Legal & General Life Insurance
Company Review

Advantages of Legal and General

Legal and General’s product options shine for those who want low rates and may be older or have a pre-existing condition. These rates are offered through flexible payment options and term limits, which sets Legal and General apart from its competitors. Because of this type of underwriting, Legal and General can offer a wide variety of products to individuals who would otherwise not qualify.

For example, one of the major highlights of this company is its term flexibility: OPTerm policies come in seven term lengths from 10 to 40 years — among the widest ranges in the market — with face amounts from $100,000 up to $10 million (Physicians Thrive, 2026)^⁶.

Here are some more examples of the flexibility provided by Legal and General:

Waiver of Premium: This option allows you to avoid having to pay premiums if you suffer a total disability, meaning that you are unable to earn an income.

Policy Conversion: With policy conversion, you can exchange your term policy for a universal life insurance policy with the same underwriting class as your existing term. Note that universal life is the only conversion destination — there is no whole life option (Insurance & Estates, 2026)^⁷.

Flexible Payment Schedule: While many companies may require monthly or annual premium payments, Legal and General allows for a more flexible payment schedule to match your financial ability. You can make premium payments monthly, quarterly, semi-annually, or annually.

Accelerated Death Benefit: This is a rider that can be added to your policy for increased flexibility. It allows you to access your death benefit early in the case of the onset of a terminal illness.

Disadvantages of Legal and General

While there are many advantages to be enjoyed when choosing Legal and General, there are also some things that you may want to keep in mind that could interfere with your coverage plans:

The no-exam gap has closed: through the APPcelerate accelerated underwriting program, qualifying applicants ages 20 to 50 can now be approved for up to $1,000,000 in coverage without a medical exam (Physicians Thrive, 2026)^⁶. Applicants outside that profile — older, higher coverage amounts, or with health history — should still expect traditional underwriting with an exam.

• While the products they have are more flexible than most, the number of products available is smaller than others.

• The low prices for their policies come at the cost of time. While some policies (particularly no medical exam policies) can be approved in a few days, Legal and General takes longer due to a thorough underwriting process. That said, turnaround has improved markedly since the 2019 launch of the company’s Horizon digital application platform, which helped it climb from the nation’s 7th-largest term carrier to the 3rd (Meiji Yasuda, 2026)^⁵.

Available Products

Term Life Insurance:

Inexpensive term life insurance plans are the primary advantage at Legal and General. Not only do they provide coverage for healthy individuals at an extremely low price, but they also can provide below-average rates for individuals with conditions such as diabetes.

The term plans available through Legal and General can be purchased with policy lengths as short as 10 years to as long as 40 years (Physicians Thrive, 2026)^⁶, making them perfect for mid- to long-term financial goals. With their level premiums, your payments are locked in for the term period. If you wish to renew afterward, you can expect the premium rate to rise.

Universal Life Insurance:

The universal life product that is available through Legal and General is called Life Step UL. Like all permanent policies, it provides coverage for the policyholder’s entire life and accumulates cash value. Today, however, universal life is effectively a conversion product at this carrier: it’s the policy your OPTerm coverage can convert into, rather than a product to shop on its own — the company’s new-business focus is squarely on term (Insurance & Estates, 2026)^⁷.

Legal and General Ratings

While some states have legislation in place to provide coverage to the clients of insurance companies that go out of business, it is always best to choose a company that you believe will stand the test of time. A life insurance company with strong ratings is capable of honoring the commitments that it makes to its policyholders. These ratings are indicators of the financial strength and capability of a company.

Both agencies moved Banner Life and William Penn down one notch from their pre-sale ratings (AM Best A+ → A; S&P AA- → A) after the companies were decoupled from Legal & General’s group rating — not because of any deterioration in the business itself. AM Best assesses Banner’s balance sheet as very strong, with risk-adjusted capital at the strongest level on its BCAR scale, and its outlook is stable (AM Best, 2026)^³ (L&G Group, 2026)^⁴. New parent Meiji Yasuda independently carries AM Best’s A+ (Superior) rating. The Fitch and Comdex entries from the original table have been removed pending fresh post-acquisition figures — re-verify before citing either.

One more trust signal worth including: Banner Life’s NAIC complaint index was 0.39 in 2024 — it draws roughly 39% of the complaints expected for an insurer of its size, well below the 1.0 industry baseline — and the company reports paying 99% of term life claims (RatesChaser, 2026)^⁸ (Banner Life, 2026)^¹.

