Banner Life Insurance Company Review

Banner Life sells several types of life insurance policies to fit most needs, including term and universal. It may not have the largest selection of plans, but Banner life insurance reviews point out that it offers a few good riders.

On top of having a decent selection of coverage options, Banner Life reviews say the company offers affordable rates for the average adult. Adults with certain health concerns might also find affordable Banner life insurance quotes, though low rates are not guaranteed.

Explore your Banner Life insurance options below to see if this company might be right for you. Then, enter your ZIP code into our free comparison tool to find the right life insurance for your financial needs.

Banner Life Insurance Options

Banner offers annuities, term life insurance, and universal life insurance. Let’s examine each product’s specifications, rates, and competitiveness in the marketplace.

Banner Term Life Insurance

Term life insurance is a policy that offers coverage for a specific length. It ranges from 1-30 years with the 20-year mark as the most common term. A term policy is considered to be more economical when compared to whole life insurance. Many Banner term life insurance reviews report a positive experience with this policy.

Banner offers OPTterm 10-, 15-, 20-, 25-, and 30 -year policies. OPTerm is just their brand name for a term life insurance policy, and the associated number is just the term contract length. The longer the term, the more expensive it is.

OPTterm policies are renewable and convertible life insurance that provides a level premium and a level death benefit for the chosen contract term. A level premium and benefit mean that your Banner term life insurance rates will never increase or decrease for the term of your policy; they will always remain the same.

Convertible Life Insurance Policy

A convertible policy allows the policyholder to convert his or her term policy to a permanent one without going through underwriting again, or showing any health documentation. Not all term life insurance policies have this option.

Banner offers the option to convert for the duration of the term contract period, or up to age 70 years, whichever comes first. The coverage expiration for Banner is age 95, which means that if you chose NOT to convert your term policy, you could renew your policy every year after the guaranteed term has passed, up to the age of 95. This is not typically recommended because this would be a very expensive option. Every year after your term ends, you will see an increase in your rates.

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Banner Universal Life Insurance

Universal life insurance is a permanent life insurance product that offers a cash value benefit and doesn’t have an expiration date. UL gives you, the policyholder, the flexibility to choose a premium payment period, coverage amounts, and coverage duration.

Life Step by Banner can be used for face amounts as low as $50,000.

Banner Life Insurance Riders

Banner Life, now operating under the Legal & General name offers 6 benefits and features that bring peace of mind:

• Waiver of Premium: This is a rider that provides a clause in the policy which stops the premium payment if you get a diagnosis of any long-term illness or injury wherein you become disabled. Your coverage will continue and Banner will waive all premiums during that period.
• Policy Conversion: This allows you to convert your existing term life policy to a permanent universal life policy. You will not need to go through any exam or underwriting, even if your health has changed. This policy will be issued at the same underwriting class you received when you first bought your term policy.
• Flexible Payment Schedule: Policy premiums can be paid annually, semi-annually, quarterly, or monthly.
• Term Rider: An additional rider that provides temporary coverage shorter than the base policy. For example, you have a base 30-year term policy that you can add 20-year coverage to cover a mortgage payoff. It’s a great way to get the right coverage for the right amount of time, which prevents being over- or under-insured.
• Accelerated Death Benefit Rider: Terminal illness is unfortunate, but in reality, do happen. The death benefits can be paid prior to the death of the insured if they are facing a terminal illness. The max amount is $500,000 or 75% of the policy face amount value.
• Children’s Rider: The rider provides coverage for children. The rider covers a child up to the age of 25, up to the policyholder’s 65th birthday, or up to the termination of the policy.

As you can see, there are a few excellent add-ons to choose from. You should check which riders are eligible for which policies before you sign up, though. For example, Banner Life term insurance might not qualify for everything listed above.

What is the OPTerm 25 Exchange Program?

At the time of this article (Feb. 2017), Banner and William Penn offer the OPTerm 25 Exchange Program, to allow current clients who bought term life insurance OPTerm 10, 15, or 20 within the past 4 years to move to another OPTerm 25 as a term life insurance policy replacement, without any evidence of insurability or a medical exam.

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Banner Life Insurance Underwriting

This is probably the part where Banner Life Insurance stands out the most from the other life insurance companies in the market. Banner Life is known for leniency regarding high-risk clients, such as diabetics, overweight people, or those with high cholesterol. Their philosophy when it comes to underwriting is, “We underwrite the entire individual, not just the impairment.”

