Legal & General America is a major insurer, covering over 1.4 million Americans and managing most of their policies through their subsidiary, Banner Life Insurance. Offering term life and universal life insurance, Banner Life stands out in the crowded life insurance market thanks to their affordable, customizable policy options.
Unfortunately, term and universal life insurance rarely match seniors’ needs and usually have tough medical requirements. However, Banner Life is one of the market’s top term life insurance providers for young adults seeking affordable and customizable protection. Banner term life insurance is great, though Final Expense Benefits recommends burial insurance for seniors.
To learn more about life insurance, call Final Expense Benefits at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quoting tool for a personalized pricing estimate.
The Origin Of Banner Life Insurance
Banner Life was founded as the Government Employees Life Insurance Company (GELICO) in 1949. GELICO quickly became a trusted insurer in America, earning top ratings from customers and rating services alike.
Legal & General, a major British life insurance provider, acquired GELICO in 1981 and renamed it Banner Life Insurance in 1983. In 2011, Legal & General streamlined its U.S. operations, bringing Banner Life and William Penn (its insurer for the New York state market) under one umbrella, Legal & General America (LGA).
Today, Banner Life is located in Frederick, Maryland, and remains a cornerstone of LGA’s life insurance offerings. LGA and Banner Life are set to partner with Japanese insurer Meiji Yasuda in late 2025. It’s currently unclear if this merger will affect policy options.
Banner Life Insurance Coverage Options
Banner Life only provides universal life and term life policies, with no burial insurance options. While Banner’s policies are limited, both offer a range of benefits for younger applicants, including term life-exclusive life insurance riders.
1
Banner Universal Life Insurance
Similar to whole life insurance, universal life insurance offers permanent coverage with death benefits and cash value that can grow through investments managed by the insurer. Because cash growth depends on market performance, universal policies can be complex, but are a good way for young adults to enjoy additional savings through their life insurance.
Universal life insurance is often not the best fit for seniors, who typically want guaranteed returns. Unfortunately, universal policies can lose money if investments perform poorly. In addition, universal policies have strict medical underwriting that disqualifies most seniors from policy eligibility.
2
Banner Term Life Insurance
Usually used by young adults and workers to cover loss of income in case of death, term life insurance covers specific periods and most policies offer large death benefits.
Banner term life insurance is exceptionally flexible for the market, accepting applicants from ages 20 to 75, with terms ranging from 10 to 40 years. Death benefit payouts range from $100,000 to over $10 million, a wider range than most insurers offer.
While term life policies aren’t usually ideal for seniors, especially those with pre-existing health conditions, Banner term life insurance may be worth a look if you’re in good health and under 75. For young adults looking to lock in cheap coverage, Banner term life rates are among the most competitive in the industry.
3
Banner Term Life Insurance Riders
Life insurance riders help policyholders customize their plan to better fit their needs, usually at an extra monthly cost. Banner Life offers three rider options for their term life policies:
- Term Riders:
Extend or stack term coverage over specific periods - Child Term Rider:
Provides limited term coverage for children up to age 25 that can later be converted into a permanent policy. - Accelerated Death Benefit Rider:
Grants early access to part of the death benefit if diagnosed with a terminal illness.
How Much Does Banner Life Insurance Cost?
One of Banner Life’s standout features is its easy-to-use quote tool, allowing you to preview term life rates without a phone call. However, universal life requires a more personalized approach and typically involves a conversation with a licensed agent.
To give you an idea of Banner’s affordability, we used Banner Life’s quoting tool to calculate quotes for a $100,000 20-year term policy for healthy, non-smoking applicants with average height and weight. Here’s what we found:
| Age | Male Rates | Female Rates |
|---|---|---|
|
40 |
$12.39 |
$9.35 |
|
50 |
$24.74 |
$16.83 |
|
60 |
$62.98 |
$37.02 |
These figures are estimates only, based on a $100,000 20-year term life insurance policy from Banner with no applicant pre-existing conditions.
Banner term life insurance rates are competitive, especially for those under 60. However, they can vary widely depending on your health. Term and universal policies always have strict underwriting, so applicants with high BMI or pre-existing conditions may face higher premium rates or be denied coverage altogether.
To learn more about Banner Life and your life insurance options, call Final Expense Benefits at (866) 786-0725 or check our free online quoting tool. To estimate how much coverage you need, check our funeral cost calculator.
Banner Life Pros & Cons
Pros
- High financial stability ratings
Banner Life has maintained an A+ rating from AM Best since the 1970s, indicating decades of financial strength. - Broad coverage
With term lengths from 10 to 40 years and benefits up to $10 million, Banner Life offers some of the most customizable term life options in the market. - Low rates
Banner Life’s rates are low, especially for young adults in good health. - Online quoting tool
Banner Life’s online quoting tool is a great way to find sample rates, though it’s only for term life insurance. For burial insurance rates and more, check Final Expense Benefits’ free quote tool.
Cons
- Few options for seniors
Seniors may not qualify for Banner Life’s term and universal options. Because Banner Life and LGA don’t offer burial insurance and similar options with relaxed underwriting, seniors may need to look elsewhere for plans they qualify for.
- No whole life insurance
Not only does Banner Life not provide a burial insurance option, but they also offer no whole life policies, missing out on valuable options for seniors.
