Banner Life is owned by Legal & General America, which has been in existence since 1836. With an A+ (Superior) AM Best financial strength rating, Banner is one of the best term life insurance companies that offer some of the lowest term rates in America today!.
Banner is known as William Penn Life in the State of New York, but with same life insurance rates and products.
You can buy up to $1,000,000 with Banner Life without a medical exam if your health is good and you meet the “no exam” criteria. Age and amount limits are below:
Issue Ages 20-40 Face Amounts $100,000 – $1,000,000
Issue Ages 41-45 Face Amounts $100,000 – $750,000
Issue Ages 46-50 Face Amounts $100,000 – $500,000
Banner Life May Require Insurance Exam
Compare quotes using our instant quoting tool on right hand side of this page to see that Banner’s term Preferred Plus rates to their Standard or Regular rates are almost always in the top 3 for most people in average or better health.
We place a lot of business with Banner Life and all of their major competitors, including American General/AIG, Cincinnati Life, Protective Life, Prudential, SBLI, American National, Mutual of Omaha, Principal Life, Lincoln National and the list goes on and on…
Banner Life has some of the best insurance underwriters in the business (shout out to Debbie P. and Becky S. – you gals are awesome!) and Banner Life always needs to be considered on every term insurance case.
Banner Not Competitive for Universal Life Policies
While Banner does offer Universal Life insurance, with their life step UL product providing lifetime coverage, their term life insurance product line is where they are most competitive.
Click here to email us if you have any questions about or if you need more information about Banner Life.
At same time we email you with the Banner Life quote, we’ll send you quotes for other insurance companies that may make you a better offer or provide better value.
Banner Life Insurance with preexisting conditions
Some areas where Banners underwriting really “shines”…
- Diabetes Life Insurance cases, later age onset type 1 or 2
- Some cancer cases
- All heart and cardiac related cases
- Anxiety and Depression
- Sleep Apnea
- Cholesterol and Blood Pressure with medication
- Family History of Cancer
- Cigarette Smokers
Banner Life also has an unusual table rating structure which bases ratings off of their Standard Plus rate class which gives them an advantage over most of the competition when it comes to underwriting tougher cases.
Banner Life is never going to make the best offer for every medical condition, so we’ve developed a system to ensure our clients get the absolute best rate possible every time.
Banner Life vs American General Life Insurance Company
The ongoing battle of term life supremacy between Banner Life and American General can be entertaining to watch.
Banner reduces rates and then so does American General. American General reduces their monthly modal factor so that their monthly rates show up a little lower than Banner’s. Banner adds a 25 year term plan to mimic American General.
American General started offering 35 year term and then Banner Life started offering 35 and 40 year term!
So which company’s better?
Whose Better, Banner Life or American General?
That depends on your health history and what is most important to you.
I’d say about 50% of the time Banner Life makes a better offer and 50% of the time American General makes a better offer.
Sometimes neither company makes best offer and a different company altogether may be best!
American General recently improved their conversion option, so if the actual offer that both companies make is close in cost and converting from term life to permanent insurance may be important to you, then you may want to choose American General.
Next week though, Banner may have a better conversion option in this never ending battle!
If You Want To Ladder Your Insurance
If you want to buy more than one policy at varying periods of time (i.e. one 20 year term and one 30 year term), then Banner Life will rarely be beat on price.
The reason Banner is usually best in this scenario is they will only charge their $60 policy fee on one of your policies.
All life insurance companies have a policy fee built into their rates. So most insurance companies will have their policy fee built into each policy you buy.
Banner Life waives their policy fee on your 2nd, 3rd or any additional policies you buy from them on your own life.
Banner Life is the only company that is doing this right now!
The Negative About Banner Life Term Policies
While Banner Life is a great company with some of the best insurance rates in the country, they are not the “perfect” term life insurance product.
They only allow you to convert term to their very expensive life step universal life product which is fairly over-priced compared to what other term carriers offer for conversion. This policy does offer a guaranteed cash value though, which some people may find appealing.
This expensive conversion could be an issue if you wanted to extend your life insurance later, but have developed more significant health issues which would preclude you from qualifying for new type of life insurance.
Lowest Term Rates Not Always Best
Banner only offers terminal illness living benefits, whereas other term carriers offer term insurance coverage with chronic and critical illness living benefits for only a slight additional cost.
If you request a quote, we’ll compare products offered by Banner Life and we’ll also show you the best rates with the chronic/critical living benefits and the best conversion option.
If the cost is close, you may want the peace of mind of getting the best living benefits and a better conversion option on your term life insurance coverage!
Bottom Line on Banner Life Insurance Company
They are one of the only companies offering 40 year level premium term right now.
If you want more than one life insurance policies at varying amounts or term lengths, Banner Life can rarely be beat on price.
If you have any preexisting conditions, get a quote from Banner Life, and remember they place table ratings on standard plus rates.
Banner Life Insurance Company should at least be considered by everyone seeking the most affordable life insurance and Banner can offer life insurance for diabetics at a great rate.
Is Banner Life Best for You?
Click Here to email us, call us at 1-800-380-3533 if you have any questions or need additional information or simply click on secure link above if you’d like an accurate quote from Banner Life to see what they’ll offer you.
At the same time we will review rates available to you from other companies that may make you a better offer/value than Banner and we’ll send you their quotes also.
If you’d like to check out all products offered by Banner Life or just want to compare all of the best life insurance products offered without speaking to an insurance agent, you can use the quoting tool to the right to see what all life insurance companies may offer you.