Bankers Life Review | Trust Score & Ratings

Founded1879

HeadquartersChicago, Illinois

Trust Score81/100

About Bankers Life

Bankers Life is a senior insurance company founded in 1879 and based in Chicago, Illinois. They specialize in providing insurance products tailored for seniors, like life and health insurance.

Operating as an MLM, or network marketing company, Bankers Life uses a Forced Matrix compensation plan. Distributors earn income through product sales and team-building commissions, but there's a notable concentration of income among top earners.

With a Trust Score of 81/100 and a 3.5/5 rating on Trustpilot, Bankers Life has a solid reputation. However, potential distributors should be aware of monthly purchase requirements to qualify for full commissions.

Pros and Cons

✓ Pros

Established company
Bankers Life has been around since 1879, which shows some level of stability and experience in the market.
Diverse product offerings
They provide various insurance products, including life and health insurance, which can appeal to a wide range of customers.
Training and support
Distributors receive training programs, which can be beneficial for those new to sales or insurance.
Potential for residual income
With a matrix compensation plan, there's a chance to earn ongoing commissions from team sales.

✗ Cons

High concentration of top earners
The income disclosure shows that a small percentage of distributors make most of the money, which could mean tough competition.
Monthly purchase requirements
To qualify for full commissions, distributors must meet monthly product purchase quotas, which can strain finances.
Forced matrix structure
This setup can limit income potential for those at the bottom of the matrix, as earnings depend heavily on team performance.
Mixed Trustpilot reviews
With a 3.5/5 rating, experiences vary widely, indicating some might face challenges or dissatisfaction.

Verdict: Bankers Life has some solid points, especially for those interested in the insurance industry. However, the income structure and earning potential can be tough for many. It’s worth exploring carefully, but don’t jump in without understanding the risks.

Best for: This could be a good fit for someone with sales experience and a strong network. If you're not comfortable with monthly sales requirements or the competitive nature, it might be best to look elsewhere.

Risk Analysis

Bankers Life has a low risk profile, but potential distributors should be cautious about income concentration and monthly purchase requirements. While the company has been around for over a century, these factors could impact earnings.

Key Concerns

Top earner concentration in income disclosure moderate
The income disclosure shows that a small percentage of distributors earn the majority of the income, indicating potential challenges for new recruits.
Monthly purchase requirements for full commissions moderate
Distributors must meet monthly purchase quotas to earn maximum commissions, which can lead to increased expenses and pressure to sell.

Positive Indicators

Established company with a long history
Founded in 1879, Bankers Life has a longstanding reputation in the industry.
Decent Trustpilot rating
A 3.5/5 rating on Trustpilot suggests a mixed but generally acceptable level of customer satisfaction.

Consumer Advice: If you're considering joining Bankers Life, weigh the potential for earnings against the risks of high expectations and monthly costs. Do thorough research and speak to current distributors to get their perspective before diving in.

Frequently Asked Questions About Bankers Life

Is Bankers Life a legitimate MLM company?

Yes, Bankers Life is a legitimate company that has been around since 1879. They're known for selling insurance and financial products, and they operate under a forced matrix compensation plan.

What products does Bankers Life sell?

Bankers Life offers a range of products, including life insurance, health insurance, and annuities. Their focus is primarily on retirement planning and financial security for seniors.

How much can you make with Bankers Life?

Earnings at Bankers Life can vary widely. While some top earners do quite well, many distributors may not make much, especially with the income disclosure showing a concentration of income among a few individuals.

Are there complaints about Bankers Life?

Yes, there are some complaints about Bankers Life, particularly regarding sales practices and customer service. Their Trustpilot rating is 3.5 out of 5, which suggests mixed experiences.

How does the compensation plan work at Bankers Life?

Bankers Life uses a forced matrix compensation structure. This means you earn income through product sales and team-building commissions, advancing in rank as your sales volume increases.

What is the cost to join Bankers Life?

To join Bankers Life, new distributors typically need to purchase products at wholesale prices. There's also a monthly purchase requirement to earn full commissions, which can add to your costs.

What is Bankers Life's BBB rating?

Bankers Life has a BBB rating of B+. This suggests that while there are some complaints, they generally respond to issues and maintain a decent reputation.

Is Bankers Life worth joining?

Whether Bankers Life is worth joining really depends on your goals. If you're comfortable with sales and team-building, it could be a good fit, but be aware of the income concentration among top earners.

What are the alternatives to Bankers Life?

Some alternatives to Bankers Life include other insurance MLMs like Primerica or World Financial Group. It's worth researching these companies to see how their products and compensation plans compare.

Compensation Plan

Plan Type

This is a Forced Matrix plan. Think of it like a pyramid where you need to build a team below you. The more people you bring in, the higher your potential earnings, but it’s structured so you can only have a certain number of people in each level.

How Earnings Work

Retail Profit: You buy products at a wholesale price and sell them to customers at a retail price. The difference is your profit.
Team Commissions: When your team makes sales, you earn a commission based on their sales volume.
Bonuses: There are several bonuses, like a Sponsor Bonus for helping new people join and succeed, and Leadership Bonuses for reaching higher ranks.
Incentive Trips: If you hit certain targets, you could earn trips as a reward.

Qualification Requirements

You need to maintain a minimum monthly purchase to earn full commissions. This is often called personal volume (PV).
To reach higher ranks, you also need to have a certain number of active team members.
Rank advancement depends on the combined sales of you and your team.

Red Flags

There are monthly purchase requirements to earn full commissions, which can feel like a pay-to-play setup.
Most of the income seems to come from recruiting new members rather than actual product sales.
The income disclosure shows that most people earn only a small amount, while a few top earners make the big bucks.