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Banner Life insurance company review

This Banner Life insurance company review aims to be your guide, dissecting the company's offerings and reputation to help you determine if it ranks

Deciding on the right life insurance company can feel like navigating a maze. Factors like financial strength, policy options, and affordability all play a crucial role. This Banner Life insurance company review aims to be your guide, dissecting the company's offerings and reputation to help you determine if it ranks among the best life insurance companies for your needs. 

Banner Life stands out for its competitive rates, particularly for term life insurance. They also offer universal life products for those seeking flexibility. We'll explore the details of these policies, diving into their strengths and weaknesses. Additionally, we'll examine Banner Life's financial stability ratings and customer satisfaction to provide a well-rounded picture to aid you in making an informed decision.

Banner Life insurance company review

Banner Life insurance review

Banner is near the top of our list of best term life insurance providers due to its low cost, high third-party ratings, and wide term conversion possibilities. Banner matched with Protective for the cheapest term life insurance among the 91 insurance companies we studied, and it is one of only a few businesses that offers 40-year term life insurance coverage. It also allows you to switch term coverage to permanent until the conclusion of the policy's term.

Pros:

  • Low-cost term coverage
  • Generous term conversion time.
  • Life insurance with no medical exam for up to $1 million.
  • Can you stack coverage?
  • Terms available for up to forty years.

Cons:

  • Limited life insurance coverage
  • Limited rider possibilities.

Banner Company Overview

Banner Life, along with William Penn, offers life insurance plans through the parent business Legal & General. The company has around 1.5 million policyholders nationwide.

Banner Life Insurance Company, based in Frederick, Maryland, has been offering life insurance for almost 70 years, while Legal & General has been around since 1836. Banner Life provides life insurance plans in 49 states and Washington, D.C., whereas William Penn serves New York.

Year Founded Payment Options Customer Service Official Web Kinds of Policies
1949 Annual, semi-annual, monthly, or quarterly by debit, or electronic fund transfer (EFT) 888-984-3393 https://www.lgamerica.com/life-insurance Term life, universal life

Specifications

AM Best Rating NAIC Score (avg.) Years In Business Policy Types Accepts Credit Cards
1949 N/AA+ 73 Years Term, Universal (UL) No

Pros and Cons Explain

Pros Explained

Banner Life Insurance Company is our top choice for cheap term life insurance. It and Protective tied for the cheapest term insurance premiums among the 90 insurance companies we researched. 

Banner offers a generous term conversion period, allowing you to change your term policy to permanent life insurance until the end of the term you chose or when you age 70, whichever comes first. This is an extremely significant benefit, as some firms limit the conversion period to the first ten policy years or less.

Life insurance that requires no medical examination. If you're 40 or younger and in good health, you could be eligible for up to $1 million in life insurance without having to take a medical exam.

Can you stack coverage? You can "stack" coverage with term riders as your insurance needs vary throughout the policy's life. In other words, you can have varying coverage terms and death benefit levels all inside the same policy. For example, you may have a policy that provides a $250,000 death benefit for 40 years and a $1 million death benefit for 20.

Terms can last up to 40 years, however most term insurance last only 30 years. Only three of the 91 businesses we surveyed provide term insurance that extend 40 years.

Cons Explained

Banner Life Insurance Company offers solely term and universal life insurance plans. Variable universal (VUL), indexed universal (IUL), and entire life insurance plans are not offered.

Banner offers limited rider choices for customizing your policy with additional coverage. It does provide a child rider, a terminal illness expedited benefit rider, and a waiver of premium rider. Some employers, for example, have three accelerated benefit riders in their term policies.

Complaint Index

The National Association of Insurance Commissioners (NAIC) monitors insurance company complaints and compiles a complaint index to help consumers compare how many complaints businesses receive. The complaint index compares how many complaints a company has received to how many it is expected to get given its size. If an insurance company's complaint index exceeds 1.0, it means that it got more complaints than anticipated. If the complaint index is less than 1.0, the company has received fewer complaints than expected.

We averaged corporate complaint indexes over three years; Banner's three-year average complaint index is 0.247, indicating that the company receives fewer complaints than expected for its size. Other life insurance companies, including Nationwide (0.263), New York Life (0.279), and State Farm (0.295), had less client complaints than anticipated.

