Banner Life Insurance Company Contact Information
1701 Research Boulevard
Rockville, MD 20850
Web Site: https://www.LGAmerica.com
A Complete Banner Life Insurance Review
With a marketplace full of options for life insurance, it can be confusing to understand what company may offer the best life insurance coverage at the most affordable prices. Especially if you have unique situations such as high-risk medical conditions or are seeking unique coverage amounts.
Every life insurance company has different strengths, weaknesses, and unique underwriting niches that they can offer proudly to consumers. This is one of the reasons it’s so crucial for you to always shop life insurance with an independent life insurance agent who can offer you access to all life insurance companies.
Our focus here is purely on Banner Life Insurance Company. One of the biggest, longest-standing companies in the life insurance industry. Also, one of the most affordable companies you can choose, but we will touch on that a bit later in this article.
For now, let’s stick to providing you some of the necessary information you may be looking for before making your final decision on which life insurance company you desire to work with.
Banner Life Insurance Company Overview & History
All life insurance companies come from a unique history and have their roots embedded in the life insurance industry in different ways. Banner Life Insurance Company is no different from this angle. Banner Life Insurance Company began its historic and long-standing run in 1836 in Great Britain.
It took 6 different but very well-known and established lawyers to begin this company, which is known as Legal and General Group. Legal and General Group is Banner’s parent insurance company. This simply means that Banners falls under Legal and General umbrella as one of their subsidiaries.
In 1981 Legal and General purchased GELICO, which is now known as the Banner Life Insurance Company that we all know and trust in today’s life insurance market. Currently, Banner Life Insurance Company is licensed to sell life insurance in all 50 states.
The only exception to this would be in the State of New York in which Banner Life Insurance Company operates as William Penn. This is a conversation for a different day, and many life insurance companies must operate under different entities in the State of New York due to stricter laws and guidelines.
Currently, Banner Life is unique in another way in that it’s headquartered outside of the United States. Not many life insurance companies that we all know and trust operate in this fashion. Although, there are exceptions such as Foresters Life Insurance and a few others.
In addition to London, Banner Life Insurance also has full-blown operations taking place in the United States, the United Kingdom, Egypt, France and Germany, India and the Netherlands. As of today, Banner Life Insurance runs an independent agency model to market and sell their products.
Right now, over 70,000 agents are offering Banner Life Insurance to their clients and for good reason which we will cover shortly.
Banner Life Insurance Company Financial & BBB Ratings
Banner Life is another one of the life insurance companies that consumers can opt to use that boast some of the most secure financial strength ratings that can be afforded to a life insurance company.
Banner Life Has Very Strong Financial Ratings
4 major credit rating agencies are responsible for compiling these financial strength grades based on assets, liquidity, and overall outlook. Here’s a look at those ratings Banner Life currently is being afforded.
- A.M Best: A+
- Fitch: AA-
- Moody’s: N/A
- Standard and Poor’s: AA-
- Comdex Rating: 94
As you can see, Banner Life Insurance company is an option for your life insurance that should make you feel very comfortable with your purchase. Those ratings are outstanding.
While some companies have better ratings than Banner Life, a majority of the life insurance companies have ratings not nearly as powerful. If it were me, I would never have any hesitation placing my business and family’s financial protection in the hands of Banner Life Insurance Company.
Banner Life also sits on over 620 billion dollars of in-force life insurance policies and operates on over 80.0 million dollars in profits per year as of 2018. Banner Life continues to make strides in showing their dominance and growing their business in all markets across the world, not just the United States.
Banner Life’s BBB Rating
Now it’s time to look at Banner Life’s BBB rating. As of 2019, Banner Life has been accredited by the BBB for 35 years and has an A+ BBB rating (highest rating possible).
Over the last 3 years, Banner Life has closed and resolved a total of 4 complaints which is extraordinarily low and a positive sign that you can trust Banner Life Insurance Company to do things by the book and always have their policyholder’s well-being in mind.
Let’s transition and begin looking at the product options you can choose from working with Banner Life.
Products Offered by Banner Life Insurance Company
The three major products that Banner Life currently offers include term life insurance, universal life insurance, and annuities products and solutions. The term life insurance products offered by Banner Life currently would be the most popular option consumers often gravitate towards.
A big reason for this is strictly due to its budget pricing term life insurance products. Banner Life will often fall in the top 2-3 cheapest term life insurance options. This by no means they are always the best option.
