How do you file a claim with Banner Life?

Beneficiaries of a Banner life insurance policy can start a claim by going onto the company website or contacting the agent of record. When filing a claim, be sure to have an original copy of the Proof of Death Claimant's Statement, certified copy of the insured’s death certificate and the original policy.

Does Banner Life have corporate sustainability efforts?

Banner Life promotes sustainability within its corporation and its employees. Employees, aided by a company match, raise money for local charities. In 2022, the company collected nearly $1 million for their chosen initiatives. Banner Life also has an annual award celebration where employees are nominated based on their volunteerism. Its parent company Legal & General, is a charter member of the National Association of Independent Life Brokerage Agencies Charitable Foundation and makes annual donations. Legal & General also participates in the Life Happens scholarship, which awards $20,000 scholarships to students who have lost a parent who did not have life insurance. On the environmental side, Legal & General also routinely earns EPA Energy Star Certification awards. Lastly, Banner Life's Frederick, MD headquarters is based in a building with a Silver LEED certification.

Does Banner Life require a medical exam?

Banner Life offers an accelerated or lab-free underwriting process for its life insurance policies. Applicants who are generally healthy, have regular physical exams, have no history of severe or chronic illness and don't use too many prescription medications are more likely to qualify for a no-exam policy. Banner Life states these policies may be issued as quickly as under 48 hours and do not have higher premiums than life insurance policies with traditional underwriting.

How quickly does Banner Life pay claims?

Once the claim is approved, Banner Life processes the payment to the beneficiary within one business day. According to its website, the company has paid over $1.3 billion in claims and 99 percent of claims are approved.

Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Banner Life insurance review 2023

Written by

Shannon Martin

Edited by

Mariah Posey

Edited by

Mariah Posey

Updated Oct 30, 2023

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Bankrate's take

Policyholders looking for a simple, uncomplicated term life or universal life insurance policy might consider Banner Life as their company of choice.

Between Banner Life and its sister company, William Penn Life Insurance, Banner may be a good choice for someone seeking a company available nationwide that has over 200 years in the life insurance industry.

Banner Life customer service: 1-800-638-8428
- E-mail: customerservice@bannerlife.com
- Fax: 301-294-6960
William Penn customer service: 1-800-346-4773
- Email: customerservice@wpenn.com
- Fax: 516-229-3081
Website: lgamerica.com
Mailing address: Legal & General America, 3275 Bennett Creek Avenue, Frederick, Maryland 21704
State availability: Banner Life is available in 49 and Washington D.C., and William Penn is available in New York.

Banner Life insurance

Banner Life offers two types of policies, term and universal life insurance. The company’s offerings could be worth exploring if you are looking for a fairly simple, uncomplicated life insurance policy, as there are few options for riders, or add-ons, to customize each policy. Because of this, Banner might be a better choice for those looking for basic coverage, rather than those with complicated insurance needs.

Term life insurance: Banner’s term life insurance policies can be purchased with terms up to 40 years, making it potentially a good choice if your insurance needs extend well into the future. Banner is one of the few insurers that offers policies for 40 years — most companies max out at 30. You could also customize your coverage with term riders that allow you to stack shorter terms on top of your base policy. For family life insurance, there is also a child rider available that covers your child until the age of 25, a waiver-of-premium rider and an accelerated death benefit rider for all Banner policies, which lets you access some of your payout if you are diagnosed with a terminal illness.
Permanent life insurance: Banner Life insurance also offers universal life, which is a type of permanent life insurance policy. Permanent life insurance offers lifelong coverage in most cases, as long as the premium is paid. Universal life is characterized by flexibility in premium payments, which allows you, for example, to pay more while you’re working and then less after you retire. Your account will have a guaranteed minimum interest rate, as well, which means the cash value of the policy should increase steadily. Although generally more expensive than term life insurance, universal life might be a good option if you need a flexible policy.

Pros and cons of Banner Life life insurance

Pros

Sells term life insurance and universal life policies
Offers retirement annuities
Some policies do not require medical exams

Cons

Not an extensive selection of riders
No whole life insurance, guaranteed issue or final expense insurance
Although online quotes are available, you’ll need to talk to an agent to finalize the purchase of a policy

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Whole life insurance combines life insurance with an investment component.

Coverage for life
Tax-deferred savings benefit if premiums are paid
3 variations of permanent insurance: whole life, universal life and variable life include investment component

Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.

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Outliving policy or policy cancellation results in no money back

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Banner Life insurance endorsements

Depending on the type of Banner life insurance policy that you have, you can access specific endorsements and riders. Here are a few Banner Life endorsements you can consider:

Compare Banner Life with other insurers

Banner Life vs. State Farm

State Farm offers a variety of life insurance products, and sells home and auto insurance if you want to manage all of your insurance policies in one place. If strong customer service and policy options are a priority for you, it could be worth a look.

