Banker's Life has been a name in Long-Term Care Insurance for some time. However, the company and its parent company - Conseco (CNO Financial Group), have had a troubled history. AM Best rates the financial strength of the company as B++ (Good). Typically, consumers should look at companies that have at least an A rating or better.

There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance; however, the primary features and benefit choices are comparable from company to company. Premiums and underwriting criteria vary dramatically between insurance companies. 

Troubled History

For most Long-Term Care Insurance specialists and consumers, the biggest concern is the troubled history of the parent company. Conseco (CNO Financial Group) owns Banker's Life. Conseco has had a troubled financial past, which leads many long-term care specialists not to recommend Banker's Life.

Claims

Another concern is Bankers Life has gained a reputation for being very difficult at the time of claim. If you or a loved one owns Banker's Life Long-Term Care Insurance policy, it is highly suggested to seek assistance when submitting a claim. 

LTC NEWS offers free - no-obligation help with claims and finding quality care options - Filing a Long-Term Care Insurance Claim | LTC News.

Banker's Life has several product series depending on your state. The products have several features and benefits consumers and Long-Term Care Insurance specialists look for in a long-term care insurance policy. 

Features available with Banker's Life Long-Term Care Insurance:

• Partnership
• Daily Benefit only - $40 to $400 a day
• Several Inflation Options including 2%, 3%, 4%, and 5% compounded – plus others
• Shared Care Benefit
• Cash Benefit
• Elimination Period Options - 0, 15, 30, 60, 90, 180, and 365 days
• Non-Tax-Qualified Option
• Return of Premium
• Restoration of Benefits
• Dual Waiver of Premium

Banker's Life does offer Partnership Long-Term Care Insurance policies. You can learn more about the federal/state partnership program and other state-specific information on long-term care by finding your state on the LTC NEWS Cost of Care Calculator.

Find State-Specific Information

You can learn more about the federal/state partnership program by going to the LTC NEWS Cost of Calculator. Each state has a state-specific page that includes the current and future cost of long-term care services, available tax incentives, information on care providers, and other important information -  Cost of Care Calculator - Choose Your State | LTC News.

Federal Regulation and Consumer Protections

All Long-Term Care Insurance contracts are regulated under IRS regulations §7702B(b)(1). Any insurance contract that meets the guidelines set by the Internal Revenue Service is considered long-term care. All insurance products that meet these federal guidelines contain consumer protections and regulated benefit triggers, in addition to tax advantages. 

Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance coverage, keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is not available otherwise. 

Be sure to use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning | LTC News.

There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.

Underwriting

Long-Term Care Insurance is medically underwritten, and every company has its own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.

Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy. You can find  

a trusted and qualified specialist that represents the major insurance companies that offer these products - Work With a Specialist | LTC News.

Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Insurance specialist will ask you several questions about your health to provide you with accurate quotes and professional recommendations.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.

Because Long-Term Care Insurance is custom-designed, you can design the plan to fit your specific needs, concerns, and budget. A specialist will help you develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:

• Safeguard income and savings
• Protect the lifestyle of your spouse/partner
• Provide options for quality care
• Reduce the stress and burdens otherwise placed on family members
• Give your adult children time to be family
• Provide a legacy for loved ones

State variations may apply.