Bankers Life Insurance: 4 Available Plans

Banker’s Life Insurance company provides basic term life and flexible universal life coverage. You can choose your right fit policy option. Since the policies don’t have online quotes, you can contact insurance agents to get your coverage. The company has a membership of 1.4 million people. This article describes four available bankers’ life plans.

Term Life

Term life is an affordable plan and provides you with temporary coverage. When you buy a policy, you select a fixed term. The term length can be five, ten, or twenty years. During the period, you can access standard premiums.

Whole Life

The insurance coverage lasts for a lifetime. It entails a savings plan where people can build cash value. The insured people can get the cash through withdrawals or loans. 

Here are the whole life coverage options;

Basic Life

The minimum coverage amount is $2,500. The policies involve standard premiums; thus, out-of-pocket charges never change. People get full death benefits on the first day.

Basic Life Graded

The plan gives policyholders lower initial death benefits. But the benefits accumulate over two years steadily until it gets to 100% of the chosen policy.

Innovative Life SPI

The policy is available to individuals up to 85 years old. The coverage amount starts from 30,000 US dollars.

Innovative Life SPII

The starting coverage amount is higher than SPI.

Secure View

The policy includes standard premiums. It’s available to individuals between 17 and 75 years.

Universal Life

Universal life Insurance is among the types of permanent insurance. It provides policyholders with savings options and death benefits but offers more flexibility than other coverage like whole life. You can adjust death benefits and decrease premium payments.

Universal life insurance options are:

TurningPoint

With the TurningPoint plan, you get a fixed interest rate. Its money value builds at a minimum interest of 3%.

Clearvantage IUL

The plan is indexed, meaning the cash value depends on a market index. S&P 500 performance influences the cash value of policyholders.

Available Riders

Typically, life insurance policies have optional riders. With an additional cost, people can include them in their coverage. The riders allow people to customize their policies, cover family members, and get benefits early.

The available riders include;

Accelerated Death Benefits

With this policy, you can get part of your benefits if you have a terminal illness or chronic disease diagnosis.

Accidental Death Benefits

Beneficiaries get an additional benefit if a policyholder dies within ninety to 180 days after an accident. 

Disability Income

With a disability income insurance rider, you can get benefits if you’re permanently disabled.

Children’s Term Insurance

If you have a whole or universal life policy, you can add a term life policy coverage for your children.

The benefits of purchasing a banker’s life insurance include the possibility of adding riders to your policy, and you can choose from multiple life insurance coverages available.

Bankers’ life policies include term life, whole life, and universal life insurance. You can pay an additional cost to add riders like disability income, accidental, and accelerated death benefits.

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