The most common question we hear is “what company has the lowest term life insurance rates”? Our usual response is Banner Life!When shopping the life insurance market. We look for the lowest rates, the best customer service, and an A+ financial rating. That is when we turn to Banner Life.Click To Tweet
Out of the over 40 top rated carriers we partner with. Why does Banner Life stand out from the rest of the pack?
Banner Life is definitely no secret in the life insurance industry, in fact they are somewhat of a household word. When other life insurance companies are considered, they are usually going to be compared with Banner as the industry standard. Here are Banner Life’s top 10 accomplishments along with their parent company Legal & General.
- Banner has over $8 billion dollars in assets
- They have issued more than $55 Billion of new coverage last year alone
- The company financial strength rating is A+ with the A.M. Best reporting agency
- Banner Life has almost 1,140,000 U.S. Customers
- Their new coverage in force ranks 5th in the United States
- Their net income is over $155,000,000 per year
- Legal & General has over 10,000,000 customers worldwide
- Legal & General Group has $658 Billion of life insurance coverage in force
- Banner has over $7.5 Billion dollars in assets
- Legal & General is the 6th largest life insurance company in the world
Banner insurance is no stranger to the insurance industry, try 180 years in business on for size
This excellent company is not as well known as Prudential, MetLife, New York Life, John Hancock and a few others. Banner is under the wing of its parent company Legal & General which was formed by a highly respected group of lawyers in London England. Years later Legal & General purchased the Government Employees Life Insurance Company. The name was then formally changed to the Banner Life Insurance Company. They now have offices in France, Germany, Great Britain, India, and the United States just to mention a few.
Banner’s rate comparisons
Here is an example of Banner’s rates compared to their major competitors. Keep one concept in mind, Banner life insurance rates are not always the lowest. There is no such thing as a carrier that has the lowest rates for everyone all the time. But they do have some of the lowest rates most of the time or they will be very close. These rates shown below will be for a 35 year old male with a face amount of $500,000 for twenty years in a preferred non-tobacco rate class.
- Banner Life – $314.88
- John Hancock – $315.50
- Lincoln Financial – $316.50
- Principal National – $318.00
- AIG (American General) – $318.45
- Protective Life – $318.70
- AXA Equitable – $320.00
- SBLI – $332.15
- American National – $335.00
- Mutual of Omaha – $347.50
- North American – $350.00
- Nationwide – $365.00
- Foresters – $370.00
- Fidelity Life – $390.00
- Transamerica – $420.00
- Prudential $470.00
Activate our websites quoting tool to see for yourself who has the most competitive rates
The up to date rates you will see on our quote engine will reflect over 40 of the top life insurance carriers in the nation. You will notice that if Banner is not have THE lowest rate, they will still be in the top 3 or 4 companies. Even if Banner Life does not have the lowest rates. Their final premium after the medical underwriting process is complete, will usually be the lowest. Always keep in mind that projected rates can change during the application process due to a dangerous occupation or a hazardous sport or hobby.
Health conditions play an important role in your application
Banner Life is a good choice for applicants that have simple health conditions or even serious medical conditions. This is what make them such a good company to utilize. Here are some of the conditions that makes them very good to work with:
- Overweight situations
- Sleep Apnea
- High Cholesterol
- Heart conditions
- Skin Cancer
Banner Life offers three main types of life insurance
- Term Life
- Universal Life
- Final Expense (aka Burial Insurance)
Banner’s Term policies offer excellent special features such as
Waiver of Premium – This important benefit will give you the peace of mind knowing that if you were ever to suffer from a serious illness or injury and become totally disabled. Your policy will stay active and not lapse if you cannot afford to pay the premium. The sickness or injury has to be the minimum of six months long.
Policy Conversion Rights – This conversion option allows you to convert your term policy into a universal life policy. This works out great if you decide that your going to continue to need life insurance after your term policy would terminate. On top of that, if you health history changes, you would be exempt from any changes in health classifications.
Accelerated Death Benefits – If an individual is diagnosed with a terminal illness, this excellent benefit is triggered. The death benefit can be payed out prior to the insured’s death. The maximum accelerated benefit will be the lesser of $500,00 or 75% of the face amount. Upon the death of the insured, the policy will pay out the remaining total of the face amount less the accelerated death benefits initial payout.
Children’s Riders – A children’s rider will provide a death benefit of one or more children up to the child’s 25th birthday. This coverage will stay in force to up to the insured’s 65th birthday or else if the policy lapses. This option is available on the OP Term plan design which is Banner’s most popular policy.
What is Term Life Insurance?
Term life offers the greatest amount of coverage for the lowest possible premium. This is by far the best solution for people with temporary needs for coverage. It is also a great option for people who are on a limited budget and cannot afford to spend any more that they have to.
The word “Term” means a specific period of time that the insurance will remain in force. Banner offers term policies from one year annual policies to a maximum period of 40 years. The 20 year term policy is the most common plan design most consumers purchase.
What is Universal Life Insurance?
Universal life insurance is a permanent life insurance plan design that will remain in force for the rest of you life. It is the most versatile form of coverage available. Unlike the popular term plan design, Universal life has no time limits as long as you keep paying the premiums. You can even vary the amount of premium dollars you spend every year as long as you pay at least the minimum premium.
Universal life was the plan design that for all practical purposes made the very expensive Whole life plan design obsolete. Many people will purchase 2 policies at one time. Term for the most financially volatile years in your life and Universal life to remain in force for the rest of your life long after the term drops off.
What is Final Expense coverage?
Final expense insurance offers an easy way to cover your final expenses such as funeral costs and medical bills that your family would have to endure.
- You have guaranteed acceptance when you apply for final expense policies.
- There is never a medical exam
- Your Banner Life premiums will never go up
- Your policy will build up a cash value as you pay your premiums
- Coverage will continue for the rest of your life
There you have it
Is Banner Life going to be the company of choice for you? There is a very good chance it will be according to our statistics. Run an instant quote and see for yourself how Banner Life stacks up to their competition. We are independent insurance agents that shop the life insurance market everyday. We are constantly impressed the way the Banner life insurance company takes good care of our clients. Call us 7 days a week with any questions you may have. We are alway at our desks ready and available to help you.
All the best,