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Banner Life insurance review 2023
At a glance
About Bankrate Score
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 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
Sells term life insurance and universal life policies
Offers retirement annuities
Some policies do not require medical exams
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?
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.
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.