Is Banner Life Insurance a Good Company? A 2025 Review
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
Above all, if you are searching for quality life insurance then this Banner Life Insurance Review we shine light on this mammoth carrier.
Choosing a reliable life insurance provider is crucial for securing your family’s financial future.
This review dives into Banner Life Insurance, evaluating its financial stability, customer satisfaction, policy offerings, and overall reputation to help you determine if it aligns with your insurance needs.
Company Overview
Banner Life Insurance Company, a subsidiary of Legal & General Group Plc, has been providing life insurance solutions since its establishment in 1949.
Operating under the Legal & General America brand alongside its sister company, William Penn Life Insurance Company of New York, Banner Life offers coverage across the United States.
Banner Life Insurance Reviews
What is the cheapest and best life insurance company?
Banner Life Insurance company, otherwise known as Legal General America and William Penn of NY is part of a worldwide multinational financial service company. Their business consists of life insurance, general insurance, pensions, and global investments.
This article will be our 2025 review. Let it be known, Banner life is one of our go-to carriers and is among the top rates and products in the industry.
*Ballpark TERM Quote
Is Banner a Good Life Insurance Company
Certainly, it depends on what you’re looking for. Banner life offers some of the most affordable term life insurance in the industry. Additionally, they are very competitive in rates for guaranteed universal life insurance policies.
Life insurance for smokers would love Banner Life’s rates as they are the best in the industry. However, overall they are always in the mix when shopping for the best rates.
Above all, before deciding on a life insurance company, it’s recommended that you shop around. Each company is different, and the more you search, the better chance you’ll have of finding the ideal fit for you.
Of course, there are plenty of excellent life insurance companies to consider, such as American General AIG or Protective Life.
Banner Life History
Financial Stability
Banner Life – one of Legal General America companies. In fact, was founded by 6 attorneys discussing life insurance in 1836 in a London coffee house.
The company still has headquarters in London, operations in North America as well as Asia. This company is the 9th largest life insurance company in the world. They also have many subsidiaries within their worldwide Legal General Group.
| Metric | Details |
|---|---|
| Company | Legal & General America (Banner Life & William Penn) |
| Years in Business | Over **70 years** (Founded in **1949** as GELICO) |
| Financial Ratings |
– **A+ (Superior)** – A.M. Best – **AA- (Very Strong)** – Fitch Ratings – **AA- (Very Strong)** – Standard & Poor’s – **95 COMDEX Score** (Top percentile of financial strength) |
| Investment Portfolio |
– **98% investment grade** assets – **Highly liquid & diversified** |
| Number of Customers | Over **1.4 million US policyholders** |
| Coverage in Force | **$780 billion** in total life insurance coverage |
| New Coverage Issued (2021) | **$63 billion** in new term life insurance coverage |
| Annuity Contracts Issued (2021) | **$1.1 billion** in new annuity contracts |
| Total Assets | Over **$8 billion** in invested assets |
| Capitalization Strength |
– **19.4% Pure Capital Ratio** (Industry average: 12.8%) – **More than double** the industry average |
| Parent Company | **Legal & General Group Plc** (Founded in 1836, UK-based) |
| Global Rank | **9th largest** insurance company worldwide (by non-banking assets) |
| Total Assets Under Management | **$1.7 trillion** |
| Awards & Recognition | – Named **“Life Insurance Provider of the Year (Direct)”** in 2021 by Consumer Moneyfacts Awards |
Facts/timeline of Banner Life’s Story:
Their financial strength has them still going strong. That is pretty impressive. Clearly, a company that is not going anywhere!
- 1949: Government Employees Life Insurance Company (GELICO) ~ soon after became Banner Life Insurance Company
- 1963: Modern Life Insurance Company was founded. However, the name was changed to William Penn Life Insurance Company of New York in 1975
- 1981: GELICO was a Wholly owned subsidiary by Legal & General Group Plc. And in 1983 that name was changed to Banner.
- 1989: William Penn was purchased as a Wholly owned subsidiary of Banner Life.
- 2011: The consolidation of a single brand, Legal and General America.
Financial Strength and Ratings
Banner Life demonstrates strong financial stability, as evidenced by its ratings from major agencies:
- A.M. Best: A+ (Superior)
- Standard & Poor’s: AA- (Very Strong)
- Fitch Ratings: AA- (Very Strong)
These ratings reflect the company’s solid financial foundation and its ability to meet policyholder obligations.
*Ballpark TERM Quote
Banner Life Insurance Rating Am Best: A+
For more information on Legal General America Financials, click here.
