Banner Life is a recognized leader in term coverage, insuring 1.4 million customers with a selection of term and universal coverage. It offers affordable rates and some useful add-ons, like adding coverage for a child without opening a separate policy, but other providers have more coverage options.
Business Insider compared Banner Life Insurance to the best life insurance companies and found it to be a standout provider for term life insurance, with competitive rates, exam-free options, and convertible policies. However, better universal life insurance can be found elsewhere.
Banner Life Insurance Overview
Legal & General America Life Insurance offers life insurance products and customer service under the global brand Legal & General America — recognized as the seventh-largest insurer in the world and fully licensed in all 50 states plus the District of Columbia. It sells term life and universal life insurance.
Banner Life's term life insurance offers high maximum benefits and terms that last up to 40 years, which is higher than most policies in the industry. It also offers up to $2 million in coverage without a medical exam. Banner Life does not increase its rates for no-exam policies. Additionally, its premiums are far lower than the industry average and term policies can be converted to permanent life insurance.
Banner Life's universal life insurance isn't nearly as strong as its term life insurance. It doesn't offer as many riders as its competitors, and its cash value growth potential isn't nearly as high.
Banner Life Insurance Pros and Cons
Banner Life Insurance Pros
- Term life insurance up to 40 years
- Up to $2 million in coverage without a medical exam
- Convertible life insurance
- Positively reviewed online
Banner Life Insurance Cons
- Limited cash value growth for universal life insurance
Banner Life Insurance Plans Available
Legal & General America offers both term life insurance and one universal life insurance policy.
It offers the following plans for customers to pick from:
OPTerm Life Insurance
This simple and straightforward type of life insurance from Banner Life is designed to offer high death benefits at a low cost for a specific period of time. This temporary protection is ideal for covering financial obligations — from one's monthly mortgage and education costs to income replacement — and shielding your loved ones from financial burden in the event of your death.
Term life insurance from Banner Life provides:
- Coverage for a set term, in five-year increments, from 10-40 years
- Coverage in amounts ranging from $100,000-$10 million+
- Level premiums for the duration of the term
- Protection for individuals 20-75 years old (with restrictions dependent upon term)
- The option of converting to universal life insurance
- Customization via riders
- Coverage for final expenses
- Tax-free payment of benefits
Banner Life Horizon
This term life insurance offers lab-free underwriting (life insurance with no medical exam required) for healthy individuals — defined as those who seek routine checkups, take few if any prescription medications, and are free from major medical conditions — including both males and females, age 20-60, seeking up to $2 million in coverage.
While lab-free, Banner Life does not increase rates for policies that don't require medical exams.
Universal Life Insurance from Banner Life
This plan offers permanent lifetime coverage and flexible premium options from the start. So long as your premiums are paid in full, a universal life policy remains active — no matter how your health changes as you age.
Universal life insurance from Banner Life provides:
- Lifetime coverage that does not expire, starting at $50,000
- Guaranteed coverage to age 121
- The potential to build cash value
- 2% guaranteed interest rate
- Flexible premium payments
- The option to decrease your death benefit
- Tax-free, lump sum payment of death benefit to beneficiaries
- Zero restrictions on how the death benefit can be used
All Banner Life policies also include an accelerated death benefit, which allows an individual to access a portion of their life insurance benefits (up to $500,000 or 75% of the policy's primary death benefit, whichever is less) while still living, in the event of a terminal illness.
Additional Coverage Options and Riders From Banner Life Insurance
Adding onto a base policy via riders is not only an easy way to customize coverage, but it's also another attractive part of term life insurance coverage from Banner Life. Supplementing your primary policy with temporary coverage for when you most need it could be a smart move — especially when you're facing increased financial obligations.
Waiver of premium: This add-on allows the insured to cease payment of policy premiums in the event of a qualified disability that persists for a period of six months or longer.
Adult term rider: This add-on allows the insured to temporarily increase the death benefit on a permanent policy (such as universal life insurance) for a set period of time in which the insured has increased financial obligations.
Children's life insurance rider: This add-on is geared toward parents who want to provide life insurance coverage for their current or future children, ages 25 or younger, without purchasing a separate, stand-alone life insurance policy. This rider is limited to new policies, cannot be added after enrollment, and is unavailable in New York State.
Banner Life Insurance Cost
Term life insurance is the most affordable type of life insurance coverage — and the shorter the term, the lower the cost. Since the cost of life insurance is based on various factors (including age, gender, and health history), purchasing life insurance when you are young and healthy is the best way to ensure an affordable monthly premium.
To get a better idea of how much Banner Life costs, we obtained quotes for a 20-year term policy with a $500,000 death benefit for a non-smoking applicant in excellent health. We compared them to the average cost of the same policy, according to Policygenius.
| Age | Sex | Banner Life Quotes | Average Cost |
| 20 | Female | $14.99 | $23 |
| 20 | Male | $18.33 | $30 |
| 30 | Female | $15.82 | $23 |
| 30 | Male | $18.75 | $29 |
| 40 | Female | $23.93 | $35 |
| 40 | Male | $29.75 | $43 |
| 50 | Female | $54.46 | $78 |
| 50 | Male | $69.40 | $102 |
| 60 | Female | $140.44 | $194 |
| 60 | Male | $199.55 | $269 |
The annual cost of a child life insurance rider from Banner Life is $27.50 for $5,000 in coverage or $55.00 for $10,000 in coverage.
