NATIONAL INSURANCE GUIDE

Banner Life Insurance Company

🛡️ Banner Life: One of America’s Best Values in Life Insurance

Founded in 1949 and now part of Legal & General America, Banner Life Insurance Company has become one of the most respected names in U.S. life insurance. Known for excellent term life insurance rates, financial strength, and straightforward policies, Banner Life is an excellent choice for those looking to protect their family with affordable coverage.

Let’s take an in-depth look at what makes Banner Life such a smart pick – especially for adults aged 50+, families with dependents, and anyone who values simple and strong financial protection.

🏛️ A Trusted Name in U.S. Life Insurance

Banner Life is backed by Legal & General Group Plc, a global financial services giant based in the U.K. With over $1.3 trillion in assets under management (as of 2024), Legal & General’s financial strength allows Banner Life to consistently offer competitive life insurance options across the U.S.

👉 A.M. Best Rating: A+ (Superior)
👉 Standard & Poor’s: AA- (Very Strong)

With a long-standing history and a strong parent company, Banner Life policies offer the peace of mind many policyholders seek.

🎯 Core Life Insurance Products Offered by Banner Life

Unlike some companies that offer an overwhelming menu of plans, Banner Life focuses on doing one thing extremely well: term life insurance – and doing it at one of the best values in the market.

1️⃣ Term Life Insurance (OPTerm)

✅ Coverage amounts: From $100,000 to over $10 million
✅ Terms available: 10, 15, 20, 25, 30, 35, or 40 years – one of the few insurers to offer 40-year term policies
✅ Age eligibility: Available to applicants up to age 75

Key Features:

Guaranteed level premiums for the full term
Flexible riders (such as accelerated death benefit for terminal illness)
Option to convert to permanent life insurance later – no medical exam required
Renewable up to age 95 in many cases

👉 Banner Life’s term policies are some of the most affordable in the industry, often ranking in the top 5 cheapest for non-smoker applicants.

2️⃣ Universal Life Insurance

While Banner Life is known primarily for term life, they also offer universal life through select distribution partners. This provides lifelong coverage with flexible premiums — ideal for higher-net-worth clients or those seeking estate planning tools.

💡 Why Choose Banner Life? Key Advantages

🔥 Top Value in Term Life

Banner Life frequently ranks among the lowest-priced insurers for 10-, 20-, and 30-year term life – especially for adults ages 35–65.

🧑‍⚕️ Medical Underwriting Options

Accelerated Underwriting: Qualified applicants can get $2 million coverage – no medical exam required – in as little as 5–10 days.
Full underwriting is also available for those with complex health histories.

📋 Flexible Policies for Older Adults

Banner Life is an excellent choice for applicants 50+:

Accepts applications up to age 75
Offers 40-year term policies – rare in the market
Conversion to permanent coverage after term ends – no new underwriting

📱 Modern Online Experience (via agents & partners)

Though Banner Life does not sell directly to consumers on its own site, it works with many top online brokers like:

Policygenius
SelectQuote
Quotacy

These platforms make comparing and applying for Banner Life policies quick and seamless.

👥 Who Benefits Most from Banner Life?

👉 Young Families – Inexpensive term life options with large coverage amounts for breadwinners
👉 Adults 50–65 – Flexible options for later-in-life protection
👉 Mortgage Protection – Match term coverage to mortgage term
👉 Estate Planning – Use term or convert to permanent for tax and legacy strategies

Banner Life is ideal for:
✅ First-time buyers
✅ Budget-conscious shoppers
✅ Those seeking large policies for family protection
✅ Clients needing long term (up to 40 years)

💰 Typical Premium Examples (2025)

For a healthy non-smoker applying for a $500,000 20-year term policy, here’s what typical monthly premiums look like:

Age 35 – approximately $20 to $23 per month
Age 45 – approximately $38 to $42 per month
Age 55 – approximately $85 to $95 per month
Age 65 – approximately $200 to $220 per month

👉 Please note: Final rates vary depending on individual health, underwriting results, and other personal factors.

📌 Company Contacts

Banner Life Insurance Company
3275 Bennett Creek Avenue
Frederick, MD 21704
Phone: 1-800-638-8428
Website: www.lgamerica.com

Parent: Legal & General America
Policy servicing provided through agents and online partners.

💬 What Are People Saying About Banner Life Insurance?

Banner Life generally receives high praise for its competitive term life insurance rates and straightforward underwriting. However, some users note delays in the application process or lack of robust digital tools.

⭐ “Excellent term life pricing”
“I shopped around a lot and Banner offered the best rates for a 20-year term. Perfect for what I needed as a new parent.”
— James K., Cincinnati, OH

⭐ “No-nonsense underwriting”
“Application was clear, medical exam was quick, and I had coverage within a few weeks.”
— Linda F., Tampa, FL

⚠️ “Slow communication during processing”
“It took nearly 6 weeks to finalize my policy. I had to follow up more than once to get updates.”
— Brian W., Phoenix, AZ

⭐ “Solid financial backing”
“Banner is owned by Legal & General America, which gave me extra peace of mind about long-term stability.”
— Emily R., Raleigh, NC

⚠️ “Website is outdated”
“I expected a modern client portal or mobile app — but the online experience feels very 2000s.”
— Marcus J., Albany, NY

📝 Overall Rating from Customers

⭐ 4.2 out of 5 (Average based on term life-focused review platforms)

👍 Highlights:

Competitive term life premiums
Strong financial ratings (A+ from AM Best)
Transparent application process

👎 Drawbacks:

Slower approval times than some online-first insurers
Limited digital policy management tools
Primarily focused on term life, fewer permanent policy options

🚀 Final Word: Is Banner Life Right for You?

If you want one of the best values in term life insurance, Banner Life should be on your short list. Its focus on affordability, long terms (up to 40 years), strong financial backing, and flexible policies for adults 50+ make it stand out in a crowded market.

And while it doesn’t offer whole life, its conversion options allow you to evolve your policy over time – a great way to future-proof your coverage.

👉 If you value simple, powerful, affordable life insurance, Banner Life delivers – in spades.

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