Bankers announces closing of tender offer for 13 percent Senior Subordinated Notes.

CHICAGO--(BUSINESS WIRE)--Feb. 28, 1996--Bankers Life Holding Corp. (NYSE: BLH) today announced that it has accepted for purchase Notes tendered pursuant to its tender offer for all of its outstanding 13 percent Senior Subordinated Notes due 2002.

The offer expired at 5:00 p.m., New York City time, on Tuesday, Feb. 27, 1996. As of such time, approximately $148 million in aggregate principal amount of the Notes (approximately 82 percent of the outstanding Notes) had been validly tendered and not withdrawn and had consented to the proposed amendments to the indenture relating to the Notes. Approximately $32 million principal amount of the Notes remain outstanding.

All of the conditions to the closing of the purchase of the Notes tendered pursuant to the offer and the amendment of the indenture have been satisfied.

Bankers Life Holding Corp., headquartered in Chicago, Ill., is a specialized insurance holding company. Bankers' principal subsidiary is Bankers Life and Casualty Company. Established in 1879, Bankers Life and Casualty is a leading provider of insurance to America's seniors, serving nearly 1 million households with Medicare supplement, long-term care and other individual health, life and annuity products.

CONTACT: Bankers Life Holding Corp., Chicago

Jim Rosensteele, 317/817-2893