Who is Banner life insurance?

Life insurance provides peace of mind that one's ultimate costs and loved ones will be financially covered. Banner Life, owned by Legal & General America, is ranked one of the best life insurance companies in 2022 by most reviews. 

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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 Benji Carr

UPDATED: Mar 25, 2022

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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.

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Quick Facts

  • Banner Life is an insurance company offering affordable life insurance policies
  • Two main policies are term and universal life insurance policies
  • Banner Life insurance cover starts from $50,000

You’re working hard to take care of your family, and now you want to make sure they are protected if something happens. Banner Life Insurance has high-quality products designed to help you protect what matters most in your life. 

Read on to learn more about Banner Life Insurance, get a quote, and apply online now.

About Banner Life

Banner Life, a legal reserve life insurance company and member of Legal & General America, offers highly-rated, flexible life insurance coverage that meets your needs. 

Banner Life was founded in 1949 and has been providing peace of mind for more than 60 years. Originally named Government Employees Life Insurance Company, it started with a mission to serve the U.S. military community, but quickly expanded to be available to anyone in the country who wanted life insurance. Since then, it has strongly offered policies for people of all ages, backgrounds, and lifestyles.

In 1989, Banner merged with William Penn Life Insurance Company of New York. As part of Legal & General America, both Banner and William Penn now offer a wide range of additional products and services under one umbrella company — Legal & General America.

Banner Life benefits serve the consumer market, including term life insurance policies with various options. This includes:

  • Conversion privileges to permanent life policies without evidence of insurability
  • Discount for non-smokers
  • Flexible banner life insurance payment options
  • Choice between annual or monthly billing

In addition to their consumer market offerings, Banner Life offers reinsurance services. These services include both quota share and excess of loss reinsurance.

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Services Offered by Banner Insurance

Banner Life offers two types of life insurance policies: term and universal.

Term Life Insurance 

Term life insurance provides protection for a specified period and generally has lower premiums than permanent life insurance. Banner offers 10, 20 and 30 year level term policies. After the term expires, you can typically renew coverage for another term, but the premium may be higher due to your age.

Banner Life Term Insurance has the following features:

  • Banner offers term life insurance with guaranteed renewability up to age 75
  • Conversion privileges. Banner’s term policies are convertible to permanent insurance without a medical exam. 
  • Coverage amounts from $100,000 
  • Rider options. waiver of premium, children’s rider, accelerated death benefit, and term
  • Tax-free death benefits 
  • Available for ages 20 to 75
  • Guaranteed level premiums 
  • Terms ranging from 10 to 40 years 
  • Lump sum death payment — except the accelerated death benefits

Universal Life Insurance

Universal life offers lifelong protection with adjustable premiums and death benefits. Like whole life, the cash value builds up tax deferred over time. 

However, banner universal life policies typically give you more flexibility in how much and how often you pay your premiums — subject to policy limits, of course. You can also adjust your death benefit as your needs change over time, making this a good choice for people looking for long-term financial security.

There are many features available with the universal life insurance policies offered by Banner Life. Some of these features include:

  • Tax-deferred growth on cash value
  • A wide range of policy options, including non-participating universal life and participating universal life
  • Coverage amounts ranging from $50,000 
  • Lump sum death benefits payments
  • Lifetime term periods are available
  • Availability of custom payment terms
  • Applicants should be aged 20 to 85
  • The option to add riders for additional protection
  • A cash value account that grows on a tax-deferred basis 

How to Buy Life Insurance From Banner Life

One of the best parts of working with Banner Life Insurance is that it’s easy to get insurance quickly with our online application. 

Here’s how to buy life insurance from Banner Life:

Step 1. Figure out how much coverage you need and what type of policy is right for you. Banner Life offers coverage ranging from $50,000

Step 2. Go to https://www.lgamerica.com/

Step 3. Click on Get My Free Quote. If you prefer to speak with someone, call banner life insurance phone number 1-800-638-8428.

Step 4. Answer a few questions about yourself and your family, including your lifestyle and health information. You can also choose your coverage amount and term length.

Step 5. Provide information about your spouse, if applicable.

Step 6. Get banner life insurance quotes in just minutes! You can email banner life customer service at [email protected]

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Banner Life vs. the Competition

Banner Life is always up for a little friendly competition. Check the following comparison with some market leaders.

Banner Life vs. Mutual of Omaha

Both Banner Life and Mutual of Omaha are well-known, A-rated insurance companies with long histories in the industry. However, they differ in certain aspects that may make one more appealing than the other.

Mutual of Omaha has the edge in terms of policy options. It offers several add-on riders and permanent policies, whereas Banner Life only offers term and universal life policies. The company also offers unique policy options for people with disabilities or pre-existing conditions.

Additionally, Mutual of Omaha has a more extensive agent network than Banner Life, making it easier for you to find local help with your policy. Its agents also have more extensive face-to-face training than Banner’s agents do, which may mean you’ll get better advice when shopping for your coverage.

Lastly, neither Banner Life nor Mutual of Omaha has a mobile app. You must therefore call a representative to file a claim. But you can use Omaha or Banner life insurance login page to get a quote.

Banner Life vs. Nationwide

Banner Life offers excellent rates on term life insurance. It has a strong financial outlook and is backed by the strength of Legal & General, one of the world’s top insurance companies.

Nationwide is another well-established company known for its exceptional customer service and wide range of life insurance options.

Both Banner Life and Nationwide offer a variety of coverage options and special considerations for those with health conditions or special needs. However, Banner Life has lower rates than Nationwide, making it ideal for those looking to save money without compromising coverage.

In addition, AM Best gives both insurers A+ ratings. However, Banner Life has lower average prices.

Both insurance offer riders, although Banner Life options are more limited. Nationwide offers a wide range of riders to tailor your insurance.

Nationwide features an App to help Policyholders pay and file claims. However, with Banner Life, company representatives help with the application and claim processes.

Important Points to Note 

Further, here are some points to note regarding Banner Life Insurance and the policies. 

Banner Life regional availability 

Banner Life is offered in 49 states. However, New York does not offer 25, 35, or 40 year terms. But, a subsidiary of Legal & General America, William Penn Life Insurance Company, offers policies in New York.

Eligibilty for pay due to death by suicide

Life insurance companies are generally constrained by state legislation regulating suicidal death. Policyholders who have had coverage for two years or longer are generally eligible. Contact the company or an insurance agent directly for additional information on Banner Life’s coverage.

Most importantly, help is available for suicidal thoughts. Reach the National Suicide Prevention Line 24/7 at 800-273-8255. Also, this organization runs over 150 crisis centers that provide support and assistance. 

Maximum coverage from Banner Life

There is no maximum coverage with banner Life Insurance. The coverage you get depends on the premiums payable towards a particular life insurance policy. 

Loan on your Banner Life insurance policy

You can borrow from your life insurance policy if you purchase a universal life policy with Banner Life. You build cash value over time. You can take a loan against your cash value and pay it back with interest.

Get Banner Life Coverage

More than likely, you’ve worked hard to build a wonderful life for your family. You may be wondering how to not only maintain their lifestyle, but increase it in the event of your death or disability. The benefits of Banner Life Insurance are designed to help you do just that — and give you peace of mind while at the same time. Get banner life insurance free quotes today and award yourself with a Banner Life Insurance policy. 

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