Banner Life Insurance Review [2021]

Banner Life Insurance (review below) offers a variety of simple life insurance policies. Banner term life insurance comes with a range of features that include a conversion option, waiver of premium rider, and more. Their minimum coverage amount starts at $100,000. You can read more about Banner Life insurance quotes below in our Banner Life Insurance review.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Banner Life Insurance Company Overview
Key InfoCompany Specifics
Year Founded1949
Current ExecutivesCEO/President - Mark Holweger
COO - Karan Martin
CFO - Andrew Love
Number of Employees588
Total Sales / Total Assets$5 billion
HQ Address3275 Bennett Creek Avenue
Frederick, Maryland 21704
Phone Number1-800-638-8428
Company Websitehttps://www.lgamerica.com/
Premiums Written - Individual Life$1,220,466,065
Best ForSimple policies with competitive pricing
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Priding themselves on low-cost, innovative services, Banner Life Insurance offers term life insurance quotes, which have a host of features: a conversion option, Waiver of Premium Rider, Children’s Life Insurance Rider, and more.

The minimum coverage is $100,000, and a term life insurance policy ends between 10-30 years. See more information below about life insurance.

Before reading our review, enter your ZIP code into the quote tool above for a free quote, allowing you to compare life insurance rates in your area.

Not yet ready to buy Banner life insurance? Read on.

What types of insurance products are offered?

Banner Life insurance quotes are available for term, universal, and whole life insurance. Keep reading to learn more about their specific products to learn which type of life insurance policy may be right for you.

Term Life Insurance

Term life policies (OPTerm) include term lengths of 10, 15, 20, and 30 years, during which your term life insurance rates are guaranteed to remain the same. Insurance policies are offered to individuals as old as 75, but terms are shorter for older policyholders.

The minimum coverage amount for a term life policy is $100,000. A paramedical exam is required to apply for all policies. OPTerm policies are renewable and convertible. These term life insurance policies provide a level death benefit.

Universal Life Insurance

The company’s universal life policies (Life Step UL) allow two different payment methods: fixed premiums every year, or the policyholder can choose to pay a higher amount for a fixed number of years and still receive lifetime coverage.

Making your payments on time guarantees a death benefit payout of at least $50,000, even if your account value is less than the specified amount.

Individuals can purchase universal life insurance up to age 85 and be covered up to 121 years old.

Whole Life Insurance

Individuals between the ages of 50 and 80 can purchase guaranteed-acceptance whole life insurance for coverage up to $15,000.

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What are the life insurance policy features?

The company’s products have some features included, and the company offers other coverage options that you may purchase in addition to your basic coverage. Learn more about each of these features below.

Included Term Life Features

These policy options are often called “riders” in life insurance lingo. This simply means they “attach to” or “ride-along” with your term life insurance policy. These three are included for free with your policy.

Accelerated Death Benefit

The Accelerated Death Benefit (ADB) payment is payable in the event of a qualifying terminal illness with a life expectancy of fewer than 12 months.

The ADB is based on a portion of the policy’s death benefit, subject to a maximum benefit amount, which is the lesser of $500,000 or 75% of the death benefit. The ADB is treated as a lien, which accrues interest.

Upon the death of the Insured, the death benefits payable are reduced by the total ADB lien. Available in all states except CT.

Conversion Option

The policy is convertible to a qualified permanent life policy for the duration of the guaranteed level premium period or up to the Insured’s attained age 70, whichever comes first.

Policies issued at age 66 or over are convertible during the first five policy years.

MediGuide Medical Second Opinion

Also included at no extra cost, the MediGuide Medical Second Opinion Program provides services should the Insured be diagnosed with a qualifying life-threatening condition or disease.

MediGuide America will collect and assemble all medical records and obtain a medical second opinion and recommend three facilities, at no cost to the Insured. This feature is available in all states except KS, NY, WA.

What are the optional term life features?

You can buy these optional riders and they will also become a part of your policy.

Accidental Death Benefit Rider

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 insurance with the ADB rider attached. If you die in a covered accident, the company 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.

