If you are looking for the ideal term life insurance policy, it’s time to check out the Banner Life Insurance Company.
We’ve put together this comprehensive Banner Life Insurance Review to help you understand what makes the company stand out from the competition.
With our professional guidance, you can decide whether this insurance company fits your family’s coverage needs.
QUICK LINK NAVIGATION
- Is Banner Life a reputable insurance company?
- How are Banner Life’s financial ratings?
- Is Banner’s term life insurance a good bargain?
- Should you buy universal life from Banner Life?
- Is it easy to qualify for Banner insurance coverage?
- What life insurance riders can be added to my policy?
- How to purchase a Banner Life insurance policy?
- How is there customer service?
Is Banner Life a Good Company?
Established in 1949, Banner Life Insurance Company is an excellent choice for individuals seeking term life insurance, especially those with pre-existing health conditions.
Banner Life is a significant player in the industry, providing customers with peace of mind and reliable coverage.
Unlike other companies that offer a range of insurance products, Banner Life focuses solely on selling life insurance policies to its customers.
In 2023, Investopedia ranked Banner Life as the top choice for affordable term life insurance among all American companies.
To reach customers across the United States (excluding New York), the company relies on a vast network of over 70,000 independent agents who are licensed to sell their products.
Banner Life Insurance Company has a subsidiary called William Penn that offers products exclusively to New York residents.
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Who owns Banner Life Insurance?
Legal & General Group, an established multinational financial services company based in London, owns Banner Life Insurance.
Legal and General is the parent company of Banner Life Insurance Co. and its subsidiary William Penn Life Insurance Co. of New York.
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Yes, as a reputable insurer, Banner Life is committed to honoring valid claims promptly. Their strong financial backing ensures they have the resources to fulfill their obligations towards policyholders.
To assess an insurance company’s financial stability and claims-paying capability, we rely on various rating agencies.
In their most recent Banner Life Insurance Review, AM Best reaffirmed their long-standing A+ rating, which indicates a solid financial standing. The company holds an AA- rating from Standard and Poor’s, signifying significant financial strength.
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How stable is Banner Life Insurance?
Banner Life Insurance boasts a robust financial standing, backed by its parent company Legal & General Group.
Legal & General American has been assigned an A+ rating by AM Best, an AA- rating by S&P, and an AA- rating by Fitch Ratings.
These high ratings further bolster confidence in both Banner Life and its parent company when fulfilling policyholders’ claims obligations.
Banner Life Insurance Ratings
| Rating Agency | Grade |
| AM Best | A + (Superior) |
| Duff & Phelps | AA- (Very Strong) |
| Fitch | AA- (Good) |
| S & P Global | AA- (Very Strong) |
| Comdex | 95 |
Banner Life Insurance Review
In order to select the right policy for your family, it is crucial to evaluate the specific life insurance requirements of your household.
Firstly, determine how much life insurance you currently need and what you may need in the future.
Consider whether you are looking to cover specific needs like mortgage protection or income replacement or if you simply want coverage for final expenses.
Additionally, decide if you require coverage for a set number of years or if lifelong protection is necessary.
By answering these questions, you can better assess which type of policy aligns with your budget and requirements.
Banner Life provides both term and universal life insurance coverage options. We will explore the specifics of each coverage to assist you in making an informed decision about which type is most suitable for your needs.
Banner Term Life Insurance
Banner Term Life InsuranceBanner term life insurance provides affordable coverage for individuals of varying ages and health conditions, making it one of the most cost-effective options in the industry.
Banner’s OPTerm series of term life insurance products are contractually guaranteed to remain the same for between 10 and 40-year term lengths.
Term polices can be purchased between the ages of 20 and 75, although there may be age restrictions based on the selected term. Coverage is offered in different amounts, ranging from $100,000 to $10 million or more.
They recently introduced a groundbreaking 40-year term life insurance policy, surpassing the previous industry standard of 30 years.
Previously, Corebridge Financial held the record with a maximum term of 35 years. Banner and Protective Life are the only providers offering a level premium for four decades.
Does Banner Life insurance require a medical exam?
In most cases, yes. However, the requirement may vary depending on the type of policy applied for and the individual health conditions of applicants.
Banner does offer term life insurance coverage ranging from $100,000 to $2,00,000 to healthy applicants between 20 to 50 without any medical examination.
For those between the ages of 51 and 60, the maximum death benefit for policies without an exam is capped at $500,000.
This unique no-exam life insurance program typically eliminates the need for medical tests and only requires a telephone interview.
Plus, Banner Life offers its best-rate class and entire product portfolio without requiring applicants to complete a medical exam.
Can you convert Banner’s term into permanent coverage?
Convertible term life insurance allows you to switch to more expensive universal life coverage.
Your new policy will be issued at the same underwriting class as your current term policy without requiring additional underwriting or exams.
Banner allows term life conversions anytime during the guaranteed level premium period, up to age 70, whichever comes first.
However, insurance policies issued at age 66 and above can only be converted within the first five years of the policy.
Many existing policyholders convert their term coverage into a smaller universal life policy to save money.
Banner Universal Life Insurance
Guaranteed universal life insurance offers lifelong protection and accumulates cash value inside your policy.