Let’s break down the term life insurance products even further to kickstart the discussion even further.
Term Life Insurance Products with Banner Life Insurance Company
Banner Life Insurance Co. currently offers term life insurance available in the following durations.
- 10 Year Level Premium
- 15 Year Level Premium
- 20 Year Level Premium
- 25 Year Level Premium
- 30 Year Level Premium
Additionally, Banner currently offers a select few products that can be considered no exam term life insurance. Level premium term life insurance simply means that once you are approved for coverage, you pay the exact same premium every month for the next 25 years.
In exchange, if something happens to you during this time span, you will be afforded the death benefit of your policy. If you outlive the said duration, you will not be afforded a death benefit.
Think of term life insurance like you would automobile insurance. It’s there if something happens and if it doesn’t, no gain is experienced by the premium payer and no loss is experienced by the life insurance company. It’s exceptionally straightforward when you break it down.
It’s not until you get into the conversation about universal life or permanent life insurance products when things get a little more cloudy or difficult to understand. Let’s dive into the specifics about Universal life insurance products with Banner Life now.
Universal Life Insurance Products with Banner Life Insurance Company
We already know that Banner Life offers a great solution with term life insurance, but they also provide one of the most customizable and robust products for universal life insurance as well. Universal life with Banner Life offers excellent versatility, customization, and affordable pricing.
Universal life is built more like a permanent life insurance product that can also provide flexibility if needed. Overall, we like the universal life and term life insurance products offered by Banner Life.
In addition to offering overall well-performing life insurance products, Banner Life also offers some great riders that you can attach to your life insurance products at an additional monthly premium. Here’s a look at those other goodies you can place on your policies for additional protection.
Waiver of Premium Rider
Waiver of premium rider allows you to waive your monthly premiums or monthly bill in the event you become disabled. This will enable you to keep your policy and save back money in times of high financial stress. A rider worth considering adding to your policy.
Convertible Term Policy Riders
Convertibility riders in life insurance refer to the ability to shift your term policy into a permanent policy by a specific date without evidence of insurability.
With how easy it is to fall ill or develop health conditions in the future, this is also a rider I would consider adding to your term life insurance policy.
Children riders allow you to add coverage in the event something tragic happens to your child before the age of 25. After 25, you will no longer be allowed to carry this rider, but for the price, a child rider can add protection to your entire family for a low price and worth looking into.
A Small Sample of Living Benefits with Banner
Banner also offers what’s known as an ADB or accelerated death benefit in the event you are diagnosed with a terminal illness and expected to live 12 months or less. This technology would be considered living benefits, but it’s not as robust as we prefer to see for a company that wants to include this in their policies.
With Banner Life, you have the option to accelerate up to 75% of your death benefit. If you are diagnosed terminally ill. This can help with the costly end of life medical expenses. An example of this could look like the following. Let’s assume you have a policy with a face amount of 400,000.
If you are diagnosed with a terminal illness, you will be allowed to take a check for 300,000 while living to help with that cost we just mentioned. After passing away, the leftover 100,000 would be provided to your beneficiaries. It’s always important to consider this strongly before doing so.
Your family may be depending on that cash, but ultimately, having the option is a fantastic added benefit that should not be overlooked or ignored when purchasing life insurance.
About Banner Life Insurance Underwriting
Banner Life Insurance does offer some unique underwriting niches that can help clients with certain health conditions.
Keep in mind, just because you have one of these health problems does not mean they are the best option you can choose. As we always say, you need to allow an independent life insurance agent to walk you through this process and help guide you towards the best life insurance company.
This is going to ensure that you are getting the best and most complete life insurance coverage for the lowest possible price. Period. Case closed.
Banner Life Has A Proven Track Record
Like we stated at the beginning of this post, it’s essential never to get tunnel vision towards one life insurance company. Many options are always available, and we are always here to help you find the best option at Spectrum Insurance Group.
You should always consider multiple options. As you’ve seen in this Banner Life Insurance review, they are one company you can trust as they continue to grow year after year.
As principal licensed life insurance agent Bennett Bier has helped 1000’s of people purchase life insurance online & over the phone. During his career he has become the go to expert for securing hard to place term and permanent life insurance policies for clients across the nation. With his wealth of knowledge of each life insurance carrier’s products and underwriting he provides honest answers and advice to every client. Bennett Bier and his team will work tirelessly to successfully secure the coverage your family deserves.
All content on this site has been written by life insurance experts & licensed life insurance agents.