Bankers Life and Casualty
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| Type | Corporation |
|---|---|
| Founded | 1879 |
| Headquarters | Chicago, Illinois, USA |
| Industry | Health Insurance |
| Products | Medigap Policies, Long Term Care Insurance, Home Health Care Insurance, Short Term Care Insurance, Life Insurance, and Annuities |
| Parent | Conseco |
| Website | http://www.bankers.com/ |
Bankers Life and Casualty Company is one of the largest life and health insurers in the United States. Headquartered in Chicago, Illinois, the company is focused exclusively on serving the retirement needs of the middle market.
Bankers serves nearly 1.4 million policyholders with 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 company sells its products through a nation wide Captive Agent system, which utilizes a network of over 4,600 agents based in over 200 nationwide sales offices.
In business since 1879, the 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.
Today, Bankers is a subsidiary of Conseco, Inc., a holding company for a group of insurance companies operating throughout the United States. Bankers' currently manages over $650 million of capital and surplus and nearly $10 billion in assets under management. Despite this fact, though, the company has faced several lawsuits where they were accused of denying claims to seniors[1] and both Conseco and Bankers have routinely been noted as having a particularly high amount of complaints among long-term care clients: one complaint for every 383 such policyholders,[1] whereas, according to 2005 statistics, Genworth Financial, the largest long-term-care insurer received one complaint for every 12,434 policies.[1][2]
[edit] References
- ^ a b c Duhigg, Charles (2009-03-26). "Aged, Frail and Denied Care by Their Insurers". The New York Times. http://www.nytimes.com/2007/03/26/business/26care.html?pagewanted=all. Retrieved 2009-09-22.
- ^ "The Best & Worst of Long Term Care Insurance Companies". FreeAdvice. Sausalito, California: Advice Company. http://law.freeadvice.com/insurance_law/long_term_care/best-worst-long-term-care-insurance.htm. Retrieved 2009-09-22.
[edit] External links
- Bankers Life and Casualty — official site
- The Bankers Story — history
