Banner Life Insurance Review | How do they compare?

Banner Life Insurance Reviews
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    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

    Financial Strength
    Review Summary

    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 life insurance reviewBanner 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:

    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.

    Banner Life Insurance Review

    life insurance tip

    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…

    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.

    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:

    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)

    Preferred Rates

    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-)

    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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