Banner Life Insurance Review 2024

Banner Life Insurance is owned by Legal and General America and offers life insurance in 49 U.S. states, including the District of Columbia. William Penn, a sister brand of Banner Life, offers life insurance to its New York customers.

Banner life insurance rating

Banner Life earned 4.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

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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 optional features, called life insurance riders, to your term policy for an extra charge. Depending on your state, you may be able to add:

• Child term rider, which covers all your children until they turn 25.

• Stacking term rider, which gives you more 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 your mortgage is being paid off.

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 comes included in a universal life policy.

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.

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Banner customer complaints and satisfaction

Over three years, both Banner Life and William Penn have drawn fewer then the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.

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

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.