We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
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.
Shannon Martin is a licensed insurance agent and content writer for Bankrate. With a Bachelor of Science from the University of Louisiana at Lafayette and 15 years in the insurance industry, she enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.
Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work.
Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict
,
this post may contain references to products from our partners. Here's an explanation for
.
This content is powered by
HomeInsurance.com
(NPN: 8781838). For more information, please see our
.
Editorial integrity
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict
editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Insurance Disclosure
This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. 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.
At a glance
Not rated
Rating: 0 stars out of 5
Bankrate Score
Auto
Rating: 0 stars out of 5
0.0
Home
Rating: 0 stars out of 5
0.0
About Bankrate Score
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 doesn’t offer many insurance riders, so they may not be a good fit for someone who needs to personalize their policy’s coverage.
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 Insurance sells policies in 49 states and Washington, D.C. Its sister company, William Penn Life Insurance, operates in New York, making for nationally available coverage between these two companies. In 2011, both companies consolidated under Legal & General America, a parent company that has been writing policies for nearly 200 years.
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
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.
Compare life insurance providers quickly and easily
Answer a few questions to check availability with Banner Life
Your information is kept secure
Please select age
The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses.
Please select Coverage amount
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.
Fixed premium over term
No savings benefits
Outliving policy or policy cancellation results in no money back
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. 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.
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:
Banner Life offers a variety of term life insurance riders that can be added based on various life events. Although it doesn’t advertise what they are on its website, reaching out to an agent or representative could be helpful towards personalizing your life insurance policy.
Adding this rider onto your term insurance policy could provide coverage for all of your children. You can choose between $5,000 or $10,000 in additional coverage, and the policy can be converted to a permanent policy without a medical exam for your child.
This rider allows earlier payouts from your life insurance policy if the policyholder develops a terminal illness. It can be added to permanent and term life insurance policies.
Compare Banner Life with other insurers
Life insurance can be complicated. Consider first how much life insurance you need (Bankrate’s life insurance calculator can help), before shopping around for life insurance quotes. 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.
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.
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.
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.
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.
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.
Shannon Martin is a licensed insurance agent and content writer for Bankrate. With a Bachelor of Science from the University of Louisiana at Lafayette and 15 years in the insurance industry, she enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.
Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work.