Banner Life Insurance Company 2024 Review
Everything you need to make a great choice!
Banner Life stands out as one of the industry’s best options for term life insurance.
Enjoy Peace of Mind With a Strong Company
Banner Life boasts strong financial strength ratings, ensuring that Banner can fulfill its commitments to policyholders and your loved ones.
Save Time with Faster Underwriting & Approvals
Banner Life offers accelerated underwriting, ensuring a quicker turnaround to your life insurance application.
Get Affordable Coverage That Fits Your Budget
Banner offers some of the industry’s best term life insurance rates, making it affordable to protect your family without breaking the bank.
- Banner Life stands out as one of the industry’s best options for term life insurance.
- Financial Strength
- Ratings
- How to Contact Banner Life Insurance Company
- Banner Life Insurance Reviews
- How Easy Is it to Get a Policy with Banner Life?
- Banner Life Digital Application Process
- Accelerated Underwriting with Banner Life
- Lab Lift Program by Banner Life
- Banner Underwriting Advantages
- Are Banner Life Policies Competitive?
- High-Risk Life Insurance with Banner
- Uninsurable Medical Conditions with Banner
- Does Banner Provide Good Customer Service?
- Final Thoughts
Financial Strength
“Despite Banner Life not being a well-known brand, it’s still worth considering. Moreover, one should not underestimate the company based on its lack of name recognition.”
Banner Life is part of Legal and General America, which is owned by Legal & General PLC.
Legal and General Group PLC is the 7th largest life insurance company in the world, with over $570 billion in assets as of 2020.
In the U.S., Banner has over 1.5 million customers and $782 billion in-force life insurance as of 2021.
Ratings
AM Best – “A+”
S&P – “AA-“
Fitch – “AA-“
Ratings as of 01/2021
Compare that to Northwestern Mutual’s $309 billion assets as of 2020. Banner is a legitimate company worth your consideration.
You’ll see that Banner ranks among the best life insurance companies.
How to Contact Banner Life Insurance Company
There are several ways to reach Banner Life, including online, by mail, and by phone.
Existing policyholders can reach Banner Life here:
Banner Life Insurance Reviews
What our clients say
“Michael was very professional and followed up when necessary. He also found the best rates and coverage available.” – Daniel P.
“I highly recommend working with Michael. He was incredibly patient with me throughout the process & I felt I had an advocate in him.” – Alex F.
“Easy to work with and got an outstanding rate where other agents have failed!!”
– Barry C.
How Easy Is it to Get a Policy with Banner Life?
It’s easy to get life insurance with Banner in most states and William Penn in New York.
The Horizon Experience is Banner’s way of providing an end-to-end digital application experience.
Both e-policies and e-applications are available for all Banner policies. Moreover, accelerated underwriting is available for individuals aged between 20 and 60, with coverage of up to $2,000,000.
Check out these Banner Life statistics that we only expect to improve as they gain more experience with underwriting.
Faster Underwriting
34% of cases receive instant decisions.
43% of cases receive approval within ten business days.
73% of cases receive approval without a paramed exam.
Banner Life What to Expect Consumer Guide
Banner Life Digital Application Process
Every digital application starts with basic information from you that gets submitted to Banner Life.
To help you complete the application, Banner offers three options. However, it is highly recommended that you choose Option One.
Option One
Digital AppAssist. You receive an email with a link to the online interview.
Fast & convenient, complete it when it’s good for you.
Option Two
Agent Assist – We ask you all questions and record your answers
This option takes about 45 minutes to complete.
Option Three
Banner Phone Interview – Banner calls you to ask all underwriting questions.
Some clients have felt this was like an interrogation.
We found the best results, and most satisfied customers use Option One.
Accelerated Underwriting with Banner Life
All applications start on the accelerated underwriting path. Ensure you answer questions completely to give yourself the best chance for accelerated underwriting.
The data collected determines if you qualify for instant, accelerated, or full underwriting.
The LabLift program may allow you to skip lab tests and paramed exams if a paramedical exam is required.
Credit Program – Some applicants may qualify for a rate class improvement if they meet the criteria explained in the next section.
The Get More Offer – If you meet the criteria, the Get More program automatically approves you for more coverage if you would like it.
Eligibility
- Ages 20-60
- Up to $2 million in coverage
- Standard Plus rate or better
- Blood Pressure – 140/90 max
- Cholesterol – 120-300
- Must Fit Build Chart
- Some Medical Conditions Excluded
- Financial & Credit Check
- Criminal Background Check
- Driving Record Check
- Housing Check
- MIB – Medical Information Bureau
- Prescription Check
Instant Approval
34%
Approved Within 10 Days
43%
No Paramed Exam
73%
Just remember that the people receiving instant approvals are the healthiest applicants with good credit, no criminal history, and a favorable driving record.
Your application will follow the traditional underwriting process if you don’t meet the instant or accelerated underwriting criteria. In this case, you might require a paramedical exam and lab tests, unless you meet the criteria for LabLift.