Although Banner’s Step UL plan ensures that the death benefit is maintained as long as premiums are paid, it does not accumulate significant cash value and tends to be quite costly.
Step Up universal life offers a minimum death benefit of just $50,000 which is lower than most other insurers typically provide (usually around $100,000).
That being said, if your goal is to maximize cash value savings at a cheaper cost, there may be better options available from other insurers.
Companies such as Penn Mutual, American National, and Pacific Life are solid alternatives for cash value accumulation and lifetime protection.
Banner Life Insurance Underwriting
When exploring life insurance options, it can be challenging to determine the exact premiums you will pay until your policy undergoes the underwriting process.
The application review process is crucial to obtaining life insurance coverage. Your eligibility for a term or universal life policy is determined during this important step.
Situated in Urbana, Maryland, Banner’s life insurance underwriting team is known for its commitment to conducting a just, transparent, and comprehensive evaluation process.
Their approach to underwriting focuses on evaluating the individual’s overall health rather than solely focusing on a particular pre-existing medical condition.
The underwriting team will assess your policy and assign a rate class to determine the exact cost of your coverage.
They offer four non-tobacco rate classifications: preferred plus, preferred, select, and standard. They offer two rate tiers for smokers: preferred and standard tobacco.
Banner insurance underwriting is recognized for its equitable and accommodating approach toward individuals with various prevalent medical conditions.
Banner Insurance Underwriting Highlights:
- Anxiety and Depression: People with anxiety and depression can qualify for a preferred rate class if the disorder is well controlled.
- Asthma: People who take less than two medications for asthma can qualify for a preferred rate class.
- Blood pressure: You can still qualify for preferred plus rates even when your blood pressure is controlled with medication.
- Cholesterol: If you have high cholesterol and it’s under control, you can still qualify for a preferred plus rate class.
- Diabetes: Diabetic applicants can qualify for a standard plus rate class compared with most of its competitor’s typical standard rate class.
- Sleep Apnea: Depending on whether your sleep apnea is mild or severe, you can get a preferred rate, assuming you are under a doctor’s care.
- Smoking: If you have quit smoking for three years, former smokers can qualify for a preferred plus rate class.
The Banner Life Insurance Company offers more competitive pricing than other insurers for various medical conditions.
Although the review process may take longer, their thorough evaluation often results in better rates for individuals with minor health issues.
While other companies may prioritize speed in underwriting, they usually charge higher premiums as a compromise.
Banner Life Insurance Policy Riders
Banner Life only offers a limited number of riders that can be included with your policy for an extra cost.
Before adding one to your policy, understanding what each rider covers and how it can benefit you is important.
- Waiver of Premium: If you become disabled and unable to pay your premiums, this rider ensures that your policy remains active until you can resume payments.
- Accelerated Death Benefit: This rider is free and becomes applicable if you are diagnosed as terminally ill or have less than one year left to live. The ADB pays out either $500,000 or 75% of the primary death benefit before your actual passing.
- Children’s Rider: This provides a death benefit for one or more children in your family. The coverage extends until either the youngest child turns 25 years old, reaches their parent’s 65th birthday, or when the primary policy terminates.
Buying a Banner Life Insurance Policy
Buying a Banner Life Insurance PolicyOur Banner Life Insurance Review focuses on providing a comprehensive assessment of one of the many companies within our network of life insurance carriers.
Numerous individuals can significantly benefit from Banner Life’s outstanding ratings, competitive pricing, diverse range of term insurance products, and fair underwriting practices.
While healthy individuals may qualify for a policy without undergoing a medical examination, it is important to understand that some applicants must undergo a physical evaluation as part of the application process.
All policies can only be purchased through an authorized life insurance agent. We have represented them for thirty years and would be delighted to assist you in buying a policy.
Our experienced agents will guide you through the application process and determine which approach best suits your medical history.
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Banner Life Insurance Customer Service
Banner Life Insurance Customer ServiceOnce you become a policyholder, rest assured, knowing that their customer service is top-notch.
If you ever have a death claim, Banner Life has received praise from users for their quick payouts and compassionate communication style, which helps alleviate the stress associated with this process.
Data reveals that Banner Life consistently had a lower complaint index over three years than similar companies.
This indicates that they received fewer complaints relative to their market share, highlighting their high satisfaction level among their clients.
If you ever need to change your policy, file a claim or have any questions or concerns, you can always speak with a live representative at 1-800-638-8428.
If you are busy and prefer to go online to get your questions answered, visit the Lgamerica Login.
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Affordable Life USA is dedicated to providing comprehensive life insurance solutions to families and business owners throughout the United States.
For over thirty years, our agency has provided a platform for comparing hundreds of life insurance policies without the stress of high-pressure sales tactics.
Our experienced team of financial planners has helped thousands of clients obtain affordable coverage through our efficient online application process.
Our founder, Eric Van Haaften, expanded our consumer-centric sales model nationally by leveraging the influence of renowned publications such as Time, Newsweek, and The Wall Street Journal.
Eric acquired his love for quantitative analysis while getting his business degree from Ferris State University, which provided a solid foundation for his analytical approach to financial planning.
Eric Van Haaften, LUTCF
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