Banner Life Insurance Review – Rates, Underwriting & Digital Speed

Banner Life consistently ranks among the most affordable term life insurance companies in the U.S. With fast digital approvals and flexible underwriting, it’s a strong option for everyone.

In this guide, we review Banner’s life insurance products and underwriting to help you make a great decision about this company.

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: AA-
• S&P: A+ (down from AA-)

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

Banner consistently ranks in the top 3 for term life insurance pricing, especially in 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 $4 million
• Foreign national limits up to $35 million.
• Jumbo coverage limits up to $65 million.

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.

• Ages 20–60
• Up to $4 million 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

• 42% get instant decisions
• 68% approved within 10 days
• 73% 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 qualify for 3 out of 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 qualify financially, Banner may offer extra 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

Condition	Comments
Diabetes	Type 2 is competitive. For Type 1, John Hancock is better.
Anxiety & Depression	Good for well controlled conditions.
Atrial Fibrillation	Good with mild. Compare to Lincoln and Prudential.
Sleep Apnea	Standard Plus rates are common, sometimes preferred.
Skin Cancer	Best rates for basal cell. Lincoln National is better for melanoma.
Coronary Artery Disease	Good for some conditions. Principal and United of Omaha.
Ulcerative Colitis & Crohn’s	Good for mild cases. Compare to Corebridge Financial.
Epilepsy	Compare to Lincoln National.

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 only available for conversion purposes.

• 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 thinking that you may want permanent life insurance someday, look at other companies instead of Banner. For example:

Index Universal Life	Whole Life Insurance
North American	Mass Mutual
Nationwide	New York Life
Lincoln Financial	Guardian
Transamerica	Penn Mutual
Prudential	Northwestern Mutual

• 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 innovation in underwriting 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.