No, Bankers Life does not offer camping programs or related outdoor memberships as of 2026.
What does Bankers Life do?
Bankers Life sells life insurance, long-term care insurance, Medicare supplement plans, and annuities primarily to consumers aged 50 and older.
Founded way back in 1879 and based in Chicago, Bankers Life operates in all 50 states as a subsidiary of CNO Financial Group. Its policies include term and permanent life insurance that build cash value, plus long-term care coverage for nursing homes, assisted living, and home care services.
Is Bankers Life the same as Bankers Fidelity?
No, Bankers Life and Bankers Fidelity are separate companies under different ownership structures.
Bankers Fidelity is a subsidiary of Atlantic American Corporation based in Atlanta, Georgia. Bankers Life, meanwhile, operates under CNO Financial Group. Both sell insurance products but are legally and operationally distinct—think of them as cousins, not twins.
What is the rating for Bankers Life and Casualty?
Bankers Life and Casualty has a B++ (Good) financial strength rating from AM Best as of 2025, with a negative outlook.
This rating shows the company can generally meet ongoing insurance obligations. Policyholders can verify the latest ratings on AM Best’s website at AM Best to stay updated.
What kind of company is Bankers Life?
Bankers Life is a health insurance company specializing in Medicare supplements, long-term care, and life insurance for seniors.
| Attribute | Detail |
|---|
| Type | Subsidiary of CNO Financial Group |
| Industry | Insurance |
| Founded | 1879 |
| Headquarters | Chicago, Illinois |
| Primary Products | Medicare Supplement Plans, Long-Term Care Insurance, Life Insurance, Annuities |
Is Bankers Life and Colonial Penn the same company?
No, Bankers Life and Colonial Penn are separate companies under different ownership.
Colonial Penn is actually a brand of CNO Financial Group that sells guaranteed acceptance life insurance. Bankers Life operates as a separate subsidiary of the same parent company. They market different products to different customer segments—Colonial Penn focuses on simpler policies, while Bankers Life offers more comprehensive coverage.
Is Bankers Life in rehabilitation?
Yes, Bankers Life Insurance Company is in rehabilitation as of 2026 under oversight from the Illinois Department of Insurance.
The rehabilitation process aims to restore financial stability without liquidation. Policyholders should keep an eye on communications from the Illinois Department of Insurance or the company for updates on claims and coverage. Honestly, this is the best approach to protect policyholders while getting the company back on track.
Are Bankers Life agents independent?
Yes, Bankers Life classifies its agents as independent contractors rather than employees.
This structure means agents run their own businesses while selling Bankers Life products. The company has used this model for decades, which affects how commissions and support are handled. It’s a common setup in the insurance industry, giving agents more flexibility.
What kind of insurance does Bankers Life sell?
Bankers Life sells permanent life insurance, Medicare supplement plans, long-term care, and annuities with a focus on senior consumers.
Its permanent life policies include whole and universal life options with cash value accumulation. Long-term care riders can be added to life insurance policies to cover home care or facility costs. This lineup is pretty standard for companies targeting seniors.
Who is the CEO of Bankers Life?
Scott L. Goldberg serves as President and CEO of Bankers Life as of 2026.
Goldberg has led the company since 2019, guiding it through a period of financial restructuring. His role includes overseeing the rehabilitation process while keeping policyholder services running smoothly.
Who bought Bankers Life?
Bankers Life was acquired by ICH Corporation in 1984 for $382 million, then sold to Conseco Capital Partners in 1992.
The company has had multiple owners over the years, with the most recent major ownership change happening during the 1990s consolidation period in the insurance industry. That’s when Conseco Capital Partners took over.
Is Bankers Fidelity a good company?
Bankers Fidelity holds an A- (Excellent) rating from A.M. Best as of 2025 and scores 4.5 out of 5 stars for customer satisfaction.
The company is a smaller regional insurer with strong ratings for financial stability and customer service. If you’re considering them, it’s worth checking out their ratings on A.M. Best and customer review platforms—most reviews are pretty positive.
Does Bankers Fidelity have SilverSneakers?
Yes, Bankers Life offers SilverSneakers as a benefit on select Medicare Advantage plans in partnership with fitness centers nationwide.
SilverSneakers gives eligible members access to gyms, classes, and wellness programs at no extra cost. Just check your specific plan documents to confirm participation—it’s a great perk for staying active.
How do I cancel my Bankers Life account?
Call Bankers Life customer service at (800) 621-3724 to request account closure and policy cancellation.
Have your policy number and personal identification ready when you call. Some states may also require a written request, so it’s good to ask about that when you speak with them.
Who owns Bankers Life and Casualty?
Bankers Life and Casualty is owned by CNO Financial Group, a publicly traded insurance holding company.
CNO Financial Group oversees multiple insurance brands including Colonial Penn and Washington National. Ownership details are available in corporate filings with the SEC, if you want to dig deeper.
Who owns Colonial Penn?
Colonial Penn is owned by CNO Financial Group as of 2026.
The company specializes in guaranteed acceptance life insurance marketed primarily to seniors. Ownership information is published in CNO Financial’s annual reports—you can find it in their investor materials.
Does Bankers Life cold call?
Yes, Bankers Life agents conduct cold calling to set up appointments with potential customers.
Agents typically call two days per week to generate leads, followed by in-person or virtual meetings. This sales approach targets consumers aged 50 and older with tailored insurance offers. It’s a common practice in the industry, though some folks find it annoying.
What type of insurance is Colonial Penn?
Colonial Penn sells guaranteed acceptance whole life insurance with limited death benefits designed for seniors.
These policies don’t require medical underwriting and have graded benefits for the first two years. Premiums remain level for the life of the policy, which can be appealing to seniors looking for simplicity.
What happens when an insurance company goes into rehabilitation?
Rehabilitation is a state-regulated process to restore an insurer’s financial stability while protecting policyholders.
The state insurance commissioner oversees the process, which may include management changes, reduced benefits, or cost-cutting measures. It’s not the same as liquidation—instead, it’s about fixing the company’s finances while keeping policies active.
What does it mean when an annuity is in rehabilitation?
An annuity in rehabilitation means the insurer is undergoing financial restructuring to avoid insolvency while policyholders retain coverage.
During rehabilitation, annuity payouts may be reduced or delayed until stability is restored. Policyholders receive notices explaining changes and timelines—so keep an eye on your mail and emails for updates.
Edited and fact-checked by the FixAnswer editorial team.
