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 product information and quotes
- Competitive underwriting advantages Banner Life has in the marketplace
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 its subsidiary William Penn Life Insurance Co. of New York.
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 rating is ” excellent” according to A.M. Best. The ratings agency A.M. Best has conducted a Banner Life insurance review and given them an A+ (SUPERIOR) rating.
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.
Banner Life Insurance Company Products
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 premiums on Banner term life products are guaranteed to remain level through the initial term period.
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.
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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 but 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 less then two medications can qualify for a preferred rate class.
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 though the Banner Life Insurance rating from AM Best is A+ (excellent), they are still not a very well recognized name in the insurance industry.
However, 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.
Most larger companies may have a larger portfolio of term, whole, universal, and variable life insurance policies, but are not as competitive for term life insurance.
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.
Wow, this sound interesting!
How do I apply for a Banner Life Insurance Policy?
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.
The Banner Life Insurance review, only provides you with a detailed evaluation of one of the many companies in our network of life insurance carriers.
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 affordable life insurance quotes.
If you like what you have learned during our Banner Life review, we are very confident using Banner for your families coverage needs.
Need your Banner life insurance rates now? Our helpful insurance premium calculator, Instant Life Insurance Quotes allows you to privately review Banner Life rates and many more companies in minutes.