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Banner Life life insurance review 2023

Updated Jan 13, 2023
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Bottom Line

Banner Life offers two types of life insurance policies, term life and universal life, and could be worth exploring if you are looking for a simple, uncomplicated life insurance policy. In New York, it sells policies through its sister company William Penn. The company doesn’t offer many riders, though, so policy personalization could be limited.

Pros
  • Sells term life insurance as well as universal life policies

  • Also sells retirement annuities

  • Some policies do not require medical exams

Cons

Banner Life insurance

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. It 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 life-long 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.
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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:

Banner Life tools and benefits

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.

Banner Life customer 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 0.35. Anything under 1 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.

How to 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.

Banner Life availability

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.

Other Banner Life perks worth considering

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:

  • 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.

Banner Life corporate sustainability

Banner Life Insurance gives precedence 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 2021 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: $20,000 scholarships are given to students who have lost a parent that did not have life insurance.
  • Environmental sustainability: Its Frederick, MD headquarters has Silver LEED certification; the company routinely earns EPA Energy Star Certification awards.

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.

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?

With over a decade of life insurance industry experience, Bankrate’s insurance experts present information that can help you decide if Banner Life insurance could be right for 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 access to a multitude of options. Each policy also comes with its own set of features, riders and stipulations. If you need policies that come 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.

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