Banner Life Insurance Review 2018

Banner Life Insurance ReviewIn this Banner Life Insurance review we cover their financial strength, types of products offered, eligibility, sample rates, complaints, and much more. For those wondering if they are a good choice for life insurance, Banner Life insurance has been around for over 60 years. The company is owned by Legal and General America which was founded in 1836. It is safe to say that Banner Life Insurance is here to stay, and you can trust that they are a good choice for life insurance in 2018 and beyond. If you would like to apply for a policy with Banner, please call 888-407-0714 to speak with on of our licensed agents. You can also get a quote online here.

Banner Life Insurance Review of Financial Strength

Legal And GeneralBanner Life Insurance is currently rated as A+ (Superior) from A.M. Best effective November 10, 2017. They also hold an A+ rating with the BBB and ratings of AA- with both S&P and Fitch. Parent company Legal and General America boasts 1.2 million US customers, and is in the top ten provider of term life insurance in the United States having issued over $48 billion of new coverage in 2016. According to their corporate financials, they currently have over $678 billion of life insurance in force. All of the operating companies under Legal & General America had $4 billion in assets at the end of 2016.

Complaints

Banner Life Insurance currently holds an A+ rating with the Better Business Bureau. There are complaints posted on the various review sites, but considering that they have over 1.2 million customers, it is a low amount of complaints. Most are due to billing errors and are administrative complaints. Here are links to some of the review sites containing complaints and reviews for you to judge for yourself:

Banner Life Insurance Products

OPTerm

Banner’s OPTerm life insurance product offers term life insurance coverage for 10, 15, 20, 25, and 30 years. It is also renewable and convertible to permanent life insurance. Coverage amounts for Banner OPTerm range from $100,000 to $1,000,000+, and term lengths vary depending on the applicants age and rate class. Please see the chart below. The premiums are level for the term of the policy, and they will increase annually in the years after the term is up.

OPTerm Eligibility

10 Year Term15 Year Term20 Year Term25 Year Term30 Year Term
Age 20-75Age 20-75Age 20-70 Non Tobacco
Age 20-65 Tobacco
Age 20-60 Non Tobacco
Age 20-55 Tobacco
Age 20-55 Non Tobacco
Age 20-50 Tobacco

Sample Rates for Banner Life Insurance

Male

Pricing samples below are rates based on a 10-year term for a healthy non-smoking male with a Preferred Plus rating.

[expand title=”20-30 Years Old”]

Age$100,000$250,000$500,000$1,000,000
20$8.49$12.56$17.20$34.62
21$8.49$12.56$17.20$34.62
22$8.49$12.56$17.20$34.62
23$8.49$12.56$17.20$34.62
24$8.49$12.56$17.20$34.62
25$8.49$12.56$17.20$34.62
26$8.49$12.58$17.20$34.83
27$8.49$12.60$17.20$34.83
28$8.49$12.62$18.06$34.83
29$8.49$12.64$18.06$34.83
30$8.49$12.75$18.06$35.69
[/expand]
[expand title=”31-41 Years Old”]
Age$100,000$250,000$500,000$1,000,000
31$8.55$12.75$18.06$35.69
32$8.60$12.75$18.06$35.69
33$8.60$12.75$18.06$35.69
34$8.60$12.75$18.06$35.69
35$8.60$12.75$18.06$35.69
36$8.77$13.76$19.49$38.01
37$9.03$14.62$20.21$39.04
38$9.22$15.32$22.14$41.71
39$9.36$15.61$23.65$44.29
40$9.51$16.03$24.94$47.73
41$9.89$16.51$25.80$53.75
[/expand]
[expand title=”42-52 Years Old”]
Age$100,000$250,000$500,000$1,000,000
42$10.31$17.29$27.52$58.91
43$10.77$17.29$29.41$60.63
44$11.26$18.34$31.52$62.35
45$11.80$19.69$33.54$66.65
46$12.42$20.88$36.59$71.81
47$13.07$22.12$39.09$77.83
48$13.67$26.29$39.13$79.12
49$14.36$27.00$43.34$86.86
50$15.22$29.37$47.64$93.74
51$16.08$31.52$51.38$103.63
52$17.11$33.97$56.97$109.65
[/expand]
[expand title=”53-63 Years Old”]
Age$100,000$250,000$500,000$1,000,000
53$18.23$34.31$57.62$129.00
54$19.61$37.50$63.41$140.18
55$21.07$40.96$70.52$146.41
56$22.70$44.16$76.97$171.14
57$24.51$46.73$83.89$190.92
58$26.57$55.57$92.41$209.84
59$28.94$60.98$103.03$229.62
60$31.35$67.53$113.46$246.17
61$34.73$76.11$126.61$286.38
62$38.55$83.85$141.34$317.77
63$41.88$89.44$157.64$317.77
[/expand]
[expand title=”64-75 Years Old”]
Age$100,000$250,000$500,000$1,000,000
64$47.13$101.69$176.40$356.47
65$52.63$109.65$197.17$396.03
66$58.22$125.11$219.71$443.67
67$64.07$137.60$237.25$508.47
68$71.47$145.38$276.24$534.23
69$79.03$162.66$308.04$598.99
70$87.66$182.05$343.57$674.67
71$97.78$206.75$390.98$770.13
72$109.31$234.89$445.04$914.61
73$122.55$273.61$480.93$1,068.12
74$138.03$310.37$557.45$1,163.58
75$155.75$357.11$649.39$1,536.70
[/expand]

Female

Pricing samples below are rates based on a 10-year term for a healthy non-smoking female with a Preferred Plus rating.

