Banner Life Insurance Buyer’s Guide: Our Independent Review

Banner Life is one of the most competitive term life insurance companies in the country.

For healthy applicants, Banner Life offers some of the lowest rates available, along with one of the fastest and most streamlined underwriting processes in the industry.

However, Banner isn’t the best fit for everyone.

As independent brokers, we compare Banner against dozens of life insurance companies every year. In some situations, Banner is our first choice. In other cases, another company offers better underwriting, lower rates, or a more favorable approval.

This buyer’s guide explains where Banner excels, where it falls short, and when we typically recommend Banner Life to our clients.

• Want excellent term life insurance rates
• Are in average health or better
• Want $500,000 or more coverage
• Want fast underwriting with possible instant approval
• Prefer no exam life insurance when available
• Have well-controlled chronic health conditions
• Need a large policy for family or business planning needs
• Want to ladder multiple term lengths together

• You have multiple significant medical conditions
• You recently completed cancer treatment
• You recently had a heart attack and/or bypass surgery

Most consumers don’t start their search looking specifically for Banner Life.

They’re looking for affordable life insurance, fast approvals, and a company that’s likely to approve them.

Banner Life consistently performs well in those areas.

Banner routinely ranks among the most competitive term life insurance policies and consistently ranks in the top 3 for healthy applicants.

A feature that gives Banner an advantage is its use of the “standard plus” rate class when pricing health impairments. Most companies use a more expensive “standard” rate for health conditions.

Banner ranks well for consumers who need substantial coverage.

• Accelerated underwriting up to $5 million for eligible applicants.
• Instant approvals up to $3 million for eligible applicants
• Jumbo coverage limits up to $65 million

This flexibility makes Banner attractive to business owners, high-income professionals, and families seeking significant protection.

Banner’s OPTerm product offers:

• 10-year term
• 15-year term
• 20-year term
• 25-year term
• 30-year term
• 35-year term
• 40-year term

Only a handful of companies offer term lengths beyond 30 years.

We frequently recommend Banner Life for:

• Income replacement
• Mortgage protection
• College funding protection
• Key person insurance
• Buy-sell agreements
• SBA loan protection

Banner’s ability to handle large face amounts and its streamlined underwriting process make it attractive for these situations.

This is where Banner separates itself from many competitors. In our experience, Banner has one of the most efficient application and underwriting systems today. They are one of the few companies available that offer up to $3 million instantly for eligible applicants.

Banner’s Horizon platform provides:

• Online applications
• Electronic signatures
• Electronic policy delivery
• Online policy management

To get started, we gather some basic information from you and submit it to Banner. They will email you a link to their application and underwriting system. You can complete the process in about 20 minutes and potentially get approved instantly (about 40% of cases qualify).

Another great feature of Banner’s system is the ability to instantly change the coverage amount, duration, and payment mode. Most companies require us to submit a request for changes that takes days to happen.

Most companies are moving towards accelerated underwriting, which means no exam for most cases.

Many applicants can qualify without:

• A paramedical exam
• Blood work
• Urine testing

Eligible applicants may qualify for accelerated underwriting up to $5 million with Banner Life.

Current program limits include:

• Ages 20-60: Up to $5 million
• Ages 61-70: Up to $500,000

The key to qualifying for accelerated underwriting is to have current medical records and regular follow-ups with your physicians. If your records are outdated, you haven’t completed lab tests within the past 18 months, or you’ve skipped your annual physical, you will need a paramed exam.

Banner’s Lab Lift program allows applicants to use recent lab work from their physician in lieu of completing a paramed exam.

Banner Life offers a credit program where your approval rate may improve by one rate class if you meet any 3 of 7 of the following:

• Tobacco-free 10+ years
• Cholesterol ratio under 4.5
• Recent normal cardiac testing
• Parents lived past 75
• Routine medical exams and wellness care
• GGT liver enzyme under 30
• NT Pro BNP under 100 (age 60+)

It’s a great program for applicants who just missed the better rate class.

This is another great program that Banner Life offers to eligible applicants. As part of underwriting, Banner may determine that you qualify for more coverage than you applied for. If that’s the case, your approval will indicate how much you qualify for. We can make the change in Banner’s system instantly.

In addition to healthy applicants, Banner Life does an excellent job with certain health conditions. Generally speaking, Banner is very competitive for individuals with a single health impairment.

So while Banner Life does great with healthy people and those with some chronic controlled conditions, there are times when another company will be a better option for you.

We often compare other companies when dealing with:

• Combination impairments – Example – heart disease and diabetes
• Recent heart attack and/or bypass history
• Type 1 diabetes
• Certain neurological conditions

If we aren’t able to quote you instantly, we’ll reach out to companies via Quick Quote to get feedback from all of them before making a recommendation.

Banner Life is a Legal & General America company that has served over 1.5 million policyholders in the U.S. With more than $782 billion of life insurance in force, it’s a major player in term life—even if it doesn’t advertise much.

Ownership update for 2025: Banner Life’s parent company, Legal & General America, was acquired by Japanese insurer Meiji Yasuda. This change may have impacted financial outlooks, as noted by:

• S&P downgrade (Feb 2025)
• Fitch placed Banner on a negative watchlist

Still, Banner maintains strong financial ratings:

• AM Best: A
• Fitch: A+
• S&P: A

Consistently ranked as one of the top companies for term life insurance, along with Pacific Life, Corebridge Financial, and Prudential, Banner offers the following:

Banner consistently ranks in the top 3 for term life insurance pricing, especially for ages 30–60. They often beat companies like Protective and Lincoln.

