What is whole life insurance?
Whole life insurance offers lifetime protection that builds cash value at a guaranteed interest rate. Permanent life insurance can help cover long-term needs, such as paying for final expenses, supplementing income, or paying off debts.
Product features and benefits:
Level premium payments
Access to cash value benefit
Guaranteed death benefit
Protects for your entire lifetime, rather than for a defined number of years¹
Simplified issue options
Avoids the delay and expense of probate, in most cases
Builds long-term cash value
Death benefits are generally tax-free to your named beneficiaries
Compare different types of Bankers Life whole life insurance policies
Product features
and benefits |
BasicLife |
BasicLife Graded |
InnovativeLife SP I |
InnovativeLife SP II |
SecureView |
Death benefit amounts
as low as $2,500 |
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| Available ages |
17-49 and
50-85 |
50-85 |
0-85 |
0-85 |
17-75 |
Guaranteed renewable
for life |
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| Single premium payment |
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Level premium payments, so
out-of-pocket costs never change |
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Death benefit guaranteed
not to change |
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| Long-term cash value buildup |
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| Access to your policy’s cash value through loans |
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| Riders to enhance your policy |
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| Automatic premium loan provision |
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| Protects for your entire lifetime, rather than for a defined number of years |
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| Face amounts as low as $30,000 |
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| Avoids the delay and expense of probate, in most cases |
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| Death benefits are generally tax-free to your named beneficiaries |
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Additional benefits available with certain whole life insurance policies
Lasting protection
Unlike term insurance, your BasicLife, SecureView®, or InnovativeLife SP whole life insurance policy provides lifetime coverage. You or your family could use your policy’s cash value or death benefit proceeds to:
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Pay for final expenses.
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Supplement income/retirement.
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Pay off debt.
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Fund a college education.
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Create an emergency fund.
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Pay for medical bills.
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Leave an inheritance to children or grandchildren.
Death benefits
BasicLife
With level benefits, your Basic Life policy’s death benefit equals 100% of your policy’s death benefit amount on the very first day of coverage, and it never decreases if premiums are paid. The Accidental Death Benefit will be equal to 100% of your policy’s death benefit amount in addition to the basic death benefit.
BasicLife Graded Benefit
With your Basic Life Graded Benefit policy, the death benefit steadily increases over the first two years of ownership until equaling 100% of your policy’s death benefit amount in policy years three and later.
BasicLife graded death benefit
110% of first year annual premium, excluding policy fee
120% of first two years annual premium, excluding policy fee
100% of death benefit amount
Optional riders:
Accelerated death benefit
Provides for an advanced payment of a portion of your policy’s death benefit amount in the event of terminal illness.
Accidental death benefit
Offers additional coverage equal to your policy’s death benefit amount in the event of accidental death within 90-180 days of an accident.
Waiver of premium
Waives the premium along with any additional rider premium if you become disabled (certain maximums apply).
Children’s term insurance
Offers level term insurance on the lives of your children. Provides guaranteed conversion privileges of up to five times the original amount, regardless of the child’s future health conditions.
Reinstatement without evidence of insurability
Reinstates your policy without evidence of insurability within 90 days of lapse if you suffered a cognitive impairment.
Riders may be subject to underwriting and availability. See agent for complete description and rules of each rider and benefit, including limitations and exclusions.
How do I know if I'm eligible?
Step one in obtaining whole 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 in your home to understand your preferences and goals. They’ll provide you with simple, clear choices and help customize a policy that meets your individual financial needs.
Personalized approach
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 650,000 policyholders, totaling $260 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.