Life insurance

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Life insurance
to help protect your
family's future

Life is full of surprises. That’s why it’s never too early to plan ahead. Help secure your family’s financial peace of mind by choosing a life insurance solution that lasts a lifetime.

Help ensure a legacy of financial security

Happy Couple

We all want to leave behind good memories, the love of friends and family and signs that we’ve made a difference. However, without proper planning, the people we love most may face difficult financial burdens.

Bankers Life agents understand that for every successful journey, you must know where to begin. Working one-on-one with you, your Bankers Life insurance agent will identify a life insurance policy—term, whole or universal life—that can help protect your family and ensure your legacy.

Why Bankers Life?

With Bankers Life, you get personal attention and clear, straightforward answers. Our friendly insurance agents take time to know you and understand your goals. Through one-on-one guidance, they’ll help you know your options, weigh your needs and choose an affordable life insurance policy. Bankers Life insurance agents live and work in your community and want to help you make the right decisions about life insurance.

Types of life insurance

  • Term life insurance: The most affordable type of life insurance, term life insurance is designed to meet temporary needs. This type of coverage is best when the need for coverage is limited to a period of time (e.g., 5, 10 or 20 years).

  • Universal life insurance: This type of coverage offers permanent protection with flexible premium payments. Cash value accumulates on a tax-deferred basis and can be used in the future for any purpose.

  • Whole life insurance: For permanent, lifelong protection, there’s whole life insurance. Premiums are level for life and offer guaranteed cash value accumulation.

Frequently asked questions

Who needs life insurance?

If someone depends on you financially, you likely need life insurance. The proceeds of life insurance, known as the “death benefit,” can be used for any purpose. Life insurance beneficiaries can use the money to pay final expenses, replace lost income, pay off a mortgage or other debts, fund a child’s education and more. As a bonus, life insurance proceeds are not subject to federal income taxes in most instances.

What type of life insurance is right for me?

There are three major types of nonvariable life insurance coverage:

  • Term life insurance–the most affordable type–is designed to pay a benefit if the insured person dies during a certain time period, such as 5, 10 or 20 years. Term life insurance is best when your need is limited to a set time period, such as the duration of your mortgage or until you retire. The coverage lasts only as long as the policy stipulates.
  • Whole life insurance is permanent protection to cover you, literally, for your whole life. The coverage includes many guarantees. Premiums are guaranteed level and will never increase for the life of the contract as long as premiums are paid on time. Whole life insurance comes with guaranteed cash value, which accumulates over time and can be borrowed against.
  • Universal life insurance is another permanent form of life insurance. Premiums are flexible, so you can choose to make higher payments when you can afford it or pay a lower amount if money is tight. Universal life insurance also has a cash value, which accumulates tax deferred. You can access your cash value in the future for any purpose.

Term life, whole life and universal life insurance plans have one sure thing in common: Each type pays a death benefit when the covered person passes away. The money can be used by heirs to replace income, pay off debts, leave a legacy, etc. But the three types can differ in terms of coverage length, premium flexibility, cash value accumulation and distribution, and other factors. To determine which type of life insurance is best for you, talk to your Bankers Life insurance agent, who will listen to your concerns, understand your needs and recommend the right solution for you.

How much life insurance do I need?

Life insurance is an important component of any financial plan. As you consider how much life insurance you truly need, ask:

  • How much income does my family need if I died today?
  • What types of debts or other expenses need to be paid when I pass away?
    • These may include your mortgage, final expenses (such as funeral costs, probate charges, costs of settling your estate) and any other debt, such as credit card and car loan balances.
  • How much do I have set aside for savings?
  • Do I have any existing life insurance policies?
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