Banner Life is is a well respected insurance company and one of the top life insurance carriers available today. The big question is, “Is Banner the the right company for you?” We hope to answer that question with our Banner Life Guaranteed Universal Life Insurance Reviews article in order for you to make an informed decision. Banner Life’s GUL product is called Life Step UL and it’s their main GUL product that we’ll be reviewing today.
Banner Life Guaranteed Universal Life Insurance Reviews
Just know that this post is just one of many GUL reviews. We have a huge series of reviews for the top companies that sell guaranteed universal life insurance. To learn more about GUL products (also known as Term to 100 or Lifetime Term) please read an overview of GUL here.
What company is the best?
Banner Life Life Insurance Company
The Banner Life insurance company has a very sharp focus by only selling of life insurance products instead of a variety of other policy types.
Banner Life Overview
Legal & General is the parent company of the Banner Life Insurance Company. In 1949, Banner was formed and was acquired by Legal and General Group. Banner Life has competitive rates for most health classes which makes them a good option for the healthy and shoppers with substandard health profiles.
Guaranteed Universal Life (GUL) is a type of universal life insurance- but doesn’t have the market risks of UL.
Your premiums remain the same with GUL just like term life. With a GUL, you get coverage with a “no-lapse” guarantee. This means that if you pay your insurance premiums, you’ll always be covered. GUL is not made for cash value and it resembles and functions similarly to term life insurance. Term life insurance only covers you for a set number of years. GUL covers you to a specific age such as: Age 90, 95, 100, 110, or 121.
Banner Life GUL Products
Banner Life offers life insurance shoppers lifetime coverage with their guaranteed universal life insurance product called: Life Step UL
Banner Life Step UL Overview
Banner Life Financial Strength
How to choose? If you’re comparing companies & looking to choose from two carriers, one rated A+ and one rated A++, either one is likely to be there when you need it. However, if you’re picking carriers that are rated B+ and A+, financial strength could factor in your buying decision. Try to avoid companies that 1 or more financial agencies rate as potentially vulnerable.
Health Class Ratings
Life insurance classifications are important because they affect your premium. The better your health class rating, the lower your premium will be with. All companies (including Banner Life) classify you differently.
These are the health classes that are offered with Banner Life:
Now let’s look at how much the Banner LifeStep UL can cost. Below are some sample monthly rates for a healthy non smoking 46 year old man.
|Death Benefit||To Age 95||To Age 100||To Age 121|
Make sure to use an independent life insurance agent that can shop from all the top life insurance companies. They will be able to provide you unbiased recommendations based on your specific health, age, and needs.
Life insurance rates depend on many factors. The life insurance company you choose is a major factor because each company rates you differently. Someone with diabetes may qualify for different rates depending on each company they apply with.
Learn more about life insurance shopping.
- Low Coverage Amounts: Banner offers low face amounts starting at $50,000.
- Accelerated Death Benefit: Banner provides you early access to your death benefit if you are diagnosed with a terminal illness. You’ll be able to access up to 75% of the face amount if diagnosed with
- Short-pay Guarantee: This will provide you the opportunity to finish or pre pay your premium payments before the end of your policy. In other words, your policy can be paid when you reach age 65 even though your policy covers you to age 121
- Underwriting: Banner has reconsidered cases where an applicant was approved at a less than favorable health class. Each case is unique, but Banner is sometimes a great fit for some impaired risk cases especially with a family history of cancer.
- One of Many: Banner Life is just one of many life insurance companies in the market. They don’t offer every option and they aren’t always priced the best. Depending on your health and age- another carrier may give you a better deal.
- Riders: This is potentially a huge disadvantage since Banner Life doesn’t offer any life insurance riders. When comparing to other GUL companies you’ll quickly see that this is not typical. Most companies have at least a few riders available in case you want to customize your policy.
Life insurance underwriting is the process of a company looking at the level of risk you present to the insurer. Once they can determine your risk level- they can decide the cost of the premium for you. This is similar to how a car insurance company will ask you if you have had any previous moving violations, accidents, DUI or license suspensions before providing you your final rate.
Learn more: Underwriting
Not all life insurance companies will look at you the same. Banner Life and every other company has their own underwriting guidelines. Here are Banner Life’s underwriting strengths and weaknesses:
These conditions typically get a better rating compared to the competition:
Banner Life is one of the few companies that doesn’t have a glaring underwriting weakness. They are even favorable with their underwriting when it comes to approving seniors.
How to buy the best Guaranteed Universal Life policy?
We cannot stress enough the importance of using an independent life insurance agent to help you choose the right GUL product at the most affordable price possible.
Independent life insurance agents have access to multiple companies. We know which life insurers offer the best rates when it comes to buying guaranteed universal life insurance.
We hope this article gives you a good overview of guaranteed universal life insurance. GUL policies are a great solution for many shoppers that can provide protection for your loved ones.
About Life Insurance Blog
Life Insurance Blog is an impartial life insurance broker who represents dozens of life insurance companies. We help our customers pick the best life insurance carrier and options that’s right for them. We do not push any companies because we have access to all the top life insurance companies. We don’t try to put shoppers into a plan that is not suitable for their goals and needs. Our number one concern is our clients and future policyholders.
We offer you free life insurance consultations and work with you to understand your goals and then help you with an appropriate recommendation. So, what are you waiting for? Contact us today or visit our Life Insurance Quotes page and see how we can help you!