Bankers Life - Knowledge

384:, of which one, the Illinois Standard Life Insurance Company, would serve as the new company. In December he merged Bankers Life, the second shell company, and the Hotel Men's Mutual Benefit Association—another life insurance company acquired by MacArthur—into Illinois Standard Life to form the West Side Assessment Life Insurance Company, which was subsequently renamed the Bankers Life and Casualty Company. While the Hotel Men's Mutual Benefit Association did not bring many new policyholders to Bankers Life, the Illinois Insurance code allowed the new company to assume the former's founding date of January 17, 1879 as its own. Now the president and sole shareholder of Bankers Life, MacArthur expanded the company's marketing efforts with a $ 105,000 magazine advertising contract. Despite the new Bankers Life being largely identical to its former iteration, advertisements promoting it often made use of Hotel Men's 1879 founding date via claims such as "Chicago’s First Insurance Company—Established 1879". 451: 38: 523: 173: 397:

operators, with the staff at its headquarters growing from 50 employees in 1940 to over 2,000 by 1955. Bankers Life diversified its business by marketing health insurance policies under its White Cross brand, becoming one of the largest health and accident insurance companies in the United States by

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Between 1943 and 1946 the company opened branch offices in Florida, Michigan, Missouri, and West Virginia, the success of which enabled it to expand its operations across 14 states by 1951. The company's rapid expansion was fueled by a staff that included sales agents, claims adjusters, billing

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Under MacArthur, the company employed its policy of minimal overhead to undercut the $ 10 ($ 222.00 in 2023) minimum monthly premiums of competitors with $ 1, $ 2, and $ 5 monthly premium policies. To sell more policies without hiring additional sales agents, the company began mailing its sales

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team to Bankers Life, renaming it from Conseco Fieldhouse to Bankers Life Fieldhouse. In March 2018 CNO opted not to renew its naming sponsorship of Bankers Life Fieldhouse, which expired on June 30, 2019. On September 27, 2021 it was renamed Gainbridge Fieldhouse, with the financial platform

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and $ 166,000 in life insurance policies in 1935 to $ 404,598 ($ 8.38 million in 2023) in assets under management and over $ 20 million in life insurance policies by 1941. Having outgrown the office of Marquette Life, Bankers Life moved to a four-story building in

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By 1977 the company had become the second largest health and accident insurance company in the United States, with a workforce of nearly 4,000 employees across 47 states (excluding California, New Jersey, and New York), Washington, D.C., and the Canadian provinces of

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since 1992. Bankers Life has 1.4 million policyholders across the United States and Canada, most of whom are within the company's target demographic of middle-aged and retirement-aged adults with annual household incomes between $ 25,000 and $ 75,000.

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Upon MacArthur's death in 1978 his shares in Bankers Life, worth over $ 415 million ($ 2.22 billion in 2023), passed to the MacArthur Foundation. On October 30, 1984, the foundation sold Bankers Life for $ 382 million to the

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that would inherit the majority of his estate after his death and put it to use in support of charitable causes. While this included his position as sole shareholder of Bankers Life, the

340:, Bankers Life minimized its overhead as a means of undercutting the monthly insurance premiums of its competitors. By June 1935, however, corporate mismanagement rendered the company 1250: 1356: 1408: 509:

In 2012, Bankers Life processed about 8.5 million claims and paid out $ 1.3 billion in policy benefits. In 2015, Bankers Life had $ 19 billion in assets under management.

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in July 1965 led Bankers Life and other health insurance companies to develop and market Medicare supplement policies to pay for costs not covered under the new program.

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building in downtown Chicago. On January 1, 2000, Conseco merged another of its insurance industry subsidiaries, Certified Life Insurance Company, into Bankers Life.

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had grown to $ 22 million ($ 118 million in 2023) by 1976, with $ 1.04 billion ($ 5.23 billion in 2023) of assets under management by the end of 1977.

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would require the foundation to eventually divest it. In October 1974 MacArthur resigned as president of Bankers Life, naming Robert Ewing as his successor.

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pitches to middle-income families, a demographic traditionally underserved by the insurance industry. By combining these methods with the mass-marketing and

1440: 1387:"CNO Financial Group and Bankers Life Support the Alzheimer's Association with more than $ 407,000 in Donations in its 21st Annual Fundraising Campaign" 544: 537: 194: 187: 1519: 1463:"The Home of the Indiana Pacers and Indiana Fever Renamed Gainbridge Fieldhouse Through Pacers Sports & Entertainment and Gainbridge Partnership" 297: 1514: 1529: 795: 336:, Illinois. In contrast to most other life insurance companies, whose costs included salaries for accountants, sales agents, officers, and 315:

Bankers Life sells its policies through a network of over 5,000 insurance agents based in over 320 offices throughout the United States.

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based insurance industry holding company, known as CNO Financial Group since 2010. In 1993 Bankers Life moved its headquarters into the

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By 1942 MacArthur sought to gain ownership of the company from its policyholders by converting it from a mutual insurance company to a

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for $ 2,500 ($ 55,558 in 2023), who began running it from the office of his existing insurance company, Marquette Life.

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In early 1970 a life-threatening bout of stomach cancer gave MacArthur concern about the potential impact of

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