Banner Life Insurance Company Review 2020

Author: Brian Greenberg CEO of True Blue Life Insurance
Last updated March 5, 2021

Banner Life is a popular company for both term life insurance, and universal life insurance. With over 180 years of experience, Banner Life brings more than competitive pricing to the table. They are backed by a strong financial history and are committed to providing people with financial peace of mind.

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Highlights of Banner Life

  • 180 years of life insurance experience
  • Exceptional term life insurance rates
  • Medical is waived if you’re in good health with a credit score of 700+
  • Rated A+ on A.M. Best for superior performance and financial strength

Life insurance by Banner

Banner has you covered whether you’re in excellent, average or less than average health. They offer two life insurance products:

  • Term life insurance – Affordable coverage when you need it most in life
  • Universal life insurance – Life insurance that lasts your entire life and builds cash value

However, Banner shines when it comes to their term product, OPterm. The medical exam can be waived if you’re healthy and have a good credit score (700+). Also, their pricing is very affordable.

Banner’s Term life insurance vs Universal life insurance:

HealthExcellent to averageExcellent to less than average
Duration10 – 40 yearsWhole life
Best forAffordabilityCash value
$100,000 quote*$10.24$111.18
$200,000 quote*$15.32$209.87
$300,000 quote*$17.91$308.55
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*Sample rate is based on a healthy 30-year-old male, living in Arizona with an average build, 20-year duration for term life insurance, whole life duration for universal life insurance.

Key differences between term and universal

The most important differences between Banner’s term life insurance and universal life insurance are health qualification, policy duration, cash value, and as a result of these differences, price.

Health qualification: Both products are traditionally underwritten products. In other words, both generally require a medical exam. However, universal life insurance is typically more health forgiving than term. Note: If you’re in good health and have a good financial history, Banner may let you bypass the medical exam.

Policy duration: Term life insurance is best for you if want life insurance coverage for a predefined duration. If you’re in your early thirties and recently had kids, a 20-year policy will ensure your dependents are financially secure when it matters most. Unlike term life insurance, a universal life insurance policy won’t lapse, as long as you pay the premium. You will remain insured for the rest of your life.

Cash value: Some individuals want more from their life insurance policy. This is where universal life insurance shines. During the years you’re insured, the policy will generate cash value. This cash value can then be used in multiple ways. It can be invested in brokerage accounts or a 401k. It can also be accessed as a loan. Or, if enough cash value has been built up, it can even be used to pay for the policy itself. While this is an attractive bonus, it makes life insurance much more expensive.

Price: Due to the differences mentioned above, term life insurance is much more affordable than universal life insurance. A $1,000,000 policy with a 20-year term can be affordable as $43/month, for a 30-year-old individual. In the meanwhile, a $100,000 universal policy for that same individual will cost upwards of $110/month.

More about Banner’s Term Life Insurance

OPterm is Banner’s term life insurance product. If you are in good health, the medical exam will be waived. But, to enjoy this convenience, you must meet a few conditions. Such as good overall health, little to no medications, and finally, have a credit score of 700+).

Don’t have the best health or credit history? No need to look elsewhere just yet, Banner has you covered! They provide some of the lowest pricing in each health class category. Even if your health or credit score isn’t perfect, chances are likely Banner will still be your most affordable option.

In other words, even if you take some medications, or have less than perfect credit, chances are likely Banner will still be your most affordable life insurance option.

Highlights of Banner’s term life insurance

  • Exceptional pricing making it one of the most affordable term policies available.
  • Wide range of coverage amounts and various terms allow you to get the coverage you need when you need it most.
  • The medical exam can be waived if you are in good health, with a credit score of 700+.

Riders included in Banner’s term life insurance

  • Accelerated Death Benefit (free) – This rider pays a portion of the death benefit if the insured is terminally ill with a life expectancy of 12 months or less.
  • Children’s Insurance Benefit Rider (fee) – This benefit provides term insurance coverage on children under the age of 25. Coverage is available in units of $1,000 each, costing $6/month per child. A minimum of 2 units ($2,000 for $12/month) and a maximum of 10 units ($10,000 for $60/month) is available per child.
  • Waiver of Premium Rider (fee) – If you are younger than 60 and become disabled, your premiums will be waived. This optional benefit is available at an additional fee.
  • Accidental Death Rider (fee) – If the cause of death is due to an accident, your beneficiaries will receive an additional death benefit, with a maximum of $300,000. It is not uncommon for younger adults to have a term and accidental death policy since accidental death policies are cheaper than term.

