Bankers Life And Casualty
Established in 1879 in Chicago, Bankers Life and Casualty Company focuses on the insurance needs of the retirement market. Bankers Life and Casualty Company is a nationwide company, a subsidiary of CNO Financial Group, Inc. (formerly Conseco), offers a broad portfolio of life and health insurance retirement products designed especially for seniors.
Bankers Life and Casualty Company has 1.4 million policyholders and offers a comprehensive portfolio of insurance products including long-term care and life insurance, annuities, and Medicare products including supplement plans, Medicare Advantage Plans and Medicare Part D prescription drug coverage.
The Wall Street Journal reported that Bankers Life and Casualty Company also offers vision and dental plans through a partnership with Humana.
Bankers Life sells its products through a network of over 4,800 insurance agents based in over 250 nationwide offices.
In business since 1879, Bankers Life and Casualty Company was developed and owned by Chicago insurance man John D. MacArthur since 1935. At the time of his death in 1978, control of the company passed to the John D. and Catherine T. MacArthur Foundation, a major charitable institution in the U.S. The foundation later sold Bankers Life and Casualty Company.
Today, Bankers and Casualty Company is a subsidiary of CNO Financial Group, Inc., a holding company for a group of insurance companies operating throughout the United States.
As of 2011, Bankers has $14 billion in assets under management. In 2011, Bankers processed more than seven million claims and paid out more than $1.3 billion in policy benefits.
The company has faced several lawsuits in which they were accused of denying claims to seniors and both Conseco and Bankers have been noted as having a particularly high amount of complaints among long-term care clients: in 2005, Conseco had one complaint for every 383 such policyholders, whereas, according to 2005 statistics, Genworth Financial, the largest long-term-care insurer received one complaint for every 12,434 policies. Concurrently, A.M. Best has upgraded the FSR to B (Fair) from B- (Fair) and ICR to "bb" from "bb-" of Bankers Life Insurance Company (Bankers Life).
Read more about Bankers Life And Casualty: Research Studies, Charity Funding, Bankers Life Fieldhouse
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