How to File a Claim With Banner Life Insurance
Legal & General, Banner's parent company, has an online claim form, which is the best place to start when filing a new claim. You will need to have the following information on hand:
- Policy number and type
- For the insured: name, address, date of birth, SSN, date and cause of death
- For the beneficiary: name, address, and telephone number/email
In addition, you'll need to provide the following documents:
- Original Proof of Death Claimant's Statement (to be completed and signed by each beneficiary)
- Certified copy of insured's death certificate (which must contain the cause/manner of death)
- Copy of original life insurance policy; if unavailable, the Lost Policy Form (provided in claim packet) must be completed
Once approved, all claims will be paid within one business day.
You can also contact Banner Life at 1-800-638-8428, ext. 6974, from 8:00–5:00 ET, Monday–Friday.
Banner Life Insurance Customer Reviews and Ratings
Legal & General America's parent company, Legal and General, has positive customer reviews online, receiving an average of 4.5 stars out of five on Trustpilot. Customers spoke highly of Banner's agents and some reviewers who mentioned having difficulty finding a life insurance policy elsewhere were able to get coverage with Banner.
Online reviews of life insurance companies are often overwhelmingly negative, as people who leave reviews often only do so because they have something to say, which is usually negative.
The National Association of Insurance Commissioners' complaint index rates a company based on how many complaints it receives against its share of the market. The average NAIC complaint index score is 1.00, meaning if a company scores below 1.00, it has fewer complaints than expected for a company of its size. If the company scores above 1.00, it has more complaints than the industry average. Banner Life scored 0.05, indicating that it has far fewer complaints than expected.
Legal and General, Banner's parent company, has an A+ financial stability rating from AM Best, meaning it's likely to be around for the foreseeable future.
Banner Life Insurance Alternatives
Banner Life vs. Penn Mutual Life Insurance
For customers in the market for term life insurance, Banner Life and Penn Mutual offer comparable options insofar as coverage and limits. That said, policyholders keen on converting to permanent life insurance will enjoy more options at Penn Mutual (including whole life, variable universal life, indexed universal life, and guaranteed universal life) as opposed to Banner Life's single permanent option — universal life insurance. (Ditto for riders, with Penn Life offering in excess of a dozen when compared with just four from Banner Life.)
While these options equate to greater potential for building wealth and cash value with Penn Mutual, Banner Life boasts 35- and 40-year term options — the lengthiest of any competitor — making them a clear winner for those customers seeking the biggest bang for their term life coverage buck.
Read our Penn Mutual life insurance review.
Banner Life vs. American Family Life Insurance
Banner Life and American Family offer similar term life insurance policies that tend to be affordable albeit limited, making them great options for individuals who are fairly young and in good health.
For households with children and seniors, however, American Family offers whole life insurance for the whole family — including senior whole life insurance (with coverage of $10,000 or $50,000 for adults ages 50-80) and child whole life insurance (with coverage ranging from $25,000-$75,000), both of which boast policy premiums that remain constant over the life of the policy, regardless of age or health status.
That said, if you have a family history of bankruptcy and/or financial hardships, unlike other carriers, Banner Life won't automatically hold this against potential policyholders, making their insurance products a good fit for individuals with a bumpy financial past. Plus, a streamlined application process from start to finish — that's entirely digital — shortens the process of getting life insurance coverage. Applicants can get approved as quickly as 48 hours after applying.
Read our American Family life insurance review.
Banner Life Insurance FAQ
Banner Life is very financially stable, receiving an A+ (superior) rating from AM Best, which rates insurers based on their ability to pay out claims and other aspects of their financial stability.
No, Banner Life does not offer whole life insurance policies. Read our guide to the best whole life insurance to find the policy right for your needs.
Yes, you can convert your Banner Life term insurance policy. Banner Life offers term life conversions to its universal life policy called Life Step UL.
Why You Should Trust Us: How We Reviewed Banner Life Insurance
Our insurance rating methodology helps us compare companies objectively to help consumers make informed decisions. We look at factors including:
- Cost of a policy: Underwriting will determine your premiums based on your perceived risk level. However, we do our due diligence to find affordable rates and the best value. To do so, we compare a company's cost with the average industry rate ($40 to $56 per month) and with its competitors. We also assess the impact of demographic factors (age, health classification, etc.) on premiums.
- Company offerings: We look at the variety of products a company offers, including the availability of short-term and long-term policies and supplemental riders. Shoppers with more complex financial needs may value access to universal life policies or the option to convert to a permanent plan. Those who only need basic coverage may like the simplicity of companies offering only term life insurance.
- Policy customization: We look at a company's term length options and range of coverage amounts. Shoppers with unique circumstances may need more coverage or longer term lengths (several companies offer up to 40 years of term life coverage). The availability of riders also enhances a policy by providing extra protection.
- Financial strength: Financial stability indicates how consistently a company can deliver on its financial commitments during unstable economic conditions like a recession. We used AM Best, an industry-renowned credit rating agency, to determine an insurance firm's financial health. Companies receive grades from A++ (Superior) to F (not financially stable). If a company earns under a B, its financial strength is questionable. The company may not be around to pay your death benefit claim.
- Customer service: Using JD Power's life insurance customer satisfaction survey, we called out companies known for top-tier customer support. JD Power surveyed over 5,000 participants who ranked providers based on service from the purchasing to the claims process. JD Power distributed points out of 1,000 to each firm. Providers scoring over 774 points demonstrated superior customer service.
- Exclusions: Insurance providers may exclude applicants to minimize risk. Some companies will increase rates or disqualify life insurance buyers with preexisting conditions, smokers, or older applicants. Our review highlights where applicants may encounter disqualification or higher premiums based on the provider's exclusions.
Read more about how Business Insider rates life insurance.