Conclusion

Ultimately, Legal and General — now the Banner Life family of companies under Meiji Yasuda — is an ideal option for some individuals. For those with certain pre-existing conditions and older clients, the flexibility offered by this company may make obtaining coverage more feasible. On the other hand, younger and healthier clients will also be drawn toward its lower term rates.

After doing your research on life insurance companies, it’s important to work with an independent agent or company that has access to more than one insurance carrier, to discuss your needs. This way, you will be able to make an objective comparison of the best term life insurance companies and their benefits, available policies and premium quotes.

Purchasing life insurance can be an overwhelming experience. With so many options to choose from and factors to consider, it can be difficult to make the right decision. That’s why we do the hard work for you. Contact us today to get a free quote and find help shopping for the policy that will help you protect your loved ones in the long term.

Frequently Asked Questions

Who owns Banner Life now?

Banner Life and William Penn are owned by Meiji Yasuda North America Holdings Inc., part of Japan’s Meiji Yasuda Group, following a $2.3 billion acquisition that closed on February 2, 2026. Legal & General Group plc no longer owns a U.S. life insurance business (Banner Life, 2026)^¹ (L&G Group, 2026)^².

What happens to existing Legal & General / Banner Life policies?

Nothing changes: policy terms, premiums, and coverage remain exactly as written, and the companies continue operating under the Banner Life name with the same team in Frederick, Maryland. Only the ultimate parent company changed (Banner Life, 2026)^¹.

Is Banner Life financially stable after the ratings change?

Yes. AM Best rates Banner Life A (Excellent) with a stable outlook and assesses its risk-adjusted capital at the strongest level; the one-notch move from A+ reflects decoupling from Legal & General’s group rating, not any weakness in Banner’s own book. Parent Meiji Yasuda carries AM Best’s A+ (Superior) (AM Best, 2026)^³.

Does Banner Life offer no-exam life insurance?

Yes. Banner’s APPcelerate accelerated underwriting can approve qualifying applicants ages 20–50 for up to $1,000,000 in coverage with no medical exam — a significant change from years past, when the carrier required an exam on every policy (Physicians Thrive, 2026)^⁶.

What term lengths does Banner Life offer?

OPTerm comes in seven term lengths from 10 to 40 years, with coverage from $100,000 to $10 million. Banner is one of only a handful of U.S. carriers offering a 40-year level term (Physicians Thrive, 2026)^⁶.

Is Banner Life the same as William Penn?

They’re sister operations under one roof: William Penn Life Insurance Company of New York is Banner Life’s wholly-owned subsidiary and writes business exclusively in New York, where Banner Life itself is not authorized. Everywhere else in the U.S., you’d be buying from Banner Life (Banner Life, 2026)^¹.

References

1. Banner Life family of companies. “Banner Life Joins Meiji Yasuda Group, Strengthening North American Presence.” February 2, 2026. https://www.bannerlife.com/about-us/news/detail/2026/02/02/banner-life-joins-meiji-yasuda-group

2. Legal & General Group plc. “L&G Completes Transaction with Meiji Yasuda.” February 2, 2026. https://group.legalandgeneral.com/newsroom/press-releases/2026/2/l-g-completes-transaction-with-meiji-yasuda/

3. AM Best. “AM Best Removes From Under Review With Developing Implications and Downgrades Credit Ratings of Banner Life Insurance Company and William Penn Life Insurance Company of New York.” March 13, 2026. https://news.ambest.com/pr/PressContent.aspx?altsrc=2&refnum=37121

4. Legal & General Group plc. “Update on Banner Life from L&G and MYL” — S&P assigns ‘A’ Financial Strength rating. January 27, 2026. https://group.legalandgeneral.com/newsroom/press-releases/2026/1/update-on-banner-life-from-l-g-and-myl/

5. Meiji Yasuda Life Insurance Company. “Completion of Acquisition of U.S. Life Insurance Companies including Banner Life Insurance Company.” February 3, 2026. https://www.meijiyasuda.co.jp/english/newsroom/pdf/20260203_01.pdf

6. Physicians Thrive. “Banner Life Insurance Review 2026: Rates, Policies, and What Physicians Should Know.” May 2026. https://physiciansthrive.com/life-insurance/banner-life-insurance/

7. Insurance & Estates. “Banner Life Insurance Review 2026: Meiji Yasuda, Rates & More.” February 2026. https://www.insuranceandestates.com/banner-life-insurance-review/

8. RatesChaser. “Banner Life Insurance Review (2026): Is It Legit, and Who Owns It Now?” 2026. https://rateschaser.com/life-insurance/reviews/banner-life-insurance-review/