Banner Life Insurance Review 2020

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Banner Life Insurance is sold under its parent company, Legal & General, alongside its sister brand, William Penn. Since the 1980s, Legal & General has insured over 1.3 million people between the two brands, and has over $759 billion of coverage in force. That means Banner Life has a strong financial backing and its parent company has decades of experience in the life insurance sector. If you’re curious about Banner Life, keep reading to see our full review of their life insurance policies and customer ratings.

Banner Life insurance

Currently, Banner Life offers coverage in 49 states and Washington D.C. They offer just two policy options, with only a few options for customization. Because of that, Banner Life is a better option for individuals looking for basic coverage, without all the extras.

Types of life insurance policies offered

Banner Life sells term life and universal life insurance policies. On the website, you’ll find some information about what each policy covers and who it’s best for. Here’s a more in-depth look at the life insurance policies that are available from Banner Life:

  • Term life insurance: Banner Life’s term life insurance policies offer coverage from 10-40 years and policies start at just $8 per month. Term life insurance is ideal for people on a budget and you can even get an instant quote online.
  • Universal life insurance: Banner Life also offers universal life insurance, which is a permanent policy that includes coverage for your lifetime. It has an adjustable death benefit, flexible premiums and a guaranteed cash value component. To get a quote for universal life insurance, you’ll need to contact an agent.

Banner Life ratings, reviews, customer satisfaction and complaints

Organization Rating
Better Business Bureau (BBB) A+
S&P AA-
AM Best A+
NAIC Complaint Index .05 (fewer than average complaints)

Banner Life insurance reviews are good across the board. The brand’s parent company, Legal & General, has excellent financial strength, with an A+ rating from AM Best and an AA- rating from S&P. That means Banner Life has plenty of cash flow to compensate policyholders when a claim is filed. Banner Life has an A+ rating from the BBB and fewer than average customer complaints as reported in the NAIC Complaint Index, indicating great customer service and satisfaction.

Reasons why Banner Life is a great option

Banner Life is a good choice for life insurance if you’re looking for basic, affordable coverage. Banner Life’s term life insurance policies start at $8 per month, which can fit almost any budget. When the term is up, you can convert your policy into a universal life policy, which will provide coverage for the rest of your lifetime and build cash value overtime.

We also like Banner Life’s approach to claims handling. If your policy proceeds total $10,000 or less, you can take advantage of the Fast Track claims process, which means getting a quicker payout. Banner Life Insurance’s website also states that claims are paid within one business day following approval. With some life insurance companies, you’re left waiting for weeks or even months to receive your payout after filing a claim.

However, Banner Life does have downsides, particularly when it comes to coverage. Banner Life’s policy options are extremely limited. Most insurance companies offer more than two choices and more ways to customize your coverage. If you’re looking for anything other than term life and universal life, you’ll have to look elsewhere. There’s also no option for guaranteed coverage, so you’ll have to take a medical exam if you want to get coverage from Banner Life.

Frequently asked questions

What is the best life insurance company?

The best life insurance company is different for every individual. It depends on the type of coverage you want, the amount of coverage you want, what you can afford to pay, your current health condition and much more.

For instance, Banner Life might be the best company for someone looking for basic term life insurance. However, it wouldn’t be the best company for someone looking for guaranteed issue life insurance. When you’re selecting a life insurance provider, take some time to research companies individually, figure out your needs and compare rates to see which company can offer you the best deal.

Does Banner Life require a medical exam?

Young and healthy people who are applying for term life insurance from Banner Life may not have to take a medical exam. If you are older or have some health issues, expect to take a medical exam or complete a detailed health questionnaire as part of the application process. People who are applying for universal life insurance will most likely have to take a medical exam in order to get approved for coverage.

How much does Banner Life insurance cost?

Banner Life Insurance’s term life insurance policies start at $8 per month. The cost of their universal life insurance policies are not disclosed. However, the price you’ll pay for either policy depends on a number of factors, including your age, where you live, your health condition and how much coverage you want.