- Strict medical underwriting
Strict height, weight, and pre-existing condition limits may mean applicants won’t qualify for the lowest rates Banner Life offers. - No options over 80
Banner term life insurance is available for applicants ages 20 through 75, leaving seniors over 80 without any options.
Banner Life Insurance Reviews: Third-Party Rating Services
1
Banner Life AM Best Rating
AM Best is a service that rates life insurance companies’ ability to meet financial obligations and pay benefits on time. Banner Life has earned an A+ AM Best rating since 1976, indicating an exceptional long-term financial reputation.
2
Banner Life NAIC Rating
The National Association of Insurance Commissioners (NAIC) tracks complaints against life insurance companies and rates them on their yearly complaint index. Ratings range from 0 to 10, and insurers should aim to be rated below the average of 1.
Banner Life’s NAIC rating is 0.14, indicating exceptional customer service and satisfaction.
3
Banner Life BBB Rating
The Better Business Bureau (BBB) helps customers find trustworthy businesses, tracks customer complaints, and offers complaint resolution services for customers and businesses. Their rating scale ranges from F to A+.
Banner Life’s BBB rating is A+, though they aren’t BBB-accredited, indicating strong customer relations skills. Customers rate Banner Life 2.75 / 5 on BBB’s website, though this is averaged over only four ratings.
Banner Life Insurance Reviews: Customer Ratings
The below Trustpilot reviews may reflect Legal & General America’s life insurance options overall, not just Banner Life.
Allie R
5/5
Jennifer explained my policy options for one of my policies which is at end of term and explained my options to enable me to keep coverage longer at a lower cost.
James G
5/5
I have done Business will Legal & General America for over 20 years. They are a Strong A Rates Carrier and they have Low Rates on the Term Life Insurance. The Customer Service has been Excellent. Thank you.
Mark N
2/5
Nothing personal here and certainly no ax to grind….just honest feedback like you requested. The underwriting time was extremely long for this policy. I have an existing policy with LG America written several years ago that went very smoothly and quickly.
Additionally, the underwriting team claimed to my agent they were trying unsuccessfully to reach me to get “additional information”.I found this hard to believe as they had sent several other notices to me, which were promptly responded to by me. All of my contact info is the same from the previous policy and all my phone numbers are also the same.
Overall, not happy with the underwriting decision to rate me at a higher risk but I understand with the added health issues now compared to the first policy. Like any term life policy; I hope to never need it but overall glad my family now has more coverage outside of my work coverage should something happen to me.
The Best Senior Life Insurance: Burial Insurance
Also known as final expense insurance, burial insurance is generally better than term and universal policies for seniors looking for dependable, low-cost coverage. Some burial insurance policies offer guaranteed acceptance, which is great for seniors with serious pre-existing conditions.
Burial insurance is affordable because death benefits are limited to around $5,000 to $50,000, which can cover end-of-life expenses like funeral and burial plot costs. Burial policies are whole life insurance, so you’ll enjoy premium rates locked at the policy’s start, cash value growth, and benefits that will never decrease.
Below are sample rates for burial insurance from some of our top providers, calculated for a benchmark $10,000 policy using a non-smoking applicant with no pre-existing conditions:
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in these or any of our great life insurance partners, call Final Expense Benefits at (866) 786-0725 or check our free online quoting tool for pricing estimates.
Final Thoughts
Banner Life Insurance only offers term life and universal life insurance. While their options are some of the best in their class, affordable, and dependable for younger, healthier applicants, they aren’t well-suited for seniors.
Burial insurance is usually a better choice for seniors. Offering simplified health requirements and benefits tailored to cover seniors’ needs, burial insurance is a reliable, affordable choice. As experts in burial insurance, Final Expense Benefits can help you find a policy that fits your needs at any budget.
To learn more, call us at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quoting tool for a no-pressure pricing estimate.
FAQ
Is Banner Life Insurance legit?
Banner Life is a legitimate, reputable insurer with decades of experience and strong financial ratings and is a top-tier option for younger, healthier individuals looking for term or universal life insurance. Seniors looking for coverage should consider burial insurance instead.
Who owns Banner Life Insurance?
Banner Life is currently part of Legal & General America and is headquartered in Frederick, Maryland. However, as of 2025, Banner Life is being acquired by Japanese insurer Meiji Yasuda.
Where can I find a Banner Life Insurance quote?
You can find quotes for Banner term life insurance directly from the Legal & General America website. Unfortunately, their online tool doesn’t have quotes for universal life insurance or burial insurance. If you’re looking for an easy burial insurance quote, check Final Expense Benefits’ free pricing tool.
Does Banner Life require a medical exam?
Like most term life insurers, Banner Life underwriting usually requires a medical exam to determine term life rates and eligibility.
How are Banner Life’s customer service and claims experiences?
Banner Life is known for excellent customer service overall, though some cases report slower underwriting and claims service.
What is burial insurance?
Burial insurance is a low-cost type of whole life insurance designed to offer seniors accessible, affordable coverage. Average benefit payouts range from around $5,000 to $50,000 and are typically used to cover funerals, cremation, burial plots, and other end-of-life expenses.
How much does a funeral cost?
In 2025, average funeral costs in the U.S. are around $10,000, which is why most sample burial insurance quotes are for $10,000 policies.
