The post Banner Life Insurance Review by Janet Hunt, Insurance Agent appeared first on Benzinga. Visit Benzinga to get more great content like this.
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If you’re looking for an affordable life insurance policy, you probably have experienced some frustration. After all, every life insurance company claims that it offers low rates, but once you get into the process, you discover that the premiums are higher than you expected. Benzinga reviewed Banner Life Insurance, and below, you will learn that this insurance company just may deliver what it promises.
| Minimum Coverage | $100,000 |
| Maximum Coverage | Not disclosed |
| Eligible Ages | 18- to 95-years-old Options may vary depending on age |
| Term Lengths | 10, 15, 20, 25, 30, 35 and 40 year options |
| # of Rider Options | 5 |
Banner Life Insurance recommends term life insurance to the vast majority of its clients. Term life insurance policies are available in 10-, 15-, 20-, 25-, 30-, 35- and 40-year increments. Longer-term insurance policies are more expensive than short-term ones.
Longer-term policies, such as a 40-year term life insurance policy, offer continuous coverage regardless of your health. You must requalify based on your health information when the 10-year period expires.
As long as the premiums are paid, individuals up to the age of 95 can acquire term life insurance from Banner Life.
Banner Life Insurance Company offers universal life insurance as its whole life insurance offering. It is the company’s only type of whole life insurance. A universal life insurance policy is one that includes a cash value component that allows you to access assets and make investment selections.
Premiums are flexible, meaning you can adjust your payments when your financial situation changes. Furthermore, universal life insurance plans are valid for the duration of the policyholder’s premium payments.
Each type of universal life insurance policy’s numerous savings components are summarized below:
- Traditional universal life insurance: Your investment’s cash value grows at a fixed rate.
- Variable universal life insurance: The policy’s cash value can be invested in equities. Earnings are affected by market conditions.
- Indexed universal life insurance: This sort of coverage allows you to invest in the stock market while simultaneously offering some market volatility protection.
Banner Life Insurance Company offers universal life insurance with variable coverage and a fixed rate of interest. You may obtain a quote for universal life insurance by contacting a licensed Banner Life Insurance representative.
Riders for Term Life Insurance
Banner allows you to personalize your term life insurance policy by adding coverage through policy riders.
- Rider for children’s life insurance: Safeguarding your children.
- Rider for accelerated death benefit: If you are diagnosed with a terminal disease, you may receive an advance payment for a portion of your benefits if you meet eligibility requirements.
- Stacking term rider: You can extend the duration of your insurance. For example, if you need extra funds for things like college tuition for your children, you can extend the duration of your term life insurance policy by 20 years by adding a rider.
- Critical illness insurance: Pays a cash benefit to assist with the costs associated with critical illnesses such as heart attacks or cancer treatment.
- Accidental death and dismemberment insurance: Compensates for unintentional death or dismemberment.
- Premium rider waiver: For an additional price, you can add a premium rider waiver. If you become handicapped, your premium payments will be suspended for a period of up to six months.
- Final expense insurance: In addition to its other life insurance products, Banner provides final expense insurance for members aged 50 to 80. Banner Final Expense insurance guarantees acceptance regardless of health ensuring that the cost of your insurance will not rise in the event of a health problem.
Policyholders can receive assistance and support directly from the company. You can call 800-638-8428 to get in touch with the customer support staff if you need help or have any questions. Check your policy paperwork or the Banner website for the most up-to-date information on its customer service schedule as the operating hours may vary.
While a phone call is the best way to contact Banner, you can also try other methods. You can submit a request using Banner’s contact form on its website or contact a third-party company such as GetHuman to contact Banner for you.
To ensure that policyholders get the help they need, the company strives to respond to questions and issues in a timely manner.
| BBB Rating | A+ |
| AM Best Rating | A+ (Superior) |
| NAIC Yearly Complaint Index | 0.09 |
| Standard & Poor’s Rating | AA- (Very Strong) |
Your provider will be able to determine the exact monthly cost of your life insurance. Age, health and lifestyle are a few variables that might affect your rates. You can get a quote directly from Banner’s website to meet your needs.
Here’s a general idea of how much term life costs with Banner.
