Most people searching for Banner Life Insurance Reviews are doing so for confirmation that they have picked the best company. But what criteria determines which company is truly the best?
We wrote our article on the best life insurance companies in the United States with that question in mind. Our focus is on the various niches in the life insurance landscape.
Banner is one of many companies we represent. You can get a quote for Banner and compare it to other companies by visiting our life insurance quotes page.
Review of Banner Life Insurance
Banner. Your Company For Life.™ If you are looking for Banner Life Insurance Reviews then you are in the right place. This review will highlight the company’s many strengths, including the company’s specific niches. We will conclude the article with our recommendation if Banner is the right company for you.
At TermLife2Go, we love this company. In fact, Banner ranks as one of our top ten best life insurance companies in the United States.
About Banner Life
Banner Life Insurance Company has been around for more than 60 years. The company is owned by Legal and General America, who has been around since the 1800’s. We are talking about 177 years of life insurance history.
Banner and William Penn are collectively referred to as Legal & General America. The company’s main headquarters are in London but has offices in the United States. Legal & General Group formed Legal & General America as a holding company in 1981.
Legal & General Group Plc is a top 10 global asset manager and is the seventh largest insurer in the world according to a 2017 A.M. Best report.
Pros of Banner Life
For anyone who is not in perfect health and wants cheap life insurance, Banner Life is KING. Banner has been the king of the standard and table rate classes for a few years now. In 2018, Banner is starting off the same way. The Company continues to be on the cutting edge in terms of underwriting and pricing for those who are not that healthy, such as those who struggle with diabetes, sleep apnea, atrial fibrillation, etc…
Banner Life Insurance Quotes
Rates are for informational purposes only, are subject to change and must be qualified for.
Sample Banner Life level term life insurance rates are based on a 40 year old male at a preferred plus non tobacco health class as of September 2017.
|Face Amount||10 Year||20 Year||30 Year|
As good as those life insurance quotes are, where Banner Life truly excels is for clients who are not as healthy. The following sample Banner Life term rates are based on a 20 year term policy for a male who falls into a table B or table 2 health class as of February 2017.
Banner Life Ratings
As you may have read in other Banner Life Insurance reviews, last affirmed August 2016, the Legal and General America boasts an A+ rating for financial strength and operating performance from A.M. Best Company, the premier ratings agency. An A+ rating with A.M. Best is only handed out to top tier companies that show a solid balance sheet. Speaking of balance sheet, check out these stats:
- Per their website, Legal and General America has over $658 billion of life insurance in force and over $7.3 billion in assets.
- A.M. Best: A+ (Superior) as of August 2016
- S&P: AA- (Very Strong) as of July 2016
- Fitch: AA- (Very Strong) as of July 2016
- COMDEX score 94
- BBB rating A+
As of May 2016, Banner has made major steps to enter the no medical exam life insurance marketplace.
What this means is that qualifying applicants may be approved for coverage without the need for a medical exam, labs, or attending physician statements.
About Legal and General’s APPcelerate:
- Phone interview only for qualifying applicants
- No Medical Exam required if eligible
- Preferred Plus rates available
- Available for Ages 20-50
- 10, 15, 20, 30 year terms available
- Available for $100,000 – $500,000 Face Amounts
Some additional key areas of strength
Banner is often one of the most affordable life insurance companies for the following:
OPTerm Life Insurance
- Banner offers renewable and convertible term life insurance.
- Banner offers renewable term life to age 95. Most competitors only allow policies to be renewed to age 90, so Banner is ahead of the competition here.
- What is term life insurance? Term insurance is ideal for those who need protection for a specific amount of time. Some examples would include covering the primary bread winner until the kids are out of the house, covering an SBA loan for the duration, or for a divorce settlement requiring coverage until the kids are independent.
Universal Life Insurance
- Banner offers a level premium universal life policy, Life Step UL, for those who need to lock into a permanent life insurance policy.
- Life Step UL provides flexible coverage and premium guarantees
- Short Pay Guarantee: You can choose a premium payment plan over a number of years, rather than your entire life.
- Guaranteed cash value.
- Permanent coverage is ideal for those looking to use life insurance for estate planning, such as funding a Life Insurance Trust or business succession planning, such as a buy sell agreement or key person insurance.
- Banner offers the typical accelerated death benefit rider. If you are diagnosed as terminally ill, you can receive a portion of your life insurance while you are alive to help pay bills, hospice or other important matters.
