Banner Life Insurance Policy, Plans, Benefits, Details & Full Review 2021

What is Banner Life, Exactly?


Banner Life, which is owned by Legal & General America, offers two types of life insurance: term and universal life, both of which have limited customizing possibilities. This may appeal to individuals who want to keep the process of obtaining life insurance as easy as possible, but it means Banner Life isn’t the greatest option for those looking for personalized life insurance options.
Banner Life’s parent business, Legal & General, offers comprehensive life insurance coverage in 49 of the 50 states and the District of Columbia. Universal and Term life plans are available, with the latter lasting up to 40 years. Policyholders acquire policies through licensed brokers, and certain candidates must pass a paramedical test before being approved.

Legal & General America owns both Banner and its sibling company, William Penn Life Insurance Company of New York. Except for New York, Banner life insurance company has business licenses in the District of Columbia and every state in the United States. The company’s New York division was William Penn. The Legal & General brand is used to sell life insurance supplied by both firms.

Is Banner Life Insurance the Best Option for you?

This is the question we all face when choosing insurance so lemme solve some of your doubts in a brief. I think we should talk about Banner Life Insurance Insurance company’s pros and cons, right!?
Here’s I’m gonna show you all the key differences;

Banner life Insurance PROS:-

  • The product offers are simple.
  • It’s simple to apply for Banner Life products.
  • Cancer patients are eligible for some items.
  • Term life insurance can last up to 40 years.
  • Claims that have been approved are paid within one business day.
  • Even if you have a family history of cancer, you may enroll in preferred underwriting classes.
  • People who are typically self-sufficient (annual physicals, exercise)

Banner Life Insurance CONS:-

  • For more complicated requirements, products may not be appropriate.
  • The insurance of Banner Life does not pay dividends.
  • In the state of New York, this product is not accessible.
  • A licensed agent is required to acquire policies.
  • No insurance covers your entire life.
  • A yearly charge is included in the purchase.
  • Some consumers may find that the minimum term policy amounts are higher than they desire.
  • Variable or whole life insurance
  • People who have been convicted of a DUI or a reckless driving offense during the last two years
  • People who have undergone treatment for drug or alcohol addiction

Banner Life Insurance Review

What Kinds of Life Insurance Policies Does Banner Life Offer?

Banner Life Insurance Company offers both term and universal life insurance.

The most cost-effective choice is term life insurance. It provides a specific payout, often known as a death benefit. You have the option of selecting coverage for a certain time period. These are 10, 15, 20, 25, 30, 35, and 40 years in Banner’s instance, with one caveat: the 35- and 40-year term plans are not available in New York. Banner is one of the most affordable life insurance companies in our rankings, so a term life policy from Banner might be a good option for individuals on a tight budget.

Term Life Insurance:

Both Banner life insurance and William Penn provide term life insurance with lengths of 10, 15, 20, 25, and 30 years. Banner also provides 35- and 40-year terms outside of New York. Throughout the period, the yearly fee remains the same. Insurance can be purchased by people as young as 75 years old, with shorter periods for older customers. Term plans are convertible (you can change them to permanent policies) until you reach the age of 70. Amounts of coverage range from $100,000 to $10 million.

If you’re terminally sick, accelerated death benefits on term plans allow you to obtain up to 75 percent of the policy’s death benefit or $500,000, whichever is less. It’s possible that this isn’t available in all states.
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Optional features known as life insurance riders can be added to your term policy for an additional fee. The following is what Banner and William Penn have to offer:

A children’s term rider (not available in New York) protects all of your children until they reach the age of 25.

Waiver of premium rider, which enables you to avoid paying premiums for at least six months if you’ve had “a significant long-term sickness or accident, and [become] fully incapacitated.”

Stacking term rider, which provides you with additional coverage for a certain length of time. For example, you might buy a 25-year term policy with a 10-year term rider to get a larger total death benefit during the first 10 years of coverage while paying down your mortgage.

