Banner Life Insurance Company (L & G)

Banner Life Insurance Company (L & G)
Name: Banner Life Insurance Company (L & G)
Description: The history of Banner Life Insurance Company is 60 years strong. Chartered in 1949 as Government Employees Life Insurance Company GELICO, we were acquired by Legal General Group Plc as a wholly owned subsidiary in 1981. In 1983, our name was changed to Banner Life, signifying our flagship position with Legal General America in the United States. At Banner Life, we take our financial promises seriously. We also promise to treat our customers fairly and to apply ethical standards to every business transaction. We believe in offering low-cost, innovative products and responsive service. Our goal is to build lasting, mutually beneficial partnerships.
Website: http://www.lgamerica.com
Customer Service: 800-638-7069 
Address: 1701 Research Boulevard
Rockville,MD 20850
Offered by QuickQuote in: AK , AL , AR , AZ , CA , CO , CT , DC , DE , FL , GA , HI , IA , ID , IL , IN , KS , KY , LA , MA , MD , ME , MI , MN , MO , MS , MT , NC , ND , NE , NH , NJ , NM , NV , OH , OK , OR , PA , RI , SC , SD , TN , TX , UT , VA , VT , WA , WI , WV , WY
Year Founded: 1949
AM Best Rating: A+ as of 2015
S&P Rating: AA-

Included Term Life Product Features

Accelerated Death Benefit: Included at no extra cost. The Accelerated Death Benefit (ADB) payment is payable in the event of a qualifying terminal illness. The ADB is based on a portion of the policy's death benefit, subject to a maximum benefit amount. The ADB is treated as a lien, which accrues interest. Upon the death of the Insured, the death benefits payable are reduced by the total ADB lien.

Available in all states except CT.
Conversion Option: Included at no extra cost. The policy is convertible to a qualified permanent policy for the duration of the guaranteed level premium period or up to the Insured's attained age 70, whichever comes first. Policies issued at age 66 or over are convertible during the first five policy years.
MediGuide Medical Second Opinion: Included at no extra cost. The MediGuide Medical Second Opinion Program provides services should the Insured be diagnosed with a qualifying life threatening condition or disease. MediGuide America will collect and assemble all medical records and obtain a medical second opinion and recommend three facilities, at no cost to the Insured.

Available in all states except KS, NY, WA.

Optional Term Life Product Features

Additional Term Insurance Rider: Available with extra premium. Additional Term Insurance Riders (AIR) can provide additional temporary life insurance coverage for 10, 15 or 20 years, after which coverage ceases.

Available in all states.
Waiver of Premium Rider: Available with extra premium. Banner Life Insurance Company will waive all premiums that are due during total disability if given due proof of total disability and such total disability has then existed continuously for at least six months.

Waiver of Premium coverage ceases at the Insured's attained age 65. Available in all states.

Other Information

Legal Information Legal General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD. Banner products are distributed in 49 states and in DC. OPTerm policy form ICC12OPTN and state variations. Two-year contestability and suicide provisions apply.

The Banner term life insurance premiums quoted here are based on the information provided for this quote. The quote is based on the assumption of excellent health and does not take into consideration occupational risks or other avocations. Approval and actual premiums will be based upon the entire underwriting process, including but not limited to, information provided on the application, exam results and specific underwriting requirements and criteria.

OPTerm 10 issue ages are 20-75 all classes. OPTerm 15 issue ages are 20-75 all classes. OPTerm 20 issue ages are 20-70 for non-tobacco classes and 20-65 for tobacco classes. OPTerm 25 issue ages are 20-60 for non-tobacco classes and 20-55 for tobacco classes. OPTerm 30 issue ages are 20-55 for non-tobacco classes and 20-50 for tobacco classes. Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$499,999, $500,000-$999,999, $1,000,000 and above. Premiums quoted include $60 annual policy fee. Premiums are guaranteed to stay level for 10,15, 20, 25 or 30 years, respectively, and increase annually after initial guarantee period. OPTerm policies can be issued in preferred plus non-tobacco, preferred non-tobacco, standard plus non-tobacco, standard non-tobacco, preferred tobacco and standard tobacco classes. OPTerm 10, 15, 20, 25 and 30 substandard policies can be issued through Table 12, subject to underwriting discretion. Coverage can be renewed to age 95. Policies can be returned without obligation within 30 days of receipt in most states. Rates as of 5/5/2016.

Additional Insurance Riders, form AIR (1-11) and state variations, can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term riders are not available in all states; issue ages vary from base plan. Waiver of Premium Benefit Rider, policy form ICC09 WPTR and state variations, is available. A cost-free Accelerated Death Benefit Rider, policy form ICC10 ADB and state variations, is included with all policies in states where approved. Children's Life Insurance Rider, form ICC14-CLIR and state variations, can provide life insurance coverage on eligible children. Coverage expires at the earlier of the insured childís 25th birthday, the base policy insuredís 65th birthday or base policy termination. Forms and policy provisions may vary by state. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.

Banner Life Insurance Company (L & G) Plans

OPTerm 10
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OPTerm 10 is a term life insurance policy that provides a level death benefit and guarantees level premiums during the initial 10 year period. Premiums increase annually in years 11 and later.
OPTerm 15
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OPTerm 15 is a term life insurance policy that provides a level death benefit and guarantees level premiums during the initial 15 year period. Premiums increase annually in years 16 and later.
OPTerm 20
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OPTerm 20 is a term life insurance policy that provides a level death benefit and guarantees level premiums during the initial 20 year period. Premiums increase annually in years 21 and later.
OPTerm 25
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OPTerm 25 is a term life insurance policy that provides a level death benefit and guarantees level premiums during the initial 25 year period. Premiums increase annually in years 26 and later.
OPTerm 30
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OPTerm 30 is a term life insurance policy that provides a level death benefit and guarantees level premiums during the initial 30 year period. Premiums increase annually in years 31 and later.