For more information or a detailed Banner Life Insurance review, give us a call.
What Makes Banner Life An Excellent Insurance Company:
First off, Banner Life provides several payment options for their life insurance, as well as flexible terms.
If you’d like to know how much life insurance is, the price varies, of course, which is why shopping around a bit before deciding on an insurance company.
Banner Life also accepts people up to 70 years old. To point out, much more age-lenient than general life insurance companies. Moreover, Banner Life’s universal policies are unusually customizable.
Banner Life has permanent life plans, and term life plans of choice. Both term and permanent policies are guaranteed.
Policy Offerings
Banner Life specializes in term life insurance and offers a universal life policy.
Term Life Insurance:
| Feature | Details |
|---|---|
| Plan Type | Term Life Insurance |
| Term Durations | 10, 15, 20, 25, 30, 35, and 40 years |
| Coverage Amounts | Starting at $100,000 |
| Issue Ages |
– **OPTerm 10**: 20-75 – **OPTerm 15**: 20-75 (20-71 in NY) – **OPTerm 20**: 20-70 (20-65 for tobacco users) – **OPTerm 25**: 20-60 (20-55 for tobacco users) – **OPTerm 30**: 20-55 (20-50 for tobacco users) – **OPTerm 35**: 20-50 (20-45 for tobacco users) – **OPTerm 40**: 20-45 (20-40 for tobacco users) |
| Premiums |
– Level for the duration of the term – Increase annually after term expires until age 95 |
| Policy Conversion |
– Convert to **Universal Life Insurance** without medical underwriting. – Available anytime during level term or until age 70. |
| Available Riders |
– **Accelerated Death Benefit Rider** (Terminal illness payout) – **Waiver of Premium Rider** (Waives premiums in case of disability) – **Children’s Life Insurance Rider** (Covers all eligible children) – **Term Riders** (Stack additional temporary coverage) |
| Underwriting Classifications |
– **Preferred Plus** (Best health, lowest rates) – **Preferred** (Excellent health) – **Standard Plus** (Good health, minor conditions) – **Standard** (Average health) – **Smoker Classes** (Higher premiums apply) |
| Company Strength |
– **A+ (Superior) Rating** from A.M. Best – **Over 1.4 million U.S. policyholders** – **Part of Legal & General Group Plc**, managing $1.2 trillion in assets |
This flexibility allows policyholders to tailor coverage to their specific needs.
Universal Life Insurance:
| Feature | Details |
|---|---|
| Plan Type | Flexible Premium Universal Life Insurance (UL) |
| Issue Ages | – **20-85** (Age nearest birthday) |
| Minimum Coverage Amount | – **$50,000** |
| Policy Form Numbers |
– **Banner:** ICC19-ULS20 (varies by state) – **William Penn:** ULS20-NY |
| Guaranteed Interest Rate | – **2.0% per annum** |
| Coverage Guarantee |
– **Coverage is guaranteed up to age 121** if premiums are paid on time. – **Secondary Guarantee** prevents lapse under specific conditions. – A **policy loan** can nullify the guarantee. |
| Premium Payment Flexibility |
– Flexible premium options available. – **Late Premium Coverage:** 30-day grace period for late payments. – **Catch-Up Payments Allowed:** Owners can make up missed payments. |
| Loan & Withdrawal Options |
– **Policy Loans Available:** Loan interest rates: • **Banner:** 7.4% annually • **William Penn:** 3.8% annually – **Partial Surrenders Allowed:** After 5 years. |
| Underwriting Classifications |
– **Preferred Plus Non-Tobacco (PPNT)** – **Preferred Non-Tobacco (PNT)** – **Standard Plus Non-Tobacco (SPNT)** – **Standard Non-Tobacco (SNT)** – **Standard Tobacco (ST)** – **Standard (A) – A-List Conversions Only** |
| Policy Fees & Charges |
– **Premium Load:** 7.0% of premium – **Monthly Policy Fee:** $5 – **Administrative Charge:** Varies by age, sex, and underwriting class |
| Surrender & Maturity |
– **Full Policy Surrender Available** at any time. – **Surrender Charges** apply for first 14 years. – **Policy Maturity:** Age 121 (can be extended for Banner Life policies). |
| Available Riders |
– **Accelerated Death Benefit Rider** (Up to 75% of death benefit for terminal illness) – **Overloan Protection Rider** (Prevents policy lapse due to excessive loans) |
*Ballpark TERM Quote
Impaired Risk Life Insurance Leaders
Benow are some of the health impairments that Banner Life specializes in.
