteed income stream for life

Bankers Life Guaranteed Lifetime Income Annuity products
are not available in New York.

  • With a Guaranteed Lifetime Income Annuity, you have the option to elect a predictable, guaranteed income stream for life, while still maintaining flexibility, control and access to your funds.

  • The longer you wait to begin receiving your income payments, the greater your income payments may be.

  • No fee is charged to the annuity's account value for the lifetime income withdrawal benefit, meaning you will never experience a loss to your principal from either market conditions or fees.

  • Other withdrawals during the early years of the annuity may incur withdrawal charges.

  • Guaranteed Lifetime Income Annuity Plus with Enhanced Benefit (GLIA Plus) provides the same opportunity to receive a guaranteed income stream for life as the Guaranteed Lifetime Income Annuity. Plus, the option to receive a temporary increase to your lifetime income withdrawals if you’re certified as having a chronic illness, injury, or severe cognitive impairment. The money is there when you need it most.

Premium Bonus Indexed Annuity

Enjoy upside potential with principal protection against market loss

Bankers Life Fixed Index annuities are not
available in New York.

  • With our Premium Bonus Indexed Annuity, you can grow your money through a fixed interest rate or potentially earn interest linked in part to the performance of the S&P 500®.

  • Because you're not actually participating in the market, your money is not at risk of any market downturns.

  • Receive an upfront premium bonus.*

  • Allocate funds between two fund options: Fixed Rate or Index Value.

Traditional Fixed Annuity

Experience fixed interest accumulation

  • Our Traditional Fixed Annuity enables you to grow your money through a fixed interest rate—on a tax-deferred basis.

  • Your principal is protected from any losses because the money in your annuity is not affected by market performance.

Immediate Annuity

Receive predictable income right away

  • Our Immediate Annuity is a simple annuity that you purchase with a single lump-sum payment.

  • This annuity then pays you a guaranteed income stream that starts almost immediately.

  • You have the flexibility to decide whether you want to receive guaranteed payments for life or for a specific time period.

Wondering which annuity may be right for you? Use our quote form to talk to an agent.

How do I know if I'm eligible for an annuity?

Step one is scheduling an appointment with an experienced, licensed Bankers Life agent/producer to determine if the proposed annuity will satisfy your investment goals to help meet your financial needs. You'll also be required to complete a suitability review to determine if the product is suitable for you based on your financial situation and objectives.

Why Bankers Life?

Simplified application process

Our knowledgeable insurance agents/producers sit down with you in your home to understand your preferences and goals. They'll provide you with simple, clear choices that meet your individual financial needs.

Financial strength

An annuity is only as good as the company that backs it. You want to know that the company issuing it will be around in the future to follow through on payments to you. Bankers Life products have served America's insurance needs since 1879, offering longevity, financial strength and stability.

Bankers Life is accredited by the Better Business Bureau with an A rating as of January 2020, in addition to receiving an A (Excellent) rating by A.M. Best Company for our financial strength.

Personalized approach

At Bankers Life, we take a personalized approach to helping the individuals and families we serve. As you enter and navigate retirement, we will be by your side every step of the way, helping to protect your financial security.

Service you can trust

Our agents/producers live in the communities they serve and travel to your home or business. Our goal is to provide excellent service to every policyholder and make your life easier when it comes to your claims.

In 2019, Bankers Life paid annuity claims to over 167,000 policyholders, totaling $321 million.

FAQs

There are three types of annuities: fixed interest, fixed indexed and immediate.

  • A fixed interest annuity helps you accumulate funds for retirement. The money in your annuity earns a guaranteed fixed interest rate. Plus, your money accumulates tax deferred, which means you don't pay income taxes on earnings until you actually withdraw them from our policy.
  • A fixed index annuity has the same guarantees as a fixed interest annuity, but it offers an additional opportunity to earn interest based on the performance of a market index. You're not actually participating in the market, so the money in your annuity is never at risk of decreasing.
  • An immediate annuity is purchased with a single lump-sum payment. In exchange, the annuity pays you a guaranteed income stream that can begin immediately.

An annuity can help you:

  • Protect your principal.
  • Avoid probate in most cases.
  • Have guaranteed income for life.
  • Gain potential protection against creditors, claims, lawsuits, bankruptcies and more.

Plus, annuity payouts do not affect your Social Security benefits.

Annuities offer guaranteed income for life, whereas CDs offer no lifetime income, and have limits for deposits. While CDs are generally considered safe investment vehicles, fixed annuities usually offer better rates, guaranteed minimum earnings and the option to extend those earnings and benefits of tax-deferred growth to your family members.

Fixed annuities offer a benefit of tax-deferred income. The interest your annuity earns (under current tax law), accumulates on a tax-deferred basis. This means that while your annuity is earning interest and you're not withdrawing money, you don't pay taxes on interest. You pay taxes only when you take money out of your annuity or you start receiving payments. Because taxes are not paid on the gain of your annuity while it’s growing, your earnings grow faster and build more funds to use during retirement.