Banner Life was originally affiliated with the GEICO insurance company in 1949. In the 1980s, however, parent company Legal and General acquired the company. Along with its sister company, William Penn, Banner Life has offered life insurance products for over 30 years. The company offers life insurance to 49 states and the District of Columbia. The only state where you can’t purchase a Banner Life policy is the state of New York, where William Penn issues policies. Banner Life might be a good choice if you’re looking for an insurance provider with a history of financial strength and good customer ratings.
No matter if you are healthy or have a medical condition, Banner Life offers better rates than some other insurers. Additionally, Banner Life Insurance also offers some flexibility to allow customers to select the features they want to pay for. Let’s take a closer look at the Banner Life Insurance Company and the products they offer.
Flexible Underwriting and Considerations
Banner Life offers life insurance with a variety of coverage options and premiums. With lower premium rates and flexible underwriting, the company competes very well against other national insurance companies. Banner’s underwriting process isn’t as strict as some other insurers regarding the factors that determine rates. Instead of heavily weighing a single issue like smoking or high blood pressure, the company says they consider a combination of health and lifestyle factors. The benefit for policyholders is they are more likely to receive favorable rates even if they have a circumstance that might increase their risk.
Banner Life will put you at a lower rate if you meet certain qualifications regardless of the other issues you may have. Considering situations such as being tobacco-free for 10 years, having parents who lived beyond the age of 75, having low cholesterol, or getting annual checkups, policyholders can qualify for lower rates.
Banner Life Insurance Products
While many insurance companies offer numerous products, Banner Life focuses on two types of life insurance policies. You can purchase a term life policy or a universal life plan. Banner’s term life insurance policies offer coverage from 10 to 40 years. Term life is the least expensive coverage. You can purchase a term life policy until the age of 75 and convert any policy to lifetime coverage until the age of 70. Coverage amounts for Banner’s term life policies range from $100,000 to $10 million.
Banner’s universal life insurance plan can offer permanent coverage as long as you continue to make monthly premium payments. The company offers policyholders the option of paying the same amount each year or paying more upfront for a certain period. The “short-pay” options give policyholders the chance to finish payments early and maintain lifetime coverage. You can purchase a universal life policy until the age of 85, and the policy will remain in effect until the age of 121. Coverage options start at a $50,000 death benefit payout that can be used to pay off debts, cover final expenses, or provide supplemental income for your family.
As discussed, Banner Life is consistently competitive with coverage considerations and premium rates. Even with a health issue or higher-risk lifestyle choice, you may still pay a lower rate than with other insurers. For a healthy 20-year-old, however, a $500,000 policy will pay an average monthly rate of $24. A person in their 60s would pay around $470 a month for the same policy. In both scenarios, the monthly premiums are below the industry average.
Banner Life insurance is known for good customer service ratings and lower premium rates than some other national insurers. If you are looking for a company that is more forgiving with coverage considerations and offers competitive policies and rates, Banner Life might be the choice for you. You should always do some comparison shopping to see how Banner’s rates stack up to others.