Banner Life Insurance Review 2025
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Banner
on Nerdwallet
Financial strength rating
Online purchase
NAIC complaints
Policies offered
on Nerdwallet
Banner
Financial strength rating
Online purchase
NAIC complaints
Policies offered
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About Banner life insurance
Banner Life earned 4.5 stars out of 5 for overall performance, thanks to its financial strength and low volume of consumer complaints. The company also stands out for its 35- and 40-year term policies, which not all life insurers offer.
Banner Life Insurance is owned by Legal and General America and offers life insurance across the nation. William Penn, a sister brand of Banner Life, offers life insurance to its New York customers.
Low number of complaints from consumers.
Offers term life insurance lasting up to 40 years.
Life insurance riders not available in all states.
Banner life insurance policies
Term life insurance. Coverage is available in terms of 10, 15, 20, 25, 30, 35 and 40 years. The annual price stays the same throughout the initial term. People from 20 to 75 can apply for a term life insurance policy. Term policies are convertible, which means you can turn them into a permanent policy. Coverage amounts range from $100,000 to $10 million.
Term policies include accelerated death benefits, which allow you to access up to 75% of the policy’s death benefit (minus any policy loans) or $500,000, whichever is less, if you’re terminally ill.
You can also add life insurance riders to your term policy for an extra charge. Depending on your state, you may be able to add a child term rider, which provides life insurance coverage for all of your children until they turn 25, and a stacking term rider, which tops up your coverage for a period of time. For example, you could buy a 25-year term policy with a 10-year term rider, giving you a higher total death benefit in the first 10 years of coverage while you pay off your mortgage.
Universal life insurance. The company’s universal life insurance policies offer flexible premium payments and death benefits as your needs change. The “short-pay” option lets the policy owner complete payments early and still have lifetime coverage.
Coverage is issued up to age 85 and stays in effect until age 121. An accelerated death benefit is included at no extra fee.
Banner life insurance rates
Below are monthly rates for a 20-year, $500,000 term life insurance policy from Banner. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.
Age | Monthly rate - man | Monthly rate - woman |
|---|---|---|
20 | $18.33 | $14.99 |
30 | $18.75 | $15.82 |
40 | $29.75 | $23.93 |
50 | $69.40 | $54.46 |
60 | $199.55 | $140.44 |
70 | $790.15 | $697.24 |
Source: Insurer's site. Rates reflect the super preferred class and were generated on 10/23/24. | ||
Banner customer complaints and satisfaction
Over three years, both Banner Life and William Penn have drawn fewer than the expected number of complaints to state regulators for companies of their size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
» MORE: Best life insurance companies
What Reddit users say about Banner
Reddit is an online forum where users share their thoughts in “threads” on various topics. The popular site includes plenty of discussion on financial subjects like life insurance, so we sifted through Reddit forums to get a pulse check on how users feel about insurers. People post anonymously, so we cannot confirm their individual experiences or circumstances.
The comments on Reddit about Banner are generally positive, with people praising its affordable rates (especially for healthy applicants) and easy quoting process. Others call out the company’s financial strength and policy terms up to 40 years.
However, some Redditors question Banner’s options for converting a term policy to a permanent policy. Others note that Banner’s accelerated death benefit rider applies only to terminal illnesses. Some other insurance companies may also let you access your death benefit in other circumstances, such as being diagnosed with a chronic or critical illness.
Questions from Reddit: Our experts answer
Is a medical exam required to get Banner life insurance?
It depends. While many people need a life insurance medical exam to be approved for coverage, the company may waive the requirement for certain applicants. The healthier you are, the more likely you are to qualify for an exam-free underwriting process, according to the company. Banner may also look at your financial and criminal history when assessing your eligibility.
What happens when my Banner life insurance term ends?
If you’re still alive when your life insurance policy reaches the end of its designated term (such as 20 or 30 years), your policy will simply expire, and your beneficiaries won’t get the death benefit. If you still need coverage, you may be able to renew your existing Banner policy or convert it to a permanent one. Note that both options may cost more than your original term policy.
How Banner compares to other insurers
Banner | New York Life | MassMutual | |
|---|---|---|---|
Star rating | |||
Financial strength | Exceptional. | Exceptional. | Exceptional. |
NAIC complaints | Fewer than expected. | Fewer than expected. | Far fewer than expected. |
J.D. Power ranking | N/A | #15 out of 21. | #3 out of 21. |
Policy types offered | Term & permanent. | Term & permanent. | Term & permanent. |
Read full reviews |
More about Banner life insurance
By visiting parent company Legal & General’s website, you have the ability to get a term life insurance quote. You can purchase a universal life policy by contacting an agent, who can be found through the website’s agent locator.
The website also has an online portal to pay your bill, manage a policy and file a claim, and features educational content on how life insurance works.
How to contact Banner Life
Banner Life can be reached by:
Phone: Call 301-279-4800 or 800-638-8428 on weekdays from 8 a.m. to 5 p.m. ET.
Email: Send a message to [email protected].
Live chat: Not available.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2021-2023. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