For Females
| Coverage Amount | Coverage Period | Age | Cost |
| $1 million | 20 years | 35 years old | $48 per month |
| $1 million | 20 years | 45 years old | $104 per month |
| $1 million | 20 years | 55 years old | $240 per month |
| $1 million | 20 years | 65 years old | $755 per month |
For Males
| Coverage Amount | Coverage Period | Age | Cost |
| $1 million | 20 years | 35 years old | $63 per month |
| $1 million | 20 years | 45 years old | $136 per month |
| $1 million | 20 years | 55 years old | $341 per month |
| $1 million | 20 years | 65 years old | $1,129 per month |
To apply for life insurance with Banner, submit your personal information on the Banner Life Insurance website to apply for a life insurance policy. Term life insurance policies are the only ones that offer this feature.
You will need to call an insurance agent in order to get a universal life insurance quote. Once you’ve obtained a term life insurance quote, you may enter your contact information and an authorized life insurance agent will get in touch with you to confirm your policy purchase.
Depending on your answers to health questions, you may be required to take a medical exam after submitting your application. The exam is scheduled and paid for by the insurance company.
Expect the checkup to last about 30 minutes and include common procedures such as urine and blood sample checks, height and weight measurements, blood pressure and pulse rate checks and possibly an ECG (EKG).
Banner Life Insurance vs. Competitors
Banner Life Insurance Company stands out from the crowd with high-quality life insurance policies. You should have a look at the company’s life insurance policy offerings, which include different life insurance riders and coverage in 49 states, as well as its financial strength ratings.
Banner Life Insurance Company is a subsidiary company of Legal & General America. Banner Life Insurance provides its life insurance products in all U.S. states except for New York (William Penn Life Insurance Company is the subsidiary of Legal & General offering life insurance in New York). Legal & General Group acquired Government Employees Life Insurance Company (GELICO) in 1981 and in 1982, GELICO became known as Banner Life Insurance Company.
The financial strength ratings of Legal & General, Banner Life Insurance’s parent company, are excellent with an “A+” Superior rating from A.M. Best, “AA-” Very Strong rating from Fitch Ratings & S&P, and a 95 out of 100 COMDEX score (a composite of all the financial strength ratings combined).
Best For
- Options for term life insurance and universal life insurance
- Older adults up to age 95
- Excellent financial strength ratings
- Low NAIC complaint ratio
- Fast claims processing
- Term life insurance options from 10 to 40 years
- Most policies require a medical exam
- No online quoting for universal life insurance
Bestow offers 2 kinds of life insurance policies: 20-year level term policy or a 10-year level term policy.
Through its policies, you may qualify for up to $1 million in term life insurance. That may seem like a sizeable sum, but if you have a spouse and children, you have to consider the cost of things beyond your mortgage, such as daycare and eventually college, as well as the loss of wages over time.
Bestow uses its proprietary technology to underwrite your insurance policy, so the application process is much faster than with traditional life insurance companies. They’re also backed by Munich Re and North American Company for Life and Health Insurance, 2 A+ rated insurance companies.
Best For
- People who are looking for short-term life insurance
- Individuals who don’t want to go through the hassle of having a medical exam or blood work done to get coverage
- Plans start at just $8/month
- Decent coverage options if you need insurance quickly and without hassle
- Offers 2 types of plans; does not offer whole or universal life insurance policies
- The 10- and 20-year plans not available to users under 21 or older than 55
Northwestern Mutual offers a variety of life insurance policies that are suitable for a wide range of people. Policies are available in all 50 states, although some policies and riders may not be available in every state. The company has strong financial strength ratings and an above-average rating when it comes to consumer complaints.
To get a quote from Northwestern Mutual, you have to talk to one of its agents. However, you can browse information on its website and use the coverage calculator tool to estimate how much life insurance coverage is recommended for your family.
Best For
- Affordable term life insurance that can be converted to a permanent life insurance policy later
- Adding riders to a life insurance policy
- Strong financial strength ratings and a low number of consumer complaints
- Several types of life insurance policies available
- Offers other financial planning, insurance and investment products and services
- Lack of clarity about the product offerings on Northwestern Mutual’s website
- Can’t get a quote or apply directly for a policy online
Fabric offers term life insurance, free digital will creation and other tools to help you better your family’s financial life. They’re the one stop shop for young families looking for financial security.
Fabric offers 10, 15, 20, 25 and 30 year term options and coverage ranging from $100,000 to $5 million.
