Bankers Life Introduces Enhanced Death Benefit Rider for Guaranteed Lifetime Income Annuity and Guaranteed Lifetime Income Annuity Plus

Rhea-AI Summary

Bankers Life (NYSE:CNO) on March 4, 2026 launched an Enhanced Death Benefit (EDB) Rider for single-life Guaranteed Lifetime Income Annuity (GLIA) and GLIA Plus products.

The optional rider, available at purchase in 48 states and Washington, D.C., complements Lifetime Income Withdrawals (LIWs), may provide a greater beneficiary benefit than the base policy, and includes spousal continuation flexibility. Policies have maximum premium limits up to $2 million.

Positive

• EDB Rider available in 48 states + D.C.
• $2 million maximum premium limit on GLIA/GLIA Plus
• Enhances beneficiary legacy for annuitants taking LIWs
• Spousal continuation flexibility if LIWs not taken

Negative

• None.

Key Figures

4Q25 net income: $93M 4Q25 net operating income: $143M 2025 net income: $229M +5 more

8 metrics

4Q25 net income $93M Fourth quarter 2025 net income ($0.95 diluted)

4Q25 net operating income $143M Fourth quarter 2025 net operating income ($1.47 diluted)

2025 net income $229M Full-year 2025 net income ($2.30 diluted)

2025 net operating income $439M Full-year 2025 net operating income ($4.40 diluted)

Operating EPS $4.40 2025 net operating income per diluted share; operating EPS grew 11%

Premium growth 15% Total new annualized premiums rose 15% in 2025

Policy premium limit $2,000,000 Maximum premium limits for GLIA and GLIA Plus policies

Total assets $38.8B Total assets as of December 31, 2025 (10-K)

Market Reality Check

Price: $42.19 Vol: Volume 573,025 vs. 20-day...

normal vol

$42.19 Last Close

Volume Volume 573,025 vs. 20-day average 778,267 (relative volume 0.74) suggests below-typical trading interest ahead of this product launch headline. normal

Technical Price at $42.19 trades above the 200-day MA of $39.83, sitting about 5.94% below the 52-week high of $44.855 and 21.83% above the 52-week low of $34.63.

Peers on Argus

CNO fell 0.78% while key life/annuity peers were positive: FG +3.56%, PRI +2.70%...

CNO fell 0.78% while key life/annuity peers were positive: FG +3.56%, PRI +2.70%, JXN +1.92%, BHF +0.61%, GNW +0.42%. This downside against broadly firmer peers points to a stock-specific reaction rather than a sector-wide move.

Historical Context

5 past events · Latest: Feb 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 23	Community giving	Positive	-4.5%	Charitable donations and Volunteer of the Year recognition across 12 nonprofits.
Feb 18	Customer survey	Negative	-0.2%	Survey showing declining retirement confidence and rising financial anxiety.
Feb 11	Dividend & AGM	Positive	+0.3%	Quarterly dividend declaration and scheduling of virtual annual meeting.
Feb 05	Earnings results	Positive	+5.5%	4Q25 and 2025 earnings with higher operating EPS and premium growth.
Jan 21	Leadership changes	Neutral	+1.0%	Promotions of senior executives in distribution and legal roles.

Pattern Detected

Earnings and capital return updates have historically seen supportive price reactions, while community/brand or survey news has not consistently added momentum.

Recent Company History

Over the last few months, CNO’s news flow combined earnings strength with steady corporate updates. On Feb 5, 2026, strong 4Q25 and full-year 2025 results and higher premiums coincided with a 5.51% gain. A $0.17 quarterly dividend declaration on Feb 11 also aligned with a modest uptick. By contrast, philanthropy and sentiment-survey releases in late February saw flat-to-negative moves. Today’s annuity rider launch fits the pattern of product-focused news within a business already emphasizing retirement and annuity solutions.

Market Pulse Summary

This announcement adds an Enhanced Death Benefit rider to CNO’s GLIA and GLIA Plus annuity products,...

Analysis

This announcement adds an Enhanced Death Benefit rider to CNO’s GLIA and GLIA Plus annuity products, targeting retirees who want guaranteed lifetime income while preserving a legacy. It follows strong 2025 results with net operating income of $439M and 15% new premium growth, plus continued focus on middle‑income retirees. Investors may watch adoption of the rider, its impact on annuity mix, and future earnings disclosures for evidence of traction.

