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Colorado Bankers Life Review [Get Important Updates Here]

If you are here to learn a little about Colorado Bankers Life Company or wonder the reasons associated with what to do or what details are needed or who to call or make a report to remedy your questions or file a claim to the best extent possible, then perfect! You have found the right article.

In this article, I will talk about facts that you need to know to help you out and benefit you the most that you can.

And by the way, if you can click here to learn more about the potentially FREE benefits that the government may provide people who are disabled or retired on a fixed income!

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Who Is Colorado Bankers Life Company

Colorado Bankers Life is known more by Bankers Life. Founded in 1879 and located in Chicago. This company has licensing in all states and branches all across our nation. 

They say they sell retirement plans, health supplements, long-term, annuities and 4 more types, including final expense insurance. But you can’t get a quote online. So you have to go to one of the branches to inquire about information. 

Who Owns CB life

The holding company — Global Bankers Insurance Group LLC of Durham, North Carolina — acquired Colorado Bankers Life in 2015 and Bankers Life of Florida in 2016. 

What Does Colorado Bankers Life Try To Do

Bankers Life offers supplemental health insurance, long-term care insurance, and annuities in addition to four different types of life insurance. Colorado Bankers Life sells Retirement Income Health Expenses Retirement Care and Final Expense Insurance. 

Final expense insurance offers coverage for burial and funeral costs and is more affordable.

Since Colorado Bankers Life are in rehabilitation and many complaints and lawsuits. Also has a high number of complaints with the NAIC, and the company’s financial strength doesn’t compare to reputable companies. We recommend choosing a better business for your life insurance. 

So the good news is that we can get a better price for coverage out there in many circumstances than a lot of other carriers can provide.

We have helped many people even with a history of heart issues, strokes, diabetes, cancer, lung problems, and more. 

Here at Buy Life Insurance For Burial, you’ve got lots of different options. And many times, you could even qualify for a better policy that will start immediately.

SEE ALSO  Guaranteed Acceptance Whole Life Insurance Policies Reviews

We will be able to tell you within 5 minutes, without any obligation, that we can help you access free government benefits that you couldn’t previously have while gaining back some of your money spent already. 

  • An Independent Broker Professional that can get access to all of the best carriers in your area. is possible.
  • We are Independent Broker Professionals that can shop around for the absolute best program that suits you.

It is easy to fill out the free quote form to the right of your screen or call us at 1-888-626-0439. 

Colorado Bankers Life Insurance Company Ratings

BBB only 1/5 stars

This business is not BBB Accredited

Years in Business: 47

Customer Complaints

28 complaints closed in last 3 years

17 complaints closed in last 12 months

Candace H

(1 star)

11/17/2021

I feel like I was scammed by *****************. The recommended a annuity from CBLife. I thinkd ****************** knew that CBLife . I invested money and know I cannot acces my money . I invested 50,000.oo dollors and now I can not acces my money. I am 67 years old and I have lost acces to my retirement fund. This company should be charged with fraud.

Debbie G

(1 star)

08/14/2021

The moratorium was initiated on 6/27/2019. I never received any info reference to the company’s financial troubles. We had moved so I didn’t receive a letter or phone call. I am deeply disturbed that my financial advisor didn’t have the gall to inform me (we met every 3 months x past 8 yrs) of the situation. In fact, he took $ from a higher paying acct when I needed cash b/c he knew he couldn’t get $ from CBL & again didn’t inform me. Hiding info from a client is grounds for legal action & that is exactly the direction we have taken. I just learned about this on 7/23/2021!! You can imagine the devastation I felt when another financial advisor informed me.

Contact Us

Colorado Bankers Life Insurance Company

P.O. Box 11609

Winston-Salem, NC 27116

  • By phone: 1-833-658-2841
  • By general phone questions: 1-800-621-3724. 
  • By email customer service: CBL@actmanre.com
  • By email Claims: claimsservices@actmanre.com
  • Live Chat: No live chat available

There are 257 Branches across the US to speak to an agent in person.

Phone:

  • for New York residents: 800-845-5512
  • for Non-claim inquiries: 800-654-3072
  • for Claim inquiries: 800-773-4760
  • for Life policy inquiries: 800-238-8011
  • for Annuity inquiries: 800-787-1431

On BBB site for Colorado Bankers Life

10/28/2021

I have tried multiple times to contact this business, but every time I call, I’m placed on long holds that end up getting disconnected. I am never able to speak to someone voice to voice because the line is always disconnected before anyone picks up. I have also e-mailed this business and have not received any response back. 

