Explore Banner Life Insurance: With the Lowest Term Rates on the Block + YouTube Video
Questions about which life insurance company offers the most affordable rates are frequently asked.
Generally, we suggest Banner Life Insurance Company, yet it’s essential to note that no single company consistently provides the lowest rates at all times.
Among the leading insurance providers we partner with, Banner Life offers some of the most favorable rates.
The amount you pay is determined by elements such as your health history, age, job, height, weight, and tobacco use.
In addition, the specific sports they participate in and other crucial factors are important to consider. The company often offers the lowest premiums more than 80% of the time.
I would rate them, dollar for dollar, the most competitive life insurance company in America. The Banner Life Insurance reviews you will be reading should speak for themselves. Get a Banner Life quote with our quoting engine and see for yourself.
Table of Contents
Many Insurance Agents Choose Banner for Their Personal Life Insurance
Banner is known as the go-to company for most insurance agents.
Banner Life, although not holding the most widely recognized corporate labels such as Prudential or New York Life, continues to play a substantial role in the industry.
A multitude of top-tier American insurance firms remain unfamiliar to the general public, yet their exceptional financial ratings, proven claims-paying capabilities, and competitive pricing remain unaltered.
Among the multitude of outstanding businesses in the US, we will focus on a single one for today’s review.
Banner stands out for its exceptional life insurance rates and innovative non-medical exam plan designs. Its life insurance term rates and plans are among the most competitive in the industry.
Banner Life is a preferred choice for many insurance agents when it comes to purchasing life insurance. The company’s financial ratings held steady at an A+ rating with the A.M. Best reporting agency.
How to Secure the Lowest Term Life Insurance Rates in 2025: YouTube Video
Banner Is Celebrated With Distinguished Awards in the Industry
We frequently turn to Banner for its unique blend of affordability and quality, which is usually unmatched among competitors. Equally as important is the carrier’s financial stability.
You may purchase life insurance today, but not activate the policy’s benefits for many years. So you will want to ensure they are financially sound when you use them.
A business’s current financial health may not ensure its longevity in the years to come. You should opt for a company with a promising financial future. As a result, this carrier will be showcased prominently at the head of our curated collection of competitive life insurance quotes.
Because of their high inflow of new business each year, fueled by competitive rates, they consistently expand and strengthen their financial position.As results, Banner Life Insurance reviews generally exhibit a more extensive collection of positive feedback.
Banner’s term life insurance products are well known for usually having the lowest rates among their competitors throughout the country.
Banner Life Is a Subsidiary of Legal & General
Legal & General was established in 1836. Here are 10 key details about Banner Life and Legal & General.
1. Banner Life has almost 1,540,000 U.S. customers.
2. They issued more than $84 Billion of new coverage last year alone.
3. Their unique coverage in the force ranks 4th in the United States.
4. Banner has over $12 Billion in assets.
5. Legal & General Group has $720 Billion of life insurance coverage in force.
6. Their net income is over $300,000,000 per year.
7. Legal & General has over 17,000,000 customers worldwide.
8. Legal & General is the 6th most prominent life insurance company globally.
9. Banner Life Insurance’s financial strength rating is A+ with the A.M. Best reporting agency.
10. Banner’s underwriting policies are very liberal for applicants with health issues.
Whenever you see the company name “Legal & General,” keep in mind that this is the parent company and part of the Banner Life family of carriers.
Banner Life is Represented by Over 86,000 Insurance Agents Nationwide
Banner Life Insurance has received rave reviews from its customers, and a significant number of veteran independent agents have signed on to represent this highly regarded insurer.
The Banner Life Insurance Company product lines are shown below:
- Term Life Insurance
- Universal Life Insurance
- Annuities
1. Banner Life Insurance Company offers 10,15, 20, 25, 30, 35, and even 40-year term life insurance plan designs, all of which are renewable and convertible. Term products are the most popular plan designs due to their affordable price tag.
2. Banner offers an excellent line of universal life insurance products, which are permanent forms of life insurance. Universal life stays in force for the rest of your life as long as you continue to pay your premiums.
3. Banner Life does not offer whole life insurance due to its lack of popularity. Whole life insurance has become more obsolete with every passing year due to its high cost factor. Many companies have dropped it from their product line altogether.
Banner Life Issues Many Policies Without Requiring a Medical Examination
Banner also offers life insurance with no medical exam, and their new, well-designed, and
well priced non-med plan designs are some of your best choices.
In addition, Banner Life has introduced its new “APPcelerate” process that speeds up the application process.
In many cases, applicants no longer need to undergo medical examinations, such as blood tests or the submission of medical records. They can now complete their application with a simple phone call to an independent agent. It doesn’t get any easier than that!
Their no-medical-exam policies are the same as the fully underwritten versions, with the exception of skipping the physical examination. Traditionally, non-med plan designs always cost more, but this is not the case with the new Banner Life plan designs.
Banner Life Insurance approval times have been drastically reduced thanks to the Appcelerate system, which all applicants can appreciate, especially if they need the coverage to be approved by a court order, such as for a divorce requirement.
If you fail to qualify for the Non-Med version, you can apply for the fully underwritten product. When someone applies for a banner life policy, the company primarily looks for these primary concerns, which would be:
- Smoking and other forms of tobacco use
- Blood Pressure
- Family Health History (Parents)
- Current Cholesterol Levels
- Height & weight of the applicant
Swift Underwriting Approvals Are a Distinguishing Feature of This Carrier
Banner is an excellent carrier if you want to apply and get approved quickly.
Here is what is available and how it works:
1. Their OPTerm product is available for 10, 15, 20, and 30 years.
2. Applicants for this program must be between the ages of 20 and 50.
3. The Face Amount (death benefit) ranges from a minimum of $100,000 up to $500,000.
4. The rate classifications for this new system are Preferred Plus Non-Tobacco, Preferred Non-Tobacco, and Standard Plus Non-Tobacco rate classes.
5. The impressive turnaround times frequently mentioned in Banner Life insurance online reviews across the internet are a clear indication of the company’s superior management.
Banner Life Welcomes Individuals With Health Concerns?
Underwriting applicants with common health conditions and even more severe medical
conditions is a strong point with this insurer also. Banner is a company where many agents choose to protect their own families.
The most decisive point is how this carrier underwrites pre-existing medical conditions:
1. Anxiety
2. Depression
3. Asthma
4. Overweight situations
5. Sleep Apnea
6. Hypertension
7. High Cholesterol
8. Heart conditions
9. Skin Cancer
10. Parental health conditions
Banner Life Rates vs. Their Competitors
If you run our quoting system, you will see how this company typically always appears within the top five lowest rates of their competitors.
Let’s compare some sample term life insurance quotes for a 30-year-old male with a face amount of $500,000. We will use a 20-year term period in the Preferred-Non Tobacco classification as a common example.
1. Protective Life – $317.00
2. Banner Life – $319.00
3. SBLI – $319.00
4. Mutual of Omaha – $332.00
5. North American – $335.00
6. Principal National – $338.00
7. Transamerica – $340.00
8. AXA Equitable – $355.00
9. Assurity – $365.00
10. Voya – $370.00
11. Lincoln Financial – $400.00
12. Prudential – $450.00
13. Sagicor – $472.00
14. Foresters – $475.00
*Banner Life Insurance term policies are by far their number one product line. Don’t forget to get a Banner Life quote while you are here.
Valuable Riders Can Also Be Attached to Banner Life Policies
1. Waiver of Premium Riders:
Essentially, you strive for the peace of mind that comes from knowing your family will be taken care of financially if you are disabled, which your life insurance policy provides.
Individuals with this carrier will not be required to pay premiums during their period of total disability. Proof of disability must be provided to activate the waiver. This rider is particularly useful for those with costlier, high-risk life insurance policies.
2. Policy Conversion Rights:
You have the flexibility to switch from a Term Life Insurance contract to a Universal Life permanent insurance plan through the conversion option. The major advantage of conversion opportunities is their effective use.
Your current underwriting class will be maintained as part of the new Universal Life policy, even if a significant health improvement or decline occurs.
Conversion requests can be made at your convenience. However, they must be submitted within the guaranteed premium period, which lasts until age 70. Policies issued after age 66 can be converted within the first five years.
3. Flexible Payment Schedule:
Policy premiums can be paid Annually, Semi-annually, Quarterly or Monthly. Premiums are usually calculated on an annual payment basis. However, your total premium will increase slightly if you prefer to pay premiums within one of the other billing periods.
4. Term Riders:
Banner Life Insurance riders can be added to create a custom design with the best policy for your specific needs.
A process known as “laddering” life insurance coverage is a great way to get the right amount of protection for the correct period. For example, using a Term Rider offers additional temporary coverage for a shorter-term period than the base policy provides.
Using a Term Rider is a cost-effective way to protect yourself from being over or under-insured. Significantly, as your financial liabilities change over time, so do your assets. Here is an excellent example of how the term rider is used.
You can start with a 30-year Term life plan design. Then add 20-year riders to cover your mortgage payoff amount. Another option is to have 10-year riders to cover the expense of a dependent’s education. Banner Term Life Insurance is their number one product line.
5. Accelerated Death Benefit Riders:
If you are given a terminal illness diagnosis, this provision ensures that the death benefit is paid out prior to your passing.
The accelerated death benefit payout is determined by the lesser of $500,00 or 75% of the policy’s primary death benefit.
The accelerated death benefit is considered a debt that accumulates interest. Consequently, the insured’s death benefits will be reduced by the entire amount of the accelerated death benefit debt.
The death benefit can be utilized to cover income loss caused by illness. Moreover, Banner Life customer service is most commendable.
6. Children’s Riders:
The Children’s Life Insurance Endorsement pays out a death benefit for children in a family. A rider can insure all qualifying children until their youngest child reaches 25 years of age, or until the insured turns 65, or when the policy is canceled.
Rider cost is always level (does not increase) for all years. Riders are an optional feature that can only be included when applying for the primary insurance policy.
Banner Life Is an Excellent Carrier for Marijuana Users
The company policy at Banner is very liberal, to say the least, towards marijuana use.
If you enjoy smoking marijuana, this carrier will work like a charm for you. They offer Non-Smoker rates for
occasional smokers. Marijuana use in the United States is widespread today, and Banner Life will be an excellent choice.
They will be one of your best choices for marijuana use, regardless of your state.
The life insurance industry has adopted a more lenient stance towards marijuana use, allowing individuals in both legal and illegal marijuana states to secure coverage.
Many pot smokers will not have to pay smoker rates with Banner Life. Remember that smoker rates can easily be 200% more than your annual premiums.
How Does This Carrier Pay Claims?
The most important test of any life insurance company is how they pay claims.
An insurance agent’s worst fear would be a client contacting them about an unpaid or delayed payment of a claim. This would be a source of great embarrassment and could damage the agent’s professional image and his agency. Banner Life Insurance’s costs are always very competitive, but that is just a starting point when choosing an insurer.
Customer service is equally important and their claims department makes sure to process the claim of a deceased client quickly and efficiently. This especially holds true when grieving family members are trying to sort out outstanding debts and get them paid as quickly as possible.
How to Find Out Which Carrier Has the Best Life Insurance Rates
You may compare Banner’s premiums side-by-side on our quote engine to the right of this post or by using our instant life insurance quoting system.
From there you can compare approximately 40 of the most competitive companies and their rates and plan designs.
As mentioned earlier in this article, Banner is merely one of the numerous superior options for life insurance. Take your time and contact us if you have any questions and we will be happy to help answer all your questions and concerns.
We are here seven days a week to help you, you can also use our live chat system at the bottom of our website.
If you’re dealing with any medical conditions, please take a few minutes to complete our prescreen form and we will provide you with an accurate quote before you proceed with the application process. This will help us choose the correct carrier and calculate what your expected health classification will be.
Banner’s Financial Strength
Probably the most important factor to consider is the financial strength of the life insurance carrier that you are contemplating applying with.
No one can predict the future, but a carrier’s current strong financial rating projects an insurer’s ability to pay claims down the road.
The greatest nightmare a beneficiary could have is filing a death claim for their loved one only to find out the life insurance carrier in question is having financial problems that could delay paying a death benefit.
Banner Life has always maintained strong financial strength and has one of the lowest NAIC Complaint Index scores.
Banner Life has a financial strength rating of A+ from the A.M. Best reporting agency.
Summing It All Up
As you can see with this banner life insurance review, this carrier could definitely be a great choice for anyone shopping for life insurance.
We partner with more than 40 financially secure and competitive life insurance companies. This article focuses on Banner Life as just one of the many excellent companies we represent.
Earlier in this article, I pointed out that no insurer can excel in every area. However, Banner stands out as one of our go-to choices. Consequently, we collaborate with many life insurance companies to cater to each applicant’s unique requirements.
All the best,
Jack Venturi
Should you have any questions or need further assistance, please don’t hesitate to call us at 708-334-6226 for a prompt response.