Universal Life Insurance:

Universal life insurance not only provides a specified payment but also serves as an investment vehicle. The policy has no expiry date; as long as you pay your payments, you’ll be covered. This sort of coverage also builds up tax-deferred cash value over time. A policyholder may be able to borrow money against their insurance for a short-term loan in specific cases. Universal life insurance, on the other hand, is more expensive than term life insurance.

Banner Life insurance and William Penn’s universal life insurance policies provide you the option of paying the same annual premium or paying extra upfront for a set number of years. The “short-pay” option allows policyholders to finish payments early while still maintaining lifetime coverage.
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Coverage is provided up to the age of 85 and continues until the age of 121. On-time payments ensure a death benefit payout, even if the value of your account falls below the amount necessary to cover your expenditures, and death benefits have a minimum of $50,000.

Banner Life Insurance Plans

While Banner Life Insurance does not offer whole life insurance (in fact, Legal & General does not sell whole life insurance at all), it does offer a variety of term and universal life insurance alternatives.

OPTerm 10

This 10-year term policy, which is available to applicants between the ages of 20 and 75, provides temporary life insurance coverage starting at $100,000.

OPTerm 15

This $100,000 15-year level term policy is also accessible to applicants between the ages of 20 and 75.

20th OPterm
This policy covers term life insurance for a period of 20 years, with coverage starting at $100,000. If you don’t use tobacco, you can get it from 20 to 70 years old; if you do, you can get it from 20 to 65 years old.

25th OPTerm

Banner Life’s 25-year term insurance is offered to non-tobacco users between the ages of 20 and 60, and tobacco users between the ages of 20 and 55. The coverage choices start at $100,000, the same as the other term life plans.

30th OPTerm

You may buy the OPTerm 30 policy if you’re between the ages of 20 and 55 (non-tobacco; 20 and 50 if you smoke). It covers you for at least $100,000 over the course of 30 years.

35 OPTerm

While many insurers only provide term coverage for up to 30 years, Banner Life Insurance does not. Non-tobacco applicants can be between the ages of 20 and 50 (20 and 45 for tobacco users) at the time of purchase for the OPTerm 35 policy, which offers term coverage for 35 years.

40 OPTerm

Banner Life’s OPTerm 40 policy, which starts at $100,000, provides 40 years of term life coverage, much beyond the normal term insurance length. If you’re not a tobacco user, you can apply at any age between 20 and 45, and if you are, you can apply at any age between 20 and 40.

While many insurers only provide term coverage for up to 30 years, Banner Life Insurance does not. Non-tobacco applicants can be between the ages of 20 and 50 (20 and 45 for tobacco users) at the time of purchase for the OPTerm 35 policy, which offers term coverage for 35 years.

Universal Life Step Life
For candidates between 20 and 85 years of age, this policy offers permanent universal life insurance coverage beginning at 50,000$. Death benefits can be guaranteed up to 121 years old, with two riders without extra fee included in the policy: an expedited death benefit and a partial surrender benefit.

Banner life Insurance available riders:

Banner Life
Banner Life Insurance

Banner Life Insurance features several riders at no extra cost, as well as some optional advantages to improve peace of mind.

Death benefit accelerated
Banner Life Insurance provides expedited death benefits at no additional costs in all terms and universal life plans. This coverage enables you to take up to 75% or $500,000, whichever is less before your death. before your death. You must be diagnosed with a terminal disease and survive for 12 months or fewer to make use of this benefit.

Premium exemption

This rider will eliminate the premiums payable to your insurance when you are diagnosed with a qualifying disability while remaining active and good-standing.

 Term rider (10, 15, and 20)
If for a certain length of time you are needing additional coverage — say, until your mortgage is reimbursed in 10 years, but do not require this coverage for a period of time, a term rider can assist. This rider enables you to buy temporary, additional coverage in increments of 10, 15, or 20 years.