Insurance Company Our Coverage Plans Online Application Status Our AM Best Rating Pricing for Term Policies NAIC Complaint Index (3-Year Avg.)
Banner Life Insurance Company We offer Term Life and Universal Life insurance options. Available for your convenience. We hold a strong A+ rating. Our term policies are priced excellently. Our three-year average complaint index is 0.247
USAA Our selection includes Whole Life, Term Life, and Universal Life insurance. Available to ease your application process. We are proud of our top-tier A++ rating. The pricing for our term policies is worse than average. Our three-year average complaint index stands at 0.177.

Third-Party Ratings

Banner Life Insurance Company is known for its financial stability, which is vital to consider when signing a long-term financial arrangement. Banner Life has an A+ rating from AM Best, indicating that it has an excellent ability to meet its ongoing insurance commitments. Only around one-third of the companies we studied obtained an A+ rating.

Available Policies: Term Life Insurance

Term life insurance provides coverage for a fixed length of time, such as 10 or 30 years. This sort of policy is often less expensive than permanent life insurance. Banner utilizes the brand name OPTerm to designate their term life policies.

Banner offers 10-, 15-, 20-, 25-, 30-, 35-, and 40-year term policies that can be converted to permanent insurance and renewed after the term expires. You can convert term coverage to permanent life insurance until the end of the term you chose or when you reach the age of 70, whichever comes first. Policies are available to applicants up to 75 years old, which is unusual for term coverage, and include a terminal illness accelerated benefit rider at no additional cost.

Banner's term policies are renewable. However, unlike some other firms' term plans, if you renew after the term you choose, your coverage will be reduced.

Universal Life Insurance

Universal life plans provide lifetime coverage and do not expire after a specified time period. If you have a universal life policy, you may benefit from the cash value savings component; nevertheless, premiums are greater than those for term coverage. 

Life Step UL: Similar to Banner's term product, this policy offers an expedited death benefit rider for terminal illnesses. Because it is a universal life policy, it includes flexible payment options, which means you can make a late payment without having the policy terminate. If you have a Banner term policy, you can choose to convert it to permanent coverage. 

Insurance Options for Families and Individuals

Coverage for Children

Banner Life Insurance provides a special option for those who wish to secure life insurance for their children. Known as the child rider, it is not offered in New York or Maryland but is available in other states. This option ensures that all qualifying children are covered until they reach 25 years old, offering peace of mind in the unfortunate event of a child's passing.

Premium Waiver Option

With Banner's OPTerm policy, there's an opportunity to add a premium waiver. This means that if you find yourself totally disabled for six months or more, you won't have to worry about premium payments, as the policy will remain active without them. This benefit is available until the age of 65.

Terminal Illness Benefit

The accelerated death benefit rider is a feature that doesn't cost extra but provides significant support during difficult times. If diagnosed with a terminal illness, you can access up to 75% of your policy's death benefit (up to $500,000) to help manage care for yourself or your loved ones.

Customer Support Services

Banner Life Insurance offers multiple ways to get in touch for any assistance you might need. Their dedicated service team is reachable by phone, email, or even fax. The customer service line operates from 8:00 a.m. to 5:00 p.m. ET, Monday through Friday.

  • Toll-Free: 800-638-8428
  • Direct Line: 301-279-4800
  • Fax: 301-294-6960
  • Email: customerservice@bannerlife.com

Pricing Details:

The company's term life insurance starts at an affordable rate of $7 monthly. The cost varies based on the term length, your age, and health status. For instance, a 10-year term might be around $10.62 per month, while a 40-year term could be approximately $24.85 per month. Banner Life Insurance stands out for offering the most economical term life insurance in our comparative study of various insurers.

Concluding Assessment

Banner Life Insurance is recognized for its highly competitive term life insurance options, which are straightforward to acquire and come with flexible conversion features. If you're in the market for basic term life insurance without the frills, Banner is an excellent choice. They also provide a universal life insurance option, which can be a seamless transition from your term policy. However, if your needs include a wider range of benefits or different types of life insurance, you might want to explore other insurance providers.

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