| Feature | Details |
|---|---|
| Company | Legal & General America (Banner Life & William Penn) |
| Conditions Considered |
– Anxiety, depression, and mood disorders – Asthma – Atrial fibrillation – Build/BMI (height/weight) – Coronary artery disease – Crohn’s disease & Ulcerative colitis – Diabetes (Type 1 & 2) – History of certain cancers – Sleep apnea – TIA, stroke, and carotid stenosis |
| Impaired Risk Underwriting |
– **Substandard premium calculations** are based on **Standard Plus rates** (lower than industry standard). – **Experienced underwriters** with an average of 21 years of experience. – **Blended vs. stacked table ratings** used for multiple conditions. |
| Lab Lift Exam Substitution Program |
– **Table-rated cases** may qualify for **exam-free underwriting**. – Applicants can skip lab exams with qualifying medical records. |
| Application Success |
– **21,606 impaired-risk policies approved** last year. – Focused on **making life insurance accessible** for all. |
| Helpful Resources |
– Underwriting Field Guide – Lab Lift Exam Substitution Program – Substandard Build Chart |
Client Testimonials and Sweet Spots
| Case Study | Health Condition | Rate Class |
|---|---|---|
| Henry (57 years old) |
– Diagnosed with **diabetes at age 52** (A1c of 6.9, credits at 7 or under) – **Stress test:** 14 METS (credits at ≥12) – **Cholesterol:** 235, but LDL of 90 (credits for LDL < 100) – Enjoys spending time with grandkids |
STANDARD PLUS |
| Nicole (27 years old) |
– Diagnosed with **depression and anxiety** – Started **therapy in 2021** due to pandemic-related depression – Prescribed **Zoloft and alprazolam** (as needed for monthly anxiety episodes) – Loves outdoor activities: hiking, biking, swimming |
PREFERRED |
| Sam (40 years old) |
– **Pack-a-day cigarette smoker**, quit 3 years ago – **Occasional marijuana user** – **Has hypothyroidism** – Loves animals, especially dogs |
PREFERRED PLUS |
Banner Term Life Insurance Vs Whole Life Insurance:
Term life insurance like we have discussed is for a specific amount of time at a level premium. Once that term is exhausted, coverage ends. In contrast, whole life insurance is different. Also known as Permanent life insurance too. Whole life is for your entire life. However, it is a bit more expensive than term life.
At PinnacleQuote, we recommend whole life policies more for seniors. In fact a simplified issue whole life policy. Including clients looking for final expense and burial insurance. Regardless, do not hesitate to call us regarding these two types of options.
The first thing to remember, we will be more than happy to answer all your questions.
*Ballpark TERM Quote
William Penn Life Insurance Company of New York
If you are looking for life insurance coverage and you live in New York, please read!
Although Banner is licensed to do business in 49 states, the company does not do business in NY.
However, they offer subsidiary companies (as we spoke about above) such as William Penn Life Insurance Company of New York. In fact, William Penn does business exclusively in NY.
And still in 2018 Legal General America (Legal General Group, plc). William Penn Life Insurance Company of New York Valley Stream NY is where they are located.
Keep in mind life insurance is not “one size fits all.” Life insurance varies from person to person due to health and lifestyle. A life insurance product varies from state to state.
Nonetheless, your seasoned independent agent is experienced and will help guide you.
Peace of Mind with Banner Life
Flexible Payment Schedule – annual, semi-annually, quarterly, and monthly options
Term Riders – this provides temporary coverage for a shorter period. This is in addition to your base policy. It does not replace it.
- Example of how a Term Rider works: You start with a 30- year base plan at a level premium. Add a 20- year rider to cover your home/mortgage payoff. Then a 10- year rider for education protection. Ask your independent agent! They are always happy to answer any and all questions!
This is a great addition to your term policy. Something to consider when speaking to your agent!
Does Banner Life Insurance Offer Riders
- Children’s Rider – Death Benefit Protection For Families With One Or More Children. All You Need Is One Rider. This Covers All Children In Your Family.
- Accelerated Death Benefit Rider – If You Become Terminally Ill, The Accelerated Benefit Is A Lien. This Accrues Interest. If You Die, The Benefits Payable Are Reduced By Total Benefit Lien.
- Waiver Of Premium – The Carrier Will Waive Premiums In The Event You Suffer A Serious Long Term Illness/Injury. If You Become Totally Disabled. Your Family Will Remain Protected.