[expand title=”20-30 Years Old”]

Age$100,000$250,000$500,000$1,000,000
20$6.88$8.60$12.04$18.40
21$6.88$8.60$12.04$18.40
22$6.88$8.60$12.04$18.40
23$6.88$8.60$12.04$18.40
24$6.88$8.60$12.04$18.40
25$6.88$8.60$12.04$18.40
26$6.88$8.60$12.04$18.40
27$6.88$8.60$12.04$18.40
28$7.88$9.55$12.25$22.79
29$7.89$9.55$12.25$22.79
30$7.90$9.55$12.25$22.79
[/expand]
[expand title=”31-41 Years Old”]
Age$100,000$250,000$500,000$1,000,000
31$7.92$9.59$12.68$22.79
32$7.95$9.63$12.90$22.79
33$7.97$10.10$13.11$27.09
34$8.00$10.32$13.33$27.73
35$8.02$10.32$13.54$29.24
36$8.19$10.71$13.54$30.01
37$8.38$11.18$13.97$30.79
38$8.57$12.17$17.54$34.61
39$8.78$12.81$18.83$36.55
40$9.00$13.46$20.55$37.41
41$9.03$14.10$21.03$39.99
[/expand]
[expand title=”42-52 Years Old”]
Age$100,000$250,000$500,000$1,000,000
42$9.03$14.55$21.93$41.71
43$9.03$14.55$22.57$46.87
44$9.46$15.32$24.08$51.17
45$9.98$16.08$25.58$56.33
46$10.41$17.13$27.52$59.77
47$10.84$18.26$29.24$64.29
48$11.35$19.78$32.46$74.30
49$11.95$21.25$34.61$79.55
50$12.64$22.61$37.32$83.85
51$13.33$24.01$40.30$89.01
52$14.19$25.50$43.64$92.02
[/expand]
[expand title=”53-63 Years Old”]
Age$100,000$250,000$500,000$1,000,000
53$15.05$28.51$49.36$100.62
54$16.00$30.44$54.09$110.08
55$17.11$32.81$56.97$118.68
56$18.06$34.83$61.92$135.88
57$19.18$37.54$66.65$152.22
58$21.24$39.99$71.38$169.42
59$22.53$43.00$77.40$185.76
60$23.99$47.66$84.28$202.96
61$25.63$51.60$93.31$232.20
62$27.43$59.47$101.48$261.44
63$39.74$89.44$157.64$291.54
[/expand]
[expand title=”64-75 Years Old”]
Age$100,000$250,000$500,000$1,000,000
64$45.50$100.62$176.40$320.78
65$51.27$109.65$195.22$350.02
66$56.86$124.48$219.71$403.34
67$62.71$137.60$237.25$455.80
68$65.75$141.86$241.44$509.12
69$73.79$162.66$286.21$561.58
70$76.63$182.05$333.25$614.90
71$90.30$205.75$374.10$691.44
72$99.67$227.90$415.38$768.84
73$109.66$246.60$456.23$819.58
74$121.47$275.69$522.02$922.78
75$145.94$357.11$647.15$1,186.80
[/expand]

*Quotes are presented in a monthly premium format. The rates shown in these charts are the new rates coming out 2/26/18. The above rates are for a non-smoker in excellent health and are subject to changes.

OPTerm Riders

The accelerated death benefit is payable in the event of a qualifying terminal illness. The max amount payable is the lesser of $500,000 or 75% of the policy’s death benefit. Additional riders are available depending on the resident state of the insured.

APPcelerate

In addition to the great OPTerm product that is offered, Banner now offers accelerated underwriting to qualified applicants. This mean that applicants can get a life insurance without the exam and labs, which greatly reduces the time to get coverage in force. With APPcelerate, applicants can be approved as soon as the next business day. Refer to the chart below for eligibility and coverage amounts. The rates will be the same as OPTerm listed in the sample rates section.

For those strictly looking for a policy with no medical exam, also consider Sagicor Life Insurance.

APPcelerate Eligibility

OPTerm 10OPTerm 15, 20, 25, and 30
$100,000-$500,000, Ages 20-50
$100,000 - $1,000,000, Ages 20-40
$100,000 - $750,000 Ages, 41-45
$100,000 - $500,000, Ages 46-50

Universal Life Insurance

Banner Life Insurance also offers a universal life insurance product called Life Step UL. It is a flexible premium universal life plan. Life Step UL offers guaranteed coverage to maturity at age 121. This product was designed to be converted from term coverage or new policies with face amounts as low as $50,000. The guaranteed interest crediting rate for Life Step UL is 2% per annum. The issue ages are 20-80 and are based on your age nearest birthday. The premium will not exceed the guaranteed premium.

Conclusion

We hope this Banner Life Insurance review has helped guide you on your decision to purchase a life insurance policy. It is no wonder that Banner Life Insurance is one of the top 10 life insurance companies in business today. Their strong financial rating combined with cheap rates and fast underwriting make them a strong contender when choosing a company for your life insurance needs. If you need assistance in purchasing life insurance, you can reach out to one of our licensed agents at 888-407-0714 or request a quote here and we will be in touch.

Jonathan Holloway

Jonathan is a licensed life insurance agent at NoExam.com that writes about insurance, personal finance, lifestyle, and sports. See his no exam life insurance comparisons post for reviews, ratings and quotes of non-med life insurance companies and products.


Banner Life Insurance Review 2018 by
Posted on