Banner Life Insurance Review: What You Should Know.
Banner Life Insurance: Banner Life has an exceptional way of bringing services to clients with all the competition in the market. Hence receiving an A+ from A.M. Best. which makes them stands out exactly as needed.
Banner Life Insurance is an outstanding choice for a term and universal life insurance coverage. Banner offers some of the best life insurance rates, whether you’re healthy or have a medical condition, such as asthma or sleep apnea.
In addition, Banner’s life insurance policies have built-in flexibility so you can choose what features you want to pay for. For example, while most term life insurance policies offer a fixed death benefit for the term length, Banner’s term policy lets you combine terms and coverage amounts.
This means you can pay a lower premium for the base coverage and only pay more when you need additional financial protection.
The parent company of Banner Life, Legal and General, which was initially founded back in 1836, is a strong and stable company and is today ranked as the seventh-largest insurance company in the world.
In addition to the United States, Legal and General also have operations in Europeand Asia. The headquarters of Legal and General is in London.
Legal and General serves more than 10 million customers worldwide – including 1.2 million in the United States – with a large variety of offerings, including:
Standard Insurance Policies
The company had more than $1.1 trillion in assets under management at the end of 2016.
The company had practically $4 billion in total assets as of December 31, 2016, and roughly $678 billion of life insurance coverage in force.
This insurer has also earned numerous awards and accolades over time, including the 2016 “Life Assurance Provider of the Year” at the Financial Advisor Life and Pensions Awards.
Legal and General, and Banner Life, are known in the industry for keeping their insurance and annuity products affordable, and for providing high quality and efficient customer service.
These companies are also known for being at the forefront for offering favorable underwriting, as well as pricing for life insurance applicants who are sub-standard regarding their health.
Because of this, those who have certain adverse health issues, such as diabetes and atrial fibrillation, may still be able to qualify for quality coverage.
Pros and Cons of Banner Life
Product offerings are straightforward.
Applying for Banner Life products is easy.
Some products are available to applicants with cancer.
Products might not be suitable for more complex needs.
Banner Life’s policies do not pay dividends.
What Life Insurance Options Does Banner Offer?
Banner Life Insurance Company offers the following types of life insurance:
While the company doesn’t offer as many life insurance choices as its competitors, Banner Life does these three insurance types very well, with a variety of coverage options and very affordable premiums.
Additionally, if you don’t want full life insurance but want to make sure your family doesn’t have to pay for final expenses (funeral costs, medical bills or other debts up to $15,000), then Banner Life’s final expense insurance provides a good option.
Term Life Insurance
Banner Life’s term life insurance provides flexible and affordable coverage with premiums that are much lower than many competitors’.
Their death benefits range from $100,000 to $10 million, and you can get a policy for 10, 15, 20, 25, or a 30-year term.
The available policy length will depend on your age, with longer-term life policies available to younger customers.
With Banner Life, you can also “ladder” your term insurance by using a rider.
This means you can increase your coverage for a short period of time when your needs are higher (for example, if you want extra coverage for your child’s education) – and lower them when you no longer need them.
According to the insurer, Banner Life’s term life insurance is ideal for:
Young adults who want to send their kids to college
Persons with a mortgage or other debt
People who want to replace their income for a surviving spouse
People who wish to the most affordable life insurance option – and more value for their money
Banner Life Term Life Insurance Cost
Examples of Banner Life’s term life insurance monthly base costs for a policyholder in excellent health, residing in Virginia, for a policy with $250,000 in coverage and a 10-year term, are:
Banner Life – OPTerm Life Insurance
YOUNG AGE 25
Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.
Universal Life Insurance
Banner Life’s universal life insurance (Life Step UL) is flexible permanent life insurance that provides lifetime coverage with a cash value. You get to choose the amount of your premium and could opt for a lower premium for a lesser duration of coverage.
Banner Life’s universal life insurance product is called Life Step UL, and, according to the company, it is best suited for adults with grown children, business owners, people who have a bit more money – and want to build cash value.
One of the main features of the Life Step UL is that it offers a lifetime guarantee – meaning that you won’t need to worry about purchasing life insurance again in the future. As long as you pay your premium, your insurance will remain in force.
Another feature of Life Step UL is the Short Pay Guarantee. This allows you to pay for your death benefit over a set number of years by consolidating your premium payments.
For example, you may choose to pay all your premiums over the next 15 years to guarantee lifetime coverage – and with Banner Life, you can do that.
Short Pay Guarantee is particularly useful if you know you’ll be earning the highest income over the next 10 or 15 years, and want to get life insurance out of the way then before you enjoy your early retirement.
Final Expense Insurance
Maybe you don’t have any big outstanding debts right now – and want to make sure that if anything were to happen to you suddenly, your family wouldn’t have to cover final expenses out of their pockets.
By that, I mean expenses like funeral costs, medical bills, or even small outstanding debts up to $15,000.
Banner Life’s final expense insurance is an excellent way to make sure these expenses will be covered if anything happens to you.
You can apply for it easily on the company’s website – and approval is guaranteed. You’re fully covered immediately for accidental death – with full cover kicking in after two years.
Main Features of Banner Life Insurance Policies
Waiver of Premium: If you become seriously ill, suffer a severe injury, or become disabled, your family would remain protected. All your premiums that are due will be waived upon proving total disability.
Flexible Payment Schedule: You choose how you want to pay your premiums – monthly, quarterly, semi-annually, or annually. However, since premiums are normally calculated on an annual basis – choosing to pay premiums more frequently will result in a higher cost.
Policy Conversion: If you choose term life insurance, you can request to convert your policy into universal life insurance – as long as it’s within the duration of the guaranteed level premium period, or up to attained age 70.
Accelerated Death Benefit Rider: This rider allows you to access your death benefit in the event of a terminal illness. The maximum death benefit amount that qualifies for accelerated access is $500,000 or 75% of the policy’s primary death benefit.
Children’s Rider: Banner Life also allows you to cover all eligible children up to the child’s 25th birthday or insured’s 65th birthday – whichever comes first.
Disability Income Rider: This rider waives premiums if you become totally disabled as a result of a qualifying event.
Applicants can use a form on Banner Life’s website to get a quote.
2. What does Banner Life’s life insurance cover?
Banner Life offers three types of life insurance policies: term, whole and universal. These policies provide different levels of coverage to meet different customers’ needs. A Banner Life term policy provides relatively affordable coverage for an agreed-upon period of time from 10 to 40 years.
3. What benefits do Banner Life life insurance policies include?
All three types of Banner Life life insurance policies – term, whole and universal – feature a tax-free death benefit to the policyholder’s beneficiaries. The whole and universal policies also accumulate cash value, which grows tax-deferred and is available for loans.
4. Can I choose my Banner Life agent?
Banner Life can provide a quote online, with the option to have one of the company’s agents reach out to you. You can also use Banner Life’s form to find a nearby agent. If you know the name of a Banner Life agent you would like to work with, you can contact that person directly.
5. Are all Banner Life life insurance products available to apply for online?
Potential Banner Life customers cannot currently apply for the company’s life insurance online. If you are interested in term life or whole life insurance, you can use Banner Life’s website to get an estimate, but you need to contact an agent to actually apply for a policy.
Banner Life, which operates under the Legal & General company, maybe a good option for life insurance with its competitive pricing. However, you may have to get a medical exam, which can be time-consuming.
Overall, it offers a well-established service and is worth researching quotes specific to your scenario if you are in the market for life insurance.
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