We are often asked what life insurance company has the lowest rates. Our general response is the Banner Life Insurance Company, but keep in mind that no one specific company has the lowest rates 100% of the time. Banner Life is usually among the top three companies with the best rates. Rates vary due to people’s health history, age, occupation, height and weight, and tobacco use.
Also, as what kind of sports they are involved with and several other essential variables. This company usually comes through with the lowest rates over 90% of the time. I would easily rate them pound for pound, the most competitive life insurance company in America. This Banner Life insurance company review you read should answer most of your questions.
Table of Contents
- Why Is Banner Life So Popular With Life Insurance Agents?
- Who Is the Parent Company of Banner Life?
- Does Banner Life Offer No Medical Exam Policies?
- Does Banner Life Accept People With Medical Conditions?
- Does Banner Life Have Fast Underwriting Approval Times?
- What Kind of Optional Benefits Does Banner Offer?
- How Are Banner Life Rates Compared to Their Competitors?
- Compare Rates From Banner Life & Decide for Yourself
- Does Banner Life Have Good Rates for Marijuana Users?
- In Conclusion
Banner Life Is Not a Household Word Like Prudential
A large percentage of insurance agents choose Banner Life for their own family’s financial protection.
This excellent 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. Many of the best insurance companies in America are unknown to most people. But, this has no bearing on financial ratings, claims-paying abilities, or competitive rates.
There are many excellent companies in the United States, and we will take a close look at just one of them today in this Banner Life review.
Banner Life has some of the best life insurance rates in the industry. They also offer excellent no-medical exam life insurance plan designs. In addition, their term life insurance rates and plan designs are some of the most competitive in the business. Banner is also a company many insurance agents purchase for their life insurance.
Banner Life Receives Some of the Highest Recognition in the Business
Banner Life is a company we use often because they offer the best of both worlds. The main prerequisite we look for in a company is its competitive rates. Equally as important as the carrier’s financial stability. You may purchase life insurance today but may not trigger your benefits for many years. Therefore, you will want to ensure they will be financially sound when you use them.
A company’s current stability may not mean it will be stable many years into the future. You must choose a company with a solid projected financial future. Therefore, our quoting system will display Banner at the top of the best online life insurance quotes list. Due to their great rates, they bring in a large volume of new business annually. This is one of the ways they always continue to be growing and more financially sound. Therefore, anytime you read Banner Life reviews, you will see a much higher degree of positive reviews.
Banner Life’s parent company, Legal & General, was founded in 1836. Take a look at just some of the essential facts about Banner Life:
- Banner Life has almost 1,140,000 U.S. Customers.
- They issued more than $50 Billion of new coverage last year alone.
- Their unique 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 most prominent life insurance company globally.
- The company’s financial strength rating is A+ with the A.M. Best reporting agency.
Highly respected lawyers formed the Legal & General insurance company in 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
Due to Banner’s competitive rates, virtually all experienced independent agents are contracted with Banner Life.
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 the most popular plan designs 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 obsolete will every year. Many companies have dropped it from their product line completely.
No Medical Exam policies can work out very well, but you have to be in decent health to qualify to apply for them.
Banner is one of the many insurers offering life insurance with no medical exam, and their new, well-designed, and priced Non-Med plan designs are one of your best choices. In addition, banner Life has introduced its new APPcelerate process and 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 needed. It does not get any better than this!
Their No-Medical Exam policy is the same as the fully underwritten version. Traditionally Non-Med plan designs always cost more, but this is not the case with the new Banner life plan design.
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 or other forms of tobacco use
- Blood Pressure
- Family health history (parents)
- Current Cholesterol Levels
- Height & weight of the applicant
Banner Life would be excellent if you want to apply and get approved quickly.
Here is what is available and how it works:
- Their OPTerm product is available for 10, 15, 20, and 30 years.
- Applicants for this program must be between the ages of 20 and 50.
- 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.
You will find people are very impressed with their turn-around times when you read the Banner Life reviews all over the internet. It is a direct reflection of the excellent management the company has.
Banner Life is excellent in handling applicants with simple health conditions or even more severe medical conditions. This is Banner is such a fantastic company to work with.
The most decisive point is how this carrier underwrites pre-existing medical conditions:
- Overweight situations
- Sleep Apnea
- High Cholesterol
- Heart conditions
- Skin Cancer
- Parents health conditions
If you run our quoting system, you will see how this company normally always appears in the top five lowest rates.
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
Many beneficial low-cost riders are available to incorporate into their policies.
Waiver of Premium Riders:
Most of all, you want 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 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 allows you 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. You would retain your current underwriting class if a profound health change occurred.
Conversions can be requested at any time you wish. However, 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. However, your total premium will increase if you prefer to pay premiums with one of the other billing periods.
A process is 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 the Term Rider is cost-effective to protect yourself from being over or under-insured. Significantly as your financial liabilities change over time. 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 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:
Suppose 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. Therefore, upon the insured’s death, 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.
The Children’s Life Insurance Rider provides a death benefit for one or more children in the family. A single rider covers all 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 initial policy application.
With our modern life insurance instant quoting system, you can:
- Compare the best life insurance quotes from over 40 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.
Check out our list of other life insurance companies we work with and our top 12 companies blog post to see how many of these companies compare with Banner Life.
Banner is a very Marijuana friendly company with less stringent guidelines for users.
If you enjoy smoking marijuana, Banner Life will work like a charm for you. They off Non-Smoker rates for occasional smokers. Marijuana use in the United States is widespread today, and Banner Life will not miss the boat. They are one of your best choices for marijuana use, regardless of your state.
The life insurance market has become more liberal regarding smoking marijuana. Even if you live in a state where marijuana is illegal, you can still easily purchase life insurance. Many Pot smokers will not have to pay smoker rates with Banner Life. Remember that smoker rates can easily be over 200% more than your annual premiums.
We work with over 40 life insurance companies, which are very competitive and in excellent financial standing. This Banner Life insurance company review should help you learn more about just one of them.
As I mentioned earlier in this post, no one company is the best at everything, but Banner is on top of the list. Therefore, we use the various companies to work specific to every applicant based on how they would work.
All the best,
I hope you learned a lot from this Banner Life review. Suppose you have any questions about Banner Life or anything else insurance-related. Contact us today to help you with no cost or obligation. We are brokers and work for our clients, not the insurance companies. Our job is to help you get approved for the best policy for your needs with the lowest possible rates. You can also set up a time to talk to us at your convenience.