Additional Term Insurance Rider

Additional Term Life Insurance Riders (AIR) can provide additional temporary life insurance coverage for 10, 15, or 20 years, after which coverage ceases. 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 after 10 years and you’ll be left with the base policy of $250,000 for another 10 years.

Children’s Life Insurance Rider

The Children’s Life Insurance Rider (ICC14-CLIR) provides death benefit protection for families with one or multiple children. A single rider covers all eligible children to the earlier of the child’s 25th birthday, the insured’s 65th birthday, or policy termination.

Eligible children of the policy insured (not owner) include any unmarried child, stepchild, or legally adopted child, who is not beyond his or her 18th birthday and at least 15 days old at the time of application.

This feature is available only at policy issue when the primary insured person is between the ages of 20 and 55, age nearest birthday. Coverage amounts are $5,000 ($27.50 annually) or $10,000 ($55.00 annually).

Waiver of Premium Rider

The company will waive all premiums that are due during total disability if given due proof of total disability and such total disability has then existed continuously for at least six months.

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. Waiver of Premium coverage ceases at the Insured’s attained age 65.

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Does Banner Life offer competitive rates?

If you want insurance that’s affordable, Banner Life insurance Company may be the company for you.

Banner Life insurance protection rates offer extremely competitive prices and affordable coverage. Individuals with certain medical conditions may even be able to get lower than average quotes, depending on the type of coverage.

Let’s take a look at the average monthly premiums. (The below table assumes a healthy, non-smoking male living in California with a $500,000 20-year term life policy.)

Banner Life Insurance Average Monthly Rates by Age
AgeAverage Monthly Rate
20s$25.09
30s$28.58
40s$56.51
50s$139.17
60s$476.87
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Read on to learn about the company’s ratings.

Does Banner Life have good customer reviews?

Below are Banner Life ratings and customer reviews. Are there any complaints? Read on.

BBB Rating: A+ 

What about consumer complaints? Banner Life has a very insignificant number of customer complaints through the BBB, indicating that they have excellent business practices and customer service.

AM Best Rating: A+ (as of 2019)

AM Best rates insurance companies based on their financial strength and overall performance. An A+ rating indicates an excellent likelihood of them being able to pay death benefits when necessary.

S&P Rating:  AA- (as of 2019)

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What is the history of the company?

Banner Life 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 Life is part of that corporate entity.

The history of the company is nearly 70 years strong. Chartered in 1949 as Government Employees Life Insurance Company GELICO, they were acquired by Legal General Group Plc as a wholly-owned subsidiary in 1981.

In 1983, their name was changed to Banner Life Insurance Company.

At year-end 2013, Banner had more than $587 billion of assets. According to a year-end LIMRA study, they ranked 3rd among all U.S. companies for new coverage issued.

Today, Banner Life works with William Penn under the Legal & General America brand to sell life insurance products. Their goal is to provide financial security to their policyholders’ beneficiaries through trustworthy business practices.

How can I contact Banner Life?

Headquarters:

Legal & General America
3275 Bennett Creek Avenue
Frederick, Maryland 21704

Customer Service Phone Number: 800-638-8428

Banner Life Website: lgamerica.com

Legal Info

A two-year contestable and suicide provision applies. Policy Form Number ICC12OPTN and state variations.

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What are the pros and cons?

Pros

  • Banner’s products are simple.
  • The application process for a life insurance plan is easy.
  • Individuals with cancer may still be approved for some products.

Cons

  • Banner’s coverage options may not be flexible enough for more complex situations or needs.
  • Banner Life does not pay dividends with any of its policies.
  • Online convenience features are limited. You may receive a Banner life quote online, but you will need to apply for coverage through an agent.

Remember, working with an online insurance broker has its advantages.

Buying online (in this instance, getting a Banner Life Insurance quote) allows you to complete the process at your own pace while avoiding pressure to buy. It also gives you a variety of life insurance carriers to choose from.

Get started with a free online quote and let us know if you’d like one of our licensed insurance professionals to help you choose the best life insurance provider for you and your unique circumstances.

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