Banner life insurance boasts some of the highest maximum coverage amounts, and generous term lengths we’ve seen.
But is bigger always better?
You may be sacrificing accessibility and ease of use for polar extremes.
Here’s everything you need to know.
Beginning almost 186 years ago on just a humble chancery lane coffee shop in London, Legal & General was formed by a group of 5 lawyers and a Sergeant. Originally locked to only those within the legal profession, they quickly redirected their focus to appear to a broader audience. Quickly expanding their locations overseas, the 20th century saw great success for Legal & General and Banner Life Insurance. Spending most of its time acquiring subsidiaries and allocating resources as necessary, Banner Life Insurance has grown its services and comfortably sees itself as a global business.
Fast forward to today – banner life serves over 1.5 million policyholders, holds over half a billion in assets, and almost 2 billion in assets spread across them and their various subsidiaries.
Legal & General, the origin company for what would become Banner Life Insurance, was formed in June of 1836 in a chancery lane coffee shop in London.
Banner Life Insurance acquired its first overseas business.
The main office of Legal & General was moved from its original location within the city of London to its new headquarters located in leafy Kingswood.
Legal & General America formed various holding companies, as well as purchasing Government Employees Life Insurance Company (GELICO).
GELICO’s name was changed to Banner Life Insurance in 1983.
Sir David John Prosser became CEO and oversaw the most profitable period in Banner Life Insurance ‘s history.
Banner Life Insurance elects their current CEO, Tim Breedon.
The leafy Kingswood location was shut down after many renovations.
1836: Legal & General, the origin company for what would become Banner Life Insurance, was formed in June of 1836 in a chancery lane coffee shop in London.
1930: Banner Life Insurance acquired their first overseas business.
1940: The main office of Legal & General was moved from their original location within the city of London to their new headquarters located in leafy Kingswood.
1981: Legal & General America formed various holding companies, as well as purchasing Government Employees Life Insurance Company (GELICO).
1983: GELICO’s name was changed to Banner Life Insurance in 1983.
1991: Sir David John Prosser became CEO and oversaw the most profitable period in Banner Life Insurance ‘s history.
2006: Banner Life Insurance elects their current CEO, Tim Breedon.
2018: the leafy Kingswood location was shut down after many renovations.
They offer Term, Universal, and Burial Insurance.
Aside from converting your term policy to permanent life insurance, they offer no whole life insurance out of the gate.
Term Life Insurance, also known as pure life insurance, is a form of life insurance that exists in terms, paying specified beneficiaries with a death benefit should death occur during the term. Users pay a monthly premium agreed upon during the application process, usually determined by the policy holder’s underwriting requirements (medical background, habits, substance use, medications, etc). The most notable aspects of Term Life Insurance involve its lucrative price point, as well as the fact that it can expire at the end of the term, nullifying your coverage. Term Life Insurance may be converted to permanent coverage, though, either via a term conversion life insurance rider or via other means specific to the carrier.
Universal Life Insurance is a permanent life insurance option that boasts flexibility over all else. Featuring flexible payment options, allowing you to pause payments as well as pay off multiple months/years in advance. Users may adjust their maximum death benefit as well as their monthly premium as a result at any time. You can also borrow from this policy without the need for an accelerated death benefit rider, on top of the fact that universal life insurance may come in an indexed (IUL) form, allowing users to participate in an active stock exchange.
Also known as Final Expense Insurance, End of Life Insurance, Simplified issue whole life insurance, and so on. Existing in many forms and titles, Final Expense Insurance is a whole life insurance policy that boasts flexibility and low maximums meant to prepare beneficiaries for funeral expenses. There are no restrictions as to how the death benefit may be used, allowing beneficiaries to use it however they please. Generally burial insurance policies begin at $2,000 and max out at $50,000 – In rare cases this may be extended. Final Expense Insurance may comfortably co-exist with other insurance policies, and is not required to be marked as an asset on supplemental qualifications. Final Expense Insurance also states that your premiums are locked in at the rate you qualify for, and that your final death benefit will never decrease, regardless of societal conditions.
ADB: Terminal Illness Rider
A terminal illness rider allows users to advance their death benefit before death occurs so long as a viable terminal illness is diagnosed. The amount given to the policyholder is equal to 75% of the maximum policy amount or $500,000, whichever ends up being less.
Waiver Of Premium
This one is pretty self explanatory, in that if your spouse/SO passes away while the rider is active, you will receive a mini death benefit as a result. This comes at a direct increase to your monthly premium.
