Banner Life Insurance Company is part of The Legal and General America, Inc, also known as LGAmerica.
Great life insurance rates coupled with high-risk life insurance expertise, make Banner one of the best life insurance companies to work with.
Banner Life Insurance Company Review
Our review of Banner Life will provide you with:
- Company Overview
- Banner Life Login
- Rating Information
- Underwriting Review
- Product Information
- Consumer Approved Materials
Banner Life Overview
Banner Life is part of the Legal & General Group, PLC – the 7th largest insurance company in the world.
Assets under management exceed £499 Billion worldwide.
With over 1.1 million customers, Banner Life is growing, having issued over $50 billion in new coverage in 2015 alone.
Banner Life is a market leader for:
- Term life insurance
- Universal life insurance
- Executive life insurance.
Banner Life Login
If you are an existing policy owner, you can register on Banner’s website for access to your policy.
Here’s what you need to do:
- Go to Banner’s parent company website – LGAmerica
- At the top right, click on “Account”
- Scroll to the bottom of the page and click on:
- “First-time user? Register for your account.”
- Follow the prompts to register – You’ll need your:
- Policy Number
- Date of Birth
- Social Security Number
- Once registered, you’ll be able to view policy data and request information and changes online.
Banner Life Ratings Information
Independent Rating Services include:
Ratings as of 01/30/2019 and subject to change.
Banner Life Insurance Underwriting
When it comes to getting the best life insurance rates, Banner Life is near the top with their term life insurance products.
While universal life insurance is available, term life insurance is their focus.
Underwriting Rate Classes Available:
- Preferred Plus Non-Tobacco
- Preferred Non-Tobacco
- Standard Plus Non-Tobacco
- Standard Non-Tobacco
- Preferred Tobacco
- Standard Tobacco
Here’s what you need to know if you are trying to qualify for Banner’s preferred plus life insurance rates:
- Blood Pressure – Banner Life allows you to take BP medication and still qualify for their preferred plus rates.
- Cholesterol – Must be in 100-300 range. Medication is okay.
- Cholesterol Ratio – May not exceed 4.5
- Driving Record – No DUI’s within the past 5 years.
- Family History – No cardiovascular disease with parents or siblings prior to age 60.
- Build – You must meet the build requirements for Banner Life in order to get their preferred plus life rates.
- Tobacco/Nicotine Use – None within the past 36 months. An occasional cigar – 1x per month with a negative urine sample is okay.
The key factor that trips up insureds looking for the preferred plus rates of Banner usually occurs with blood pressure.
Two-year average BP readings must be 136/86 or lower.
Since Banner averages past 2 years, if you just recently started taking BP medication, Banner may not be your best option.
Banner Life Insurance High-Risk Expertise
Banner Life uses its “standard plus” underwriting rate for high-risk life insurance health issues.
Most companies use a more expensive “standard” rate for health issues.
Banner High-Risk Life Insurance Expertise includes these health issues
- Type 2 Diabetes
- Ulcerative Colitis
- Coronary Artery Disease
- Asthma
- Anxiety, Depression and Mood Disorders
- Rheumatoid Arthritis
- Hepatitis “C”
- Epilepsy
- Atrial Fibrillation
- Sleep Apnea
- Skin Cancer
You’ll find details about the above conditions in the following post:
With Banner, the control you have over a medical issue is of great importance.
There are many other health issues that underwriting will consider, and it’s important to shop Banner for all cases due to their use of the standard plus rating mentioned.
Banner Life Insurance Underwriting Programs
At times it may be difficult to qualify for the better rate classes available with companies.
The underwriting guidelines are strict for the best rate classes.
If you miss one of the underwriting guideline cutoffs, you won’t get the rate…until now.
If you missed getting a better rate due to one of the underwriting criteria such as blood pressure, build, cholesterol ratio, family history, you may qualify for a one rate class improvement with Banner.
There are 7 underwriting criteria available to help you get a better rate…if you meet 3 of the 7, you’ll automatically be considered for the one rate class improvement!
Some of those underwriting criteria include no tobacco use in at least 10 years, favorable cholesterol ratio cutoff, normal cardiac stress test, etc..
You’ll find a great article here about:
We’ll go over the details with you if Banner looks to be the best option for you.
How Life Insurance Underwriting Can Help You Get Your Best Rate
Banner Accelerated Underwriting Program
Legal & General America now offers an accelerated underwriting program that may waive paramedical exams, lab work, and medical records.
Coverage amounts available with Banner’s accelerated underwriting program are based on your age and term length chosen.
- Age 20-40 – $100,000 – $1,000,000 of coverage
- Age 41-45 – $100,000 – $750,000 of coverage
- Age 46-50 – $100,000 – $500,000
The above is available for term lengths of 15-40 years. If you choose a 10 year term, accelerated underwriting is limited to $500,000.
Underwriting factors that are checked as part of the accelerated underwriting program, include:
- Identity verification
- MIB – Medical Information Bureau check
- Motor vehicle records check
- Prescription database check
- FCRA – Fair Credit Reporting Act checks
Accelerated underwriting by Banner may be a great option if you are in good health and meet the criteria.
Life Insurance Products
While Banner Life offers different types of life insurance, their main focus of Banner is term life insurance.
While they have a universal life insurance policy available as well as an executive carve-out term product, their level term policies are tough to beat.
OPTerm Life Insurance
OPTerm is Banner’s term life insurance product, available in 10,15,20,25, 30, 35 & 40 year term lengths.
OPTerm has a lot to offer, including these features:
- Minimum Face Amount – $100,000
- Issue Ages – 20-75
- Term Lengths Available:
- 10 Year Term Life Insurance
- 15 Year Term Life Insurance
- 20 Year Term Life Insurance
- 25 Year Term Life Insurance
- 30 Year Term Life Insurance
- 35 Year Term Life Insurance
- 40 Year Term Life Insurance
- Conversion available
- Accelerated Death Benefit Rider
- Term Riders
- Children’s Riders
- Waiver of Premium Rider
- High-Risk Underwriting through Table 12
LifeStep UL
LifeStep is the universal life insurance policy available with Banner Life that focuses on providing a guaranteed death benefit policy.
While this product is available for new sales, it is mainly used for conversions of term policies as there are better options available in the universal life market.
- Minimum Face Amount – $50,000
- Issue Ages – 20-85
- Accelerated Death Benefit Rider
- Partial Surrender Benefit
A-List Term
A-List Term is a group term life insurance policy used as a carve-out plan for highly compensated employees.
With most group insurance, the amount of life insurance is typically limited to 1x or 2x salary.
A carve-out plan like A-List, allows a company to potentially offer up to $3 million in coverage to certain employees.
- Minimum Face Amount – $50,000
- Maximum Face Amount – $3 million depending on the group size.
- Group Sizes of 10-24, and 25 and larger
- Portable to an individual policy upon termination or retirement
- Accelerated Death Benefit Rider
- Increasing Death Benefit Rider
Underwriting follows a specially tailored underwriting approach for groups with a one question underwriting approach.
Banner Life Insurance Company Consumer Approved Material
Legal & General Financial Strength Ratings as of year end 2019
Legal & General – 2020 Term Life Riders for Banner Life Policies
Legal & General – 2020 Term Protection Brochure
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