When purchasing life insurance, you want to feel totally confident that you’re choosing the best policy for your needs. With so many different life insurance companies on the market, it can be difficult to determine which one makes the most sense for you. Banner Life Insurance is a company that is part of Legal & General America and sells a wide range of insurance products. Here’s what you need to know about Banner Life Insurance before making a purchase.
About Banner Life Insurance
Banner Life Insurance was formed in 1981 and has always been a part of the Legal & General America life insurance group. Their sister brand is the William Penn Life Insurance Company of New York. Banner Life provides policies in every US state except New York as well as Washington DC. Legal & General also has operations in the United Kingdom outside of William Penn. Banner Life’s office is currently based in Urbana, Maryland.
What Types of Policies Does Banner Life Offer?
Banner Life offers a wide range of life insurance policies, so you can choose the option that best suits your family’s financial needs. Here are some of the policies that they offer.
- Term life insurance. A term life insurance policy covers you for a set number of years, after which the insurance will run out and you will need to repurchase it. Term life insurance is one of the most affordable forms of life insurance and it is a very popular choice. Banner Life offers a wide range of term life insurance policies, with options ranging from 10 to 40 years. Term life policies are available in five-year increments. You can opt to make your policy permanent up to the age of 70, and you can customize your death benefit.
Banner life offers a number of riders that you can use to customize your policy, including a rider that will cover your children until they turn 25 years old. They also provide the option to access a portion of your death benefit if you are terminally ill, as well as the option to pause your premium payments if you are temporarily disabled.
- Universal life insurance. This is a form of permanent life insurance that is designed to provide coverage for your entire life. It is more expensive than term life insurance and has a cash value component. Banner allows you to adjust your monthly payment amount in order to add to the cash value of your policy more quickly. They issue universal life insurance policies relatively late in life, up until the age of 85.
- Guaranteed issue whole life insurance. These types of insurance policies are a good option for those who are older and might be struggling with health issues. These policies do not require a health examination and are issued regardless of your current health status. Banner issues these policies for anyone ages 50 to 80, and the policies have a cash value of up to $15,000.
What Are Banner Life’s Rates Like?
Banner Life Insurance is unique in that they offer very reasonable rates for most customers, but also offer many different ways to customize your policy. They are very forgiving when compared to other life insurance companies, particularly when it comes to common health conditions. Their rates are slightly lower than average across all age categories.
If you have a common condition like diabetes, high cholesterol, high blood pressure, or sleep apnea, you can still get a very affordable insurance rate as long as your condition is well managed. Many other life insurance companies charge very high premiums for people with these ongoing conditions. Your premiums also won’t be affected by your family’s health history.
Banner Life also stands out because they offer tobacco users the opportunity to have their rates re-evaluated. Regular tobacco use can dramatically increase your life insurance premium costs, but if you quit smoking, Banner Life gives you the opportunity to have your health re-assessed and potentially lower your premiums. It’s important to note that although this can drastically lower your rates, you’ll still need to pay for the medical exam and re-evaluation fees yourself.
Additionally, Banner Life is very forgiving for those who have experienced bankruptcy. Statistically, those who have experienced bankruptcy are more likely to die, and life insurance policies charge more because of it. However, if you have a bankruptcy in your past and have consistently made repayments, Banner Life won’t factor this into your premium amount.
One of the few areas where Banner is more expensive than average is policies for pregnant women. If you are trying to purchase a life insurance policy while pregnant, your premiums with Banner will be higher than many other companies. When choosing a life insurance policy, it’s best to get quotes from many different insurers, just to make sure that you’re getting the best possible value for money.
Is Banner Life Insurance Financially Stable?
Banner Life and their parent company, Legal & General America, are very financially stable. They have an A+ rating from AM Best, an organization that rates the financial stability of insurance companies and other financial institutions. This means you can rely on them to pay out claims regardless of the current economic climate.
Does Banner Life Have Good Customer Service?
Banner Life gets generally positive reviews for their customer service. Their complaint ratio is much lower than other comparable insurance companies, meaning they get fewer complaints per policies issued. However, it can take a long time for them to process and approve your application. They have a reliable website that you can use to get a quote, file a claim, make payments, and manage your policy. You can also contact an agent directly if you prefer.
Is Banner Life a Good Insurance Company?
Overall, Banner Life is a very strong insurance company that is worth considering for your life insurance policy. They offer extremely reasonable rates, particularly for people with underlying health conditions who might otherwise have a difficult time finding coverage. Although their product selection isn’t as large as some of the competition, they still offer plenty of options for both term and permanent life insurance, with riders that you can use to customize your policy. Their customer service is generally good and you can manage your policy online.
If you’re looking for a new life insurance policy, get a quote from Banner to see what they have to offer. You can easily get a quote online or from an agent. Banner offers coverage in every state except New York, and they are willing to issue policies up until an advanced age.
|Banner Life Insurance Contact Info:|
|Address||1701 Research Boulevard|
Rockville, MD 20850
|A.M. Best Rating||A+ (Superior)|