- Policy Conversion ~ Notably, you May Change Your Term Policy To A Permanent Policy. What Is Fantastic About This Is. Underwriting Class Will Remain Same As Your Term. If You Have Some Changes In Health, You Will Be Exempt From A Change In Class.
Ask your agent if there are any Banner Life Insurance exclusions you have questions about.
Banner Life Insurance Sample Rates
Your rates will depend on a few factors:
- Health
- Age
- Family history
- Lifestyle
In Detail, Banner Life Insurance Quotes are below. We are comparing rates with men and women ranging from 40-60 years of age:
*Ballpark TERM Quote
As we can see above, rates for women are generally less expensive as women live longer than men. Life insurance companies base this on the mortality rate, men vs women.
We also can see above as you age, instantly your rates get more expensive. This is why we recommend you get life insurance TODAY. It won’t be any cheaper than it is RIGHT NOW!
What is OPTerm Life?
Banner Life offers OPTerm life policies. They are renewable and convertible. This is a term life insurance that will provide you a level death benefit.
OP-Term 10
OpTerm 10 examples:
A term life insurance that will offer you a ten-year period of level premiums. Your premium will increase each year from the 11th year and on.
In addition, Legal & General America will offer OpTerm 10,15, 20, 25, and also 30!
Banner Life Insurance Product
Banner life offers a few options for you and your family.
- Term
- Whole Life
- Annuities
- Universal Life
What are some more reasons to choose Banner Life?
Life insurance policies can be pretty hard to get for those diagnosed with potentially fatal illnesses. Banner Life sets itself apart by offering MediGuide with any of its insurance plans.
Consequently, they are the only insurance company to do this.
MediGuide, among other things, can help you get second opinions from doctors, and receive the best possible medical treatment.
Above all, for all of the reasons mentioned so far, Banner Life is considered one of the best life insurance companies.
To conclude, life insurance for cancer patients needs to know that Banner is one of the best carrier post-cancer treatments.
How to possibly buy term insurance online?
Your head must be spinning by now!
You have probably called more than one insurance agent to inquire about online life insurance. To get life insurance quotes. Asking general questions about the different types of life insurance. Purchasing life insurance should not and is not complicated to do.
In the long run, any little work you put into buying online or with your local agent will be well worth it in the end. Given that, as a rule of thumb stay clear of your local auto/home insurance offering bundles.
They are awesome for auto and home however, buying term life insurance from them or buying life insurance, in general, will cost you more in the end. You will mostly see ads for Haven Life Insurance, StateFarm, or even AARP. Please give us a call and ask us. Our goal is not to sell you anything.
In fact, our goal is to give you the information you need. At that point, you decide what you want to.
What Banner Life Insurance Company Offers Their Clients?
In general, Banner Life is well-known for its low term life insurance prices. On top of this, Banner Life has lenient underwriting, compared to other life insurance companies.
Also, this means that people that may have difficulty getting, say, life insurance with diabetes, may still be able to qualify for Banner Life Insurance.
Furthermore, Banner Life offers essential coverage — death benefit protection, with no accumulating interest. Keep in mind that there are several types of insurance policies of choice.
However, this is what allows them to provide reasonable policies and the right amount of death benefit without paying through the roof for premiums.
*Ballpark TERM Quote
Banner Life Underwriting Classifications
Every company will look at each person differently. No one person is the same. Your medical history plays a huge part in your insurability.
As well as how much your premiums will be. If you are a smoker is another big factor especially on your premiums.
Underwriters look at these factors:
- Family history
- If you are or were a tobacco user
- Height and weight
- Age
- Medical history
Banner Life Terms And Rating Classes
Their term life insurance offers plans for 5, 10, 15, 20, 25, and 30 years in length at a level premium.
Also, Banner Life values customer service and prides itself on providing cheap life insurance. With this in mind, take a look at an example of Banner Life’s underwriting below:
- Preferred Plus Non-Tobacco
- Preferred Non-Tobacco
- Standard Plus Non-Tobacco
- Standard Non Tobacco
- Preferred Tobacco
- Standard Tobacco
Banner Life Insurance Company Application
Life just got simpler! Life Insurance application questions can be done in the privacy of your own home, with a PinnacleQuote agent holding your hand throughout the entire process.
Danny Ray is the Owner/Agent of PinnacleQuote. He will ask you a series of health and lifestyle questions.
The application will be filled out with you online via phone and takes about 5 minutes. He will then shop you to multiple carriers at once, including Banner Life. The fantastic thing is as of today Banner has the lowest term life insurance rates on the market! In particular, they recently had a rate increase. So they are competitive when you get into table-rated situations depending on your health status.
