Banner Life Insurance Review: Most people who have families need life insurance. You 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 questions; where do I get life insurance and who are the best life insurance companies for me? Is Banner Life one of the top companies? Are they financially strong and offer good products? We’ll answer these questions and more with our review of Banner Life.
Banner Life Insurance Company
Banner Life provides shoppers with a variety of life insurance products. Banner is one of the top life insurance companies that you can find. They are one of the go to insurers for a variety of niches. They should be looked at closely by anyone looking for term and permanent life insurance.
About Banner Life Insurance
Banner was founded in 1949 and was originally known as GELICO and have been in the life insurance business for over 60 years. However, they are also owned by Legal and General America which got into the life insurance business in the 1800s.
In 1989, Banner 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.
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-year term
- 15-year term
- 20-year term
- 25-year term
- 30-year term
- 35-year term
- 40-year term
Convert your term life policy
The most distinguishing feature about Banner Life Insurance is that you can make a conversion from a life term policy to a universal life policy. With the Banner Life Choice UL – you’re able to buy a permanent universal life policy at an affordable price.
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.
40 Year Term Life Insurance!
Legal & General America is a revolutionary life insurance company. You have the option to purchase a simple and straightforward policy that can cover you into retirement and beyond.
40-Year Term Life! Banner Life is the first carrier in the term life insurance marketplace to offer level premium coverage for up to 40 years!
Sample Quotes for Banner Life
Banner OPTerm life pricing samples below are based on 20-year term life insurance policy rates for healthy non-smoking man with a Preferred Best health class rating. Samples are based on Monthly Rates and are for informational purposes only. Rates are subject to change and you must qualify for these rates.
20-year term quotes
30, 35, 40-year term Life quotes
Will Banner give you the best rate?
Will Banner Life or some other company like Protective, CMFG Life, Progressive or GEICO 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…
Use our online instant calculator to compare rates from dozens of the top companies.
Steps to get an accurate quote
Banner Life Insurance Case Study
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.
Banner Life Advantages
Shoppers looking for inexpensive term life insurance should look to Banner Life. For anyone looking for term life for Preferred through Standard health classes- Banner is often the top choice. If you’re healthy, they’re a great choice with fast underwriting.
If you have some preexisting conditions or any health issues and want excellent life insurance rates, then Banner is also 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.
12 medical sweet spots for Banner Life
Banner Life is a great choice for shoppers with specific risks. Here is a breakdown of some of the risks that Banner Life is great for.
Preferred Best Rates
Banner Life will consider their best rates for the following risks:
- Ex Cigarette smokers 3 years out
- Shoppers with treated Hypercholesterolemia
- Shoppers with treated Hypertension
- Shoppers with a combined treatment of HTN/cholesterol
- Shoppers with total cholesterol under 300 (treated or untreated)
- Recreational SCUBA divers (up to 100 feet)
The next least expensive rates class is called “Preferred”. With Banner, you may qualify for their preferred rates for the following situations:
- Shoppers who have Asthma and use 2 medications or less. You need to be well controlled too.
- Shoppers who have well controlled anxiety or depression and use one medication.
- Shoppers with sleep apnea with the following details:
- Apnea index (AI) <20 or Respiratory Disturbance Index (RDI) < 30
- Lowest oxygen saturation above 85% with good compliance for 1 year and no residual symptoms
Standard Plus Rates
After “Preferred” rates, the next least expensive health class is called “Standard Plus”. You may qualify for Standard Plus for the following:
- Shoppers with Type II diabetes that is controlled
- Severe sleep apnea with good CPAP documentation of compliance for 1 year and no residual symptoms
- Shoppers with a history of certain cancers. The date of onset and the last treatment of the cancer will be a factor as well.
Banner Life insurance products
Banner OPTerm Life Insurance
Shoppers looking for inexpensive term life insurance should check out Banner Life’s OPTerm. It is frequently the least expensive term life insurance available. OPTerm offers annual renewable term as well as conversion options to permanent coverage like universal life insurance. Banner also provides coverage with their guaranteed universal life option.
- Renewable: Your OPTerm life policy can be renewed up to age 95. This is pretty unique with Banner Life as the majority of carriers go to age 90.
- Convertible Term Life: With Banner’s OPTerm, you can convert your term policy to one of Banner Life’s available permanent policies
This is a great choice for shoppers looking for coverage for estate planning or business life insurance (key man life insurance, buy sell agreement or collateral assignment).
Banner Life Step UL
With Banner Life, you can get lifetime coverage with their Life Step UL universal life policy. This is a permanent life insurance option vs a temporary policy like their OPTerm. With a Life Step UL policy, you’ll get the benefits of flexible coverage and premiums. You’ll also be able to grow cash value.
No Medical Exam
Hate needles? Want to skip the medical exam?
Banner Life rolled out their APPcelerate program in 2016. Banner wanted to offer shoppers the option of a no medical exam life insurance policy. Banner’s Appcelerate provides a faster underwriting process using automation that is similar to how Principal Life underwrites their policies. That means you can qualify and be approved without a medical exam, medical records or labs
So what is the Banner Appcelerate process?
- Shoppers will have to participate in a phone interview to qualify
- If you’re eligible, you wont have to take a medical exam.
- Shoppers may qualify for Preferred Plus rates
- Shoppers need to be between the ages of 20 and 50.
- The terms available are 10, 15, 20, and 30 years.
- Coverage amounts available are $100,000 – $500,000
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 Life Insurance Review
Which life insurance 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 in the country and see who has the best rate for you. Our Banner Life Insurance review provided you with information on Banner Life and how they stack up to the competition.
Banner is a great term life insurance option for many shoppers, but they’re only one of many companies available. Are they the top company for you?
Let Life Insurance Blog help you find out. We’ll shop from over 60 of the best life insurance companies in the USA to make sure you’re getting the best deal available.
If you’re looking for a whole life insurance option, read my review on AARP and how well it compares to the competition. Perhaps you’re interested in no medical exam life insurance?
We have that too!
So what are you waiting for? If you would like to compare quotes or apply for life insurance give us a call. You can also get started by filling out the quote form on this page to compare rates.
To learn more about life insurance, make sure to visit our page Life Insurance 101 or find out how much you may end up paying for coverage on our Life Insurance Rates by Age page.
If you’re not sure where to begin, give us a call. Our agents provide a free, no-pressure, educational approach to life insurance. We’ll compare dozens of the top companies in minutes to show you your most affordable options.
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
Ratings: A.M. Best (A+), Standard & Poor’s (AA-), Comdex (94), Fitch (AA-)