As an online life insurance broker, we’re not limited to working with one specific life insurance company. By definition, a broker typically works with several companies but represents you, not the company.
Every life insurance company we make available to you has been carefully chosen to provide competitive prices, fast application processing and underwriting, and excellent customer service. Today, we’ll take a closer look at one such company: Banner Life Insurance Company.
Banner Life Insurance Company is a Banner is a subsidiary of Legal & General Group Plc, which is headquartered in London. L&G calls its U.S. operations Legal & General America, Inc. and Banner is part of that corporate entity. Their history began in 1949 and sixty-five plus years later they are still a growing company. At year-end 2013, Banner had more than $587 billion of life insurance in force. According to a year-end LIMRA study, they ranked 3rd among all U.S. companies for new coverage issued.
Banner Life has an A+ rating from AM Best rating service, and an AA- rating from Standard & Poor’s rating service. These company ratings represent a measure of a company’s claims paying ability and overall performance.
Features Included with Every Term Life Insurance Policy
These features are often called “riders” in life insurance lingo. This simply means they “attach to” or “ride along” with your policy. These two are included for free with your policy.
1. Accelerated Death Benefit Rider
Banner includes an Accelerated Death Benefit (ADB) rider at no extra cost to you (in approved states). This benefit allows you to receive a portion of the death benefit if you become terminally ill, with a life expectancy of 12 months or less. The policy owner can request payment of up to 75 percent of the eligible death benefit, not to exceed $500,000.
2. Conversion Option
A Conversion Option (CO) is included with no extra premium. You may convert the policy to select permanent life policies issued by Banner. You do not need to show evidence of insurability to convert your policy, as long as you do it during the guarantee period of the policy, not to exceed age 70. Policies issued at age 65 or over are convertible during the first five policy years.
Optional Features You can Add to Your Policy
You can buy these optional riders and they will also become a part of your policy.
1. Waiver of Premium Rider
A Waiver of Premium (WOP) rider is available with extra premium. If you have a total disability before you reach age 60, and after a waiting period of six months, your premiums will be waived retroactively from the beginning of the disability. The premiums will continue to be waived for the duration of your total disability. The maximum face amount for a policy with this rider is $6,000,000. You can buy this rider if you are between the ages of 20-55. It will expire on your 65th birthday.
2. Accidental Death Benefit Rider
An Accidental Death Benefit (ADB) rider is available with extra premium. This rider pays in addition to the base policy death benefit if you were to die in an accident. The benefit amount is up to the face amount of the base policy or a maximum of $300,000 on any one life (includes any such benefit already in force). For example, let’s say you have a $250,000 term life policy with the ADB rider attached. If you die in a covered accident, Banner will pay your beneficiary an additional $250,000 death benefit, for a total payout of $500,000.
You can buy this rider if you are between the ages of 18-60. It will expire on the policy anniversary nearest your 65th birthday.
3. Term Rider
The Term rider is an additional insurance rider that provides temporary life insurance coverage for a specified number of years after which coverage provided by this rider will cease. The term period of the rider must be for a shorter time period than the level term period of the base policy. For example, if you need $500,000 of coverage for 10 years and only $250,000 for the next 10 years, you can purchase a 20-year policy for $250,000 and add a 10-year term rider for $250,000. The rider will fall off in 10 years and you’ll be left with the base policy of $250,000 for another 10 years.
4. Children’s Life Insurance Rider
The Children’s Life Insurance (CLI) rider is also available with extra premium. It provides level term insurance on each insured child, up to age 25. One rider covers all children in the family and any new children born or adopted after the policy is issued, with no increase in cost.
You can buy this Rider if you are between the ages of 18-55. It expires on the policy anniversary nearest your age 65 , or when your youngest child reaches age 25, whichever happens first.
Banner term life policies include term lengths of 10, 15, 20, and 30 years, during which your rates are guaranteed to remain the same. The minimum coverage amount is $100,000. A paramedical exam is required to apply for all policies.
Remember, working with an online life insurance broker has its advantages. Buying online allows you to complete the process at your own pace while avoiding pressure to buy. It also gives you a variety of life insurance companies to choose from.
Get started with a free quote and let us know if you’d like one of our licensed Insurance Professionals to help you choose the best life insurance company for you and your unique circumstances.