Banner Life Insurance: Comprehensive Plans, Quotes, and Review

Shawn Plummer

CEO, The Annuity Expert

Banner Life Insurance is a well-known company that offers life insurance policies to individuals and families. But is it the right choice for you? This Banner Life Insurance review will take a look at what the insurance company has to offer and see how it compares to other life insurance providers. We will also discuss the pros and cons of choosing Banner Life so that you can make an informed decision about whether or not it is the right choice for you.

Note: We are an independent licensed insurance agency representing Banner Life Insurance (among 25 other life insurance companies), and are providing a non-biased review of the products.

About Banner Life Insurance

Banner Life offers a variety of life insurance policies, including term life insurance and universal life insurance. They also have many policy options to choose the best coverage for you. One of the great things about Banner is that they offer a death benefit rider on all of their life insurance policies. This rider will pay out an additional death benefit to your beneficiaries in the event of your death.

Banner Life Insurance is an excellent choice for people looking for a reliable life insurance provider. They have a wide range of policy options to choose from so that you can find the perfect coverage for your needs. However, there are a few things to keep in mind before deciding on Banner.

Banner is not the cheapest life insurance company, but it is reliable and well-known. So if you are looking for peace of mind and don’t mind paying a little more, then Banner is a good option.

If you are looking for a reliable life insurance provider with a wide range of policy options, Banner Life is an excellent choice. However, if you are looking for the absolute cheapest life insurance policies available, you might want to consider other options.

Banner Life Insurance Products

Banner Life offers term and universal life insurance plans with several insurance options. These plans have low premiums, and Banner Life can keep the prices low because of its strong financial strength rating. In addition, Banner has less stringent policies for determining a particular issue like smoking or osteoporosis. Instead, it examines overlapping health factors. This examination means that even if you are healthy and possess one condition, you won’t receive an excessive premium from Banner Life.

Banner Life Universal Life Insurance

Universal life policies are a type of life insurance that provides permanent coverage. The policy stays in effect until the premium payments have been paid and increase in value. Then, you can get your money back by taking a loan against it or withdrawing it. With guaranteed universal life insurance policies, the cash value increases according to the success of the insurer’s portfolio. Banner Life offers a life-long universal life insurance policy for ages 20 to 85 with a minimum coverage amount of $50,000.

Universal life insurance policies give you a lot of flexibility in making your payments. However, you need to make regular payments to keep your policy going so your policy won’t be canceled. This policy provides a grace period of 61 days to pay sufficient premiums to prevent policy termination.

After you make a payment for your insurance policy, the company will take some money each month to cover the costs of the policy and its administration. They will also credit your account with interest at the end of each month. Your coverage will stay in effect as long as there is enough money in your account to cover the monthly deductions.

Accelerated Death Benefit

The accelerated death benefit payment is payable if you have a qualifying terminal illness. If you do, you can get up to $500,000 or 75% of your policy’s primary death benefit, whichever is less. The living benefit is treated as a loan that accumulates interest. When the insured person dies, the death benefits will be reduced by the total amount of the loan.

Banner Term Life Insurance

Banner Term Life Insurance offers term periods of 10, 15, 20, 25, 30, 35, and 40 years. The premiums for each of these periods are guaranteed to stay the same. However, when the level term period ends, premiums will increase each year until you reach age 95. If you decide to cancel your term life policy before then, the annual premium will increase until you reach age 95. Your issue age is based on your nearest birthday. Banner’s term policies may not require medical exams in the application process.

You can choose to pay your Banner Life Insurance Company policy premiums differently, depending on what will work best for you. Term coverage can be paid on the following basis:

  • annually
  • semi-annually
  • quarterly
  • monthly

Most people pay premiums on an annual basis. However, if you would like to pay more frequently, the total premium will be a bit higher. Therefore, most people prefer to use automatic bank drafts from their accounts to pay premiums. You can also pay by check for annual, semi-annual, or quarterly premiums. However, if you want to pay monthly premiums, you need to set up an automatic bank draft.

Term Riders

Laddering life insurance coverage means that you get the right amount of protection for the right amount of time. You can do this by adding a Term Rider to your life policy. A Term Rider is an insurance policy that provides temporary coverage for a shorter period than the base policy. This way, you can ensure that you are not over or under-insured as your financial responsibilities change over time.

For example, you could start with a 30-year policy and add a 20-year rider to cover your mortgage payoff and a 10-year rider to protect an education fund.

Children’s Life Insurance Rider

The Children’s Rider provides death benefit protection for families with children. This rider covers all eligible children to the earlier of the child’s 25th birthday, the insured’s 65th birthday, or policy termination. The Rider cost is level in all years. However, it can only be added when the Banner Term Life policy is purchased and unavailable in conjunction with other riders.

