What Kind of Debit Accounts Are Offered by Bankers Life Insurance Company?


Quick Answer

Bankers Life Insurance Company does not offer debit accounts but provides annuity products with high annuity rates, explains its official website. Established in 1976, the financial firm caters to the distinct investment needs of clients and business partners, aiming to help customers attain their long-term financial goals.

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Full Answer

The products of Bankers Life Insurance Company include the Single Premium Deferred Annuity 5-Year Rate, or SPDA-5, the Single Premium Deferred Annuity 7-Year Rate, or SPDA-7, the Single Premium Immediate Annuity, or SPIA, and the Interest Plus annuity, according to its website. The SPDA-5 features a tax-deferred policy, which means the principal earns interest and the interest also earns interest. Customers receive monthly payments 30 days after the start of their policies.

The SPDA-7 produces a better rate of return compared to SPDA-5, because a policyholder's funds increase for seven years, notes the website. After 12 months, annuitization is available for at least 10 years.

SPIA is designed for customers who don't want to be concerned about ways to invest their funds and who want higher returns without outliving their investments, states the website. The policy also features tax deferral by allowing policyholders to receive income in installments rather than a single sum of money. The Interest Plus annuity similarly offers higher rates of return, but customers can obtain their funds without paying a significant surrender charge.

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