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Interest-Only Election Instructions
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If you do not have access to your Unique ID or complete Policy Number, please contact Kroll at (888) 507-0441 for inquiries relating to Colorado Bankers Life Insurance Company and Bankers Life Insurance Company policies.

We have received inquiries regarding the letters dated March 1, 2023, concerning interest-only payments.  The letters stated an annual amount of interest that policyholders are eligible to receive.  The annual amount is not the amount that you will receive in each payment (unless your interest amount would result in you receiving your payments annually).  Also, please note that calculating the precise amount of each frequency payment is not as simple as dividing the annual amount by the number of payments.  Factors such as the annuity’s account value, the annual credited interest rate, and the mode, or frequency of those payments will all impact the amount of your payment. 

Also, there are other factors that might affect principal account value and therefore interest payment amount and frequency.  For example, any withdrawals under exceptions to the moratorium that were paid subsequent to January 31, 2023, would reduce principal, and therefore could decrease the interest payment amount and frequency.  Also, the interest payment amount and frequency would also be affected when the interest rate drops to a new guaranteed interest rate. 

Finally, please note that the first payment will be larger than subsequent payments, because it will include interest that has accrued since November 1, 2022.  Subsequent payments will only include interest that has accrued since the previous payment and may fluctuate slightly depending on the number of days since a contract owner’s last interest payment. 

Please consult your financial and tax advisors before making any decision.

 

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