Accelerated Death Benefit Rider

The death benefit can be paid to the insured before they die if they have a terminal illness. The maximum amount paid is $500,000, or 75% of the policy’s primary death benefit. The living benefit is treated as a loan, which will accrue interest. When the insured dies, the death benefits will be reduced by the total amount of the loan.

Waiver of Premium Rider

If you become seriously ill or injured and cannot work, Banner will not charge you any premiums for the time you are unable to work. Instead, they’ll need proof that you have been unable to work for six continuous months.

Policy Conversion

The conversion option allows you to switch your term insurance policy to universal life insurance. The advantage of this conversion is that if you need to, you can change the new universal life policy to be the same as your old term life policy. If your health changes, you won’t have to worry about changing the underwriting class of the new policy. Conversions can be done during the guaranteed level premium period or until you reach age 70, whichever comes first. If you are over 66 years old when you get the policy, it will be convertible during the first five years.

The Cost Compared To Other Life Insurance Companies

Banner Life provides flexible coverage at a lower cost than other products. Banner’s rates are 17%-26% below those of similar insurers for term policies. Although the reduction is less noticeable for smokers, their premiums remain below competitive levels at 9% – 11% of their peers.

Banner Life Insurance Ratings

Banner Life is one of the 20 most prominent life insurance companies in the U.S. and part of Legal & General Group (LGA), a UK-based financial services company with over $100 billion in assets. L&G has been around for over 170 years and is a well-known, global brand.

  • A.M. Best: A+
  • Standard & Poor’s: AA-
  • Fitch Ratings: AA-

Banner’s long history, size, financial strength ratings, and international parent company make it a safe choice for life insurance coverage.

Banner Life Customer And Claims Satisfaction

The company has received Comdex scores of 95 and an AA- rating by Fitch and Standard & Poor’s. AM – Best also rated the score a+. This ranking indicates that companies have a history of sound financial management of their finances. Banner Life insurance reviews were overwhelmingly positive, with a National Association of Insurance Commissioners (NAIC) rating of 1.25. The company receives less negative feedback than industry standards and has a high quality of customer care.

What Are The Pros Of Banner Life?

  • The policy’s death benefit offers financial protection immediately.
  • Banner offers affordable life insurance rates if you’re in excellent health.
  • Banner’s parent company, Legal & General America) has high ratings.
  • Applicants may not have to take a medical exam to apply for coverage.
  • Term life policies have plenty of coverage options with additional optional benefits added to the policy.

What Are The Cons Of Banner Life?

  • People have complained about Banner Life’s underwriting process. Some people say that their rates increased after being approved for a policy.
  • Others say that their premiums went up after converting their term life insurance policy to a whole life insurance policy.
  • Banner offers many term policies but does not offer a return of premium rider.
  • Banner Life offers only guaranteed universal life coverage with little cash value accumulating potential. Most companies offer indexed universal life insurance or variable universal policies.
  • Their permanent policy charges a higher premium for cigarette smokers.

How much does life insurance from Banner Life cost?

A 30-year-old female nonsmoker would pay $62.44 for a 20-year term life insurance policy for $1 million in coverage, while a female smoker would pay $194.93. As your age grows, your policy price may go as high as $700 yearly. Seniors ages 65 to 85 can purchase term insurance plans up to 20 years in length.

You can convert a term life policy into a permanent insurance policy without paying fees or a medical exam. The cost of life insurance depends on several factors, including your age, health, and the amount of life insurance coverage you need.

How do I buy life insurance from Banner Life?

You cannot purchase Banner Life Insurance online. You have to buy a policy from an independent life insurance agent. However, you can buy Banner Life Insurance online since The Annuity Expert is a licensed insurance agent. Run free quotes above. If you want more information about term insurance, you can visit the Banner Life website or contact us with questions.

Banner Life Insurance

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Frequently Asked Questions

How much does life insurance from Banner Life cost for seniors?

Banner Life provides affordable term life insurance (10-year term life insurance or longer) across the age range. In turn, the rate is lower than its competitors. Banner Life offers monthly base prices of up to $200,000 to the policyholder for an average risk group (1-2 chronic illnesses).

How much does life insurance from Banner Life cost for smokers?

Generally, smokers have been described by many as riskier people to insure. Smokers will pay higher premiums. This increases smoking rates by about 20% compared with smoking non-smokers. For example, a 30-year-old female cigarette smoker’s rates would start at around $194.93 a month for 20-year term policies ($1,000,000 coverage) and no option to purchase universal life coverage.

Who bought Banner Life?

Banner Life, owned by Legal & General America, has two life insurance policies: term life & universal life policies.

Does Banner Life pay claims?

Banner insurance provides term life insurance policies from 10 to 40 years in length. The approvals will take place overnight, and 98.9% are approved for the 2020 year.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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