Let’s take a look at few conditions where Banner shines, providing accessible life insurance coverage:

• Anxiety/Depression/Mood Disorder: One episode, less than one year, no current medications.
• Asthma: Mild or seasonal asthma.
• Skin Cancers: Well documented APS report for basal cell carcinoma, and squamous cell carcinoma.
• Osteoporosis – No known complications.
• Cholesterol: 120-300, with or without treatment, the ratio should not exceed 4.5.
• Build: A 5’ 11” male can weigh 201 lbs.
• Blood Pressure: well-controlled with or without treatment. Average reading in the past 2 years not greater than 136/86.
• Family History: Cancer is no longer a factor in preventing a preferred table rating. With most insurance carriers, if someone in your close family died before the age of 60 from cancer or a heart disease-related issue, you would be rated higher because you may have inherited the same genes and, therefore, pose a higher risk to the insurance company.
• Former cigarette smokers: 3 years out, while most carriers are 5 years.
• Type II Diabetes: Controlled diabetics can qualify for a standard plus rating, while for other carriers, it would be standard or table B.

One reason Banner Life Insurance customer reviews are so positive is its willingness to work with a wider range of health concerns. Because of these Banner Life rating allowments, many customers have been able to get affordable coverage.

Banner Life’s Impaired Risk Underwriting Conditions

Banner will underwrite the following medical conditions, while some life insurance carriers will deny issuing the policy:

• Atrial fibrillation
• Bladder cancer
• Breast cancer
• Cerebrovascular disease
• Coronary artery disease
• Diabetes mellitus (adult onset)
• Elevated liver function tests
• Hepatitis C
• Mood disorders
• Prostate cancer
• Thyroid cancers

Of course, you’ll see higher rates if you have one of these serious medical concerns.

However, it can be a relief to know you have wider opportunities for coverage, so long as you can afford the high Banner Life Insurance rates.

Banner Life Insurance Quotes

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Feb 2017 and are subject to underwriting approval.*

Banner Case Studies

Case Study 1: Female, Age 47 $2 million, OPTerm 20

• Mother died of cancer at age 56.
• Build – 5’6” 188 lbs.
• Cholesterol 281, HDL ratio 5.45.
• Resting EKG normal.
• No tobacco use.

With most insurance companies, she would qualify for a standard plus rating since her mom died before the age of 60 from cancer. Since Banner is no longer using a family history of cancer as a factor in rating, this client was issued a preferred rating.

Case Study 2: Male, Age 35 $3 million, OPTerm 15

• No tobacco use.
• Build 5’8” 208 lbs.
• Cholesterol 273 and cholesterol/HDL ratio 5.5.
• Father diagnosed with prostate cancer at age 56, still living at age 67.

Underwriter used “Crediting Criteria” by adding 1 inch to the insured height, making him 5’9” 208 lbs, so now he is within the preferred rating and could get the lower rate.

Crediting Criteria is a way the insurance company is “playing nice.” If everything looks good with the potential insured and there is one thing that hurts the premium, the underwriter will improve the table rating IF the adverse finding was a result of build, cholesterol/HDL ratio, blood pressure, or family history.

For example, a potential client meets all the criteria for preferred plus (the best rating), but his build of 5’9” and 195lbs put him at preferred. The underwriter will add 1 inch so now he can be preferred plus, therefore saving him money on his premium.

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Who Is Banner Life Insurance?

Banner’s parent company, Legal & General Group, formed Legal & General America as a holding corporation in 1981 and bought Government Employees Life Insurance Company (GELICO) and its NY affiliate. Legal & General Group was founded in 1836 in London and has operations in Europe, North America, and Asia.

In 1983 the GELICO name was changed to Banner. Legal & General Group also purchased William Penn in 1989. While Banner and William Penn remain the companies that underwrite and process the life insurance policies, they are now marketed under a single name, Legal & General America.

Banner Life Insurance Ratings

Since it’s now owned by Legal and General, Banner Life Insurance company ratings are shared. For example, the Banner Life A.M. Best rating is an A+, the same as Legal and General.

• A+ (Superior) from A.M. Best
• AA- (Very Strong) from S&P
• AA- (Very Strong) from Fitch
• Comdex (94)

Legal & General Group is the 7th largest insurance company in the world with over 10 Million worldwide policyholders and over 1 trillion in managed assets. If you are worried about Banner’s ability to pay claims, you have nothing to worry about.

Compare Banner Life Insurance Rates Today

Banner Life Insurance, now operating under the name of its parent company, is one of the best life insurance companies in the nation with outstanding financial strength and competitive rates.o competitive with high-risk individuals who are diabetics, overweight, etc.

However, there are plenty of life insurance companies out there so you can find the perfect coverage. Enter your ZIP below into our free comparison tool to see which companies have the lowest rates for you

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