Banner Life Insurance: What You Need To Know

Banner Life Insurance is a subsidiary of Legal & General Group PLC, which is headquartered in London and has over 175 years of experience in the insurance industry. Banner Life offers term life insurance and universal life insurance, with term policies lasting between 10 and 40 years. The company also provides retirement annuities and final expense insurance. Banner Life's insurance products are available in 49 states and Washington, D.C., while its sister company, William Penn Life Insurance, serves customers in New York. Banner Life has received strong financial ratings and has a solid reputation for customer satisfaction, with a low number of complaints.

Banner Life Insurance: What types of policies are offered?

Banner Life Insurance is a subsidiary of Legal and General America and offers life insurance across the United States. Its sister brand, William Penn, offers life insurance to customers in New York. Banner Life offers a range of policies with varying lengths and benefits.

Term Life Insurance

Banner Life Insurance offers term life insurance policies ranging from 10 to 40 years in length, with 20 years being the most popular choice among its customers. Term life insurance is often the best option for most people as it is the most affordable and meets their needs. Term life insurance policies are available to people aged 20 to 75, and the annual price remains the same throughout the initial term. Term policies are also convertible, meaning they can be turned into permanent policies. Coverage amounts range from $100,000 to $10 million.

Term life insurance policies include accelerated death benefits, allowing policyholders to access up to 75% of the policy's death benefit (minus any policy loans) or $500,000, whichever is less, if they are terminally ill.

Universal Life Insurance

Banner Life Insurance also offers universal life insurance policies, which provide flexible premium payments and death benefits. The "short-pay" option allows policyholders to complete payments early and still have lifetime coverage. Coverage is issued up to age 85 and remains in effect until age 121. An accelerated death benefit is included at no extra cost.

Final Expense Insurance

Banner Life also provides Final Expense Insurance, which covers the cost of funeral, burial, or other final expenses. Coverage lasts the entire life of the policyholder, although premiums cease at age 95. Final expense insurance is a good option for those who can only afford short-term policies to provide extra financial protection for their families.

Riders

Banner Life Insurance offers several riders that can be added to policies for an additional charge. These include:

• Child term rider: Provides life insurance coverage for all children until they turn 25.
• Stacking term rider: Increases coverage for a period, for example, a 25-year term policy with a 10-year term rider.
• Waiver of premium rider: Waives premium payments if the policyholder becomes totally disabled for at least six months.
• Accelerated death benefit rider: Allows policyholders to draw funds from the policy if they are diagnosed with a terminal illness.

What are the pros and cons of Banner Life Insurance?

Banner Life Insurance is a subsidiary of Legal & General America, offering life insurance across the US. Banner Life offers term life insurance and universal life insurance. Term life insurance is a policy that pays benefits only for a specific time frame, whereas universal life insurance is a type of permanent coverage designed to stay with you until death. Banner Life has been positively reviewed for its affordable rates and its range of term policies, which are available in lengths of 10, 15, 20, 25, 30, 35, and 40 years.

Pros

• Banner Life offers some of the longest term lengths on the market, up to 40 years.
• Banner Life has strong financial ratings from AM Best (A+ Superior).
• Banner Life is available in 49 states and Washington, D.C.
• Banner Life offers retirement annuities.
• Some Banner Life policies do not require medical exams.
• Banner Life has a low number of consumer complaints.
• Banner Life offers term life insurance with high maximum benefits.
• Banner Life's term life insurance is positively reviewed online.

Cons

• Banner Life has limited customization with fewer rider options.
• Banner Life does not offer whole life, guaranteed issue, or final expense options.
• Banner Life has limited conversion options.
• Banner Life's universal life insurance has limited cash value growth potential.

How does Banner Life Insurance compare to its competitors?

Banner Life Insurance is a subsidiary of Legal & General America, which is ranked seventh-largest in the world and is licensed in all 50 states plus the District of Columbia. Banner offers term life and universal life insurance, with a variety of coverage options available. Banner's term life insurance policies offer flexible coverage with lower rates than many competitors. Its term policies can also be "laddered" using a term rider, meaning you can increase your coverage during certain periods when your needs are higher. Banner's universal life insurance is more expensive than competing policies, but it offers a guaranteed interest rate of 2%.

