Never heard of Banner Life Insurance Company before? Probably because they don’t advertise much like the other big name life insurance carriers. And that’s good for you because less money spent on advertising means, lower term life prices for you!
Banner Life is owned by their parent company Legal and General (LGAmerica) which is located in the United Kingdom. But just because they are headquartered outside the United States should not keep you from considering this company for your life insurance needs. Banner is one of the leading life insurance companies in America and one of our top picks for low priced life insurance products.
Legal & General – Banner Life Company History
As the story goes, 178 years ago, in 1836, six lawyers met in a coffee house in London, England to discuss life insurance. The elite six, agreed to form an association under chairman John Adams and created Legal & General Life Assurance Society.
The six founders laid the foundation for the principles and innovation of Legal and General which are still being adhered to today. Since then, the company has expanded its operations from the United Kingdom, to France, India, The Netherlands and the United States.
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Legal & General Timeline
1949: Government Employees Life Insurance Company (GELICO), which was part of the well-known GEICO insurance that we all know today. Although the two companies are no longer associated today, the company eventually became Banner Life Insurance Company.
1963: Modern Life Insurance Company was founded. Its name changed in 1975 to William Penn Life Insurance Company of New York.
1981: Legal & General Group formed Legal & General America as a holding company and bought Government Employees Life Insurance Company (GELICO) and its NY affiliate. The GELICO name changed to Banner in 1983.
1989: William Penn was purchased by Legal & General Group as a subsidiary of Banner Life Insurance Company. Policies that are issued by Banner and William Penn are marketed and issued under the brand, Legal & General America.
Source: LGAmerica Corporate History
Banner Life Insurance Company Today
As Banner continued its amazing industry growth due to its unparalleled competitive pricing, the company continued to find success as a leader in the term life arena. Banner was one of the first life insurance companies to introduce Universal Life Insurance to its customers and other insurance companies followed their lead. Today, Banner continues to offer both Term Life and Universal life through independent agents across America.
Banner Life’s Financial Strength
If you are a owner of a Banner Life policy or thinking of buying one, you can rest assured that you are with an extremely strong financial company. Banner Life’s financial ratings are some of the highest in the industry.
A.M. Best – A+ (Superior)
Fitch – AA- (Very High)
Standard & Poor’s – AA- (Very Strong)
Moodys – DNS (Does not subscribe)
Comdex – 94 out of 100
With nearly 1.2 million customers and $658 billion of life insurance in-force, it makes Banner life the sixth largest insurance company in the world. Last year in 2015, they issued more than $50.1 billion in new insurance coverage, ranking them # 5 in new policies issued.
Banner Life Insurance Products
Banner Life has a very diverse line of insurance products which can meet the needs of just about every person. Along with their liberal underwriting and constant innovation of bringing new products to the market, they will continue to be an industry leader.
Term Life Products
The OPTerm® series from Banner Life, is its principal line of term life products. This line-up includes OPTerm 10®, OPTerm 15®, OPTerm 20®, OPTerm 25®, and OPTerm 30®. With level term insurance, the premiums stay level for the duration of each term period. All health classes are available for these term products.
APPcelerate – No Exam life insurance from Banner
No medical exam insurance is rapidly growing in popularity across the insurance industry due to that fact that people like the speed and ease of getting a policy issued without submitting to a medical exam. Banner has made a major effort to enter the no medical exam life insurance marketplace and remain very competitive.
Banner offers automated underwriting with their Appcelerate program for people who are in relatively good health. If you qualify, a policy can be issued the next business day! This program allows applicants to be approved for coverage without the need for a medical exam, labs, or background medical history from your doctor.
Key Features of Legal and General’s APPcelerate:
- No Medical Exam
- Available for Ages 20-50
- $100,000 – $500,000 Coverage
- OPTerm®10, 15, 20, 25, 30 year terms available
- Preferred Plus and Preferred Non-Tobacco, Standard Plus rates available
- Available in all States except Alaska and Hawaii
Additional Policy Benefits Available From Banner
- Waiver of Premium – if you become disabled and unable to pay your premiums, the Waiver of Premium rider ensures your policy remains in force until you can resume making payments.
- Policy Conversion – Banner offers renewable and convertible term life insurance to age 95. Most other companies only offer policies to be renewed to age 90.
- Accelerated Death Benefit –If you are diagnosed as terminally ill or have less than 1 year to live, you can access a portion of your death benefit to help pay medical bills, hospice care or other treatments to keep you alive with dignity. The final death benefit payment when you die would be reduced by the amount received.
- Children’s Rider – A single rider covers all eligible children to the earlier of the child’s 25th birthday or the insured’s 65th birthday. Must be added at the time of application and cannot exceed $20,000
Universal Life Insurance
Banner was one of first insurance companies to introduce Universal Life. Banner’s Step UL® offers a guaranteed minimum death benefit (GMBD) for as long as payments are made. The minimum required premium will never change and you can never lose your policy.
Banner’s Step Up UL® also allows for flexible premiums. The policy holder can contribute additional premiums to the policy to help grow the cash value account or pay off the policy in a shorter period of time. This makes Banner’s UL policy less expensive than traditional whole life policies.
Banner Life Insurance Company is a secure choice for life insurance. The company continues to operate with the principles and integrity that the six co-founders envisioned more than 178 years ago. If you are searching for online term life quotes and Banner happens to have the best rates, do not be afraid to apply with them. Although they are not the oldest or biggest life insurance company, they are a dependable company with a great reputation in the life insurance industry.
We realize searching for a life insurance policy online can be a very confusing process. We are here to help our clients make sense of it all and explain how policies work in simple, easy to understand language. We are independent agents which means we work with more than one insurance company so we don’t have to push you to any particular carrier. We work for you and try to find the best policy based on your needs, budget and situation.