About Colorado Bankers Life
Colorado Bankers Life Insurance Company (sometimes shortened to CBLife) was founded in 1974. They specialize in life insurance and annuity products.
In 2015, Colorado Bankers Life joined Global Bankers Insurance Group, an international family of insurance and reinsurance companies focused on retirement, annuities and life insurance.
In April 2019, ultimate controlling shareholder Greg Lindberg was indicted in a federal investigation related to charges of wire fraud. On June 27, 2019, Colorado Bankers Life and other companies under the Global Bankers Insurance Group umbrella were placed into rehabilitation by the Superior Court of Wake County, North Carolina.
On March 5, 2020, Lindberg and an associate were convicted of wire fraud, public corruption and bribery charges.
In the fourth quarter of 2021, Actuarial Management Resources began servicing the company’s business. Colorado Bankers Life remains in rehabilitation and is not selling products. The North Carolina Commissioner of Insurance has been appointed as the rehabilitator for Colorado Bankers Life.
Continuous updates can be found on the Colorado Bankers Life main page.
Credit ratings are issued by independent credit rating agencies. These ratings, also called financial strength ratings, relate the financial stability of the company to the consumer.
Research the ratings of the company you’re considering for an annuity before you make a purchase. The higher the rating, the more likely an insurance company can uphold its end of an annuity contract.
Following regulatory action against Colorado Bankers Life, AM Best changed its rating of the company from a B++ to a non-rating designation of E (Under Regulatory Supervision). This rating has remained in place since 2019.
Colorado Bankers Life Rating
|E (Under Regulatory Supervision)
Annuity Products Offered
Colorado Bankers Life is currently in rehabilitation and is not offering products for purchase. In the past, as an annuity provider, Colorado Bankers Life offered several types of Multi-Year Guaranteed Annuities. These included a tax-deferred, interest-bearing annuity contract and multi-year guaranteed rates with death benefits and no front-end loads or policy fees.
Multi-Year Guaranteed Annuities
Multi-year guaranteed annuities (MYGA) are a type of fixed annuity offering a guaranteed fixed interest rate for a defined period of time (usually between three and 10 years).
A MYGA is appropriate for someone who is closer to retirement and prefers tax deferral and a guarantee of investment return.
Because they are fixed-rate annuities, MYGAs are not subject to market volatility and therefore offer a potentially safer way to grow your money. Many providers extend provisions that allow partial withdrawals yearly without a penalty. You can also defer any taxes on MYGAs until money is taken out.
Colorado Bankers Life former MYGA products:
- CBLA-3: Guaranteed for three years
- CBLA-5: Guaranteed for five years
- CBLA-7: Guaranteed for seven years
Purchase an Annuity Today
Customers of Colorado Bankers Life can log in to their accounts online through the company’s web portal.
Policyowners who face financial hardships due to the court-ordered moratorium on cash surrenders and partial withdrawals from Colorado Bankers Life Insurance may be eligible to make a hardship payment request.
Policyholders can also check the status of Colorado Bankers Life Insurance through the rehabilitator’s Quarterly Reports.
If you are a policyholder, you can contact Colorado Bankers Life at 1-833-658-2841.