The Rider of Children
You may use this rider to offer life insurance cover as an add-on to your own policy on behalf of your children. Your children will get a level premium up to 25 years or until you reach the age of 65 years, whatever happens first. (Not in Maryland)

Benefit for Partial Surrender
All universal life insurance for Banner Life Insurance automatically has this rider. It allows you to surrender your coverage throughout a nine-year term with lower penalty charges.

Banner Life’s Term Life Insurance Options:

Banner life insurance is a term life insurance policy.

Term life insurance products provide versatile coverage at a cheaper cost than many rivals. Banner’s life insurance rates for term plans are 17 percent to 26 percent cheaper than those of comparably established insurers, as shown below. While the reduction is less substantial for smokers, rates are still 9 to 14 percent lower than the competitors.

Banner Life Insurance provides OPTerm term insurance. The following traits and characteristics are included in this policy:

  • Estimates can be obtained online.
  • Applicants between the ages of 20 and 75 are eligible for coverage.
  • There is no cost or medical exam required to convert a term policy to permanent coverage.
  • There are tax-free death benefits available.
  • The following riders are available: premium waiver, expedited death benefit, children’s, and term.
  • Except for people who qualify for an expedited death benefit due to a terminal illness, death payments are paid in a lump amount.
  • There are guaranteed term policies available.
  • The term lengths available are 10, 15, 20, 25, 30, 35, and 40 years.
  • Premiums at the level are guaranteed.
  • The coverage amounts begin at $100,000.
  • OPTerm Life is a renewable and convertible contract.

    Banner Life Insurance does not provide conventional no-medical-exam term insurance, and the entire underwriting procedure might take several weeks. However, if you pass a health interview, are a non-smoker, and do not reside in specified areas (it is not offered in Connecticut, Hawaii, or Alaska), you may acquire term coverage within one business day through their APPcelerate program. Essentially, if you successfully complete an application and phone interview, you may qualify for coverage within a few hours without having to take a medical test.

    Policies with a death benefit of less than $500k if you are between the ages of 20 and 50. (only for 10-year term policies)

This option is available for:-

  • Policies with a death benefit of less than $1 million if you are between the ages of 20 and 40. (for 15, 20, 25, and 30-year term policies)
  • Furthermore, if you are unsure whether you want term or permanent coverage, any of Banner’s term plans can be changed to universal insurance as long as you are under the age of 70.
  • Policies with a death benefit of less than $500k if you are between the ages of 46 and 50. (for 15, 20, 25, and 30-year term policies)
  • Policies with a death benefit of less than $750,000 if you are between the ages of 41 and 45. (for 15, 20, 25, and 30-year term policies)

Banner Life’s Universal Life Insurance Options

Universal life insurance is a type of long-term protection. The insurance remains in effect as long as you continue to pay premiums and it accumulates cash value. The cash value of the insurance is the amount of money that you would get if you relinquished it, and it may be borrowed against or withdrawn. The cash value of universal life plans rises following the success of the insurer’s portfolio, but there is also a guaranteed minimum yearly return.

Banner Life Insurance provides two universal life insurance plans, Life Step UL and Life Choice UL, to those between the ages of 20 and 85. While Life Choice UL is the ideal policy for people who know they need more than $100,000 in universal life insurance, Life Step UL costs a little more but provides more flexibility.

Banner Life Insurance provides Life Step UL universal life insurance plans. The following traits and characteristics are included in this policy:

  • Applicants must be between the ages of 20 and 85.
  • Policy premiums begin at $50,000.
  • There are lifetime term periods available.The policy provides for variable premium payments that can be modified annually.
  • The cash value grows tax-free.
  • The cash value can be withdrawn for loans, however, the available loan value is determined by the individual’s policy.
  • Surrendering insurance for a portion of its monetary value is possible.
  • Premiums can be set for a variety of payment terms.
  • Except for people who qualify for an expedited death benefit due to a terminal illness, death payments are paid in a lump amount.
  • A rider for an accelerated death benefit is available.
  • The Life Step UL plan has a tax-deferred cash value and a tax-free withdrawal option.
  • This insurance may only be obtained through a Banner Life Insurance dealer.
  • There are guaranteed-term plans available.
  • There are several bill payment methods accessible online.

