What is term life insurance?
Term life insurance offers temporary coverage for a set number of years and affordable, level premium payments. Term life insurance can help your loved ones cover short-term needs, such as paying off a mortgage, outstanding debts or education expenses.
Product features and benefits:
Face amounts starting at $100,000
Coverage choices for initial term¹ (10 or 20 years)
Available up to age 70
Option to convert to permanent insurance may be available
Renewable up to age 95
Optional riders to enhance your policy
Avoids the delay and expense of probate, in most cases
Level premium payments for the original term period
Death benefits are generally tax-free to your named beneficiaries
¹Dependent upon age of insured.
Customize your policy with optional riders
Accidental death benefit
Provides a payment in addition to the policy’s face amount in the event of your accidental death.
Children's term insurance
Offers term coverage on your children.
Waiver of premium
Waives the premium if you become disabled (certain maximums apply).
Riders may be subject to underwriting and availability. See agent for complete description and rules of each rider and benefit, including limitations and exclusions
Why convert my term life insurance policy to a permanent policy?
Bankers Life offers ReliaTerm,® convertible term life insurance, which can be changed into a long-term, permanent insurance option.
With the ReliaTerm policy’s conversion feature, you may be able to continue your insurance protection. Simply choose any form of level-premium, permanent life insurance policy from Bankers Life, and we'll convert your policy without requiring proof of insurability. Policies are convertible to age 70 or for five years, whichever comes later.
Bankers Life offers a conversion credit (term conversion allowance) to policyholders up to age 60 and through the 61st month that the ReliaTerm policy has been in force. Conversion allowance percentages do not apply to the supplement benefits or riders.
How do I know if I’m eligible?
Step one in obtaining term life insurance is completing an application. Our underwriters will review your medical history to determine if your application is acceptable, and to identify your risk classification. You may need a medical exam. Your premium amount will be determined by the amount of insurance coverage you request, your age, gender and risk classification.
Why Bankers Life?
Simplified application process
Our knowledgeable insurance agents/producers sit down with you to understand your preferences and goals. They’ll provide you with simple, clear choices and help customize a policy that meets your individual needs. You can count on your insurance agent/producer to help make complex financial decisions about your future easier.
With a history dating back to 1879, there are some things that never change. At Bankers Life, that means taking a personalized approach to help protect the individuals and families we serve. We focus on helping you improve upon your financial security, particularly as you enter and navigate retirement.
Service you can trust
Our goal is to provide excellent service to every policyholder and make your life easier when it comes to your claims. In 2022, Bankers Life paid life insurance claims to over 658,000 policyholders, totaling $266 million.
Bankers Life is accredited by the Better Business Bureau with an A+ rating as of March 2023, in addition to receiving an A (Excellent) rating by A.M. Best Company for our financial strength.