Banner Life Insurance Company Review [2024]

Banner Life Insurance Company Overview

Priding themselves on low-cost, innovative services, Banner Life Insurance offers term life insurance quotes. Banner term life insurance has a host of features: a conversion option, Waiver of Premium Rider, Children’s Life Insurance Rider, and more.  

The minimum coverage is $100,000, and a Banner term life insurance policy ends between 10-30 years. See more information below about life insurance.

Before reading our Banner Life Insurance review, enter your ZIP code into the quote tool above for a free quote, allowing you to compare life insurance rates in your area with your Banner life insurance quote.

Not yet ready to buy Banner life insurance? Read on to learn more about Banner Life Insurance ratings.

What types of Banner Life Insurance quotes are offered?

Banner Life insurance quotes are available for term, universal, and whole life insurance. Keep reading to learn more about their specific products to learn which type of life insurance policy may be right for you.

Banner Term Life Insurance

Term life policies (OPTerm) include term lengths of 10, 15, 20, and 30 years, during which your term life insurance rates are guaranteed to remain the same. Insurance policies are offered to individuals as old as 75, but terms are shorter for older policyholders.

The minimum coverage amount for a term life policy is $100,000. A paramedical exam is required to apply for all policies. OPTerm policies are renewable and convertible. These term life insurance policies provide a level death benefit.

Banner Universal Life Insurance

The company’s universal life policies (Life Step UL) allow two different payment methods: fixed premiums every year, or the policyholder can choose to pay a higher amount for a fixed number of years and still receive lifetime coverage.

Making your payments on time guarantees a death benefit payout of at least $50,000, even if your account value is less than the specified amount.

Individuals can purchase universal life insurance up to age 85 and be covered up to 121 years old.

Banner Whole Life Insurance

Individuals between the ages of 50 and 80 can purchase guaranteed-acceptance whole life insurance for coverage up to $15,000.

Read more: American National vs. Banner Life Insurance

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What are the Banner life insurance policy features?

The company’s products have some features included, and the company offers other coverage options that you may purchase in addition to your basic coverage. Learn more about each of these features below.

Included Banner Term Life Insurance Features

These policy options are often called “riders” in life insurance lingo. This simply means they “attach to” or “ride-along” with your term life insurance policy. These three are included for free with your policy.

Accelerated Death Benefit

The Accelerated Death Benefit (ADB) payment is payable in the event of a qualifying terminal illness with a life expectancy of fewer than 12 months.

The ADB is based on a portion of the policy’s death benefit, subject to a maximum benefit amount, which is the lesser of $500,000 or 75% of the death benefit. 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

The policy is convertible to a qualified permanent life 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

Also 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. This feature is available in all states except KS, NY, WA.

What are the optional Banner term life insurance features?

You can buy these optional riders and they will also become a part of your policy.

Accidental Death Benefit Rider

This rider pays in addition to the base policy death benefit if you were to die in an accident. The benefit amount is up to the face amount of the base policy or a maximum of $300,000 on any one life (includes any such benefit already in force).

For example, let’s say you have a $250,000 term life insurance with the ADB rider attached. If you die in a covered accident, the company will pay your beneficiary an additional $250,000 death benefit, for a total payout of $500,000.

You can buy this rider if you are between the ages of 18-60. It will expire on the policy anniversary nearest your 65th birthday.

Read more: Life Insurance vs. Accidental Death & Dismemberment (AD&D) Insurance: Which Is Better for You

Additional Term Insurance Rider

Additional Term Life Insurance Riders (AIR) can provide additional temporary life insurance coverage for 10, 15, or 20 years, after which coverage ceases. The term period of the rider must be for a shorter time period than the level term period of the base policy.

For example, if you need $500,000 of coverage for 10 years and only $250,000 for the next 10 years, you can purchase a 20-year policy for $250,000 and add a 10-year term rider for $250,000. (For more information, read our “Best Life Insurance Companies that Offer 10-Year Term Policies“).

The rider will fall off after 10 years and you’ll be left with the base policy of $250,000 for another 10 years.

Children’s Life Insurance Rider

The Children’s Life Insurance Rider (ICC14-CLIR) provides death benefit protection for families with one or multiple children. A single rider covers all eligible children to the earlier of the child’s 25th birthday, the insured’s 65th birthday, or policy termination.

Eligible children of the policy insured (not owner) include any unmarried child, stepchild, or legally adopted child, who is not beyond his or her 18th birthday and at least 15 days old at the time of application.

This feature is available only at policy issue when the primary insured person is between the ages of 20 and 55, age nearest birthday. Coverage amounts are $5,000 ($27.50 annually) or $10,000 ($55.00 annually).

Waiver of Premium Rider

The 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.

The premiums will continue to be waived for the duration of your total disability. The maximum face amount for a policy with this rider is $6,000,000. You can buy this rider if you are between the ages of 20-55. Waiver of Premium coverage ceases at the Insured’s attained age 65.