Lab Lift Program by Banner Life
If you have completed a physical with bloodwork within the past 18 months, you can avoid completing it again by submitting that information to the LabLift program. LabLift is available if you meet the eligibility and criteria guidelines.
LabLift Eligibility
- Ages 20-60
- Up to $2,000,000 of coverage
- Available if you’ve had a comprehensive physical with blood work in the past 18 months.
- EKG requirements are waived for ages 51-60 for $1 – $2 million in coverage.
- All underwriting rate classes are available, including high-risk cases.
Lab Results Criteria
Your labs must include results for the following.
- Comprehensive Metabolic Panel (CMP)
- Glucose
- Calcium
- Electrolytes – sodium, potassium, carbon dioxide, chloride
- Albumin
- Total protein
- Liver Enzymes – ALP, ALT, AST, Bilirubin
- BUN
- Complete Lipid Panel
- Total cholesterol
- Triglyceride
- HDL cholesterol
- LDL cholesterol
Banner Underwriting Advantages
To begin with, underwriting excels in several aspects compared to other companies. Specifically, their expertise in this field allows them to offer unique advantages such as:
- Family history of cancer is not a factor.*
- Standard Plus for health issues**
- Get More Program
- Credit Program
- Lab Lift Program
* Is not a factor unless family history suggests hereditary cancer syndrome
**Other companies that use the standard plus rate for high-risk health issues include Corebridge Financial and AIG.
Underwriting Rate Classes Available:
Preferred Plus Non-Tobacco Rate
- Blood pressure average of 135/85 for the past two years
- Cholesterol in the 120-300 range
- Cholesterol Ratio of 4.5 or better
- Blood pressure and cholesterol medications are okay.
- Driving Record – No DUIs in the past five years
- No more than two moving violations in the past three years.
- No family history of heart disease before age 60.
- Build – You must meet the build chart requirements.
- U.S. citizen or legal permanent resident (3 years)
- Tobacco/Nicotine Use – None in the past 36 months.
- One cigar per month with negative labs.
- No substance or alcohol abuse
Preferred Non-Tobacco Rate (Preferred Tobacco)
- Blood pressure average of 140/90 for the past two years
- Cholesterol in the 120-300 range
- Cholesterol Ratio of 5.5 or better
- Blood pressure and cholesterol meds are okay.
- Driving Record – No DUIs in the past five years
- No more than two moving violations in the past three years.
- No cardiovascular death before age 60 for parents.
- Build – You must meet the build chart requirements.
- U.S. citizen or legal permanent resident (3 years)
- Tobacco/Nicotine Use – None in the past 24 months.
- One cigar per month with negative labs.
Rate Classes Continued
Standard Plus Rate Class
- Blood pressure average of 145/90 for the past two years
- Cholesterol in the 120-300 range
- Cholesterol Ratio of 6.5 or better
- Blood pressure and cholesterol meds are okay.
- Driving Record – No DUIs in the past three years
- No more than three moving violations in the past three years.
- No heart disease death of more than one parent.
- Build – You must meet the build chart requirements.
- U.S. citizen or legal permanent resident (2 years)
- Tobacco/Nicotine Use – None in the past 12 months.
- One cigar per month with negative labs.
Standard Rate Class
- Blood pressure avg. of 156/94 for the past two years
- Cholesterol in the 120-300 range
- Cholesterol Ratio of 8.0 or better
- Blood pressure and cholesterol meds are okay.
- Driving Record – No DUIs in the past two years
- No more than four moving violations in the past three years.
- No heart disease death of more than one parent.
- Build – must meet build chart requirements.
- U.S. citizen or legal permanent resident (2 years)
- Tobacco/Nicotine Use – None in the past 12 months.
- One cigar per month with negative labs.
Get More Program
Once your application is approved, the underwriter will begin a financial underwriting review. This review will help to determine your eligibility for additional coverage based on your financial situation.
You’ll be notified that more life insurance is available, and you can decide if you would like to increase your coverage without going through underwriting again.
Credit Program
Underwriting guidelines are strict for the best rate classes.
Although most companies do not make exceptions if you barely miss the best rate, Banner Life is different.
In fact, they have a program for those who missed getting a better rate due to blood pressure, build, cholesterol ratio, and family history.
There are seven credit criteria available to help you.
- No tobacco use in the past ten years.
- Cholesterol ratio of 4.5 or better.
- NT Pro BnP under 100 (age 60 or older).
- Normal cardiac test within the past two years.
- Both parents survived to at least age 75.
- Lifestyle – One of the following must be met
- Regular annual checkups
- Participate in wellness/exercise program
- Routine age-based exams – mammogram, pap smear, colonoscopy, prostate exam, etc.
- Liver function GGT less than 30.
That’s right. You may qualify for one rate class improvement if you meet 3 of the above 7 criteria. Examples of when this works well are for people who just missed the best rate class due to build. Banner Life will add one inch to your height to see if you would qualify for the better rate.