- Banner’s underwriting for people with diabetes is excellent. Banner typically offers the best universal and term life insurance rates (think cheapest price on life insurance for diabetics) along with some of the more liberal underwriting requirements for people with diabetes.
$50,000 Guaranteed Universal Life policy
Another positive of Banner Life is that the company offers a $50,000 Guaranteed Universal Life (GUL) policy. The majority of life insurance companies start at $100,000 for a GUL policy. Banner fills an important niche for someone looking for a permanent policy but who does not need $100,000 of permanent life insurance coverage.
Liberal Underwriting for Specific Health Issues
Banner is one of the more liberal underwriters out there. For example, we had a client apply with us who had a history of seizures and atrial fibrillation. We asked around to the various companies we work with to see who would be the best fit. Most companies were coming back with tentative offers of table B and below. However, Banner gave us a tentative offer of standard.
In the end, Banner Life Insurance offered this client with a history of seizures and atrial fibrillation a standard plus rate class.
Obviously results will vary but we at TermLife2Go believe the above example shows two things: 1) that going with the right company pays off, and 2) that going with TermLife2Go pays off.
Banner Life Insurance Reviews: Some Additional Key Niches
If you would otherwise qualify for a preferred plus rate class based on your health, then after three years of no tobacco or nicotine use you can qualify for a preferred plus rate class. Many competitors make you wait a full five years for this benefit.
If you have high cholesterol treated with medications and your cholesterol is under control, you can still qualify for a preferred plus rate class. Most competitors will only offer preferred.
Do you have high blood pressure but it is controlled with medication? With Banner Life you can still qualify for a preferred plus rate class. Most competitors will only offer preferred.
Diabetic life insurance clients can qualify for a standard plus rate class compared with the typical standard rate class offered by most competitors.
Sleep apnea sufferers need not fear applying with Banner Life, one of the more liberal underwriters when it comes to sleep apnea.
Asthma sufferers on two or less medications can qualify for a preferred rate class. Most competitors will place you at a standard rate class.
Anxiety and depression clients can qualify for a preferred rate class if the disorder is well controlled.
Family history will often cause an applicant to receive a lower health rate class due to family history. However, Banner Life has some of the most liberal underwriting requirements when it comes to family history.
Banner Life versus the Competition
There are so many factors that determine which company to choose and which company to pass on that to cover everything would require you to simply give us a call. However, the following is an attempt to give a brief, though limited, snapshot of the main differences between Banner and the competition.
Banner Life versus SBLI: Banner takes the prize on certain term lengths and universal life insurance; SBLI takes the prize on certain other term lengths. However, things change when you switch up the face amounts.
Banner Life versus Prudential: Banner focuses on nearest age and Prudential uses your actual age. Therefore, if you just had a birthday, Prudential might be the best choice if price is your primary concern.
Banner Life versus MetLife: MetLife and Banner are great at underwriting life insurance if you have type 1 diabetes. However, other health factors might sway our recommendation in one direction or the other.
Banner Life versus Protective: Protective has been pushing its competitors to play catch up when it comes to price. Banner has been one company that has kept up. Both companies offer competitive underwriting.
Drawbacks to Banner Life
Where Banner Life Fails to Make the Grade
It is difficult to come up with any negatives when talking about Banner Life and William Penn. However, if we had to list one Banner Life con it would be…
…Banner Life is Just one of many
Banner life insurance is just one of many life insurance companies fighting for your business. We make it our priority to make sure you are getting the best deal, both before you apply, and upon approval. What that means is that if we are not happy with an offer made to you we will shop your lab results with a competitor company. This way you are guaranteed the best company at the best price for your specific needs and lifestyle.
So in summary, Banner Life Insurance Company is a solid choice for life insurance. A few of the agents at TermLife2Go have life insurance with Banner. So if Banner happens to be the company that offers you the best rate, don’t be afraid to apply with them. They are a solid company with a great reputation in the life insurance community.
However, the key take away from this Banner Life Insurance Review is don’t settle for just ONE of many companies. Apply with TermLife2Go and keep your options open.
We realize that in today’s world, people are busier than they have ever been before. Today’s dollar needs to stretch farther than it ever needed to in the past, and people just want to be able to find an affordable life insurance policy without having to speak with a dozen different agents.
For this reason we’ve simplified the process by letting you shop dozens of different top rated life insurance carriers. At TermLife2Go, we’re looking for lifetime customers that will recommend their friends and family to us which is why we place customer satisfaction above all else.
So, what are you waiting for? Give us a call today to see what we can do for you!
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