Do Banner Life Insurance quotes offer competitive rates?

If you want insurance that’s affordable, Banner Life insurance Company may be the company for you.

Banner Life insurance protection rates offer extremely competitive prices and affordable coverage. Individuals with certain medical conditions may even be able to get lower than average quotes, depending on the type of coverage.

Let’s take a look at the average monthly premiums. (The below table assumes a healthy, non-smoking male living in California with a $500,000 20-year term life policy.)

Banner Life Insurance Average Monthly Rates by Age

Read on to learn about the company’s ratings.

What are Banner Life insurance ratings and reviews from customers?

Below are Banner Life ratings and customer reviews. Are there any complaints? Read on.

BBB Rating: A+ 

What about consumer complaints? Banner Life has a very insignificant number of customer complaints through the BBB, indicating that they have excellent business practices and customer service.

AM Best Rating: A+ (as of 2019)

AM Best rates insurance companies based on their financial strength and overall performance. An A+ rating indicates an excellent likelihood of them being able to pay death benefits when necessary.

S&P Rating:  AA- (as of 2019)

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What is the history of Banner Life?

Banner Life is a subsidiary of Legal & General Group Plc, which is headquartered in London. L&G calls its U.S. operations Legal & General America, Inc., and Banner Life is part of that corporate entity.

The history of the company is nearly 70 years strong. Chartered in 1949 as Government Employees Life Insurance Company GELICO, they were acquired by Legal General Group Plc as a wholly-owned subsidiary in 1981.

In 1983, their name was changed to Banner Life Insurance Company.

At year-end 2013, Banner had more than $587 billion of assets. According to a year-end LIMRA study, they ranked 3rd among all U.S. companies for new coverage issued.

Today, Banner Life works with William Penn under the Legal & General America brand to sell life insurance products. Their goal is to provide financial security to their policyholders’ beneficiaries through trustworthy business practices.

Read more: William Penn Life Insurance Review

How can I contact Banner Life?

Headquarters:

Legal & General America
3275 Bennett Creek Avenue
Frederick, Maryland 21704

Customer Service Phone Number: 800-638-8428

Banner Life Website: lgamerica.com

Legal Info

A two-year contestable and suicide provision applies. Policy Form Number ICC12OPTN and state variations.

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Case Studies: Banner Life Insurance Company Review

Case Study 1: Protecting a Family’s Future
John Smith, a 35-year-old father of two, purchased a term life insurance policy from Banner Life Insurance Company. Tragically, he passed away unexpectedly in a car accident. Thanks to the comprehensive coverage provided by Banner Life, John’s family received a substantial death benefit payout.

This financial support enabled them to pay off outstanding debts, cover funeral expenses, and secure their future.

Case Study 2: Peace of Mind for Business Owners
Sarah Johnson, a successful entrepreneur, relied on Banner Life Insurance Company to safeguard her business’s continuity. As a sole proprietor, Sarah purchased a business life insurance policy that would provide funds to her family and ensure the smooth transition of her company in the event of her untimely demise.

When Sarah unexpectedly passed away due to a sudden illness, Banner Life Insurance Company promptly paid out the policy’s proceeds, allowing her family to sustain the business without financial strain.

Case Study 3: Flexibility and Customization
Michael Davis, a 45-year-old individual with specific financial goals, sought a flexible life insurance solution. Banner Life Insurance Company offered him a universal life insurance policy that provided both death benefit protection and a cash value accumulation component.

Over time, Michael accumulated significant cash value within his policy, which he later utilized for various needs, such as funding his children’s education and supplementing his retirement income.

Case Study 4: Supporting Charitable Causes
Emily Thompson, a passionate philanthropist, included Banner Life Insurance Company in her estate planning. She established a whole life insurance policy with the company, naming her favorite charity as the beneficiary.

When Emily passed away at the age of 80, the insurance proceeds were directed to the charitable organization, allowing them to continue their valuable work and make a positive impact in the community.

Banner Life Insurance Review: The Pros and Cons

Pros

• Banner’s products are simple.
• The application process for a life insurance plan is easy.
• Individuals with cancer may still be approved for some products.

Cons

• Banner’s coverage options may not be flexible enough for more complex situations or needs.
• Banner Life does not pay dividends with any of its policies.
• Online convenience features are limited. You may receive a Banner life quote online, but you will need to apply for coverage through an agent.

Remember, working with an online insurance broker has its advantages.

Buying online (in this instance, getting a Banner Life Insurance quote) allows you to complete the process at your own pace while avoiding pressure to buy. It also gives you a variety of life insurance carriers to choose from.

Get started with a free online quote and let us know if you’d like one of our licensed insurance professionals to help you choose the best life insurance provider for you and your unique circumstances.

For affordable life insurance, enter your ZIP code into the quote box below and get started.

Comprehensive Overview of Banner Life Insurance