Banner Life Insurance Review | How do they compare?

Banner Life Insurance Review: Most people who have families need life insurance.

Banner Life Insurance ReviewsYou probably wouldn’t be here reading this article if you weren’t looking for a policy.

A good life insurance policy may alleviate financial hardship for loved ones left behind. However with so many types of life insurance available and so many companies offering life insurance, how do you decide who to choose?

This then begs the question; where do I get life insurance?

Banner Life Insurance Review

Which company will give me the best rates while still being a financially strong company?

The best bet is to get different quotes from among top life insurance companies and see who has the best rate for you.

In this article we’ll write a Banner Life Insurance Review with information on Banner Life and how they stack up to the competition.

Compare quotes right on this page or keep reading for more on Banner Life Insurance.

About Banner Life Insurance

banner life insurance reviewBanner was founded in 1949 and was originally known as GELICO.

In 1989, it was purchased by Legal & General Group and this is when it was renamed Banner Life.

It boasts $400 billion worth of life insurance policies that are in force, and has been rated with an A+ rating by A. M Best. Banner Life is based in Maryland.

Banner Life Company Details

Name(s): Banner Life Insurance Company, William Penn Life Insurance Company of New York


3275 Bennett Creek Ave

Frederick, Maryland 21704

Phone: (301) 279-4800

Website: www.lgamerica.com

Ratings:  A.M. Best (A+), Standard & Poor’s (AA-), Comdex (94), Fitch (AA-)

Banner Life Insurance financial strength

Main Features of Banner Life Insurance

Banner has very competitive term rates and is among the top rated life insurance providers in the U. S. They offer term periods of 10, 20, and 30 years.

The most distinguishing feature about Banner Life Insurance is that you can make a conversion from a life term policy to a Life Choice UL- a permanent universal life policy.

You are allowed to do this in the first 20 years of your policy, but no later than age 70.

One of the benefits of converting to a permanent policy is that you are not required to undergo a medical examination and you get the same health rating you got when you bought the original term policy.

The benefit is if you were in very good health when you bought the policy, and your health has since changed, you can still qualify for coverage and at a better rate.

Banner Life Insurance Review: Examples of Rates

Ok, so let’s talk about rates with Banner.

Let’s take a look at a 40 year old male applying for $500,000 of 20 year term life.

How does Banner stack up to the competition?

Assuming our 40 year old is in excellent health, let’s take a look at preferred plus rates:

Protective Life $30.25 monthly
SBLI $30.45 monthly
Banner Life $31.06
Genworth $31.06
American General $31.85
Transamerica $36.31
MetLife $37.26

As you can see from the above example, Banner life is just $1.00 away from being the best priced carrier in this situation.

While Banner won’t always be number 1, they will always be competitive.

Depending on your age, health, and the amount of coverage that you are looking for, Banner may or may not be the best priced company specifically in your situation.

Which is why we recommend that you compare rates, which you can do using our quote form at the side (or above if on mobile) of this post.

Banner Life Medical Underwriting

Every life insurance company will look at your health and lifestyle differently.

This is why it is so important to work with a life insurance expert who has access to multiple life insurance companies.

Banner Life has several areas where they are extremely strong with their underwriting and knowing them gives you an edge.

This can ultimately end up saving you thousands of dollars over the life of your policy.

Top 13 Banner Life Advantages

If you have some health issues and want excellent life insurance rates, then Banner is a great choice.

Banner Life has been a top life insurance company for Standard and Table rated life insurance cases for several years.

Banner continues to be on the cutting edge with pricing and underwriting for individuals with health risks.

Here are 13 medical sweet spots for Banner Life

banner life insurance underwriting


Banner Life – Mediguide

One nice advantage of Banner Life which many people don’t know about is Banner Life’s Mediguide.

Each Banner life policy holder has access to this offering free of charge from Banner Life (this program typically costs over $400 per year to have).

Mediguide offers you world class expertise in situations where you might need it most.

For example, let’s say you were recently diagnosed with cancer and want a second opinion.

Banner Life will let you choose among one of three experts around the world (like the Mayo Clinic for example) and they will send your medical records to them for a free 2nd opinion.

Even if they need to fly you to the expert location, they will do so, free of charge.

This program has saved the lives of many people that needed an expert second opinion, and every Banner policy holder has access free of charge.


Banner is a great term life option for many.

If you’re looking for a whole life option, read my review on AARP and how well it compares to the competition.

If you would like to compare quotes, or apply for life insurance call us at 888-411-1329, or fill out the quote form below to compare rates.

Thank you for reading our post, Banner Life Insurance Review. Please leave a comment or question below.

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Michael Quinn

Michael Quinn is the owner of Life Insurance Blog. If you have specific questions or face challenges getting coverage. Please email or call me a call at 888-411-1329 - Either way, I'm happy to help you.

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