Whole Life Insurance

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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

Level premium payments

Access to cash value benefit

Access to cash value benefit

Guaranteed death benefit

Guaranteed death benefit

Protects for your entire lifetime, rather than for a defined number of years

Protects for your entire lifetime, rather than for a defined number of years¹

Simplified issue options

Simplified issue options

Avoids the delay and expense of probate, in most cases

Avoids the delay and expense of probate, in most cases

Builds long-term cash value

Builds long-term cash value

Death benefits are generally tax-free to your named beneficiaries

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
     
Available ages 17-49 and
50-85
50-85 0-85 0-85 17-75
Guaranteed renewable
for life
     
Single premium payment      
Level premium payments, so
out-of-pocket costs never change
   
Death benefit guaranteed
not to change
Long-term cash value buildup
Access to your policy’s cash value through loans
Riders to enhance your policy
Automatic premium loan provision      
Protects for your entire lifetime, rather than for a defined number of years
Face amounts as low as $30,000      
Avoids the delay and expense of probate, in most cases
Death benefits are generally tax-free to your named beneficiaries

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:

  • Pay for final expenses.

  • Supplement income/retirement.

  • Pay off debt.

  • Fund a college education.

  • Create an emergency fund.

  • Pay for medical bills.

  • 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.

Year
BasicLife graded death benefit
1
110% of first year annual premium, excluding policy fee
2
120% of first two years annual premium, excluding policy fee
3
100% of death benefit amount

Optional riders:

Provides for an advanced payment of a portion of your policy’s death benefit amount in the event of terminal illness.

Offers additional coverage equal to your policy’s death benefit amount in the event of accidental death within 90-180 days of an accident.

Waives the premium along with any additional rider premium if you become disabled (certain maximums apply).

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.

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 2018, Bankers Life paid life insurance claims to over 700,000 policyholders, totaling $187 million.

Bankers Life is accredited by the Better Business Bureau with an A rating as of April 2018, in addition to receiving an A- (Excellent) rating by A.M. Best Company for our financial strength.