My review of Banner Life Insurance Company is a real eye opener.
Life insurance is one of the most important financial decisions you will make during your lifetime. . That's why it's SO important to find out as much information as possible about the life insurance companies you are considering before you commit!
If you're thinking of Banner Life as a potential life insurance company, we have all the answers you need
Dive into this comprehensive review of one of the most well known companies in the industry to get inside.
History of the Banner Life Insurance Company
Banner Life Insurance Co can trace its origins to Great Britain 1836. Six well known Lawyers gathered in London, England to form a life insurance company that became known as Legal & General Group Plc, Banner Life's parent company. Legal and General went on to buy GEICO (Government Employees Life Insurance Company) in 1981, which became Banner Life Insurance Company in 1983.
Banner Life was licensed to sell products in every state in the United States, with the exception of New York. . To address this issue, William Penn Life Insurance joined the Legal and General Group in 1989 and now provides services to New York.
Legal and General, a multinational insurance company, is headquartered in London, England. They also have operations in the United States, the United Kingdom, Egypt, France, Germany, India and the Netherlands. The home office of BannerLife is located in Urbana, Maryland.
Banner Life uses independent life insurance agents to sell their products and there are currently about 70,000 active brokers on their books.
Banner Life provides both Term and Permanent life insurance and riders.
Banner Life Insurance Company Ratings – Financial
Banner Life Insurance Company Ratings is a very strong and shows a financially sound life insurance company.
They currently have approximately 1,140,000 US customers and in 2015, Banner Life sold over $ 50.1 billion in new coverage. This makes it the fifth best-selling life insurance product in the country!
The parent company Legal and General has approximately $ 685 billion in life insurance in force and over $ 7.3 billion in assets. In 2015, they reported an astonishing net profit of $ 150.2 million!
Now this is an achievement. To say that Legal and General is financially stable is an understatement
From a business perspective, Banner Life has taken an economically conservative strategy with its investment portfolio. It is very liquid and well diversified and has 94% corporate bonds. It also has structured securities and commercial mortgages.
How do the financial credit rating agencies view Banner Life Insurance? In a nutshell, companies like A.M Best, Standard & Poor's, Fitch and COMDEX give them two thumbs up!
The banner insurance company is supported by an international life insurance company and is financially sound. You can rest comfortably and know that Banner Life Ins will be able to fulfill its demands both now and for many years to come.
Banner Life Insurance Products
The life insurance products offered by Banner Life are similar to those offered by other companies. Banner Life provides both lifelong and permanent life insurance and riders.
Life insurance policies that Banner promotes include:
- Banner Term life insurance
- Universal Life
- Banner Full life insurance
] Let's look at what they specifically offer in more detail.
Banner Term Life Insurance
BannerLife term policies are both convertible and renewable. The term policy applies to 10, 15, 20, 25 and 30 years. They also offer insurance without medical examinations.
Here is a PDF of their client brochure for 20 and 30 years of insurance.
Banner Universal Life Insurance
Banner Universal life insurance products are some of the most versatile. available on the market. These insurances give you much more flexibility in how you pay your premiums and in addition you can adjust the amount of death benefits you need.
Of course, it follows that universal insurances cost much more than term because they provide lifetime coverage, death benefits and guaranteed accumulation of cash value.
Here is a PDF of the client brochure for Banner Life's "Life Step UL"
Banner specific policy features
Banner Life Ins has a variety of features to enhance your coverage which include:
- Abstinence from premium : If you become completely disabled or suffer from either an injury or long-term illness, the company will waive all premiums during the disability period. All you need to do is provide proof of a disability that will last for at least six months.
- Policy Transformation : This feature only applies to the term and allows you to convert your policy to a Universal Insurance at any time during the guaranteed premium period, up to 70 years. The warranty class remains the same during your current period. Customers who buy their insurance when they are 66 years and older can convert them within the first five years.
- Flexible Premium Payments : With Banner you can choose how to pay your premiums. This can be annually, semi-annually, quarterly or monthly.
Available Term Riders
Banner Insurance Company offers a limited number of riders. A rider is simply a separate form of coverage that you buy in addition to your main policy.
The drivers that BannerLife sells include:
Accelerated Death Benefit Rider : This allows you to receive up to 75% of your death benefit or $ 500,000 , depending on the minimum amount, should you suffer from a terminal illness. As we all know, illness is expensive and this can help you in case of unexpected medical care.
NOTE : Death benefits are reduced by the amount used and which are subject to interest.
Children & # 39; s Rider : This rider provides life insurance coverage for your children up to the age of 25, the insured's 65th birthday or until the insurance expires.
Banner Life provides both Term and Permanent life insurance and riders.
A Comparison of Banner Insurance Company Underwriting
One of the best ways to determine if a life insurance company is right for you is to look at how their insurers view applicants.
