Review of Banner Life Insurance Company

Banner Life Insurance Company Review

If you are searching for a review on Banner Life Insurance Company then you are at the right place. Go through our detailed review and then get a quote for Banner and compare it with other companies by visiting our free life insurance quotes page.

Choosing the best life insurance company is a daunting task, yes you heard it right. Buying life insurance is not like buying a product from the grocery store, which if you don’t like, you will get it returned. It’s a life-changing decision that you make for the protection of your loved ones., therefore buying it from a place that best understands your needs is a wise decision.

With all the competition in the market, Banner life has made its way to the top of the list. By providing exceptional service to its clients and receiving an A+ rating from A.M. Best, this company is surely the best choice.


With a strong history of more than 60 years old, Banner Life Insurance was chartered in 1949 as Government Employees Life Insurance Company (GELICO). It was then acquired in 1981 by Legal & General Group Plc as a wholly owned subsidiary. In 1983, their name was changed to Banner Life, signifying their flagship position with Legal & General America in the United States.

In 1989, William Penn Life Insurance Company of New York, a Banner Life´s subsidiary, joined the corporate group, and, since then the management for both companies has been consolidated at the senior level.

Why Banner Life? What Makes It Different?

Banner life continues to be on the cutting edge in terms of underwriting and pricing for those who are not healthy and want cheap life insurance. The flexibility of payment options and different term limits for each option sets them apart from other companies. If you are wondering how much will life insurance cost, it will vary from person to person and from company to company, which is why it is best to obtain quotes from several insurance companies.

Get an Instant Quote. It’s Free!

Another advantage of buying a policy from Banner life is age flexibility. They offer renewable term life to all clients up to age 95, unlike other companies who start refusing policies past age 75.

banner life insurance company review

Some Additional Key Benefits:

  • Waiver of Premium: If you were to suffer from a serious long-term illness or a total disability then you don’t need to worry about premiums and your family life insurance protection. Banner life will waive off any premiums that are due during total disability.
  • 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.
  • Flexible Payment Schedule: Banner life gives you an option to pay your premiums that best fits your needs: Annually, semi-annually, quarterly or monthly.
  • Accelerated Death Benefit: Its hard to imagine, but sometimes a terminal illness is a fact of life. If the insurer is facing a qualifying terminal illness then with this rider, a death benefit can be paid prior to the insured’s death.

You can find out more about these benefits at

Banner Life Ratings:

A life insurance company with strong ratings is capable of honoring the commitments that it makes to its policyholders. These ratings are indicators of financial strength and capability of a company.

Banner Life Insurance a.k.a Legal and General America boasts an A+ and AA- in financial strength and performance from nation’s leading rating agencies

Company Rating:
 A.M. BestA+Superior
 Standard & Poor´sAA-Very Strong
 FitchAA-Very Strong
Comdex Score94

Areas Where Banner Life Insurance is Lacking:

No doubt Banner Life Insurance has many advantages but as with many other companies, it has some areas where it is not competitive enough.

  • They don’t carry a no-exam policy. This could be the main concern for those who don’t prefer a medical exam or for those who know they will be classified as high risk by the life insurance underwriters. So if you have a sound health and a safe occupation, Banner life can be a good choice. Those who do not meet these qualifications should think twice before getting a coverage from this company.
  • They have fewer life insurance products to offer than their competitors.
  • Their application approval time is longer than other companies. They offer low prices because their underwriting is quite thorough which takes time.

Products Offered By Banner Life:

Term Life Insurance:

Banner Life Insurance Company is known to provide cheap rates on its term life insurance products. Their underwriting policies are extremely favorable. For example, an applicant seeking life insurance with diabetes may still qualify for term life insurance through banner life.

Banner’s term life products come with term lengths of 5,10,15,20,25 and 30 years to meet your mid to long-term needs. The company offers guaranteed level premiums for the initial term period and then increases them each year afterward.

Universal Life Insurance:

Life Step UL is their flexible premium universal life plan that provides guaranteed lifetime coverage with accumulated cash value. It also allows flexibility to choose lower premiums for a coverage of lesser duration for example till age 100.


In summary, Banner Life is a solid choice for life insurance. Their low price products and financial strength make them competitive with other companies.

Providing low cost and innovative life insurance products are the two ultimate goals of this company. Banner life also strives in providing excellent customer service and believes in building long-term and mutually beneficial relationships

Headquarters: 1701 Research Blvd., Rockville, MD 20850

After doing your research on life insurance companies, it’s important to work with an independent agent or company who have an access to more than one insurance carriers, 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.

We will help you in your process of choosing the best life insurance company. We work with many top life insurance carriers in the marketplace today and will provide you with all the needed information in order to help you make a more informed purchase decision. You don’t even need to meet in person with a life insurance agent, everything is done online quickly and easily. If you are ready to go ahead, fill out the form on this page.

We understand that buying life insurance can seem a bit overwhelming. There are so many things to keep track of and you also want a feeling of satisfaction that you have made a right decision. That’s why we are here- we will walk you through the whole process so that you feel comfortable and satisfied the whole time. Contact us now.

If you have any questions in mind regarding Banner life insurance company or life insurance in general, connect with one of our knowledgeable representatives immediately. You can send us an email or call our licensed agents at 1-800-521-7873.

Share This