In What Ways Could Banner Life Be Improved:
Below, we’ll list a few things that could let you down about Banner Life:
- Medical Exam ~ All of their policies require taking a medical exam, which may make some with serious health conditions hesitate to apply. To emphasize on this, instead of being labeled high risk by the life insurance underwriters, these people might prefer going to a different life insurance company that offer policies without a medical exam.
- Low Rates ~ Banner Life has a limited amount of insurance options. Likewise, their low rates are only viable if they are relatively limited regarding what they do.
- Takes their time ~ Another key point, Banner Life takes a longer amount of time than average to get approved. Consequently, this may be off-putting for many since lots of people looking to get life insurance is looking to get it in a hurry. However, this is mostly because Banner Life offers lower prices, and therefore they must do a bit more scanning than other companies before accepting applicants.
As you can see, most of Banner Life’s negative qualities are a direct result of having cheaper prices. At the end of the day, which life insurance you choose depends on your circumstance, preference, and the rate you get offered.**
Banner Life Insurance Customer Service
Banner Life and William Penn, although a part of Legal & General America they have different customer service phone numbers and security careers contact.
Have a question about your policy? Looking for the following?
- Banner Life Insurance forms
- Questions about Banner Life Insurance claims
Banner Life phone numbers and contact information are below.
Banner Customer Service
- Call: 800-638-8428
- Fax: 301-294-6960
- Hours: 8:00-5:00 ET, Monday-Friday
- Cu*************@ba********.com
William Penn Customer Service
- Call: 800-346-4773
- Fax: 516-229-3081
- Hours: 8:30-4:45 ET, Monday-Friday
- Cu*************@wp***.com
If you are looking for Banner Life Insurance contact information:
- Address: 3275 Bennett Creek Ave., Frederick, MD 21704-7608.
- Phone Number: (301) 279-4800.
*Ballpark TERM Quote
Banner life insurance medical exam
What is the process after I submit my life insurance application? Once submitted, you will set up a day and time convenient for you to have your medical exam.
After your exam, it takes quite a few days for the process to be completed and underwriting to review.
They may require more information or records from your physician.
We will keep you updated and if you have any questions, let us know!
Banner Life Insurance BBB
Many clients have asked us through the years, how about banner life insurance company complaints? Although Banner Life is not a Better Business Bureau (BBB) accredited, the BBB has rated them A+!
And to date, there are 3 noted customer complaints that have been closed. In fact, zero complaints within the last 12 months! Banner Life is one of our best life insurance company that we offer to clients.
Whether you are a single person or married with children. Each one of us NEEDS it. Here is the why…
In the event that you die ~ your paycheck dies with you. That leaves your family not only devastated but also financially crippled. Let me explain:
When you are single ~ even though you may not have little ones tugging at your leg all day or when you get home from work. You still have a family. Your mom and dad are most likely in their golden years.
When you die ~ they will be burdened with your debt. Having life insurance ensures that your final expenses and burial is taken care of along with your debt. Besides “GO FUND ME” is NOT life insurance!
When you have a family ~ your wife/husband and children depend on you financially. When you die, your paycheck dies with you. How will your family survive financially? And for how long?
FAQ
Yes, Banner Life Insurance is considered trustworthy, with strong financial ratings and a history of fulfilling its commitments to policyholders.
Yes, Banner Life Insurance has a solid reputation for paying out claims promptly, as evidenced by its low complaint ratio.
Banner Life Insurance Company was established in 1949, providing over seven decades of service in the life insurance industry.
Banner Life Insurance holds an A+ (Superior) rating from A.M. Best, indicating excellent financial strength.
Banner Life Insurance is a subsidiary of Legal & General Group Plc, operating under the Legal & General America brand in the United States.
Banner Life Insurance Company and William Penn Life Insurance Company of New York are both part of the Legal & General America group of companies. They offer a range of life insurance products.
Their term life insurance policies are known for competitive pricing, flexibility in terms, and a range of coverage options, making them attractive to a wide array of customers.
Yes, they offer various riders, such as accelerated death benefit riders, children’s term riders, and waiver of premium riders, allowing policyholders to tailor their coverage.
Customer service experiences can vary, but as of my last update, both companies had a reputation for good customer service and efficient claims processing.
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Conclusion
In conclusion, Banner Life Insurance is a financially robust company offering competitive term and universal life insurance products. Its strong financial ratings and positive customer feedback make it a viable option for individuals seeking reliable life insurance coverage.
*Ballpark TERM Quote
