Banner Life Insurance Company has a well-earned reputation for financial strength and affordable life insurance products.
But, how competitive are the company’s products and services in today’s ever-changing marketplace?
What types of life insurance does Banner Life offer? And, does the quality of customer service match the company’s ratings?
In our experience, Banner Life Insurance Company is a highly rated insurer offering a solid portfolio of life insurance and annuity products. In comparing premium rates for leading carriers, Banner is routinely among the best, as well as being a “go to” carrier for tobacco users and other underwriting niches.
This article, Banner Life Insurance Company Review (Recommended), provides an overview of the company’s financial strength, industry ratings, product portfolio, and other relevant considerations when comparing life insurance companies.
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Banner Life Insurance Company
Banner Life Insurance Company, along with William Penn Life Insurance Company of New York, is owned wholly by Legal & General America, a subsidiary of the worldwide Legal & General Group.
Based in Frederick, Maryland, the insurer offers life insurance and annuity products in 49 states and the District of Columbia.
Its parent organization, Legal & General Group, was founded in 1836 in London and today has operations in North America, Europe, and Asia. A less well-known insurer than many of its competitors, Banner Life Insurance Company, is highly and frequently recommended by independent agents and brokers based on both financial strength and competitive pricing. With a focus on affordable insurance and high-quality service, Banner is somewhat of an industry insider favorite.
In fact, Legal & General Group is among the top 10 largest insurers in the world, with over 10 million customers globally and in excess of $1.3 trillion in managed assets.
“For nearly 70 years, we’ve been in the business of providing financial protection for American Families.” – Banner Life.
Banner Life Insurance Company by the Numbers
Source: Legal & General (2019)
Banner Life Insurance Company Ratings
In considering a prospective life insurance company, financial security is often a primary concern. Industry financial strength ratings provide consumers with an overview of an insurer’s fiscal stability and general ability to meet current and future financial obligations.
These financial strength ratings, provided by reputable third-party agencies, can be valuable to consumers in both evaluating prospective companies and providing peace of mind related to insurance products and services.
Legal & General Group, and its affiliated insurers Banner Life Insurance Company and William Penn Life Insurance Company of New York, hold “A+” (Superior) ratings with A.M. Best, “AA-“ (Very Strong) ratings with Standard & Poor's, and “AA-“ Very Strong ratings with Fitch Ratings.
In addition, the company holds a COMDEX Score of 94 out of 100, which averages all financial strength ratings received by a given insurer. Legal & General Group’s respective financial strength ratings have been provided below for review.
Source: Legal & General (2019)
Banner Life Insurance Products
Banner Life Insurance Company offers a variety of high-quality life insurance and annuity products to consumers through both direct and agency channels.
The company’s focus on “keeping life insurance affordable” and providing “high-quality efficient customer service” shows through in their life insurance policy offerings and ongoing policy service.
Banner’s life product portfolio includes term, universal life, and final expense coverage to meet the evolving needs of both individual and business consumers. The following information highlights the company’s life insurance product portfolio.
Note: Please see individual policy details for specific plan benefits and limitations related to all coverage types highlighted above.
Term life insurance provides the most coverage for the least initial premium and is ideal for those who need the maximum amount of coverage on a limited budget. This type of life insurance provides “pure” protection for a specified period or “term.” Term lengths can range from one to forty years, with 10, 20, and 30-year plans being the most popular. Ideal uses for term life insurance may include:
Banner Term Life Highlights
Universal life insurance can provide lifetime coverage with significant flexibility. This type of life insurance policy offers flexible premiums and an adjustable death benefit to meet ever-changing protection needs. Universal life can provide permanent life insurance so long as adequate premiums are paid but also allows a policy owner to pay lower periodic premiums for shorter-term coverage. Additionally, an increase in premiums paid will often result in higher cash value accumulation subject to policy guidelines. Ideal uses for universal life insurance may include:
Banner Universal Life Highlights
Final expense life insurance can provide permanent protection to cover funeral costs, medical bills, and other expenses. This type of policy offers a guaranteed death benefit, level premiums, and lifetime coverage so long as premiums are paid. Additionally, final expense policies may accumulate cash value subject to policy guidelines. Ideal uses for final expense life insurance may include:
Banner Final Expense Highlights
Banner Life Insurance Rates
In considering the purchase of life insurance, it is smart to compare premium rates for different insurers. It is also important to identify any specific underwriting niches beneficial to your individual health and lifestyle.
Banner Life Insurance Company is not only a highly rated carrier but offers exceptional premium rates as well.
In comparing Banner life insurance rates to other leading insurers, the company is routinely among the best based on both financial stability and affordability. This insurer also offers extremely competitive rates for smokers, ex-smokers, and applicants with a history of various medical conditions. Based on these considerations, Banner is often highly recommended by independent insurance agents and brokers.
The sample rates below have been provided as an example of Banner Life Insurance Company’s term life premium rates.
Sample Banner Life Rates
Note: Sample rates provided are based on rate information at the time of publication and are subject to change without notice. Company underwriting makes the final decision concerning rate class and/or policy approval.
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Disclaimer: Information is intended to be educational in nature and should not be considered financial, tax, or legal advice. Please consult a qualified professional for advice regarding your individual situation.
James Shiver is the founder of ChoiceLifeQuote.com and a multi-state licensed independent life insurance agent serving the individual family and small-business markets. Dr. Shiver also serves as a university business professor, as well as being an Accredited Financial Counselor®.