Banner Life Insurance has been offering life insurance policies since 1949 when it was known as GELICO Life. The company has grown and changed significantly over the decades. Today, Banner life operates under their parent company, Legal & General. Banner policies are sold in every state except New York, which is served by the company's partner William Penn. Banner offers both Universal and Term Life insurance policies. Banner's term life insurance policies are called Banner OPTerm. OPTerm policies offer accelerated underwriting and don't always require a medical exam. Keep reading to learn more about OPTerm policies from Banner.
Banner’s OPTerm policies offer up to 10 million dollars in coverage to applicants who qualify. Banner is notable for some of the longest available term lengths in the industry. You can get a policy with a term length of up to 40 years. Terms of 10, 15, 20, 25, 30, and 35 years are also available. Additionally, Banner's underwriting standards are friendlier to applications with well-controlled medical conditions than many competitors.
You can read more key details about BannerOPTerm below:
Your rate for a no exam policy from Banner will depend on multiple factors. These include:
Your life insurance rate classification is the group you'll be assigned to after you application goes through the life insurance underwriting process. Your rate group is based on the risk of issuing you a policy. Your age, health, smoking status, hobbies, job, and even your criminal background and credit rating are all used to assign you to a life insurance rate classification. People who are young and healthy and who don't have what the insurance company considers to be a risky lifestyle will qualify for the top rate class and receive the best rates.
You'll receive an initial quote before you begin your life insurance application. You'll see your final price after your application is underwriting and approved. You'll be able to accept your price before your signoff on your new policy.
You can compare rates for Banner OPTerm with other popular policies in the chart below.
|Coverage Amount||Banner||Haven||Mutual Of Omaha||Protective||Prudential|
Banner will ask you health questions. These questions will be about your current health, your health history, and your family health history. It's important to answer these questions truthfully. Even if you're not required to take a medical exam, Banner will underwrite your application and check consumer databases to verify your information.
You won't be able to get a no exam policy from Banner if you:
Your rates might go up if you answer yes to any of these questions. In some cases, they might even cause a decline:
However, Banner says that they try to assign applications to the best rate class possible. If you have one or even multiple health conditions but they are well-controlled, Banner might group you in one of their top rate classes. You can call a Banner agent to get a better idea of where your health, age, and lifestyle might fall.
You can buy a life insurance policy from Banner a few different ways. Options include:
Insurance companies are rated by financial reviewers on the ability to meet their financial obligations both now and in the future. The financial rates an insurance company receives are a good indicator of its reliability. Banner's parent company Legal & General has strong financial ratings from major financial rating companies. They currently have an A+ from A.M. Best and are rated AA- by both Fitch and S&P Global.
In the life insurance industry, complaints are tracked by The National Association of Insurance Commissioners (NAIC). The NAIC averages all complaints and their resolutions each year to give insurance companies a score. This score is called the NAIC complaint index. An average score on the complaint index is 1.0. Any company with a score below 1.o has received fewer complaints than average. While any company with a score above 1.0 has received more complaints than average. Banner currently has a complaint index of .15. This means customers complained much less about Banner than other insurance companies.
There are a few ways to cancel a Banner policy. One of the quickest ways is to call Banner customer service so they can help you get the process started. You can also send Banner's customer service team an email or fax. Banner customer service agents will initiate your cancellation and let you know if they need any forms or documentation. You can find contact information for Banner customer service at the end of this review.
You can start a life insurance claim with Banner in two ways. You can fill out the claim form online or contact Banner and speak to a claims specialist by calling 1-800-638-8428, ext. 6974. Banner will need some standard information from you no matter how you contact them. This information will help Banner begin the claims process. This information will include the policyholder's:
You'll also need to provide information about yourself and any beneficiaries such as:
In addition to the claim form, Banner will ask for a death certification and for the original insurance policy. If you don't have access to the policy, a Banner claims specialist will help you fill the correct form. Banner will begin reviewing your claim right away. A claims specialist will contact you if they need any additional information.
Banner will pay within 24 hours once your claim is approved. The amount of time it takes for a claim to be approved depends on the policy amount, the time it takes for all appreciated paperwork to be filed, and on if an investigation is needed. A Banner claims specialist might be able provide you with a timeline when you speak to them.
You can contact Banner using these methods: