One of the most common questions that I hear is. “What life insurance company has the lowest rates? There is no one specific company that always has the lowest rates. But, Banner Life is usually one of the top three companies with the best rates hands down. This Banner Life insurance company review should answer almost all your questions.
Rates vary due to the variation in people’s health history, age, occupation, height and weight, and tobacco use. Also, what kind of sports they are involved with and several other very important variables.
This company will usually come through with the lowest rates about 90% of the time. I would easily rate them as pound for pound the most competitive life insurance company in America.
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Banner Life may not be a household word
This company does not have the big corporate name of Prudential or New York Life. But, that does not prevent them from being one of the key players in the industry.
There are many excellent companies doing business in the United States and we are going to take a close look at just one of them today in this article. This excellent A+ rated carrier is the Banner Life insurance Company.
Banner Life has some of the best life insurance rates in the industry. They also offer excellent no-medical exam life insurance plan designs. Their term life insurance rates and plan designs are some of the very best.
Banner Life deserves high recognition
Banner Life is a company we use quite often due to the fact they offer the best of both worlds. The main prerequisites we look for in a company is how competitive are their rates.
Equally as important as the carrier’s financial stability. You may purchase life insurance today, but your benefits may not be triggered for many years to come. You will want to make sure the company is still around years later.
How stable a company is right now may not mean it will be stable many years into the future. This is why you have to choose a company that has a strong projected financial future. Our quoting system will normally display Banner on the top of the list of the best online life insurance quotes.
Banner Life’s parent company Legal & General was founded in London in 1836. Take a look at just some of the important facts about Banner Life and the Legal & General Group of insurance companies:
- Banner Life has almost 1,140,000 U.S. Customers.
- They have issued more than $50 Billion of new coverage last year alone.
- Their new coverage in force ranks 5th in the United States.
- Banner has over $7 Billion in assets.
- Legal & General Group has $658 Billion of life insurance coverage in force.
- Their net income is over $150,000,000 per year.
- Legal & General has over 10,000,000 customers worldwide.
- Legal & General is the 6th largest life insurance company in the world.
- The company’s financial strength rating is A+ with the A.M. Best reporting agency.
The Legal & General insurance company was formed by a group of highly respected lawyers from London. As Legal & General grew, the company purchased the Government Employees Life Insurance Company in 1981.
Banner Life has over 75,000 independent insurance agents
The Banner Life Insurance Company’s product line is:
- Term Life Insurance
- Universal Life Insurance
Banner Life offers 10,15, 20, 25, 30, 35, and even 40-year term life insurance plan designs which are all renewable and convertible. Term products are by far the most popular plan designs available due to their affordable price tag.
Banner Life also 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 keep paying your premiums.
The Banner Life insurance company does not offer whole life insurance due to its lack of popularity. Whole Life has become more obsolete will every year. Many companies have dropped it from their product line completely.
Banner is one of the new kids on the block offering life insurance with no medical exam. Banner Life introduced its new APPcelerate process which is an automatically underwritten application process.
Applicants can now connect with an independent agent to complete a simple telephone application that requires no medical exam. This also means no blood tests or medical records are required.
The No-Medical Exam policy is the same as the fully underwritten version. Traditionally Non-Med plan designs always cost more but this not is the case with the new Banner life plan design.
If you fail to qualify for the Non-Med version you can simply apply for the fully underwritten product. When someone applies for a Banner Life policy the company primarily looks for these main concerns which would be:
- Smoking or other forms of tobacco use
- Blood Pressure
- Family health history (parents)
- Current Cholesterol Levels
- Height & Weight of the applicant
Approval times can usually range from several hours to 30 days
Here is what is available and how it works:
- Their OPTerm product is available with a term period of 10, 15, 20, and 30 years.
- Applicants for this program must be between the ages of 20 and 50 years of age.
- The Face Amount (death benefit) ranges from a minimum of $100,000 up to $500,000.
- The rate classification for this new system is Preferred Plus Non-Tobacco, Preferred Non-Tobacco, and Standard Plus Non-Tobacco rate classes.
Banner Life is great in the way they handle applicants that have simple health conditions or even more serious medical conditions. This is what makes them such a good company to utilize.
Some of the very strong points that Banner Life has is with how they underwrite pre-existing medical conditions such as:
- Overweight situations
- Sleep Apnea
- High Cholesterol
- Heart conditions
- Skin Cancer
- Parents health conditions
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.
- Protective Life – $317.00
- Banner Life – $319.00
- SBLI – $319.00
- Mutual of Omaha – $332.00
- North American – $335.00
- Principal National – $338.00
- Transamerica – $340.00
- AXA Equitable – $355.00
- Assurity – $365.00
- Voya – $370.00
- Lincoln Financial – $400.00
- Prudential – $450.00
- Sagicor – $472.00
- Foresters – $475.00
Waiver of Premium Riders
Most of all, you want to have peace of mind knowing that if you were to become disabled. Your family or business will remain protected by your life insurance policy.
Banner Life will waive all premiums that are due to be paid during the total disability period. They will need proof of disability to waive the premiums. This is a good rider for people with the more costly high-risk life insurance.
Policy Conversion Rights
The conversion option gives you the option to convert your Term policy for a Universal Life permanent type insurance policy. The best advantage of the conversion rights is that when utilized.
The new Universal Life policy will be issued at the same underwriting class as your existing term. If a serious change in your health should take place, you would retain your current underwriting class.
Conversions can be requested at any time you wish. It has to be within the duration of the guaranteed level premium period, up to age 70. Policies issued at age 66 or over are convertible during the first five years of the policy.
Flexible Payment Schedule
Policy premiums can be paid Annually, Semi-annually, Quarterly and Monthly. Premiums are usually calculated on an annual payment basis. If you prefer to pay premiums with one of the other billing periods, your total premium will increase.
A process referred to known as “laddering” life insurance coverage is a great way to get the right amount of protection for the correct period. Using a Term Rider offers additional temporary coverage for a period shorter-term period than what the base policy provides.
Using the Term Rider is a very cost-effective way to protect yourself from being over or under-insured. Especially as your financial liabilities change over time. Here is a good example of how the term rider is used.
You can start with a 30-year Term life plan design. Then add a 20-year rider to cover your mortgage payoff amount. Another option is to have a 10-year rider to cover the expense of a dependent’s education. Banner’s term life insurance is their number one product line.
Accelerated Death Benefit Rider
If you’re being diagnosed with a terminal illness. This rider will allow the death benefit can be paid before your death. This is based on you are facing a qualifying terminal illness.
The accelerated death benefit amount is based on the lesser of $500,000 or 75% of the policy’s primary death benefit.
The accelerated death benefit is treated as a lien, which accrues interest. Upon the death of the insured, the death benefits payable will be reduced by the total accelerated death benefit lien.
This will allow you to use the death benefit for such needs as lost income due to sickness. Also, the Banner Life insurance company’s customer service is excellent, to say the least.
The Children’s Life Insurance Rider provides a death benefit for one or more children in the family. A single rider covers all of the eligible children up to the youngest child’s 25th birthday.
Or the insured’s 65th birthday or upon the termination of the policy. The rider cost is level in all years. This rider can only be added on at the time of the initial policy application.
Compare rates from Banner Life and decide for yourself!
With our modern life insurance instant quoting system, you can:
- Compare the best life insurance quotes from over 40 of the most competitive companies in less than a minute.
- Check the A.M. Best ratings for each life insurance company.
- Review universal life, term & return of premium life insurance plan designs.
Make sure you check out our list of other life insurance companies we work with and also our top 12 companies blog post to see how many of these companies compare with Banner Life.
We work with over 40 different life insurance companies and they are all very competitive and in very good financial standing. This Banner Life insurance company review should help you learn more about just one of them.
Like I mentioned earlier in this post, no one company is the best at everything but Banner is close to it. We use the various companies based on how they would work for every applicant. If you have any questions about Banner Life or with any other company.
All the best,
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