Child Term Rider
Similar to a spouse term rider, if a child passes away during the active time period of the rider then you will receive a mini death benefit.
Banner Life Insurance is insured in all 50 states, EXCEPT for New York.
This isn’t uncommon, as New York has strict underwriting materials, requiring users to sign for their insurance application in person (known as a ‘wet’ signature) as well as other various restrictions specific to that state.
As Banner Life Insurance is not insured within the state, they utilize their mirror company, William Penn Life Insurance of New York. Existing as a joint venture since the early 1980s, it was decided that William Penn Life Insurance offer their full services to the state of new york while Banner Life Insurance maintains the other 49 states.
If you’re in need of a term policy that lasts for over half a lifetime, paired with very high maximums then this might be the policy for you. Keep in mind, your rates will reflect the maximum and/or term length.
They utilize a rating, similar to the letter ratings placed on restaurants, meant to help you discern their overall quality.
This letter ranking varies from A+ to F, similar to a scholastic grading system, and this organization is overseen by the chief insurance regulators regarding any US-affiliated territory.
The rating itself is determined by a variety of different factors, such as performance, management, financial flexibility, shareholder safety, etc.
The rating given to Banner Life Insurance was an A+, implying very good financial strength.
The NAIC, or The National Association of Insurance Commissioners, is a regulation standard support organization based in America meant to add credibility to insurance companies.
Essentially, the goal of this organization is to protect consumers and to mandate that insurers deliver on their promises made.
The rating used within the NAIC, involves a numerical value usually ranging from 1 – 10.
One implies average customer complaints, where anything above this is above average, and so on.
The NAIC value given to Banner Life Insurance ebbs and flows under 1.0, sitting at around .53 as of late.
JD Power ratings are essentially nationwide surveys that allow consumers an unbiased opinion regarding what other consumers say about said company.
Generally, these surveys take a group of companies, usually around 21, and rate the companies in relation to each other.
This is done either through focus groups, paid calls, or what have you. JD Power spends large sums of money annually simply on data specifically for this reason.
Unfortunately, Banners Life Insurance was not selected to participate in the 2022 JD power survey.
Insurance policies may be canceled at any time during what is called the “free look period”. A free look period, which begins on the 10th day after qualification, and extends to the 31st day after coverage is acquired. If you decide to cancel the policy during this free look period, all premiums/payments made will be refunded, and your coverage will be voided.
This free look period is a two way street, with insurance providers able to terminate your policy within the first 31 days if they uncover any information that they deem unfit. Some examples include if the information you entered on your application doesn’t line up with reality, or if conviction of crime occurs during the free look period, just to name a few.
Important: Insurance policies may be canceled at any time, but to receive an adequate refund you must undergo the return process during the free look period.
Although great at providing extreme maximum amounts, on top of generous term limits, this niche is rather small. Yes, if you fall into this category, banner life insurance may be a premiere option for you, but for the majority of policyholders, this is simply too extreme.
With reports of unclear underwriting requirements, and a universal life insurance policy with minimal accumulating potential, banner life insurance isn’t for everyone.
For the average 50,000 whole life insurance policy, you’re better off going elsewhere.
Overall, Banner Life Insurance offers limited coverage options at a very non competitive price point.
If you’re in need of a $10,000 insurance policy but don’t know where to start or how to move forward, we encourage you to enjoy the chart embedded below.
We have included a sample size consisting of a few providers that stood out to us.
Banner Life Insurance certainly offers itself as a premiere coverage option if you find yourself in need of 10 million in coverage, or a term policy that lasts for half of an individual’s lifetime, then they might be right for you.
For the vast majority of people, though, a standard $10,000 – $50,000 policy is going to be far more realistic.
We at Final Expense Benefits partner with over 20 carriers, with:
Being some of the ones that stand out among the crowd.
Reduce the stress involved with life insurance and let us do all of the heavy lifting for you.
You can reach us at 1 (866) 311-4338, and we’re open from 9-5, Monday through Friday.
Well, they’re certainly reputable, with an A+ rating regarding their financial strength, they are certainly able to honor financial obligations.
Now the matter of whether or not they are good is going to depend on the individual.
In 1981 Legal & General purchased Government Employees Life Insurance Company which would eventually change its name to Banner in 1983.
Only in certain cases, according to Banner, around 50% of applications do not require a medical exam/lab.