Banner Term Life Insurance has term periods of 10, 15, 20, 25, 30, 35, and 40-year durations, and premiums are guaranteed to stay the same. When the level term period ends, premiums will increase annually until age 95 unless the policy is terminated. Issue ages are based on the age nearest birthday.
Banner Life Insurance Explained
Banner Life Insurance is a promise to your loved ones that they will be taken care of in the event of your death.
The fine print reads like this. Life insurance is a contract between you and an insurance company. The insurer agrees to pay a designated beneficiary (the loved one(s) of your choosing) a sum of money (the “death benefit”) if you die. Your obligation is to pay the agreed-upon premiums to keep your policy in good standing.
Most of us live our lives as though we will never die. We also never imagine we’ll be in a car accident, unintentionally flood the house while fixing a leaky faucet, or deal with a serious illness.
But we still own auto insurance, homeowner’s insurance, and health insurance. Why? Because you can do everything right and still have a really bad day. You can drive safely and still be in an accident. You can watch helplessly as mother nature deposits a tree on your roof. No matter how young or healthy you are, you can still get sick. And yes, while you can plan to live a very long life, no one can predict when their life will come to an end.
So do YOU need life insurance? People without a car don’t need car insurance, no home, no homeowner’s insurance. But life insurance is a bit different—it has its own purpose, and its focus is on the people who depend on you financially.
Banner Term life insurance coverage is best for…
- Adults with kids
- People with a mortgage, student loans, or debts
- Income replacement for a surviving spouse
- Buying more coverage on a budget.
Term life insurance offers the greatest coverage for the lowest initial price and is a great solution for people with temporary needs or a limited budget. As the name implies, term life insurance provides protection for a specific period of time and generally pays a benefit only if you die during the “term”. Extended Term Insurance periods typically range from ten years to 30 years, with 20 years being the most common term.
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Benefits and Features
Flexible Payment Schedule
Policy premiums to Banner Life Insurance Company can be paid by the following options to fit your needs:
Premiums are usually calculated on an annual payment basis. If you prefer to pay premiums more frequently than annually, the total premium will be slightly higher. Premium payment through automatic bank drafts from your account is a popular method of payment and is available for all premium bill modes. You may also pay by check for annual, semi-annual, or quarterly premiums. An automatic bank draft is required for a monthly premium payment.
Laddering life insurance coverage is a way to get the right amount of protection for the right amount of time. A Term Rider is an additional insurance rider that provides temporary coverage for a period shorter than what the base policy provides. Using a Term Rider is a cost-effective way to protect yourself from being over or under insured—as your financial responsibilities change over time. For example, you can start with a 30-year base plan 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 one or more children. A single 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. It can only be added at the time the Banner Term Life Insurance policy is purchased and is not available in conjunction with Term Riders.
Accelerated Death Benefit Rider
With this rider, the death benefit can be paid prior to the insured’s death if he or she is facing a qualifying terminal illness. The maximum accelerated death benefit amount is the lesser of $500,000 or 75% of the policy’s primary death benefit. The accelerated death benefit is treated as a lien, which accrues interest. Upon the death of the insured, the death benefits payable are reduced by the total accelerated death benefit lien.
Waiver of Premium
This benefit can give you peace of mind knowing that if you were to suffer a serious long-term illness or injury, and become totally disabled, your family or business will remain protected financially. We will waive all premiums that are due during total disability if we are given proof of total disability and such total disability has then existed continuously for at least six months.
The conversion option allows you to exchange your term policy for a universal life insurance policy. The key advantage of the conversion option is that when exercised, the new universal life policy will be issued at the same underwriting class as your existing term. Should a change in your health occur, you would be exempt from a change in underwriting class. Conversions can be requested anytime within the duration of the guaranteed level premium period, or up to attained age 70, whichever comes first. Policies issued at age 66 or over are convertible during the first five policy years
Term Life Insurance Quotes No Medical Exam