How to Purchase Banner Life Insurance

Before you begin comparing providers, decide whether you want term or whole life insurance. Determine which life insurance riders, if any, you want to be included in the policy. Determine the amount of life insurance you require and how long you want the coverage to continue. Check to see if the insurers you’re considering provide the coverage you require.

When comparing prices, be certain that the quotations are for the same amount of coverage during the same time period. It is also critical to ensure that the policy’s medical criteria correspond to your demands. For example, if you want to avoid taking the life insurance medical exam but don’t mind answering health questions, be sure the application procedure for each policy you’re considering is compatible.

Price may not be the most important factor in your purchase choice. Examine the number of consumer complaints received by each firm, since a large number might be a warning indicator regarding the quality of service.
You cannot apply for life insurance on Banner Life’s website; instead, you must contact an insurance agent. However, you may get a free quotation by filling out a form on Banner Life’s website. Your date of birth, gender, height, weight, tobacco usage, location, coverage amount, and term duration will all be requested on the form. It will then offer a life insurance premium quote.

You may locate a Banner Life Insurance agent by visiting the company’s website or by requesting a quotation. If you know the name of a Banner Life agent with whom you want to work, you can contact them directly.

If you need assistance establishing your coverage requirements, Banner offers a printable worksheet. Banner Life takes an applicant’s age and financial needs into account when narrowing down life insurance plan selections. Funeral expenditures, settling a mortgage or other obligations, college tuition costs for children, and income replacement are all common financial issues.

Policy on Cancellation

In most jurisdictions, Banner Life has a 30-day free look period, which means you can cancel your policy without penalty within 30 days of receiving it. So it’s not a big deal if you change your mind a few weeks after buying coverage.

However, depending on the type of coverage you purchased and your region, canceling after the first month may result in fines. You should study the conditions of your individual policy to learn more, especially if you believe the insurance you purchase now may not meet your needs in the future.

Cancellation procedures are especially crucial for plans that build monetary value over time. For example, perpetual insurance may enable cancellation but still charge a surrender fee, which reduces your surrender cash value (or the amount you would get upon cancellation).

Banner Life Insurance Contact Details

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What is the Rating for banner life insurance?

Answer: A.M. Finest has given the Banner Life Company an A+, or Superior, financial strength grade among the best life insurance firms. Furthermore, their NAIC Complaint Ratio is 0.16, indicating that the firm receives a disproportionately small number of complaints compared to the quantity of coverage it provides.

Does Banner Life require a medical exam?

Answer: Banner Life uses a smart underwriting tool called Appcelerate to offer no medical exam insurance to healthy people. This one-of-a-kind life insurance service allows customers to be accepted for a policy without having to undergo a medical examination, lab tests, or submit medical information to their doctor.

How much does life insurance cost for a 75 year old?

Answer: A full life insurance coverage for a healthy man over 75 costs around $2,000 per month, while a woman pays about $1,800 per month. However, if you’re not in good health, you should choose one of two alternative forms of insurance for those over 75. The first is universal life insurance with a guaranteed payout.

Does Banner Life pay claims?

Answer: It may thus be reassuring to know that Banner Life insurance claims are processed and paid out within one business day after acceptance. In addition, Legal & General accepted and paid 99.9% of the claims it received in 2020.

How long has banner life Insurance company been in business?

Answer: Legal and General America’s History For more than 70 years, our firms, Banner Life Insurance Company and William Penn Life Insurance Company, have been providing life insurance to Americans.


Thank you everyone for visiting & reading this whole information. I hope you’ll found your answers or solutions. I really do care about our life, health & purchases so I must say that you should have a good insurance plan so that you can easily afford any damages.

If you love reading this article & really found something interesting then must lemme know in the comment section.

I wish your reading about banner life insurance will worth it.

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