Millions of Americans have someone financially reliant on them, whether a spouse, children, or an elderly parent. However, only 52% of Americans have a life insurance policy, according to a study by nonprofit Limra.
If you’re seeking life insurance, you may have come across Banner Life Insurance. No company is perfect for everyone, so it might not always be the best option. However, there are several reasons you might consider choosing Banner Life Insurance, even if you’re just starting your search.
About Banner Life Insurance
One of the most confusing aspects of Banner Life Insurance Company is that, although this is its official name, you rarely see it in communications.
Instead, Legal & General America, the parent company of Banner Life Insurance, handles most of its correspondence—including emails, phone calls, and letters.
Legal & General America acquired Banner Life Insurance in 1981 and later purchased another insurance company, William Penn, in 1989.
Legal & General America keeps these entities separate due to licensing concerns:
- Banner Life Insurance is licensed in every U.S. state except New York.
- William Penn services only New York.
Regardless of your location, you will be covered by one of these two companies.
For simplicity, we’ll refer to Banner Life Insurance in this review, despite the different company names.
Unlike many insurance companies, Banner Life Insurance specializes only in life insurance. It also holds a small market share, attracting fewer than 1% of total life insurance premiums paid in 2017.
Products for Banner Life Insurance
Banner Life Insurance keeps it simple by offering only two types of life insurance:
- Term Life Insurance
- Universal Life Insurance
Term Life Insurance
Term life insurance is the most affordable and often the best option for most people.
It provides coverage for a fixed period rather than a lifetime. Banner Life Insurance offers term policies ranging from 10 to 40 years, with 20 years being the most popular.
A key feature is its convertible option, which allows you to convert a term policy into a universal policy without undergoing underwriting again.
Universal Life Insurance
Universal life insurance is more complex and not necessary for most people, despite what some insurance salespeople may claim.
If you do need permanent life insurance, Banner Life Insurance offers a flexible universal life policy that allows:
- Adjustable premium payments
- Increasing cash value if you overpay
- Lower death benefits if you pay less
A unique feature is its “short pay” option, which allows you to prepay for coverage.
For example, you can make higher payments for a few years before retirement to secure lifetime coverage without additional payments.
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Unique Characteristics of Banner Life Insurance
- Flexible Premium Payments – Choose monthly, quarterly, semi-annual, or annual payments.
- Premium Waiver for Disability – If you’re disabled for at least six months, Banner Life Insurance will waive your premium payments.
- No Medical Exam (Sometimes) – If you’re in excellent health, have a stable income, and have no criminal record or major prescriptions, you might skip the medical exam.
- High Customer Satisfaction – The National Association of Insurance Commissioners (NAIC) reports a complaint index of 0.05, which is 20 times lower than the national average.
- High Claim Payout Rate – In 2019, Banner Life Insurance paid out 99.9% of its claims.
- Fast Claims Processing – Approved claims are paid within one day.
- Optional Riders:
- Children’s Rider – Covers children until age 25.
- Accelerated Death Benefit Rider – Allows early benefit use for terminal illnesses.
- Term Rider – Adds extra coverage for specific life events, such as a mortgage.
Due to its financial strength, competitive rates, and excellent customer service, Banner Life Insurance is a solid choice for many.
However, if you have unique insurance needs or high-risk factors, working with an independent life insurance agent may help you find the best coverage.
What You Should Know About Life Insurance
Life insurance is easy to overlook until it’s too late. You might leave your dependents unprotected or develop health issues that make it difficult to get coverage.
Once you have a policy in place, you won’t need to think about it often.
However, determining how much coverage you need can be tricky. If you have complex financial needs (e.g., disabled dependents, high net worth, or business ownership), consulting a fiduciary financial advisor may help.
These professionals can provide customized recommendations and help you compare the best life insurance options.
The Reality on Banner Life Insurance
If you’re looking for life insurance, Banner Life Insurance is worth considering—especially if you want:
âś” Competitive Rates
âś” A longer-term policy (up to 40 years)
âś” A company with excellent customer service
âś” A financially stable insurer that will be around for your beneficiaries
However, life insurance is a long-term commitment—not just a yearly auto insurance renewal.
Before signing a policy, make sure you’re comfortable with Banner Life Insurance or explore other top insurers to ensure you’re making the best choice.
Reviewing Insurance Companies: Our Approach
At Good Financial Cents, we thoroughly evaluate U.S. insurance companies based on:
- Policy options
- Customer experiences
- Financial strength
Our methodology focuses on editorial transparency. We gather data from insurers, analyze customer feedback, and assign star ratings based on various factors.
For full disclosure, see our editorial standards and disclaimer for insights into how we rate insurance companies.
Product: Banner Life Insurance Company
Banner Life Insurance Company is a leading U.S. insurer that primarily focuses on term life insurance.
Overview of Banner Life Insurance
Banner Life Insurance offers a range of policies for:
- Individuals and families
- Business owners
These policies cover death benefits and may include extras like accidental death benefits and burial expense coverage.
Pros & Cons of Banner Life Insurance
Pros
✔ Strong Financial Ratings – Ensures claim payments.
✔ Diverse Policy Options – Offers term, universal, and whole life insurance.
✔ Convenient Application – Apply online, by phone, or through an agent.
✔ Competitive Pricing – Affordable coverage options.
Cons
❌ Limited Availability – Licensed in only certain U.S. states.
❌ Age Restrictions – Some policies may not be available for older applicants.
❌ Medical Underwriting – Applicants with certain health conditions may face higher premiums or denials.
❌ Claim Denials – As with any life insurer, some claims may be denied.
Final Thoughts on Banner Life Insurance
Banner Life Insurance is a strong option for many people looking for affordable term life insurance with great customer service and financial stability.
However, if you have unique coverage needs, working with an independent insurance agent might help you find a better fit.
Always compare multiple life insurance providers before making a final decision to ensure you get the best coverage at the best price.