If labs are required, Banner Life will test for the following drugs, including:
- Cocaine
- Marijuana (THC)1
- Amphetamine
- Methamphetamine
- Barbiturates
- Benzodiazepines
- Codeine
- Hydrocodone
- Morphine
- Hydromorphone
- Oxycodone
- Oxymorphone
- Fentanyl
1 – If you have a medical marijuana card, let us know before we apply. Otherwise, it causes a problem with underwriting.
Are Banner Life Policies Competitive?
Banner’s term life policies often rank in the top 3 for price.
Term Life Insurance from Banner Life
The OPTerm1 product offers the following:
- Face amounts start at $100,000.
- Issue ages from 20 – 75.
- Term lengths available – 10, 15, 20, 25, 30, 35, and 40 year.
- Conversion is available to universal life insurance.
- Policy riders available:
- Accelerated death benefit
- Children’s rider
- Waiver of premium
- Term riders – 10, 15, and 20 years available
If you decide to convert your term life policy, the following is available with Banner Life.
Banner is almost always one of the more competitive term policies available, along with Protective Life and Corebridge Financial.
A company that used to be competitive – Ohio National, rebranded to AuguStar Life…time will tell if they will be competitive again.
Universal Life Insurance from Banner Life
Banner’s universal life insurance policy is called Life Step UL. This policy is only available if you convert your term life insurance policy.
Life Step UL2 is a flexible premium universal life insurance policy that offers the following:
- Face amounts start at $50,000.
- Issue ages from 20-85.
- Policy maturity to age 121
- Guaranteed interest crediting rate of 2%.
- You may borrow against the cash value of the policy.
- Policy loan interest rate is 7.4%
- 1035 exchanges.
- Surrender charges last for 14 years.
- Catch up provision
- Accelerated Death Benefit Rider
Company-approved illustrations are available should you consider the Life Step UL policy.
High-Risk Life Insurance with Banner
Banner may be a good option for you if you have a chronic health condition.
Banner offers underwriting for a wide range of high-risk health conditions.
- Type 2 Diabetes
- Ulcerative Colitis
- Coronary Artery Disease
- Asthma
- Anxiety, Depression, and Mood Disorders
- Rheumatoid Arthritis
- Hepatitis “C”
- Epilepsy
- Atrial Fibrillation
- Sleep Apnea
- Skin Cancer
Moreover, Banner’s “standard plus” rate for underwriting health issues is highly competitive.
Most other companies use the more expensive “standard” rate to underwrite.
Banner is one of the companies that consider preferred rates for asthma. Transamerica is another company.
Uninsurable Medical Conditions with Banner
There are several medical conditions that Banner will not insure.
- Alzheimer’s Disease
- Abdominal aortic aneurysms larger than 5.0 cm
- Alcohol abuse with current use
- Cirrhosis
- COPD
- Diabetes with HbA1c level greater than 10.
- Organ transplants
- Suicide attempt within the past two years.
These are just a few conditions that will get you declined with Banner.
Does Banner Provide Good Customer Service?
Banner Life Insurance’s phone number is 800-638-8428
Online access to your life insurance policy is found below
Existing policy owners can register for online access to your policy.
Here’s what you need to do to access Banner Life Insurance login:
- Go to Banner’s parent company website – LGAmerica
- At the top right, click on “Account”
- Scroll to the bottom of the page and click on:
- “First-time user? Register for your account.”
- Follow the prompts to register – You’ll need your:
- Policy Number
- Date of Birth
- Social Security Number
- Once registered, you can view policy data and request information and changes online.
Banner Life Headquarters is located at:
3275 Bennett Creek Avenue – Frederick, Maryland 21704
Banner Life has been good with its customer service, making policy changes quickly when needed.
Final Thoughts
Banner Life is an excellent company for your term life insurance needs.
With excellent life insurance rates, an easy-to-use digital application process, and competitive underwriting,
Banner Life is worth consideration.
Please request your no-pressure, no-obligation quote today!
Banner Product Disclosures
Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states and in DC. William Penn products are available exclusively in New York; Banner does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group.
1 – OPTerm policy form # ICC18-OPTC and state variations. In New York, OPTerm policy form # OPTN-NY.
2 – Policy form # ICC12 UL13 and state variations. Life Step UL is a flexible premium universal life insurance plan. This product offers a coverage guarantee to maturity at age 121 if the appropriate premium according to policy terms is paid on time. The policy will not lapse if the coverage guarantee requirement is met. A policy loan however, that exceeds the cash surrender value will result in a lapse of coverage. Signed illustrations are required for Life Step UL.
Policy form # UL13S-NY. Life Step UL is a flexible premium universal life insurance plan. This product offers a coverage guarantee to maturity at age 121 if the appropriate premium according to policy terms is paid on time. The policy will not lapse if the coverage guarantee requirement is met. A policy loan however, that exceeds the cash surrender value will result in a lapse of coverage. Signed illustrations are required for Life Step UL.
Two-year contestability and suicide provisions apply. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.