Banner Life is known for its affordability, strong financial stability, and excellent third-party rankings. It has a low NAIC Complaint Index score, indicating that most customers are satisfied with how Banner has treated them. Banner also has a high percentage of payouts, with 99.9% of its claims paid out in 2019.

Compared to its competitors, Banner Life has fewer rider options and does not offer whole life, guaranteed issue, or final expense insurance. Its universal life insurance is also not as strong as its term life insurance, with fewer riders and lower cash value growth potential. However, Banner stands out for its longer-term life insurance policies, offering coverage for up to 40 years, and its no-exam policies, which cover up to $1 million.

Banner Life Insurance vs. State Farm

State Farm offers a wider variety of life insurance products and also sells home and auto insurance if you want to manage all your insurance policies in one place.

Banner Life Insurance vs. Nationwide

Nationwide is also ranked highly on the J.D. Power Life Insurance study and offers four types of life insurance along with riders such as long-term care. They have a network of local agents that can provide personalized advice.

Banner Life Insurance vs. Northwestern Mutual

Northwestern Mutual is a mutual company, owned by its policyholders, and offers participating whole life insurance, which has the potential to pay out dividends annually. They also offer term life, whole life, and universal life insurance.

Banner Life Insurance vs. Penn Mutual Life Insurance

Penn Mutual offers comparable term life insurance options to Banner Life, but they have more conversion options to permanent life insurance and a greater variety of riders.

Banner Life Insurance vs. American Family Life Insurance

American Family offers similar term life insurance policies that are affordable and limited, making them a good option for young and healthy individuals. They also offer whole life insurance for the whole family, including senior and child whole life insurance.

What are the rates for Banner Life Insurance?

Banner Life Insurance is a subsidiary of Legal and General America, which is recognised as the seventh-largest insurer in the world. Banner offers term life insurance and universal life insurance. Term life insurance is a policy that pays benefits only for a specific time frame, whereas universal life insurance is a form of permanent coverage that stays in force as long as premiums are paid and builds a cash value.

Banner's term life insurance policies offer flexible coverage with lower rates than many competitors. Its prices were found to be about 9% cheaper than competing companies, depending on the age of the applicant. A 20-year policy for a healthy 30-year-old costs $280 per year, while a 50-year-old will pay $978 per year. Banner's term life insurance death benefits range from $100,000 to $10 million. Depending on the age of the applicant, coverage can be obtained for 20 to 70 years (non-smoker) or 20 to 65 years (smoker). Banner's term policies can also be "laddered" using a term rider, which means that coverage can be increased during certain periods of time when needs are higher.

Banner's universal life insurance policy is called Life Step UL and is available for those between the ages of 20 and 85. It is more expensive than competing policies, with rates 30% higher than average overall and 37% more for a 70-year-old.

Banner also offers four riders, or policy add-ons, for its term and universal life insurance policies: the waiver of premium rider, the accelerated death benefit rider, the child rider, and the term rider.

Banner Life Insurance is available in 49 states and Washington, D.C., while its sister company, William Penn Life Insurance, sells insurance in New York.

How to contact Banner Life Insurance?

Banner Life Insurance is a subsidiary of Legal & General America, offering insurance in 49 states and Washington, D.C. Its sister company, William Penn Life Insurance, provides coverage in New York, giving the company national reach across the U.S.

Contacting Banner Life Insurance

To get in touch with Banner Life Insurance, you can use the following contact details:

• Phone: 1-800-638-8428 (toll-free) or 301-279-4800 (direct)
• Fax: 301-294-6960
• Email: [email protected]
• Address: Legal & General America, 3275 Bennett Creek Avenue, Frederick, Maryland 21704

The customer service team is available from 8:00 am to 5:00 pm ET, Monday through Friday.

Contacting William Penn Life Insurance

For those in New York, you can reach out to William Penn Life Insurance using the details below:

• Phone: 1-800-346-4773 (toll-free) or 516-794-3700 (direct)
• Fax: 516-229-3081
• Email: [email protected]

The William Penn customer service team operates from 8:30 am to 4:45 pm ET, Monday to Friday.

Frequently asked questions