Banner Life Insurance Review

In this article...
  • With online quotes and easy onboarding, Banner Life Insurance offers no-fuss coverage. Learn the advantages of buying a plan from this top U.S. insurer.

Banner Life Insurance, which does business as Legal & General America, offers budget-friendly coverage solutions for individuals up to the age of 85. With strong financial ratings and an easy application process, the company may appeal to individuals who want a no-fuss approach to life insurance. Here's what you should know about Banner Life Insurance and its parent company.

About Banner Life Insurance

Banner Life Insurance underwrites and issues policies under the umbrella of Legal & General America, which provides financial protection solutions to more than 1.5 million Americans. The company is one of the top life insurers in the country, and it has about $6.8 billion in assets.

The Legal & General America family of companies is also dedicated to environmental sustainability. The organization, which actively works to reduce its environmental footprint, received the EPA’s Energy Star Certification for 7 consecutive years in honor of its contributions to protecting the environment. Legal & General America is also a charter member of the National Association of Independent Life Brokerage Agencies Charitable Foundation, and the company encourages its employees to give back to local communities through in-house fundraising efforts and community awards.

What Life Insurance Products Does Banner Life Insurance Offer?

Banner Life Insurance offers life insurance solutions to clients in 49 states and Washington, D.C. Its plans typically fall into two categories: term and universal.

Term Life Insurance Policies

Banner Life Insurance’s term life coverage is a budget-friendly option for individuals who need financial protection for a limited time period. These plans, which pay out a death benefit if the insured individual dies during the policy’s contractual term, may be ideal for families who have mortgage or tuition payments or who are raising minor children. Terms typically range between 10 and 40 years in 5-year increments.

Banner's term plans typically offer policyholders the option to renew coverage at the end of the contract or convert into a permanent policy with no additional underwriting. Policy amounts vary, and benefits may be customized through riders to suit a purchaser's additional coverage needs.

Universal Life Insurance Policies

Universal life insurance is a type of permanent policy that guarantees a death benefit payout as long as premiums are paid as contracted. These plans typically include a cash value component, which a policyholder may withdraw or borrow against. Coverage amounts vary, and premium payments can typically be adjusted to suit the policyholder’s changing financial needs.

Banner Life Insurance’s term and universal coverage can be customized by adding on one or more riders. Optional benefits may include:

  • Term riders: Term riders let policyholders stack term coverage so their beneficiaries are protected for a longer period of time than under the original contracted term alone.

  • A waiver of premium rider: Under this rider, if the policyholder becomes disabled or critically ill, premium payments are waived and coverage remains in force.

  • Children’s life insurance riders: These riders provide limited amounts of coverage for dependent children up to the age of 25.

  • Accelerated death riders: These living benefits are typically included in Banner’s term life policies. If a policyholder is diagnosed with a terminal illness, as defined in the contract, they may access a percentage of their death benefit before they die to help pay for medical expenses and other financial needs.

What Other Financial Products Are Available?

Banner Life Insurance primarily offers life insurance products. However, individuals and businesses may purchase several other financial products and advisory services through Legal & General America’s other divisions, such as:

  • Legal & General Retirement America: LGRA provides institutional pension risk-transfer solutions to corporate clients. LGRA's PRT solutions help companies lower the risk on their pension plans so they can offer their members greater financial security.

  • Banner Retirement Services: Clients can invest in annuities through Banner Retirement Services. These investment accounts provide investors with a steady income stream during retirement.

The Pros and Cons of Banner Life Insurance

It may be helpful for life insurance shoppers to understand the pros and cons of working with a particular provider before purchasing a policy. Banner Life Insurance has several advantages for potential customers. Notably, the company offers affordable term policies and coverage available to older Americans. Qualified individuals up to the age of 75 can purchase a term life plan, while universal life policies are available to individuals up to the age of 85. Banner Life Insurance also lets policyholders renew their term policies or convert them to permanent coverage. Quotes are available online.

However, one major downside to the company is its limited selection of policies. With only two main types of life insurance plans available, Banner Life Insurance doesn’t have the comprehensive selection of coverage that many large companies offer today. Additionally, Banner offers only a few riders, making it hard for policyholders to adequately customize coverage.

Banner Life Insurance Reviews: What People Are Saying

In online reviews, Banner Life Insurance customers regularly comment on the positive overall experience they’ve had doing business with the company. Many reviewers praise the firm’s easy application process and the overall affordability of its plans, although several consumers noted delays at key points in the underwriting process. Customers also seemed to appreciate the customer service representatives’ ability to answer any questions that arose.

Is a Banner Life Insurance Policy Right for You?

Policy shoppers looking for affordable coverage may want to get a quote from Banner Life Insurance. Although the company’s plan selection may be limited, its coverage options are often more budget friendly than those of its competitors. Plus, the company’s universal plans are available to individuals up to age 85, so a Banner life insurance policy may also be a good choice for healthy older Americans seeking permanent coverage.

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