Banner Life Insurance Review

Having good solid life insurance coverage can be an integral part of your overall financial planning process. One reason for this is because life insurance policy proceeds can be used to ensure that loved ones and survivors won’t have to face financial hardship in the event of the unexpected.

These funds may be utilized for any number of items, including the payoff of debt, the payment of the insured’s funeral and other final expenses, and to ensure that ongoing living expenses will continue to be paid.

When choosing life insurance coverage, it is important to make sure that you are moving forward with the right type and amount of protection, and that the insurer you are considering buying the coverage through is secure and stable financially – and that it has a positive reputation for paying out its policyholder claims. One insurance provider that fits these criteria is Banner Life. 

The History of Banner Life Insurance Company

banner lifeThrough its parent company Legal and General America, Banner Life Insurance underwrites life insurance coverage in 49 of the U.S. states (all except for New York), as well as in the District of Columbia. Independent insurance agents offer the insurance products of Banner Life. (William Penn Life Insurance Company – another Legal and General subsidiary – offers life insurance products in the state of New York).

Initially founded back in 1836 in London, Legal and General Group Plc has operations in North America, Asia, and Europe. This company is the 7th largest insurance company in the world, as measured by its assets under management – which was $1.1 trillion as of year-end 2016. The company has more than 10 million customers around the world.

In 1949, the Government Employees Life Insurance Company, or GELICO, was formed. This is the entity that would eventually become Banner Life Insurance Company. GELICO was acquired by Legal and General Group Plc in 1981, as a wholly owned subsidiary, and in 1983, the GELICO name was changed to Banner Life. As of 2011, the marketing identities were simplified and Legal and General America became part of the overall brand strategy.

Banner Life Insurance Review

Legal and General is one of the world’s largest insurance and investment management groups. The company offers a wide array of products, including life insurance, investments, pensions, and general insurance plans.

One area where Banner Life Insurance Company seems to shine is in its no medical exam and table rated coverage for people who have various health conditions. For example, someone who has diabetes or other health issues may still be able to secure life insurance coverage through Banner Life – and depending on their age and health at the time of application, they could even purchase coverage of up to $1 million.

As of year-end 2016, Legal and General has nearly $4 billion in total assets and approximately $678 billion of life insurance in force. The company has also been recognized as being the 2016 Life Insurance Provider of the Year at the Financial Advisor Life and Pensions Awards.

Insurer Grade and Better Business Bureau Grade

The capitalization level of an insurance company is particularly meaningful, as it will measure the company’s solvency. This assesses the degree of the insurer’s assets that are available to pay certain future liabilities, such as current and future policyholder proceeds. On this basis, Legal and General is quite high. Likewise, the pure capital ratio measures the “cushion” a company has against a decline in the value of its assets. The total capital ratio of Legal and General was 27% in 2016, more than double the industry average.

Legal and General is incredibly robust and stable financially, and because of that, it has attained high ratings from the insurer rating agencies, including:

  • AA- (Very Strong) from S&P
  • A+ (Superior) from A.M. Best Company
  • AA- (Very Strong) from Fitch Ratings

The company has also achieved a COMDEX score of 94.

Although Banner Life Insurance Company is not an accredited business via the Better Business Bureau, it has been given a grade of A+ by the BBB. This is on an overall grade scale of A+ to F. also, over the past three years, Banner Life Insurance Company has closed out eight customer complaints – of which three were closed out over the previous year. Of these eight total complaints, six were related to issues with the company’s products and services. The other two customer complaints were regarding billing and collection issues.

Life Insurance Products Offered By Banner Life

Legal and General America is ranked as a top ten provider of term life insurance in the United States, issuing more than $48 billion of new coverage in 2016 alone. With a term life insurance policy, there is death benefit only protection – and no cash value or savings component in the policy. Because of this, term life insurance can be an affordable way to secure a significant amount of necessary coverage – and, the term life insurance policies that are offered by Legal and General / Banner Life Insurance Company can be converted over into permanent insurance protection by the insured.

The term plans provided via Banner Life/Legal and General offer a variety of different policy lengths including ten years, 15 years, 20 years, 25 years, and even 30 years. This can be beneficial in helping clients to secure the right coverage for their needs.

Term life insurance through Banner Life can be a viable option for those who have a mortgage or other types of debt balances. It is also ideal for young adults with kids to send to college in the future, and for seniors who want to ensure that their spouse has enough retirement income to last them for the remainder of their lifetime.

Banner Life/Legal and General also offers permanent life insurance protection. This is the company’s Life Step UL universal life insurance option. The Life Step UL is a flexible premium policy that provides lifetime guaranteed coverage with necessities for guaranteed cash values.