SEE ALSO  Gerber Life Insurance Review [Rates, Secrets Revealed]

Will We Still Be Covered By Bankers Life

State Insurance departments regulate and monitor Insurance to primarily protect policyholders from the risk of financial distress.

State Governments protect policyholders if the company goes out of business with state insurance regulators who monitor life insurance companies’ financial well-being.

When a company is in trouble financially, the commissioner residing in the company’s home state to help in a process the troubled company to regain financial footing. This is dictated by state law and is known as a period of rehabilitation.

If, for some reason, the company can’t be rehabilitated, then it is declared insolvent. The commissioner then asks the state court to order the company to be liquidated.

Your Coverage Protected By Law

Most states follow the NAIC Model Act to provide coverage of at least the amounts below:

(check your state association’s website to confirm your levels in your state)

  • Total of $300,000 in life insurance death benefits
  • Total of $100,000 in cash surrender or withdrawal values for life insurance
  • Total of $250,000 in the present value of annuity benefits, including net cash surrender/withdrawal values
  • Total of $500,000 in major medical or basic hospital, medical and surgical insurance policy benefits
  •  Total of $300,000 in long term care insurance policy benefits
  •  Total of $300,000 in disability insurance policy benefits
  •  Total of $100,000 in other health insurance benefits

What if the Insurer still can’t pay

If the company still falls short of funds to pay the policyholders, then there are state guaranty associations that will be activated to provide 2 main sources of funding.

  1. Subrogation rights of the company’s assets to proportion out to the policyholders. The assets, many times are large, can pay the covered claims.
  2. Insurers have assessed a share in an amount that is required to meet the associated guaranty claims that are not funded with estate assets based on premium amounts collected in that state.

In the case of Greg Lindberg’s financially drained Banker’s Life, the Superior Court in North Carolina approved to the states’ regulator to modify a moratorium on Colorado Bankers and Bankers Life.

The North Carolina Department of Insurance said this allows limited funds to be withdrawn by annuity contract owners during the pandemic.

Greg Lindberg was recently sentenced to prison concerning corruption-related convictions.

The Annuity contract holders will be getting a letter with instructions that explains that they are eligible for a one-time partial withdrawal of their funds. 

The letter will show how to submit their request. Kurtzman Carson Consultants LLC (KKC) is the administrator of this process. KKC can be contacted at 1-844-926-1524 for more information if needed.

SEE ALSO  Globe Life Insurance Review - My Take As An Agent

Bottom Line

This Life insurance company may have an appeal to be contacted at the 257 branches in person. However, policies and riders are available by much more reputable companies. 

The negative customer service reviews, a rating under review by AM Best, and the high number of complaints are many reasons to choose a better-qualified insurance company.

Seek A Second Opinion 

  • Do your research
  • Be informed
  • Get all the truth

Good news is that in many circumstances, we can get a better price for coverage out there than a lot of other carriers can provide.

We have helped many people even with a history of heart issues, strokes, diabetes, cancer, lung problems, and more. 

We will be able to tell you within 5 minutes, without any obligation, that we can help you. 

It is easy to fill out the free quote form to the right of your screen or call us at 1-888-626-0439. 

Want Life Insurance But Not The Salespeople Visiting? We Have The Right Solution!

Here at Buy Life Insurance For Burial, you’ve got lots of different options. And many times, you could even qualify for a better policy that will start immediately.

We can help you to get burial insurance quotes for:

We have the sole purpose of getting you more choices that are tailored for your family and you so you have the best possible insurance that you decide and what is more important to you. The best coverage for the best price at the end of the day.

It’s easy to get more information:

  • By simply filling out the form that you see on your screen or at the top of your phone, you can get the necessary information where you see the words Get Your Life Insurance Quote Now.
  • If you prefer to call, you can speak to one of our friendly representatives at 888-626-0439 about the many options you could qualify for.

Also free government benefits:

In just a few minutes, you can get access to free government benefits that you didn’t previously have and gain back some of the money you have spent already. 

  • An Independent Broker Professional that can get access to all of the best carriers in your area. is possible.
  • We are Independent Broker Professionals that can shop around for the absolute best program that suits you.

Compare, and You will be happy you took the time.

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