Fabric offers highly reviewed online customer service through its app and website and has the highest TrustPilot rating in its class.
Best For
- No exam required for most
- Those who want to avoid the hassle of insurance salesmen
- New or expecting parents looking for a broader suite of financial tools
- Affordable premiums
- Free digital will creation
- Free app with helpful tools for parents
- Apply and see your rate in less than 10 minutes
- No term life coverage in New York or Montana
- Can’t increase coverage after purchasing
Policygenius is a great option if you want to compare cheap life insurance companies and apply for a policy all in one place.
The service could save you up to 40% with its comparison of top-rated carriers. And because Policygenius is a marketplace, not an insurance company, you can trust that you’re getting unbiased life insurance advice from their licensed experts.
Use Policygenius’ free cost calculator to help you figure out the amount of coverage you need. There are also good educational tools if you want to buy a policy on your own.
Policygenius can also help you find the best provider to build an online will and plan your estate, rounding out their life insurance resources.
Best For
- Comparing policies side-by-side
- Multiple coverage options
- Comparison of multiple policies
- Unbiased advice from licensed insurance experts
- Free cost calculator
- Quotes from all providers not always available
Banner Life Insurance is one of the world’s largest insurers with a low customer complaint index. It also offers more term life insurance alternatives than many of its competitors and covers people up to age 95.
Overall, Banner Life Insurance is a great alternative for life insurance. To discover the best deal in life insurance coverage, shop about and compare choices.
Banner Life Insurance: Additional Options
Aside from life insurance, Banner offers retirement annuities to help seniors create stable income. Banner Life Insurance Company offers the following annuities.
Life annuity: Lifelong payouts. A person’s life ends all payments.
Life annuity with cash refund or installment refund: Periodic payments during the annuitant’s lifetime are guaranteed. The guaranteed minimum lifetime benefit payment is decreased upon death. Any remaining guaranteed benefit is paid in one lump sum or in installments.
Annuity with period certain: Annuitant receives periodic payments until death or the end of a certain period, such as ten years. If the policyholder dies before the guaranteed payment period ends, the remaining payments go to the beneficiary(ies).
Temporary life annuity: Annuity payments are made until the annuitant dies or until the chosen temporary period expires.
Period certain annuity: Periodic payments are made to the annuitant for a specified term. Any remaining periodic payments go to the beneficiary if the annuitant dies early.
Joint & survivor annuity: Annuitant names a contingent annuitant when retiring. Annuitants and contingent annuitants receive periodic payments. The annuitant chooses the amount of each periodic payment at retirement. This could be 50%, 75%, or 100% of the annuitant’s monthly payout.
Joint & survivor annuity with cash installment refund: When retiring, the annuitant names a contingent annuitant. Annuitants and contingent annuitants receive periodic payments. The annuitant chooses the amount of each periodic payment at retirement. This could be 50%, 75%, or 100% of the annuitant’s periodic benefit.
A total payment guarantee is also required. The annuitant’s and contingent annuitant’s lifetime benefit payments are deducted from the guaranteed minimum total payment amount. Any remaining guaranteed benefit is paid in one lump sum or in installments.
Joint and survivor annuity: A contingent annuity is named by the annuitant. Annuitants and contingent annuitants receive periodic payments. The annuitant chooses the amount of each periodic payment at retirement. This could be 50%, 75%, or 100% of the annuitant’s monthly payout.
Frequently Asked Questions
Who owns Banner Life Insurance?
Banner Life Insurance is owned by Legal & General America, which is a leading provider of life insurance, annuities and other financial protection products.
How long has Banner Life Insurance been in business?
Banner Life Insurance has been providing financial services to customers for over 70 years. With seven decades of experience, this company has strong ratings.
Does Banner Life require medical exams?
Approximately 50% of Banner Life’s applicants do not require a medical exam. If you are between the ages of 20 and 50, you may not be required to take one.
Sources
- Legal & General. Legal & General About Us Financial Strength.”
- NAIC. “National Association of Insurance Commissioners (NAIC) Banner Life Ins Co.”
- Legal & General. “How to get life insurance: From application to approval.”
The post Banner Life Insurance Review by Janet Hunt, Insurance Agent appeared first on Benzinga. Visit Benzinga to get more great content like this.