Banner’s term product (OPTerm) is available in 10-, 15-, 20-, 25-, 30-, 35-, and 40-year durations. It is one of the few carriers offering up to 40 years. Protective Life is the other company that offers 40 years.

• Face amounts start at $100,000
• Accelerated underwriting is available up to $5 million
• Foreign national limits up to $35 million.
• Jumbo coverage limits up to $65 million.

Several riders are available to help you customize coverage:

Term Rider – Banner offers 10-, 15-, and 20-year term riders. The rider must be shorter than the policy’s base term. This is a great option if you’re looking to ladder term lengths for your coverage.

Accelerated Death Benefit Rider – This no-cost rider is included with your policy and allows you to accelerate a portion of the death benefit if you become terminally ill. You may accelerate the lesser of $500,000 or 75% of the death benefit.

Children’s Rider – Available as a $5,000 or $10,000 child rider. If both parents buy policies, up to $20,000 is available. One rider covers all eligible children.

Waiver of Premium – Waives all premiums due to total disability, provided you have been disabled for at least 6 months. The rider is available to insureds rated up to a table 4 rating, and there is an additional cost.

Banner has the capacity to meet the vast majority of consumers’ needs.

Banner’s online application process is fast and user-friendly. Their digital platform, Horizon, offers a fully online experience with e-apps, e-delivery, and electronic policy access.

1. Digital AppAssist (Best): You receive a secure link to complete the interview on your time.
2. Agent Assist: We guide you through each question, which typically takes 45 minutes.
3. Banner Phone Interview: Least preferred; some applicants feel this drags out the process.

If you’re healthy, Banner’s accelerated underwriting program might get you coverage in days, without a paramed exam. In some cases, instant approval is possible.

It’s easy to get started with Banner Life. We gather some basic information from you (takes 5 minutes) and submit it to Banner.

Banner will then email you a link to its online application and underwriting questions. It takes about 20 minutes to complete this part, and your application will go straight into underwriting.

• Ages 20–60 – Up to $5 million in coverage
• Ages 61-70 – Up to $500,000 in coverage
• Must meet Standard Plus or better
• Blood pressure max: 140/90
• Cholesterol range: 120–300
• Must pass prescription check, MIB, background & financial review

• 46% get instant decisions
• 70% approved within 10 days
• 85% approved without a paramed exam

Banner has continually improved this process, increasing the number of applicants approved instantly. Other companies with instant approval include Corebridge Financial and Symetra.

Have you had a physical in the past 18 months? Banner might waive lab testing through its Lab Lift program, which is ideal for healthy people who’ve already seen their doctor.

• Ages 20–60
• Coverage up to $2 million
• Must provide full lab results, including:
  • CMP, lipid panel, liver enzymes, glucose, etc.

Banner offers leniency if you barely miss a better rate class. You may move up a full class if you meet 3 of the 7 credit criteria. This can make a big difference in premium cost.

• Tobacco-free 10+ years
• Cholesterol ratio under 4.5
• Recent normal cardiac testing
• Parents lived past 75
• Routine medical exams and wellness care
• GGT liver enzyme under 30
• NT Pro BNP under 100 (age 60+)

If you’re approved and financially qualified, Banner may offer additional coverage without additional underwriting. You’re not required to accept the higher amount, but it’s a nice perk.

Unlike some companies, which require a policy reissue, when Banner approves a client, you can change the coverage amount, premium frequency, and term length.

Banner is often more lenient than other companies when underwriting:

• Family history of cancer: Not a factor unless hereditary
• Asthma: Can qualify for preferred rates
• Mild to moderate conditions: Often Standard Plus, not just Standard

While Banner is strong with moderate risk, some conditions are an automatic decline:

• Alzheimer’s
• Cirrhosis
• COPD
• HbA1c > 10 (Diabetes)
• Recent suicide attempt
• Organ transplants
• Active alcohol abuse
• Aortic aneurysms > 5.0 cm

For the above conditions, most traditional companies would decline as well. The only real options would be final expense insurance from companies like AARP, Colonial Penn, TruStage, and Gerber Life.

While Banner’s term life insurance is competitive, universal life is not and is available only for conversion.

• Face amounts from $100,000
• Issue ages: 20–75
• Term lengths: 10 to 40 years
• Convertible to universal life
• Available riders:
  • Waiver of premium
  • Children’s rider
  • Accelerated death benefit
  • Term riders (10, 15, 20 years)

Only available if you convert your term policy.

• Coverage to age 121
• Guaranteed minimum interest rate: 2%
• Face amounts from $50,000
• Loans allowed (7.4% interest)
• Surrender charges apply for 14 years
• Catch-up premium options available

If you’re considering permanent life insurance someday, look at other companies besides Banner. For example:

• Phone: 800-638-8428
• Address: 3275 Bennett Creek Avenue – Frederick, Maryland 21704
• Online: You’ll find Banner’s online portal here

Banner Life policies are serviced via Legal & General America’s online platform.

• Highly competitive term rates
• Streamlined digital experience
• Fast approvals for healthy applicants
• Strong underwriting for common health risks
• Credit program and Get More offer

• S&P downgrade in 2025 (after acquisition)
• Universal life is only available by conversion
• Not available in New York (use William Penn instead)

Banner Life offers one of the best blends of affordable term life insurance, fast approvals, and flexible underwriting.

While the S&P downgrade may concern some shoppers, Banner’s strong track record, pricing, and underwriting innovation still make it a top-tier choice.

Compare Banner with other top insurers today. We’ll help you find the best fit based on your health, goals, and budget.