If you are looking for a life insurance policy from a top life insurance company, then Banner Life might be on your list.
Banner Life reviews can help you make an informed decision about purchasing life insurance from them. We have written this review of Banner Life based on years of working with Banner Life.
We are not Banner Life and have not been compensated by them in any way for writing this review- we simply wanted to put together a review of Banner Life to help customers like you figure out if they are the best life insurance choice.
Review of Banner Life
Banner Life is one of our top ten life insurance companies, so before you read this review of Banner Life, you probably already know it’s going to be pretty positive. However, we won’t only tell you the good stuff: we’ll tell you some cons in this Banner Life review.
Ultimately, our goal is to help you find the best life insurance company out there, whether or not that is Banner Life Insurance.
About Banner Life
Banner Life is a part of the company, Legal and General America. Banner Life was formed about 60 years ago, but Legal and General has been in the life insurance industry for more than 175 years.
Over the past 10 years, Banner Life has consistently offered some of the best term life insurance rates in the country, and is known as a low priced leader in the term life space.
Pros of Banner Life Insurance
There are some things about Banner Life that have helped the company earn its way on our top ten list. One of the first things worth mentioning is that Banner Life has great underwriting that helps everyday people to get great rates on a life insurance policy.
A lot of life insurance companies can be harsh on anyone who may have a common health problem like sleep apnea or diabetes. However, that’s not the case with Banner Life.
Banner Life is a lot more “health problem” friendly – and they can still give you an affordable rate on a life insurance policy even with a minor health problem.
Banner Life’s Ratings
Banner Life has been rated by three of the top life insurance rating agencies: A. M. Best, Fitch, and Standard & Poor’s.
- A.M. Best rated Banner Life’s parent company, Legal and General America with an A+ rating. This is an excellent rating and really says a lot about Banner Life.
- Fitch Ratings rated Legal and General America in July 2016. They gave the company an AA-. This is a very strong rating and is indicative of just how great the company is.
- S&P’s rated Legal and General America an AA-. Again, this is a very strong rating and should win the confidence of any potential consumer.
These are strong ratings, and make Banner one of the highest rated life insurance companies in the U.S.
Banner Life insurance ratings verified as of April 2020.
Banner life offers innovative accelerated underwriting, i.e. no exam life insurance for qualifying applicants.
APPcelerate is available for ages 20-50 for face amounts up to $500,000 in coverage.
Guaranteed Universal Life Policy
Banner Life offers a Guaranteed Universal Life policy that offers $50,000 in coverage.
While the majority of life insurance companies only offer GUL policies that offer coverage of $100,000 or more, you also have to remember that you pay for that extra coverage.
If you want a Guaranteed Universal Life Policy that doesn’t cost as much—and you don’t need so much coverage—then this is a wonderful option for a niche market.
Health Problems that will benefit from Banner Life’s Underwriting
Like we mentioned, Banner Life really excels at underwriting policies for people with health problems. Some of the illnesses that are more easily underwritten by Banner Life include:
- High blood pressure (controlled by medication)
- High cholesterol (controlled by medication)
- Asthma (on two or less medications)
- Anxiety or depression (when under control/doctor supervision)
You can also qualify for a preferred plus rate class if you have been nicotine free for three years or more.
Final Expense Insurance
And if you don’t qualify for a standard life insurance policy, you might want to consider final expense insurance.
Banner Life offers a final expense insurance policy for ages 50-80. It is a guaranteed issue life insurance policy, which means there is no medical exam or health questions.
It is a small whole life policy, that is paid up at age 95. Like all whole life, it accrues cash value and the premium and death benefit is fixed.
Cons of Banner Life
As promised, this Banner Life review does include some negative aspects.
Actual age vs. Nearest Age
If you have just had a birthday when applying for life insurance, then you may find a cheaper life insurance policy with a company like Prudential. Why? Because Banner Life determines the premium price based on nearest age whereas some others like Prudential look at actual age.
Choosing Banner Life means not choosing someone else
One of the biggest drawbacks of Banner Life is simply that saying “yes” to Banner Life means saying “no” to someone else. While this review of Banner Life has lots of good stuff to say, the main bad thing is just that you will miss out on what another life insurance company has to offer.
In some cases, Banner Life may have the best life insurance policy for you. But in other cases, someone else may. How can you know?
You need to talk to an expert.
A life insurance expert who is not working directly for one life insurance company is the best person to help you find a life insurance policy. We are the experts you need!
We have extensive knowledge of more than sixty of the top life insurance companies in the country. We know their strong points and weaknesses and how they do their underwriting.
Now, in order to advise you about a life insurance policy, we need to know more about you! That way we can make a customized recommendation for you.