Banner Life Insurance is a well-known provider of life insurance policies in the United States. The company offers a range of term life insurance policies that are designed to meet the needs of individuals and families at different stages of life. In this article, we will provide a comprehensive review of Banner Life Insurance and explore the pros and cons of its policies.
Banner Life Insurance policies are available for 10, 15, 20, 25, 30, 35, and 40 years. The annual price stays the same throughout the initial term, making it easier for policyholders to budget for their premiums. The company offers a traditional term life policy called OPTerm, available to people aged 20 to 75. Coverage amounts start at $100,000, with no maximum with financial justification. Banner Life Insurance also offers four add-ons for its term life insurance policies, including term riders, which allow policyholders to stack their policy term for 10, 15, or 20 years.
In this Banner Life Insurance review, we will closely examine the company’s policies, customer satisfaction ratings, and financial stability. We will also explore the different types of policies available and the benefits and drawbacks of each. Whether you are looking for a policy to protect your family or secure your business, this review will help you decide whether Banner Life Insurance is the right provider for you.
Overview of Banner Life Insurance
Banner Life Insurance, a subsidiary of Legal & General America, is a leading provider of life insurance policies in the United States. The company offers a range of coverage options, including term life insurance and universal life insurance, to meet the diverse needs of its customers.
Banner Life’s term life insurance policies cover a specific period, ranging from 10 to 40 years. The premiums for these policies remain level throughout the initial term, making it easier for policyholders to budget for their coverage. The death benefit paid out to beneficiaries is tax-free and can be used to cover expenses such as funeral costs, outstanding debts, and living expenses.
Banner Life also offers universal life insurance, which provides permanent coverage with flexible premiums and a cash value component. Policyholders can adjust their premiums and death benefits to meet their changing needs. The policy’s cash value component can be used to supplement retirement income or pay for other expenses.
In addition to its standard policies, Banner Life offers several riders that can be added to a policy to enhance coverage. These include a term rider, which allows policyholders to stack the term of their policy for up to 20 years, and an accelerated death benefit rider, which allows policyholders to access a portion of their death benefit in the event of a terminal illness.
Banner Life has received high ratings from independent rating agencies such as AM Best and the National Association of Insurance Commissioners (NAIC). The company has an A+ (Superior) rating from AM Best and an A- complaint index rating from the NAIC, indicating that it has received fewer complaints than the industry average.
Overall, Banner Life Insurance offers a range of affordable coverage options with flexible features and riders to meet the needs of its policyholders. Its strong financial strength ratings, and customer satisfaction ratings make it a reliable choice for those seeking life insurance coverage.
Types of Life Insurance Offered by Banner Life Insurance
Banner Life Insurance offers three main types of life insurance policies: term, universal, and permanent life insurance. Each policy has unique features and benefits that cater to the varying needs of individuals.
Term Life Insurance
Term life insurance is the most basic and affordable type of life insurance policy offered by Banner Life Insurance. It provides coverage for a specific period, usually 10 to 40 years, and pays out a death benefit if the policyholder dies during the term. The premiums for term life insurance are fixed for the duration of the policy term and increase when the policy is renewed.
Banner Life Insurance’s OPTerm policy is a traditional term life policy available to individuals aged 20 to 75. Coverage amounts start at $100,000, with no maximum with financial justification. Coverage is available in 10, 15, 20, 25, 30, 35, and 40-year terms.
Universal Life Insurance
Universal life insurance is a flexible policy combining a death benefit with a savings component. It offers more flexibility than term life insurance because it allows policyholders to adjust their premiums and death benefits as their needs change. The policy’s savings component earns interest, which can be used to pay the premiums or increase the policy’s cash value.
Banner Life Insurance offers the Life Step UL policy, a flexible premium universal life insurance policy that provides permanent coverage and can accumulate cash value over time. Policyholders can adjust their premiums and death benefits to meet their changing needs.
Permanent Life Insurance
Permanent life insurance is a type of life insurance policy that provides coverage for the policyholder’s entire lifetime. It offers a death benefit and a savings component that accumulates cash value over time. The premiums for permanent life insurance are typically higher than term life insurance because the policy provides coverage for the policyholder’s entire lifetime.
Banner Life Insurance offers whole life insurance, a type of permanent life insurance policy that provides coverage for the policyholder’s entire lifetime. The policy offers a guaranteed death benefit and cash value accumulating over time. Premiums for whole life insurance are fixed for the duration of the policy.
In summary, Banner Life Insurance offers a range of life insurance policies to cater to the varying needs of individuals. Policyholders can choose from term life insurance, universal life insurance, and permanent life insurance policies to find the coverage that best suits their needs.
Banner Life Insurance Products and Riders
Banner Life Insurance offers various life insurance products and riders to meet the unique needs of its customers. Here are some of the products and riders that Banner Life Insurance offers:
Term Life Insurance
Banner Life Insurance offers term life insurance policies with coverage available for 10, 15, 20, 25, 30, 35, and 40 years. The annual price remains the same throughout the initial term. The coverage amounts start at $100,000, with no maximum with financial justification. Banner Life Insurance policies are among the cheapest term life insurance policies in the market.
Accelerated Death Benefit Rider
The Accelerated Death Benefit Rider is an optional add-on to Banner Life Insurance policies. This rider allows the policyholder to receive a portion of the death benefit if they are diagnosed with a terminal illness and have a life expectancy of 12 months or less. The rider can be added to most Banner Life Insurance policies at no additional cost.
Waiver of Premium Rider
The Waiver of Premium Rider is another optional add-on to Banner Life Insurance policies. This rider allows the policyholder to waive their premium payments if they become disabled and unable to work. The rider can be added to most Banner Life Insurance policies for an additional cost.