Key Terms

enhanced death benefit, lifetime income withdrawals, required minimum distributions

3 terms

enhanced death benefit financial

"launch of its Enhanced Death Benefit (EDB) Rider, a new optional rider"

An enhanced death benefit is an optional feature on life insurance or annuity contracts that raises the amount paid to beneficiaries above the policy's current cash or account value, often through a guaranteed minimum or periodic step-up. It matters to investors because these added guarantees increase an insurer's future payment obligations and pricing complexity, affecting reserve requirements, profitability and the competitiveness of the product—like promising a larger safety net than the visible balance.

lifetime income withdrawals financial

"optional rider available that complements Lifetime Income Withdrawals (LIWs)"

Lifetime income withdrawals are regular payments a person receives from a retirement product, like an annuity or a retirement plan feature, that continue for the rest of their life. They matter to investors because they turn a lump sum of savings into a steady, predictable “paycheck” that helps manage the risk of outliving money and makes it easier to plan everyday expenses and long-term goals.

required minimum distributions financial

"Designed for clients taking LIWs or Required Minimum Distributions, the rider"

Required minimum distributions are the minimum amounts a person must withdraw annually from certain tax-advantaged retirement accounts once they reach a specified age; the amount is calculated from the account balance and the owner’s age. They matter to investors because forced withdrawals can increase taxable income, alter a long-term investment plan and reduce tax-deferred growth—similar to a scheduled ATM withdrawal that changes how much remains invested and how taxes are owed.

AI-generated analysis. Not financial advice.

CARMEL, Ind., March 4, 2026 /PRNewswire/ -- Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, today announced the launch of its Enhanced Death Benefit (EDB) Rider, a new optional rider available that complements Lifetime Income Withdrawals (LIWs) with an enhanced death benefit for designated beneficiaries.

The EDB Rider is now available in 48 states and Washington, D.C., and can be added to single-life Guaranteed Lifetime Income Annuity (GLIA) and Guaranteed Lifetime Income Annuity Plus (GLIA Plus) products.

"We consistently hear from clients who want the confidence of guaranteed lifetime income, but hesitate to start taking income because they worry about what they will leave behind for loved ones," said Scott Goldberg, President, Consumer Division at CNO Financial Group. "The Enhanced Death Benefit Rider was built to resolve that concern, providing dependable retirement income while preserving the ability to leave a meaningful legacy. At a time when middle‑income Americans are increasingly concerned about their financial future, this rider helps people confidently use their income today without compromising peace of mind about tomorrow."

The EDB Rider is available at the time of annuity purchase for single‑life GLIA and GLIA Plus products. Designed for clients taking LIWs or Required Minimum Distributions, the rider may provide a greater benefit than a base GLIA or GLIA Plus policy—helping ensure that their annuity includes a meaningful legacy for beneficiaries. It also includes built‑in flexibility for spousal continuation if LIWs have not been taken.

GLIA and GLIA Plus products offer policyholders the option of a predictable, guaranteed income stream for life, while maintaining flexibility, control and access to their funds. Policies include maximum premium limits up to $2 million and income payments that may increase the longer a policyholder waits to begin withdrawals.

To learn more about GLIA and GLIA Plus with the EDB Rider, and other products offered by Bankers Life, visit BankersLife.com.

About Bankers Life

Bankers Life focuses on the insurance and investment needs of middle-income Americans who are near or in retirement. The Bankers Life brand is a part of CNO Financial Group, Inc. (NYSE: CNO), whose companies provide insurance and wealth management solutions that help protect the health and retirement needs of working Americans and retirees. There are approximately 4,600 exclusive agents, including 800 financial representatives working from more than 230 U.S. sales offices. To learn more, visit BankersLife.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/bankers-life-introduces-enhanced-death-benefit-rider-for-guaranteed-lifetime-income-annuity-and-guaranteed-lifetime-income-annuity-plus-302703043.html

SOURCE Bankers Life and Casualty Company

FAQ

What is the Enhanced Death Benefit (EDB) Rider launched by Bankers Life (CNO) on March 4, 2026?

The EDB Rider is an optional add‑on that supplements GLIA and GLIA Plus with an enhanced death benefit for beneficiaries, available at annuity purchase. According to the company, it complements Lifetime Income Withdrawals and may provide a greater beneficiary benefit than the base policy.

In which states is the Bankers Life EDB Rider for GLIA and GLIA Plus available?

The EDB Rider is available in 48 states and Washington, D.C. According to the company, availability applies at the time of annuity purchase for single‑life GLIA and GLIA Plus products.

How does the EDB Rider affect spousal continuation for GLIA (CNO) policyholders?

The rider includes built‑in flexibility for spousal continuation if Lifetime Income Withdrawals have not been taken. According to the company, this feature helps preserve continuity of benefits for surviving spouses under qualifying conditions.

What premium limits apply to GLIA and GLIA Plus policies with the EDB Rider from Bankers Life (CNO)?

Policies with GLIA and GLIA Plus include maximum premium limits up to $2 million. According to the company, that premium cap applies to the underlying products that can include the EDB Rider at purchase.

Can a policyholder add the EDB Rider after starting Lifetime Income Withdrawals on CNO GLIA products?

The EDB Rider is available at the time of annuity purchase for single‑life GLIA and GLIA Plus products, not added after purchase. According to the company, it is intended to be elected when the annuity is bought.

What investor implications does Bankers Life's EDB Rider announcement (CNO) have for product competitiveness?

The announcement signals a product enhancement that may increase GLIA competitiveness in retirement markets. According to the company, the rider addresses client concerns about leaving a meaningful legacy while taking lifetime income.