Why you should consider a policy from the Banner Life Insurance Company? Affordable Life USA has represented Banner Life Insurance for over 25 years. We would like to help you understand more about the great rates and products from Banner Life Insurance Company.
During our Banner Life Insurance review, we will cover:
- Details about the Banner Life Insurance Company
- Banner Life Insurance ratings (financial stability)
- Banner term life insurance and universal life product information
- Competitive underwriting advantages Banner Life has in the marketplace
- Learn about Appcelerate, which is a unique no-exam life insurance process
- How Affordable Life USA can help you obtain a Banner Life policy
About Banner Life Insurance Company
Banner Life Insurance Company was formed in 1949 and was acquired by Legal and General Group, an international insurance conglomerate in 1981.
Legal and General headquartered in London, is still the parent company of Banner Life Insurance Co. and it’s subsidiary William Penn Life Insurance Co. of New York. Legal & General currently operates in North America, Europe, and Asia and manages over $746 billion in assets.
Banner Life is licensed to do business in every U.S. state and the District of Columbia, except New York.
William Penn has been the company’s New York branch for 26 years. Products that are offered by William Penn, however, are provided only in the state of New York. Because of that, New York is the one U.S. state where Banner Life Insurance Company does not offer its products.
The products that are offered by Banner Life Insurance Company, as well as by William Penn, are underwritten by Banner Life.
This means Banner life insurance reviews applications submitted from around the country at their Urbana, Maryland location. While Banner Life reviews New York generated business in Garden City, New York for William Penn.
Banner Life Insurance Ratings
The Banner life insurance company rating is” excellent” according to A.M. Best. The ratings agency A.M. Best has conducted it’s annual Banner Life insurance review and has given them an A+ (SUPERIOR) rating. Furthermore, the Banner life insurance rating from Standard and Poor’s is AA- which is also considered very strong financially.
Financial ratings for life insurance companies are very important to us when selecting a life insurance company four our clients. For an insurance company, there is nothing more important than it’s financial strength and ability to pay claims to policyholders.
We monitor the financial strength and claims paying ability of life insurance companies by using a number of different rating agencies. We also evaluated Banner’s parent company, Legal & General Group, which also has excellent ratings. Legal & General America Financial Ratings:
- A+ (Superior) from A.M. Best
- AA- (Very Strong) from S&P
- AA- (Very Strong) from Fitch
Banner Life Insurance Company Products
Banner Life Term Life Insurance
Banner Life Insurance Company is known for offering some of the lowest prices on it’s term life insurance product. Term Life Insurance offers guaranteed death benefits and level premiums for an initial period such as 10, 15, 20, or even 30 years.
Term life insurance is an excellent choice for applicants looking to obtain the largest amount of insurance at the cheapest cost. Term coverage can be tailored in duration to address needs such as protecting a mortgage, or protecting your income to your spouse.
Banner’s term life insurance products offer term lengths of 10 years, 15 years, 20 years, 25 years, and 30 years. The OPTerm® series, is the actual product name for Banner Life term life products. This line-up includes OPTerm 10, OPTerm 15, OPTerm 20, OPTerm 25, and OPTerm 30. The premiums on Banner term life products are guaranteed to remain level through the initial term period.
Banner Life Universal Life Insurance
Banner life Insurance Company also offers universal life insurance products. Universal Life Insurance is a type of permanent policy where the excess of premium payments above the current cost of insurance are credited to the cash value of the policy.
Universal life insurance has a cash accumulation component which acts similar to a savings account with tax deferred growth along with lifetime coverage.
These lifetime plans do not accumulate much cash value, but the premiums have a no lapse guarantee which can be selected for a specific age. So, premiums can be scaled to coordinate with your desired budget and the death benefit required for your family.
Banner was one of first insurance companies to offer Universal Life. Banner Life’s Step UL® offers a guaranteed minimum death benefit for as long as payments are made. The minimum required premium will never change and you can never lose your policy.
Banner Life’s Step Up UL® also permits a flexible premium schedule. So, you 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. Not to mention, Banner universal life policy is less expensive than traditional permanent policies like whole life.
Additional Banner Policy Riders and Conversion Options
- Waiver of Premium – Is a optional rider, and 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.
- Accelerated Death Benefit –Is a free rider and if you are diagnosed as terminally ill or have less than one year to live, you can access a portion of your death benefit to help pay medical bills.
- Children’s Rider – Is an optional rider which covers all eligible children to the earlier of the child’s 25th birthday or the insured’s 65th birthday.
- Policy Conversion – Banner offers renewable and convertible term life insurance to age 95. A life insurance conversion gives a current policyholder the privilege to convert a portion or the entire amount of term coverage to permanent coverage.
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Banner Life Insurance Underwriting
When looking into a life insurance policy, it is often difficult to know exactly the premiums you will pay until your policy goes through the underwriting process.
Many agents give quotations based on the best rate class in order to win your business. However, the risk classification or rate class the life insurance company gives you at the end of the application process is what really matters.
The Banner Life Insurance rating classifications include the following:
- Preferred Plus Non-Tobacco
- Preferred Non-Tobacco
- Standard Plus Non-Tobacco
- Standard Non-Tobacco
- Preferred Tobacco
- Standard Tobacco
Banner Life also offers extremely favorable underwriting. This means that even though an applicant may have certain types of health conditions, they will still qualify for coverage through Banner.
Here are a few competitive areas where Banner Life Insurance really shines:
- Blood pressure: Nonsmokers with average readings in the past two years of no more than 136/86 qualify for the best rates, called “Preferred Plus”. Do you need life insurance and have high blood pressure and it is controlled with medication? With Banner Life Insurance Company you can still qualify for a preferred plus rate class. Most competitors will only offer preferred.
