Banner Life Insurance Company

UPDATED: Mar 12, 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 Spotlight:  Banner Life Insurance Company

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.

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