Banner life insurance is a great option for those who prioritize customer service and term coverage for up to 40 years.
If you want to financially protect your loved ones after you pass away, life insurance can be a useful tool. However, it’s challenging to navigate the complex life insurance industry and find a provider that meets your requirements and offers affordable premiums.
We at the MarketWatch Guides team have analyzed dozens of the best life insurance companies to help you find the right life insurance product. We focus on each insurer’s coverage options, available policy add-ons, customer satisfaction and brand trust. In this review, we examine Banner Life’s life insurance policies.
Banner Life Insurance Overview
Banner Life Insurance Company is headquartered in Frederick, Maryland, under its parent company, Legal & General America. Banner Life offers life insurance policies in 49 states and Washington, D.C. William Penn covers New York and is the other company under Legal & General. Combined, the company insures more than 1.5 million policyholders nationwide.
Banner Life is known for its affordability, excellent third-party rankings, generous term conversion options and being one of a few companies offering 40-year term life insurance policies. Although it offers fewer riders than other insurers, it’s rated highly by third parties for customer service and financial stability.
Banner Pros and Cons
Types of Life Insurance Offered
Life insurance is a binding agreement between an individual, known as the policyholder, and an insurance provider. The policyholder agrees to make regular premium payments, while the insurer agrees to pay out a death benefit to named beneficiaries in the event of the policyholder’s death. The policyholder’s age, gender, health status and lifestyle choices determine the premium price and policy payout.
Whole life insurance policies have a cash value in addition to the death benefit, functioning as a savings or investment account that earns interest and can be borrowed against in certain situations.
You can learn about the basics of life insurance here. When shopping for a life insurance policy:
- Choose term or permanent life insurance
- Identify potential whole life or term riders to customize the policy for you.
- Determine the amount of coverage and time you need it.
- Ensure competitive quotes are for the same coverage.
- Check each company’s financial health and customer ratings.
Banner Life offers these types of policies.
Term Life Insurance
Term life insurance is a policy that lets a policyholder buy coverage for a specific period, generally between 10 and 30 years. If the insured person passes away during that period, the insurance company will pay a predetermined amount to the beneficiaries named in the policy. When the policy period ends, the policy is no longer in force.
Many companies offer term insurance policies, and you can see our best term life insurance providers here.
Banner offers term life policies in periods ranging from 10 to 40 years.
This type of policy is generally more affordable than permanent life insurance. Banner uses the brand name OPTerm to identify its term life policies.
OPTerm policies are convertible to permanent insurance and renewable after the term expires. You can convert term coverage to permanent life insurance until the end of the term you selected or until you turn 70, whichever happens first. Term policies are available to applicants up to 75 years old and come with a terminal illness accelerated benefit rider at no additional cost.
Although Banner’s term policies are renewable, your coverage will decrease if you renew past the term you selected.
Universal Life Insurance
Universal life insurance is a permanent life insurance policy that provides coverage for the policyholder’s entire life as long as premiums are kept up to date. Universal life policies also have a cash value component that term policies do not, meaning you can borrow against the premiums you’ve paid into the policy in most cases.
Banner Life Insurance offers a universal life insurance policy called Life Step UL. It has flexible payment options and death benefits. In addition, if you have a Banner term life policy, this is the permanent coverage you can convert it to.
A “short-pay” option lets the policy owner increase premiums to pay up the policy in a shorter amount of time and still have lifetime coverage. You can pay more upfront and less in retirement or in other ways that work best for your situation.
Banner life policies have an account value with a guaranteed minimum interest rate. This policy also automatically includes an accelerated death benefit rider for terminal illnesses.
Banner Life Insurance Riders
Banner’s selection of riders is somewhat limited compared to other insurers. The company offers these add-ons to help you customize your policy.
- Children’s rider. This is for policyholders who want to provide life insurance coverage for their children. It covers all eligible children until their 25th birthday in the event of a child’s death or until the policyholder turns 65. This rider is not available in New York or Maryland.
- Waiver of Premium rider. This option allows you to continue coverage without having to pay premiums if you experience a total disability that lasts for at least six months. It expires when you turn 65 years old.
- Terminal Illness rider is included in policies at no cost. It makes it easier for you to care for loved ones by advancing the lesser of up to 75% of your policy value or $500,000 of the death benefit if you are diagnosed with a terminal illness.
Cost of Banner Life Insurance
Life insurance rates are competitively priced throughout the industry. While each insurer has its own underwriting methods to determine policy costs, several factors are standard across the board. The premium you pay will normally depend on the following:
- Age
- Health conditions and medical history
- Gender
- Lifestyle
- Policy type
- Coverage amount
- Credit standing
You can get a Banner Life term life insurance quote online. However, you must contact an agent to purchase a universal life policy. You can find a local agent on the website’s agent locator tool.
