Colorado Bankers Life

Colorado Bankers Life was founded in 1974 and joined the Global Bankers Insurance Group in 2015. In 2019, it was placed into rehabilitation and is not currently selling products. Policyholders can follow the status of the company, explore previously offered products and find contact information relating to their policies.

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  • Updated: December 19, 2022
  • 3 min read time
  • This page features 7 Cited Research Articles
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APA Schell, J. (2022, December 19). Colorado Bankers Life. Annuity.org. Retrieved January 30, 2023, from https://www.annuity.org/annuities/providers/colorado-bankers-life/

MLA Schell, Jennifer. "Colorado Bankers Life." Annuity.org, 19 Dec 2022, https://www.annuity.org/annuities/providers/colorado-bankers-life/.

Chicago Schell, Jennifer. "Colorado Bankers Life." Annuity.org. Last modified December 19, 2022. https://www.annuity.org/annuities/providers/colorado-bankers-life/.

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We pride ourselves on partnering with professionals like those from Senior Market Sales (SMS) — a market leader with over 30 years of experience in the insurance industry — who offer personalized retirement solutions for consumers across the country. Our relationships with partners including SMS and Insuractive, the company’s consumer-facing branch, allow us to facilitate the sale of annuities and other retirement-oriented financial products to consumers who are looking to purchase safe and reliable solutions to fill gaps in their retirement income. We are compensated when we produce legitimate inquiries, and that compensation helps make Annuity.org an even stronger resource for our audience. We may also, at times, sell lead data to partners in our network in order to best connect consumers to the information they request. Readers are in no way obligated to use our partners’ services to access the free resources on Annuity.org.

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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

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
Credit AgencyRatings
AM BestE (Under Regulatory Supervision)
Source: AM Best

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
Interested in Buying an Annuity?
Learn about the different types of annuities and find out which one is right for you.

Client Resources

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.

Contact Information for Colorado Bankers Life Policyholders
1-833-658-2841
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Last Modified: December 19, 2022

7 Cited Research Articles

Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information, including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines.

  1. AM Best. (2019, June 27). AM Best Changes Credit Ratings of Colorado Bankers Life Insurance Co. and Bankers Life Insurance Co. Following Regulatory Action. Retrieved from https://news.ambest.com/presscontent.aspx?altsrc=3&RefNum=28144&URatingId=-1&_ga=2.86501912.1642901758.1666356479-1167893351.1666039440
  2. Colorado Bankers Life Insurance Company. (n.d.). CBLife Annuities. Retrieved from https://www.immediateannuities.com/annuity-brochures/colorado-bankers-life-annuity.pdf
  3. Colorado Bankers Life Insurance Company. (2022, March 23 ). GBIG Hardship Package. Retrieved from https://cblife.com/forms/GBIG_Hardship_Package.pdf
  4. Colorado Bankers Life Insurance Company. (n.d.). Home Page. Retrieved from https://cblife.com/
  5. National Organization of Life & Health Insurance Guaranty Associations. (n.d.). Colorado Bankers Life Insurance Company in Rehabilitation. Retrieved from https://www.nolhga.com/companies/public/main.cfm/NAICCode/84786/GAID/5
  6. North Carolina Department of Insurance. (n.d.). Regulatory Actions (Receiverships). Retrieved from https://www.ncdoi.gov/insurance-industry/regulatory-actions-receiverships
  7. United States Department of Justice. (2020, March 5). Federal Jury Convicts Founder and Chairman of a Multinational Investment Company and a Company Consultant of Public Corruption and Bribery Charges. Retrieved from https://www.justice.gov/opa/pr/federal-jury-convicts-founder-and-chairman-multinational-investment-company-and-company