Banner Life Insurance Company

Banner Life Insurance Company Contact Information

1701 Research Boulevard
Rockville, MD 20850
Phone: 1-800-638-8428
Web Site: https://www.LGAmerica.com

A Quick Tid Bit About Banner Life

banner life insurance reviews and banner life logo

Banner Life Insurance Company

The history of Banner Life Insurance Company is more than 50 years strong. Chartered in 1949 as Government Employees Life Insurance Company (GELICO), we were acquired by Legal & General Group Plc as a wholly owned subsidiary in 1981. In 1983, our name was changed to Banner Life, signifying our flagship position with Legal & General America in the United States.

Banner Life’s subsidiary, William Penn Life Insurance Company of New York, joined the corporate group in 1989. Since that time, management for both companies has been consolidated at the senior level. Banner Life Insurances’ national presence, William Penn’s nearly 40 years of agency experience and the operational synergy between the companies is a strong combination.

Banner Life Insurance Company’s products are distributed through independent life insurance agents and agencies in 48 United States and the District of Columbia.

A Full Banner Life Insurance Review, Updated 2019

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.

Today’s focus 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 and Company 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 Strength and 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.

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.

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 options you can elect to purchase for term life insurance. Don’t get tunnel vision; however, this by no means they are the best option.

With life insurance, the cheapest option doesn’t always indicate that you are purchasing the correct policy to protect you and your family’s assets. 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 Rider- 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.

Banner Life Underwriting and Unique Opportunities for Consumers

Banner Life Insurance does offer some unique underwriting niches that can help clients with certain health conditions. We personally love Banner Life for diabetics and individuals with high cholesterol or blood pressure.

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.

Final Word, Banner Life Has A Proven Track Record and A Company You Can Trust

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 be considering all options, but overall, you can’t go wrong with Banner Life Insurance Company, and they are surely a company you can trust and that continues to grow year after year. It’s your job to begin the process and our job to find the coverage at the lowest rates.

So, what are you going to do about it?