Policy Type | Gender | Age Range | Term Length | Monthly Estimate |
---|---|---|---|---|
Term | Male | 25 | 10 Years | $9.70 |
Term | Male | 25 | 20 Years | $13.04 |
Term | Male | 25 | 30 Years | $13.66 |
*Quotes are run based on $100,000 in coverage for a 25-year-old male with preferred, non-tobacco health ratings.
Banner Customer Reviews
We read more than 100 customer reviews for Banner life insurance on trusted review sites like TrustPilot and the Better Business Bureau. This allows us to compare real experiences and gain insight into the brand’s customer satisfaction.
Legal & General is ranked highly by many reviewers. Customers frequently called attention to the helpful and friendly staff, an easy application process and affordable pricing. Here are a few recent reviews:
“Really friendly and professional staff, not pushy at all, really knowledgeable and helpful. The online system is easy to use and clear. New policy taken out easily.” —Jacqueline Sumner via TrustPilot
“Very easy to get a quote and buy the product. The only thing I was unsure about was the lack of confirmation after purchasing the product. It took a few days to go through the system and show up on the portal.” —AMH via TrustPilot
Some customers, however, had negative feedback to share.
“I was diagnosed with terminal lung cancer in March and given 10 to 12 months to live. I applied for my critical illness coverage in May and am still waiting for a decision on whether I am entitled to it. That’s four months it’s taken so far, and they have all the information they need. Hopefully, I get a response before my time is up! I have given the stars for the polite employees who seem embarrassed by how long the company is taking to sort this out.” —S. Pelling via TrustPilot
“Three weeks, three conversations about the same thing, I cannot register/access my pension due to incorrect DOB. I was promised it would be done ASAP on the last conversation, and still nothing. Complaint submitted but no response, and I still cannot access my pension!” —Helen via TrustPilot
Comparing Banner Life Insurance with Others
Here’s how Banner Life compares to a few other life insurance providers.
Company | Policies Offered | Good to know |
---|---|---|
Banner Life | Term life and universal life policies | Banner offers generous conversion options on term coverage for up to 40 years. Its no-exam policies cover up to $1 million. The company has an exceptionally low NAIC Complaint Index score and a strong financial strength rating of A+ from A.M. Best. |
Fidelity Life | Term life, whole life, final expense and guaranteed issue policies | Fidelity offers no-exam coverage and a 30-day free look period. However, its standard term life policy is only issuable up to age 65. It also offers fewer insurance riders than some competitors. |
Lemonade Life | Term life policies only | Lemonade uses AI technology to simplify the application process. It offers term coverage with a 30-day “free look” period but no permanent policy options or insurance riders. |
Bestow Life | Term life policies only. | Bestow features quick online applications with no medical exam requirement and same-day coverage for qualifying applicants. It doesn’t offer any permanent life insurance options or customizable riders. Coverage is not available in New York. |
The Bottom Line on Banner Insurance
Banner Life Insurance is one of America’s largest and most stable providers. It is a good option for many people with affordable term life policies, generous conversion options and an adjustable death benefit. It is one of the few insurers to offer a 40-year term period. Banner also scores well with a low NAIC Complaint Index, indicating that most customers are satisfied with how Banner has treated them.
Although Banner has few downsides, it’s not a great option if you want permanent life insurance, and its selection of riders is lacking, so policy customization is somewhat limited. You’ll need to find another company if you’re looking for anything other than term or universal life insurance.
We recommend gathering quotes from at least three life insurers to be sure of your decision before purchasing a policy from Banner or any other life insurer.
Frequently Asked Questions About Banner Life Insurance
Call Banner’s customer service at 888-984-3393, Monday through Friday from 8 a.m. to 5 p.m. Eastern Time or go to the Legal & General website for most of your needs. You can also send an email to customerservice@bannerlife.com.
There are several reasons, including added security so that you don’t outlive your coverage, more mortgage protection, greater customization for your policy to cover you into retirement and peace of mind knowing that Banner is a strong and financially stable company that will meet your needs for the long term.
Laddering refers to buying term life insurance policies simultaneously with different term lengths and coverage amounts. Since the policies expire at different times, you only pay for the coverage you need throughout your different life stages. You can add riders to each policy to suit your varying financial needs.
Methodology: Our System for Ranking the Best Life Insurance Companies
Bret Colson is a public relations professional and journalist with more than 30 years of diverse experience.Bret’s background includes senior management roles in public administration and publishing and as the head of his successful consulting practice. Bret currently serves as Senior Editor for Redbird Advisors which serves numerous insurance and financial services companies focusing on advanced life insurance such as bank owned life insurance, key man and buy-sell agreements as well as other ways businesses deploy life insurance.
Mike Miller is a writer with a decade of experience producing product and service content to help consumers make informed purchasing decisions. Mike has a bachelor’s degree in creative advertising. In his spare time, Mike enjoys riding and fixing motorcycles, reading a good book and spending time with his wife and two cats.