Banner Life Guaranteed Universal Life Insurance Reviews

Banner Life Guaranteed Universal Life Insurance Reviews
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Table of Contents

Banner Life is is a well respected insurance company and one of the best life insurance companies 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 insurance.

What company is the best?

Are you just looking for the best Guaranteed Universal Life insurance companies? We reviewed the top rated GUL companies right here.

Banner Life Life Insurance Company

Financial Strength
Review Summary

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 insurance review

About Banner Life

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.

Banner Life Financial Strength

Financial Strength Ratings

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.

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

Issue Ages

Ages 20 - 85

Minimum Benefit Amount


Coverage Lengths

Ages 90, 95, 100, 105, 110 and 121

Maximum Benefit Amount

Over $10,000,000

>>Read more about getting coverage to specific ages like:

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.

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:

Sample Rates

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 BenefitTo Age 95To Age 100To Age 121

Banner is a great company and extremely competitive for Term Life insurance. Unfortunately, they are typically more expensive with their GUL product. You could probably get a lower rate from companies such as American National, AIG or North American.

Find out if Banner Life has the best rates?

Will Banner Life or some other insurer like American National, Lincoln National, or Sagicor get you the best deal? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…

Compare Quotes

Use our online instant calculator to compare rates from dozens of the top companies.

Total Time Needed: 5 minutes
Total Cost: 0 USD

Required Tools:

- A Computer.
- Internet Connection.

Things Needed?

- A pen
- A piece of paper

Steps to get an accurate quote

Use the calculator on this page or click the link above to visit our instant quotes page.
Step 2 : Input coverage details
Fill out the basics about what you’re wanting, how much coverage, for how long, etc. That way we can understand your situation before we can help you. Complete the calculator details as accurately as possible, and be absolutely sure your contact information is correct so we can reach you.
Step 3 : Get help from a licensed agent
Once you’ve filled out the calculator, one of our licensed agents will  provide you all your options and plan out who will provide you the best rate based on your specific health and goals. All of the recommendations will be based off of the details you provide. It’s very important that you're honest and answer your agent's questions accurately. 
Step 4 : Compare realistic rates
This is where we really begin working to figure out exactly which company will get you the best rate, and how to make it happen. There are literally hundreds of companies and thousands of policy options available. We'll make sure you get the best one based on what you'll qualify for.


  • 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

Underwriting Information

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!

Michael Quinn

Michael Quinn

Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.
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Michael Quinn
Founder – Life Insurance Blog

We’ve all been there — You’re just not ready to talk to an agent right now.

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