Learn more: State Farm Insurance review

Banner Life vs. Nationwide

Also ranked highly on the J.D. Power Life Insurance study, Nationwide offers four types of life insurance along with riders such as long-term care. The company also has a network of local agents that could be helpful for finding personalized advice.

Learn more: Nationwide Insurance review

Banner Life vs. Northwestern Mutual

As a mutual company, Northwestern is owned by its policyholders and pays out dividends annually; it also offers coverage for smokers and older individuals. The company writes term life, whole life and universal life insurance.

Learn more: Northwestern Mutual Insurance review

Is Banner Life a good insurance company?

Bankrate’s insurance editorial team, which includes insurance experts and licensed agents with over a decade of combined industry experience, created a life insurance guide and gathered data that may help you decide if Banner Life meets your needs. Banner Life only offers term and universal life insurance, and each one has limited add-on options, so it may not be ideal for those who want a highly personalized policy. Each policy also comes with its own set of features, riders and stipulations. If you require a policy with no medical exam or want flexibility to adjust coverage for the future, it could be worth researching further and requesting a quote to determine your life insurance cost.

Banner Life customer satisfaction

Selecting the right policy isn’t just about finding the cheapest life insurance premium. Reviewing third-party ratings can help you find a life insurance company offering quality customer service and financial stability. Banner scores well with agencies that monitor financial soundness. It has a Comdex score of 95, and an AA- rating from Fitch and Standard & Poors.

J.D. Power has not reviewed Banner Life, possibly because it is grouped under the Legal & General America umbrella with other life insurance options. When J.D. Power does rank a company, its positioning based on an 1,000-point scale. AM Best asseses and ranks insurance companies based on their creditworthiness using a grade scale from A to D.

Study or Rating Agency	Banner Life	Industry average
2022 J.D. Power Individual Life Insurance Study	Not rated	774/1,000
2022 J.D. Power Group Life Insurance Study	Not rated	797/1,000
AM Best rating	A+ (Superior)	N/A

Banner Life complaints

Banner Life Insurance reviews are generally positive, and the company has a solid NAIC (National Association of Insurance Commissioners) complaint index score. Anything under 1.00 indicates that the company has fewer complaints made against it than the industry standard, and Banner’s score indicates that the company takes customer service seriously.

Other Banner Life tools and benefits

If you’re looking for the best life insurance, it can help to evaluate the company as a whole. Here are some other unique features from Banner Life:

Annuities and retirement services: Banner helps you plan for retirement by offering annuities and retirement services, which pay out income after you are retired. There are several types to choose from, including life annuities, life annuities with cash refund, or installment refund and period certain annuities.
Informational website: Banner Life policyholders can find out more about the products they own by reviewing Banner’s extensive Articles & Guides section, which features information about insurance, money, technology and lifestyle issues.
Services for companies: Banner’s parent company, Legal & General America, offers pension risk transfer solutions to businesses.
Digital application: Apply online for insurance products with the company’s mobile-friendly app. Banner estimates that it takes 20 minutes or less to complete the digital application. Applying online allows for accelerated underwriting with quick approvals.
No-medical-exam options: Banner Life does offer an accelerated underwriting program that may mean you don’t need to submit to a medical exam. If approved, your rates will not be higher than if you had a medical exam, which is something that makes the company stand out. The company’s Lab Lift program also gives some clients the opportunity to submit health records from their own doctor or have a paramedical exam instead of an in-person doctor’s exam.

Frequently asked questions about Banner Life

Beneficiaries of a Banner life insurance policy can start a claim by going onto the company website or contacting the agent of record. When filing a claim, be sure to have an original copy of the Proof of Death Claimant's Statement, certified copy of the insured’s death certificate and the original policy.
Banner Life promotes sustainability within its corporation and its employees. Employees, aided by a company match, raise money for local charities. In 2022, the company collected nearly $1 million for their chosen initiatives. Banner Life also has an annual award celebration where employees are nominated based on their volunteerism.

Its parent company Legal & General, is a charter member of the National Association of Independent Life Brokerage Agencies Charitable Foundation and makes annual donations. Legal & General also participates in the Life Happens scholarship, which awards $20,000 scholarships to students who have lost a parent who did not have life insurance. On the environmental side, Legal & General also routinely earns EPA Energy Star Certification awards.

Lastly, Banner Life's Frederick, MD headquarters is based in a building with a Silver LEED certification.
Banner Life offers an accelerated or lab-free underwriting process for its life insurance policies. Applicants who are generally healthy, have regular physical exams, have no history of severe or chronic illness and don't use too many prescription medications are more likely to qualify for a no-exam policy. Banner Life states these policies may be issued as quickly as under 48 hours and do not have higher premiums than life insurance policies with traditional underwriting.
Once the claim is approved, Banner Life processes the payment to the beneficiary within one business day. According to its website, the company has paid over $1.3 billion in claims and 99 percent of claims are approved.

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