More about Banner’s Universal Life Insurance

Life Step UL is Banner’s universal life insurance product. Unlike with term life insurance, there’s no predefined term. Instead, the policy remains in effect the entire duration of your life. So long as the premium is paid, you will remain insured.

Aside from the term, Life Step UL offers additional benefits. Which is why it also more expensive. Primarily, the policy grows cash value. Once the policy has grown enough cash value, you can withdraw money or take out a loan. You can even let the policy pay for itself.

Additionally, you can change the coverage amount at any given time. This can be useful if you can afford more coverage. The same is true for the opposite. If times get tough and you can no longer afford your premiums, you can lower your coverage amount. In turn, you’ll lower your premiums as well.

Highlights of Banner’s universal life insurance

  • Get life insurance without having to worry about a lapse date.
  • The policy builds cash value, which you can access in various ways.
  • Change the coverage amount at any time and increase or decrease your premium.

Riders included in Banner’s universal life insurance

Riders are special features that add benefits to a life insurance policy.

  • Accelerated Death Benefit (free) – If you are diagnosed with a qualifying terminal illness, you can receive a lump-sum payment. This payment will be the lesser of $500,000 or 75% of the policy’s primary death benefit, less any policy loan.

Banner term life insurance cost

When you’re shopping for any kind of insurance, you want reliability at a competitive price. And this is exactly what Banner provides. They continue to be one of the most affordable term life insurance carriers. Furthermore, they have over 180 years of experience for added peace of mind.

Price: Banner vs AIG vs Mutual of Omaha

The following sample rates are calculated for a healthy, non-smoking 30-year-old male in Arizona, with a 20-year policy term.

Banner LifeAmerican GeneralMutual of Omaha
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Frequently asked questions

Who owns banner life insurance?

Banner Life is a life insurance provider that was founded in 1949. Banner became part of Legal and General in 1981. Legal and General has a strong foothold in financial services, such as mortgages, annuities, general insurance, and life insurance. The company was founded roughly 180 years ago, in 1836. Legal and General’s main headquarters is in London, United Kingdom. However, they provide financial services all over the globe, including the United States of America.

Does banner life insurance have a financial rating?

Banner Life’s parent company, Legal and General, has a financial rating of A+, issued by A.M. Best. This is the highest rating and represents an outstanding financial and performance history.

Is banner a good term life insurance company?

Yes. Banner Life is one of the best life insurance companies for term life insurance. With more than 180 years of experience, and an A.M. Best rating of A+, you can rest assured that your life insurance policy is in good hands.

What is an accidental death rider in my banner life insurance?

If you get a term life insurance policy from Banner, an accidental death rider will be included for free. If the death of the insured is due to an accident, your beneficiaries will receive an additional amount of money. How much depends on the coverage amount of the policy. It’s typically double the coverage amount, with a maximum of $300,000. In other words, if you get Banner’s term life insurance for $200,000, and you die due to an accident, your beneficiaries could receive $400,00.

Does Banner Life have good customer reviews?

Yes. We provide life insurance quotes from Banner, among many other companies, and collect reviews from verified customers. Banner has an average review of 4.9 out of 5 and ranks best for price, ease of application, and health forgiveness. The only negative comment we have experienced is that it may take a few weeks to get the policy active. This is mainly due to the medical exam and evaluation. Read verified customer reviews.

Banner’s contact information

If you’ve purchased a policy from Banner Life, you must contact Legal and General America directly. Their phone number is 1-800-638-8428, open Monday through Friday – 7 a.m. to 6 p.m. (MST).

Address:1701 Research Boulevard Rockville, Maryland 20850
A.M. Best:A+ (Superior)

Banner life insurance reviews

The following reviews are published by True Blue Life Insurance customers, after purchasing a life insurance policy issued by Banner.
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