- Smoking: If you would otherwise qualify for a preferred plus rate class based on your health, then after three years of no tobacco or nicotine use you can qualify for a preferred plus rate class. Many competitors make you wait a full five years for this benefit.
- Cholesterol: If you need life insurance with high cholesterol and are being treated with medications and your cholesterol is under control, you can still qualify for a preferred plus rate class. Most competitors will only offer preferred.
- Diabetes: Diabetic life insurance clients can qualify for a standard plus rate class compared with the typical standard rate class offered by most competitors
- Anxiety and Depression: Clients seeking life insurance with anxiety and depression can qualify for a preferred rate class if the disorder is well controlled.
- Asthma: People who suffer from asthma taking less then two medications can qualify for a preferred rate class.
As you can see, Banner Life insurance has some underwriting niches which may help you obtain better pricing compared to other insurance companies in the market. Banner life has a more liberal stance with regards to high-risk clients, such as diabetics, people seeking life insurance who are overweight, or those with high cholesterol. Their philosophy when it comes to underwriting is “we underwrite the entire person, not just the impairment”.
Banner Life insurance reviews each application thoroughly which does take a bit longer when underwriting these conditions. But, normally Banner Life comes up with better prices for applicants with a few minor health issues. Many companies may take less time in underwriting but, offer higher rates in return for faster policy issue.
Even if Banner Life is not a household name, if you need great rates on term life insurance they are very hard to beat on price.
The primary focus for Legal and General America (Banner Life Insurance Company) is on very competitively priced term policies
Banner Life No Exam Life Insurance
Legal & General or Banner Life also offers between $100,000 to $500,000 of term life insurance to applicants between the ages of 20 to 50 without any medical examination.
Banner Life offers an automated underwriting program is called Appcelerate. This form of simplified underwriting and is ideal for people who are in relatively good health. If you qualify, a policy can be issued as soon as the next business day. This unique program allows people to be approved for a policy without the need for a medical exam, lab tests, or medical records from your doctor.
Are you are in good health and under the age of 50? Banner life reviews only few health questions, conduct a telephone interview and your approved in a few days.
They are also one of the only companies that offer a “Preferred Plus” rate class and offer their full product portfolio without requiring you to do an medical exam. This is great option for healthy busy applicants wanting to get affordable life insurance in a hurry.
How to apply for Banner Life Insurance?
Our agency would love the opportunity to work with you on your life insurance planning. Affordable Life USA can help you apply for the great rates from the Banner Life Insurance Company.
Our Banner Life Insurance review, only provides you with a detailed evaluation of one of the many companies in our network of life insurance carriers. As you can see, many applicants can certainly benefit from the Banner life insurance company rating, pricing, products, and fair underwriting.
We are a nationally licensed and completely independent life insurance agency. We focus on the needs of executives, small business owners, and retirees looking for honest advice and Banner Life insurance quotes.
We hope you benefited from the information provided here in our Banner Life review. If you would like to learn more about the Banner Life Insurance Company, or have any additional questions, we are more then happy to help you.
If you like what you have learned during our Banner Life review, we are very confident recommending Banner Life for your families coverage needs.
Do you need your Banner life insurance rates right now? Great! Our helpful insurance premium calculator, Instant Life Insurance Quotes allows you to privately review Banner Life rates and many more companies in just a few minutes.
What Types of Insurance does Banner Offer?
We offer two types of insurances that you may be interested in-
- Universal Life
While both of these offer you options for life insurance, they vary slightly from each other. You will want to make sure that you understand the basics of both before choosing the one that is right for you. We can discuss these options with you and help you decide on the best one for your needs and current situation when you contact us today.
Term-Life Insurance through Banner
This option is inexpensive and the most basic choice for life insurance. It strictly offers you the coverage that you need. You won’t pay extra for any coverage that does not apply to your specific situation.
This policy is only good for a certain time period, which can vary from-
- One year
- 10 years
- 20 years
- 30 years
You will want to pick the time frame that you think will cover your family and keep them protected. If your policy is still active when you pass away, your beneficiary will get the payout. However, if you die after the policy expires, there will be no payout. These policies are best for those who are under the age of 80.
Two Types of Term-Life Insurance Offered
You will be able to choose between two options-
- Annual renewable term-one year of coverage before you need to renew
- Level premium term-purchased for specific time period
In the beginning, the annual premium will be lowest with the annual renewable term. As you start to age, the premium will increase. If you plan on keeping this term-life insurance for an extended period of time, level premium term may be your best option so you can avoid premium increases yearly.
Universal Life Insurance Policy Offered Through Banner
This life insurance policy is considered a hybrid policy since it combines elements of-
- Investment savings options
- Term-life insurance
With this policy, you will be able to build savings while you have a life insurance policy as back up to protect your family. You will also have flexibility with your savings portion of your premium. This policy can be successful but it depends on market performance along with the investments that you make while on the policy.
How Does Universal Life Insurance Policies Work?
Your monthly premium will be split into two accounts. One portion will be invested so it can be used as your “savings”. The other portion will be put into your insurance policy as a death benefit. The idea behind this life insurance policy is that your investment will continue to grow over the months and years until eventually you can use that money to pay for the life insurance portion of your policy.
When Should you Purchase Life Insurance?
If you are interested in universal life insurance, you will want to buy this policy while you are in your 20s or 30s. This will allow you to build your assets over a larger amount of time. The idea behind this policy is that it may take about 10 to 15 years before you cash out or are able to shift your investments. The earlier that you buy this policy, the earlier you would be able to use your assets for certain things such as the down payment of your first home.
Also, if you purchase a policy at a younger age, you will have lower premiums than you would by buying a policy when you get older. The same idea goes for term-life insurance. Contact Affordable Life USA and we can help you choose the policy that is best for you.