Banner Life Insurance sells policies in 49 states and the District of Columbia. Its sister company, William Penn, operates in New York, giving these two companies full coverage in the United States. They are both part of Legal & General America, whose parent company has been writing policies for nearly 200 years. Banner Life offers two types of policies, term and universal life insurance, and it is worth exploring if you are looking for a fairly simple, uncomplicated life insurance policy.
|Sells policies throughout the U.S. (with sister company William Penn in NY).||Not an extensive selection of riders, or add-ons.|
|Company has been writing policies since 1836.||No whole life insurance, guaranteed issue, or final expense insurance|
|Sells term life insurance as well as universal life policies.||Although online quotes are available, you’ll need to talk to an agent to finalize the purchase of a policy.|
|Also sells retirement annuities.|
|Some policies do not require medical exams.|
Banner Life Insurance’s parent company, Legal & General Group, started in London in 1936, making the company one of the more venerable entities working in the insurance field today. Banner writes policies in every state in the U.S. except New York, which is covered by its sister company William Penn.
Banner offers term life insurance, which can be converted to a permanent policy if you wish. Banner’s term policies range from 10 to 40 years, with coverage limits starting at $100,000. The company also offers universal life coverage. This type of policy features adjustable premiums, so you can increase payments when you’ve got the money, and decrease them if other priorities are higher. You can purchase policies up until the age of 80. These two policy types form the core of Banner’s offerings.
Banner Life insurance coverage types
Banner offers two types of life insurance policies, each of which has a few options for riders, or add-ons, that allow you to customize your policy. Because of this, Banner might be a better choice for those looking for basic coverage, rather than those with complicated insurance needs.
- Term: Banner’s term policies can be purchased with terms up to 40 years, making them potentially a good choice if your insurance needs extend well into the future. Banner is one of the few insurers who offer policies for 40 years — most companies max out at 30. Customize your coverage with term riders that allow you to stack shorter terms on top of your base policy, so you can adjust the coverage levels throughout the life of the policy. There is also a child rider covering 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: There are a number of types of permanent coverage which, as the name suggests, offer life-long coverage in most cases, as long as the premium is paid. The permanent policy type that Banner offers is called universal life. 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 more expensive than term life insurance, universal life tends to be cheaper than the more common whole life policies, making it a potentially good choice if you’re looking for less expensive coverage.
Banner Life services
In addition to its life insurance options, Banner helps you plan for retirement by offering annuities, which pay out income after you are retired. These could be a good choice if you are looking for a steady and reliable income stream when you are no longer working.
Banner offers several types of annuity, including life annuities, life annuities with cash refund or installment refund and period certain annuities.
Other Banner Life perks worth considering
- Informational website: Banner 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: Nearly 50% of Banner’s applicants purchase insurance without having to undergo a medical exam, if they are in good health. The company’s Lab Lift program 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.
Banner Life insurance customer and claims satisfaction
Banner scores well with agencies that monitor financial soundness. It has a Comdex score of 95, and an AA- rating from both Fitch and Standard & Poors. AM Best, meanwhile, gives it an A+. What these rankings mean is that the company has a history of managing its finances well.
Banner Life Insurance reviews are generally positive, and the company has an NAIC (National Association of Insurance Commissioners) complaint index score of 0.15. Anything under 1 indicates that the company has less complaints made against it than the industry standard, and Banner’s score indicates that the company takes customer service seriously.
Banner Life social responsibility
Banner Life Insurance gives precedent to its role as a corporate citizen, and the company supports several charitable endeavors:
- Annual charitable giving campaign: Employees, aided by a company match, raise money for local charities; in 2020 they collected nearly $1 million for their chosen initiatives.
- Community awards: Employees may be nominated for company awards for volunteerism that are presented annually.
- National Association of Independent Life Brokerage Agencies Charitable Foundation: Legal & General is a charter member and donates annually.
- Life Happens scholarship: $10,000 scholarships are given to students who have lost a parent and do not have life insurance.
- Environmental sustainability: Its Frederick, MD headquarters has Silver LEED certification; the company routinely earns EPA Energy Star Certification awards.
Not sure if Banner Life is right for you? Consider these alternatives
If you have complex insurance needs and Banner’s two policy options don’t seem like a good fit, you may want to consider these other companies, which offer a broader range of well-considered policies that may work better for your circumstances.
- State Farm: Named best term life insurance provider by the 2022 Bankrate Awards, and sits at the top of J.D. Power’s Customer Satisfaction Index Ranking.
- Nationwide: Also high on the J.D. Power listing, Nationwide offers four types of life insurance along with riders such as long-term care.
- 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.