Banner Life Insurance also offers a Child Rider covering the policyholder’s children. This rider can be added to most Banner Life Insurance policies for an additional cost. The coverage amount for the Child Rider is typically a percentage of the policyholder’s death benefit.
The Term Rider allows the policyholder to add coverage to their policy for a specified period. This rider can be added to most Banner Life Insurance policies for an additional cost. The coverage period for the Term Rider is typically 10, 15, or 20 years.
Overall, Banner Life Insurance offers a variety of life insurance products and riders to meet the unique needs of its customers. The company’s policies are among the cheapest term life insurance policies in the market, and its riders provide additional coverage options for policyholders.
How to Apply for Banner Life Insurance
Applying for Banner Life Insurance is a straightforward process that can be completed online or with the help of a licensed agent. Before applying, it’s important to understand the policies available and determine which best suits your needs.
The application process typically involves providing personal and medical information and answering questions about your lifestyle and habits. Applicants should be prepared to disclose any pre-existing medical conditions and provide access to medical records if necessary.
Banner Life Insurance offers policies for both smokers and non-smokers. Smokers can expect to pay higher premiums due to the increased health risks of smoking. Non-smokers, on the other hand, may qualify for lower rates and more favorable underwriting.
Blood pressure is another important factor that Banner Life Insurance considers when underwriting policies. Applicants with high blood pressure may be required to undergo additional medical testing or pay higher premiums.
Banner Life Insurance also considers an applicant’s assets when determining coverage limits. Applicants with significant assets may be eligible for higher coverage limits, while those with fewer assets may be limited in the coverage they can obtain.
Overall, the application process for Banner Life Insurance is simple. Applicants should be prepared to provide accurate and detailed information about their health and lifestyle to ensure the most accurate underwriting and coverage options.
Banner Life Insurance Customer Service
Banner Life Insurance offers customer service phone support from Monday to Friday, 8:00 a.m. to 5:00 p.m. ET. Customers can also contact Banner Life Insurance through their website’s contact form or by mail.
The company’s customer service representatives are known for being friendly, helpful, and knowledgeable. They can assist with policy questions, billing inquiries, and claims processing.
Banner Life Insurance’s customer satisfaction rating is high, with an A+ financial strength rating from A.M. Best. The company also has a Comdex score 95 and an AA- rating from Fitch and Standard & Poors. These ratings indicate that Banner Life Insurance is financially stable and has a strong reputation in the industry.
Regarding complaints, Banner Life Insurance has a low NAIC Complaint Ratio of 0.16. This ratio means that the company receives fewer complaints than the average insurance company of its size.
Overall, Banner Life Insurance offers quality customer service and has a good reputation in the industry. Customers can expect friendly and knowledgeable assistance from the company’s representatives.
Banner Life Insurance Review: Pros and Cons
Banner Life Insurance is popular for affordable and flexible life insurance coverage options. Here are some of the pros and cons of choosing Banner Life Insurance:
- Affordable: Banner Life Insurance offers some of the market’s most affordable term life insurance rates. According to Investopedia, Banner Life Insurance Company is one of the top picks for the cheapest term life insurance.
- Flexible Coverage Options: Banner Life Insurance offers a range of coverage options with term lengths ranging from 10 to 40 years. Customers can choose the coverage that best suits their needs and budget.
- Financial Strength: Banner Life Insurance has a strong financial rating, with an A+ rating from A.M. Best and an A- rating from Standard & Poor’s. This indicates that the company is financially stable and can pay out claims.
- Lifetime Coverage: Banner Life Insurance offers a unique option for those seeking lifetime coverage. Their OPTerm policy can be converted to a permanent life insurance policy at any time without needing a medical exam.
- Death Benefits: Banner Life Insurance offers a range of death benefit options, with coverage amounts ranging from $100,000 to $10 million. This allows customers to choose a death benefit that meets their needs and budget.
- No Annuities: Banner Life Insurance does not offer annuities, which may be a drawback for those looking for retirement income.
- No Whole Life Insurance: Banner Life Insurance only offers term life insurance, which may not be the best option for lifelong coverage.
- No Online Quotes: Banner Life Insurance does not offer online quotes, which may be inconvenient for those who prefer to shop for insurance online.
Banner Life Insurance is a strong choice for affordable and flexible life insurance coverage options. The company’s strong financial rating and range of coverage options make it a reliable choice for many customers. However, those looking for annuities or whole life insurance may need to look elsewhere.
Banner Life Insurance offers a variety of term life insurance policies with competitive rates and flexible coverage options. Banner Life is a financially sound and reliable insurer with a Comdex score of 95 and an AA- rating from Fitch and Standard & Poors.
One of the standout features of Banner Life’s term life insurance policies is the ability to add riders to your policy. These riders can extend your coverage term, provide additional coverage for specific events or conditions, or waive your premiums if you become disabled. Additionally, Banner Life offers a no-medical exam option for select policies, making it a convenient and accessible choice for those who may have difficulty obtaining coverage through other insurers.
While Banner Life’s policies may not have as many customization options as some other insurers, their straightforward approach to term life insurance makes it easy to understand and select the coverage right for you. With coverage terms ranging from 10 to 40 years and coverage amounts starting at $100,000, Banner Life’s policies can meet the needs of many individuals and families.
Overall, Banner Life Insurance is a solid choice for those seeking reliable, affordable term life insurance coverage. With competitive rates, flexible coverage options, and a strong financial standing, Banner Life can provide peace of mind and financial security for you and your loved ones.