Banner Life Insurance Company

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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UPDATED: Sep 10, 2020

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Company Description

The history of Banner Life Insurance Company is nearly 70 years strong. Chartered in 1949 as Government Employees Life Insurance Company GELICO, we were acquired by Legal General Group Plc as a wholly owned subsidiary in 1981. In 1983, our name was changed to Banner Life, signifying our flagship position with Legal General America in the United States.

At Banner Life, we take our financial promises seriously. We also promise to treat our customers fairly and to apply ethical standards to every business transaction. We believe in offering low-cost, innovative products and responsive service. Our goal is to build lasting, mutually beneficial partnerships.

Company Contacts

1701 Research Boulevard
Rockville,MD 20850

800-638-7069

Banner Life Website

Company Info

Year Founded:  1949

AM Best Rating:  A+ (as of 2017)

S&P Rating:  AA- (as of 2017)

Company Goods

Customer GuideWho Needs Life Insurance?Financial StrengthAM Best Report

Policy Info

Included Term Life Features

  • Accelerated death benefit:  Included at no extra cost. The Accelerated Death Benefit (ADB) payment is payable in the event of a qualifying terminal illness. 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:  Included at no extra cost. The policy is convertible to a qualified permanent 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:  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. Available in all states except KS, NY, WA.

Optional Term Life Features

  • Additional Term Insurance Rider:  Available with extra premium. Additional Term Insurance Riders (AIR) can provide additional temporary life insurance coverage for 10, 15 or 20 years, after which coverage ceases.
  • 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. 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: Available with extra premium. Banner Life Insurance 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. Waiver of Premium coverage ceases at the Insured’s attained age 65.

Legal Info

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

Company Products

OPTerm policies are renewable and convertible term life insurance which provides a level death benefit.

OPTerm 10: Term life insurance with level premiums during the initial 10-year period. Premiums increase annually in years 11 and later.

OPTerm 15: Term life insurance with level premiums during the initial 15-year period. Premiums increase annually in years 16 and later.

OPTerm 20: Term life insurance with level premiums during the initial 20-year period. Premiums increase annually in years 21 and later.

OPTerm 25: Term life insurance with level premiums during the initial 25-year period. Premiums increase annually in years 26 and later.

OPTerm 30: Term life insurance with level premiums during the initial 30-year period. Premiums increase annually in years 31 and later.

Online life insurance broker are not limited to working with Banner Life Insurance Company or any 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.

The Company: Legal & General Group Plc

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 Banner 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 when buying life insurance for children.

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.

Available Policies

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 online 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.

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