To give you some insight into the Banner Insurance Company Guarantee Policy, I'll compare their approach with two other randomly selected companies.
For this review, I used the Banner Life Ins, American General Life Insurance, and Princ ipal Life Insurance policies for a client who has a "Preferred Plus" rating seeking life insurance.
Let's take a moment to look at the factors that insurers use to make their decisions. The following 5 categories are assessed for each applicant:
So let's see how Banner Life compares!
Banner Life Insurance Co
- Height / Weight Building : A Person of 5 & # 39; 11 & # 39; can not weigh more than 201 pounds for a man and 175 pounds for a woman
- Smoking : No use of nicotine or nicotine-based products in the last 36 months. One cigar allowed per month with HO test negative for cotinine.
- Blood pressure : Must be well controlled with or without treatment and the average readings over the last two years can not be greater than 136/86.  Cholesterol Levels : Must be 120-300 with or without treatment. Must not exceed 4.5 with or without treatment.
- Family history : There must be no cardiovascular disease in either the parent or siblings before the age of 60. CAD ignores applicants over the age of 70 who do not use tobacco. . Cancer is no longer a factor that prevents the consideration of preferred classes.
American General Life Insurance
- Height / Weight Building : A 5 & # 39; 11 & # 39; one must weigh between 134 – 211 pounds. A woman must weigh between 120 and 208 pounds.
- Smoking : No tobacco for 5 years.
- Blood pressure : Highest blood pressure in the ages 0 – 60 (140/85) – 61 years (150/85). Treatment of blood pressure must be successful.
- Cholesterol levels : Maximum cholesterol ratio, if treated <5.0 – 215 About the ratio <4.5 – 290
- Family history : No coronary heart disease or cancer before 60 years age (parents only).
Note – Ignore the family history of the proposed insured being 65 years of age or older, and ignore gender-specific cancers of all ages.
Main Life Insurance
- Height / Weight Building : Ages 18 – 44 (126 – 208 lbs) Ages 45 – 60 (126 – 212 lbs)
- Smoking : None tobacco 2 years aged 20 – 70; no tobacco use at 3 years of age 71 – 85. The exception is 12 or fewer cigars per year with negative urine.
- Blood pressure : Must not exceed 140/85 in ages 20-44, 40/90 in ages 45 – 64, 145/90 in ages 65-85
- Cholesterol levels : Ages 20 – 64 total cholesterol can not exceed 270 or cholesterol / HDL of 5.5, ages 65 – 85 total cholesterol can not exceed 280 or cholesterol / HDL of 6.0
- Family history : Takes consideration of whether there was a family member before the age of 60 due to breast cancer, colon cancer, ovarian cancer, prostate cancer, diabetes. The family is not considered for applicants over the age of 71
Banner life insurance The life insurance company has very light guidelines for insurance. If you have minor or even major health problems, this is a good company to keep in mind. BannerLife is excellent for those with pre-existing conditions such as:
- Cholesterol and blood pressure
- Weight problems
- Anxiety and depression
- Sleep apnea  Atrial fibrillation
- Adverse family history
- Some skin cancers
NOTE: Banner Life is also considered to have a very mild warranty for the elderly.
Banner Life Insurance quote, prices and premiums
Let's go through some numbers for Banner Life Insurance quote to show you how they compare to the companies I used above. a "preferred plus" rating. These figures apply to a 20-year insurance policy with $ 500,000 in coverage.
The stated premiums are monthly and annual.
How does Banner Life Insurance Insurance compare to other providers?
All quotes generated by sales of term 4:
- Banner Insurance Company : $ 22.75 per month – $ 259, 99 annually
- American General Life Insurance : $ 21.97 monthly – $ 259.99 annually
- Main Life Insurance : $ 22.75 monthly – $ 260.00 annually
- Banner Life Ins : $ 19.36 per month – $ 221.25 annually
- American General Life Insurance : $ 20.24 per month – $ 234.00 annually
- Home Life Insurance : $ 20.83 per month – $ 238.00 per year
Banner Life Insurance Co.
If you have minor or even major health issues, then Banner Life is a good company to think about.
Is Banner Life a good alternative?
Based on its products, insurance criteria and premium costs, Banner Life is a leading life insurer.
If you happen to have a pre-existing medical condition, you will be particularly pleased to hear that this company has some of the most cautious insurance criteria when it comes to multiple health problems.
What a package! strong and solid company, but they provide some of the most affordable quote in the industry, especially for women.
If you are looking for an affordable policy from a great company, Banner Life Insurance Company is a great place to start. This venerable company consistently tops the list of the 5-10 life insurance companies that have the lowest maturities.
* While doing our utmost to keep our site up to date, be aware that "current" information on this site such as quotation estimates or relevant company information may only be accurate as of the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Contact your own legal or tax advisor.