To cancel a Bankers Life insurance policy, send Bankers Life and Casualty Company a signed, dated written request naming the exact product, your policy or certificate number, and the date you want coverage to end, then get written confirmation that it has terminated and billing has stopped. Because Bankers Life agents sell life insurance alongside Medicare supplement, long term care and annuity products, confirm which one you are cancelling before you send the request.
Bankers Life and Casualty Company, part of CNO Financial Group, sells life insurance, Medicare supplement, long term care and annuity products to the retirement age market through career agents who work directly with clients in their communities.
Bankers Life sells more than life insurance, and that is the real risk
Bankers Life and Casualty Company built its business around the retirement age market, and its career agents typically sell more than one kind of coverage: life insurance alongside Medicare supplement, long term care and annuity products. That mix matters the moment you decide to cancel. Many people who call to end their Bankers Life coverage are not thinking about a life insurance policy at all. They are thinking about a Medicare supplement plan or a long term care policy, and the two get confused because both arrived through the same agent, the same statements and sometimes the same folder. Cancelling the wrong one can be a far bigger mistake than cancelling the right one. A life insurance policy is usually straightforward to replace. A Medicare supplement plan bought with full underwriting, or a long term care policy bought years ago at a younger age, can be difficult or impossible to replace on the same terms later, especially if your health has changed since. Before you send any cancellation request, confirm in writing exactly which product you are ending. Your policy number and the product name on your statement will tell you.
How to cancel, step by step
- Find your policy number. It is on the policy itself and on any statement. Work from your own documents rather than from a letter you were not expecting.
- Put the request in writing. Sign and date it, name the policy number, and state the exact date you want coverage to end. A phone call alone leaves you nothing to point at later.
- Say if you are inside the free-look window. If the policy is new, your state may entitle you to a full refund. Make that request explicit rather than assuming it is applied.
- Ask for written confirmation. You want the termination date and, if there is cash value, the amount being released. Keep it.
- Stop the payment last, not first. Only once the insurer has confirmed the policy has ended. Stopping the draft first creates a lapse rather than a cancellation, which is messier and can cost you the cash value.
What to check before you send it
These are the things people most often wish they had looked at first. None of them are reasons not to cancel. They are the difference between a decision and a regret.
- Which Bankers Life product you actually hold. Bankers Life career agents commonly sell life insurance alongside Medicare supplement, long term care and annuity products, often to the same household. Confirm the exact product name and policy or certificate number on your statement before you write to cancel, because "cancel my Bankers Life policy" can mean several very different things.
- Whether the policy is term or whole life. If the product is life insurance, term generally has no cash value to lose. Whole life may have accumulated some, shown on your current statement.
- Whether replacing a Medicare supplement or long term care policy is even possible later. Medicare supplement plans and long term care coverage are usually medically underwritten when you first buy them. If your health has changed since, a new policy may cost more, come with exclusions, or not be available at all. This is the single costliest thing to overlook.
- Any accumulated cash value. A whole life policy may carry cash surrender value. Surrendering ends the coverage and releases that value, and any amount above what you paid in can be taxable. Your statement or the insurer can confirm the current figure.
- How the premium is being paid. Bankers Life premiums are frequently paid by automatic bank or card draft that your local agent helped set up. Cancel with the insurer first, get the termination confirmed in writing, then make sure no further draft is scheduled.
When cancelling is the right answer
Cancelling makes sense when the coverage genuinely no longer fits your situation, such as a life insurance policy bought for a need that has passed, or a Medicare supplement plan you are replacing with one that covers the same doctors for less. It also makes sense if you are paying for two policies that do the same job. It does not make sense to cancel a long term care or Medicare supplement policy on a whim before confirming you can qualify for something comparable, because underwriting can close that door for good.
Common questions
How do I cancel a Bankers Life insurance policy?
Send Bankers Life and Casualty Company a signed, dated written request that names the exact product, your policy or certificate number, and the date you want coverage to end. Ask for written confirmation that the coverage has terminated and that billing has stopped. Contact details for policy service are printed on your policy documents and statements.
I want to cancel my Bankers Life policy, but I'm not sure if it's life insurance or something else.
That confusion is common, because Bankers Life agents sell life insurance alongside Medicare supplement, long term care and annuity products, often in the same visit. Check the product name printed on your statement or policy jacket before you write to cancel, since each product has a different process and different consequences for ending it.
Can I cancel a Medicare supplement plan the same way as a life insurance policy?
The written request process is similar, but the stakes are different. A Medicare supplement plan is typically medically underwritten, so replacing it later at a lower price is not guaranteed if your health has changed. Confirm you can qualify for a comparable plan before you end the one you have.
Will I get money back if I cancel long term care coverage?
It depends on the specific policy and how it was structured. Some long term care policies build limited value and some do not. Your policy documents or the insurer can tell you what, if anything, applies to your certificate. Either way, the coverage itself is generally difficult to replace once cancelled, particularly if your health has changed since you first applied.
What if I only just bought the policy?
Every state gives new policyholders a free-look period, commonly ten to thirty days from delivery, during which you can cancel and have your premium returned. Many states extend that window for buyers age sixty and over. If you are inside that period, say so explicitly in your written request.
Does my Bankers Life agent need to be involved in the cancellation?
No. Your agent can answer questions, but the contract is with the insurer, Bankers Life and Casualty Company, and only the insurer can process the cancellation. Put your request in writing directly to the company and keep a copy.
Will my coverage end the day I ask to cancel?
Not usually. Most life insurers end coverage on the next premium due date or on the date they process a signed request, whichever the contract specifies. That gap matters, because until the policy actually terminates you are still covered. Never treat a phone call as the end of it: confirm the termination date in writing and keep the confirmation.
Should I just stop paying instead of cancelling?
It is simpler than it looks to do this badly. Stopping payment starts the grace period, and if the policy has cash value the insurer may keep it in force by taking loans against that value, which can quietly drain it. A written request creates a clean, dated record of what you asked for and when. Cancelling on purpose is always tidier than lapsing by accident.
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This guide is general information, not legal, tax, or financial advice. Cancellation terms, refunds, and free-look windows depend on your contract and your state. Policy Review Center is a free comparison and referral service, not an insurance agency, insurer, or producer, and it connects you with independent licensed agents. Carrier names are used for reference only and do not imply any endorsement or affiliation.