This flexibility in premium allows the policy holder to choose a lesser amount of premium that can guarantee coverage for a reduced duration such as coverage to the insured’s age 100. These policies also allow the policy holder to accumulate cash value on a tax-deferred basis over time.

This means that as the cash in the policy’s cash value component grows, there will be no tax due on the gain, unless or until the money is withdrawn. These funds can be either withdrawn or borrowed by the policy holder for any reason, including the payoff of higher interest debt, the supplementing of retirement income, or even to take an excellent, long-awaited vacation.

For those who are seeking long-term life insurance coverage, the Life Step UL plan from Banner Life may fit well. Here a policy holder can get the option to pay a level premium to guarantee the coverage for his or her entire life. Paying this premium ensures that the policy will remain in force, notwithstanding what occurs in the market, or even in the economy overall.

This policy also offers an alternative short pay guarantee. This flexible premium allows the policy holder to plan a premium payment over the number of years that he or she chooses. For instance, they may wish to only pay enough premium over a ten or a fifteen-year period to guarantee lifetime coverage or to complete the premium payments before they retire.

The short pay option allows an individual to do this by merging the premium payments that are required for a lifetime guarantee over a reduced period. The premium payments will stop after the payment period has ended – even though the insured will continue to keep coverage for the rest of his or her lifetime.

Products Geared for Seniors and No Medical Exam

Legal and General, through Banner Life Insurance Company, offers no medical exam life insurance coverage. With these policies, as the name implies, it is not required that the life insurance policy applicant undergo a medical examination to qualify for coverage. This can help someone who may have certain health issues to get the life insurance protection still that they need.

Using the company’s APPcelerate, an applicant for life insurance coverage may be able to qualify for a policy that has coverage of between $100,000 and $500,000 with no attending physician statement or medical exam. These plans are open to applicants who are between the ages of 20 and 50, and in some cases, a telephone interview may be the only underwriting factor to go through.

The cost of these – and any of the – life insurance policies that are offered through Banner Life Insurance Company will vary, based on many key factors, such as:

  • Type of policy (term or permanent)
  • Amount of policy proceeds
  • Applicant / insured age / birth date
  • Applicant / insured height, weight, and other health factors

Other Products and Services Offered By Banner Life Insurance

Today, people are living longer than ever before in history. But, while that can be positive in many ways, it also means that income must often last for a longer period. To help ensure that an individual or a couple will have a lifetime income, Banner Life/Legal and General offer retirement annuities.

These products can be a good option for those who are seniors, as – with the lifetime income option – income can be relied upon, regardless of the annuity holder’s age, health, and longevity.

The funds that accumulate inside of an annuity are not taxed until the time of withdrawal. Therefore, the tax-deferred nature of these products allows the money to grow and compound exponentially.

Legal and General also offers deferred pension advice for those who are preparing to retire. This can help with matching anticipated retirement expenses to income and then constructing a plan that can best fit each person’s specific needs and goals.

How to Get the Best Premium Rate on Life Insurance Coverage Through Banner Life

If you are in the process of seeking the best premium rate on life insurance coverage through Banner Life – or with any insurance carrier such as Fidelity Life Insurance Company – it is typically recommended that you work in conjunction with an independent life insurance agent who can show you options from numerous different insurers. In doing so, you can review the policies and the premium rates, and then decide which will be the best for you.

When you are ready to see the life insurance coverage – and the premium quotes – that you may be eligible for, we can help. We are an independent life insurance brokerage, and we work with many of the top life insurance carriers in the marketplace today. We can assist you with attaining all the essential details that you need before purchasing your coverage. We can do so for you very quickly and easily – all from your computer. When you are ready to get started, just simply fill out our quote form.

If you find that, after reviewing our website, you still have any additional questions about life insurance through Banner Life Insurance Company/Legal and General, then please feel free to reach out to us directly via phone. Our experts can be contacted toll-free by dialing 800-277-3098.

We understand just how confusing the purchase of life insurance may seem. There are many different variables that you can choose from, and you want to be sure that you are moving forward with the right life insurance carrier. But this process can be made much easier when you are working with an ally on your side. So, contact us today – we’re here to help.


Susan Wright holds a BA from Michigan State University and an MBA from St. Louis University. Having over 20 years of working experience in the insurance and financial services industry, she has trained more than 10,000 financial services representatives. Susan has had licenses in real estate, insurance, and NASD Securities, and she has earned nine industry professional designations, including CLU, ChFC, RHU, REBC, CSA, CLTC, CCFC, CSS, and ADPA. Read more about her on Google+

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