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Banner Life Insurance Company

Updated on May 4, 2021

Banner Life Insurance Company is owned by Legal and General America and is available in 49 states.

In New York, the name is William Penn Life Insurance Company.

banner life insurance

Is Banner Life Insurance a Good Company?

With 1.3 million customers in the U.S., Banner has $759 billion of in-force life insurance as of 2021.

Banner Life’s parent company is Legal & General Group, PLC – the 9th largest insurance company in the world.

Great life insurance rates and a digital process make Banner one of the best life insurance companies to consider.

Financial Strength

  • AM Best – “A+”
  • S&P – AA-
  • Fitch – AA-

Ratings as of 01/2021. Subject to change

Banner is a good company with very competitive term life insurance.

Are Banner Life Policies Competitive?

Banner’s term life policies often rank in the top 3 for price.

Term Life Insurance from Banner Life

The OPTerm1 product as it’s called, offers the following:

  • Face amounts start at $100,000.
  • Issue ages from 20 – 75.
  • Term lengths available – 10, 15, 20, 25, 30, 35 and 40 year.
  • Conversion is available to universal life insurance.
  • Policy riders available:
    • Accelerated death benefit
    • Children’s rider
    • Waiver of premium
    • Term riders – 10, 15, and 20 years available

If you decide to convert your term life policy, the following is available with Banner Life.

Legal & General – 2020 Term Protection Brochure

Universal Life Insurance from Banner Life

Banner’s universal life insurance policy is called Life Step UL.

Life Step UL2 is a flexible premium universal life insurance policy that offers the following:

  • Face amounts start at $50,000.
  • Issue ages from 20-85.
  • Policy maturity to age 121
  • Guaranteed interest crediting rate of 2%.
  • You may borrow against the cash value of the policy.
  • Policy loan interest rate is 7.4%
  • 1035 exchanges.
  • Surrender charges last for 14 years.
  • Catch up provision
  • Accelerated Death Benefit Rider

Company approved illustrations are available should you consider the Life Step UL policy.

Term Life Carve-Out from Banner Life

A-List Term3 is an individual term life insurance policy for highly compensated employees.

With most group insurance, the amount of life insurance available 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.

A-List features include:

  • Minimum face amount of $50,000
  • Maximum face amount of $3 million.
  • Group Sizes of 10-24, and 25 and larger.
  • Rates are guaranteed for 3 years.
  • Conversion to the Life Step UL is available.
  • Employee compensation must be $100,000 or greater.
  • Portable to an individual policy.
  • Accelerated death benefit.
  • Increasing death benefit rider.

Underwriting and coverage amounts are based on the group size and participant ages.

Groups of 25+ participants – One medical question for ages 20-70, and simplified underwriting for ages 71-75.

Groups of 10-24 participants – Simplified underwriting prescription and medical history, MVR, and MIB checks.

Coverage amounts are based on the number of participants multiplied by the following multiplier factor.

25+ participants x $30,000 multiplier

10-24 participants x $20,000 multiplier

Maximum average issue age of 55 for 25+ participants, age 50 and under for the 10-24 group size.

How Easy is it to Get a Policy with Banner Life?

Legal & General America now offers an accelerated underwriting program.

Underwriting may waive paramedical exams, lab work, and medical records if you meet the following criteria.

Maximum coverage amounts available for accelerated underwriting are based on the following:

  • Age 20-40 – $100,000 – $1,000,000
  • 41-45 – $100,000 – $750,000
  • 46-50 – $100,000 – $500,000

Banner offers more coverage than many companies with their accelerated program.

Compare Banner to Primerica for example which limits accelerated underwriting to $400,000.

Underwriting checks include the following:

  • Identity verification
  • MIB – Medical Information Bureau check
  • Motor vehicle records check
  • Prescription database check
  • FCRA – Fair Credit Reporting Act checks

Accelerated underwriting is a great option for healthy individuals.

Underwriting offers the following rate classes:

  • Preferred Plus Non-Tobacco
  • Preferred Non-Tobacco
  • Standard Plus Non-Tobacco
  • Standard Non-Tobacco
  • Preferred Tobacco
  • Standard Tobacco
Underwriting Criteria by Rate Class
  • Preferred Plus Non-Tobacco Requirements
  • Blood pressure average of 135/85 for the past 2 years
  • Cholesterol in the 100-300 range
  • Cholesterol Ratio of 4.5 or better
  • Blood pressure and cholesterol medications are okay.
  • Driving Record – No DUI’s in the past 5 years
  • No more than 2 moving violations in past 3 years.
  • No family history of heart disease prior to age 60.
  • Build – You must meet the build chart requirements.
  • Tobacco/Nicotine Use – None in past 36 months.  
  • One cigar per month with negative labs.
Preferred Non-Tobacco and Preferred Tobacco
  • Blood pressure average of 140/90 for the past 2 years
  • Cholesterol in the 100-300 range
  • Cholesterol Ratio of 5.5 or better
  • Blood pressure and cholesterol meds are okay.
  • Driving Record – No DUI’s in the past 5 years
  • No more than 2 moving violations in past 3 years.
  • No heart disease death prior to age 60 for parents.
  • Build – You must meet the build chart requirements.
  • Tobacco/Nicotine Use – None in the past 24 months.  
  • One cigar per month with negative labs.

Rate classes continued

Standard Plus Non-Tobacco
  • Blood pressure average of 145/90 for the past 2 years
  • Cholesterol in the 100-300 range
  • Cholesterol Ratio of 6.5 or better
  • Blood pressure and cholesterol meds are okay.
  • Driving Record – No DUI’s in the past 3 years
  • No more than 3 moving violations in past 3 years.
  • No heart disease death of more than one parent.
  • Build – You must meet the build chart requirements.
  • Tobacco/Nicotine Use – None in past 12 months.  
  • One cigar per month with negative labs.
Standard Non-Tobacco Rate and Standard Tobacco
  • Blood pressure avg. of 156/94 for past 2 years
  • Cholesterol in the 100-300 range
  • Cholesterol Ratio of 8.0 or better
  • Blood pressure and cholesterol meds are okay.
  • Driving Record – No DUI’s in the past 2 years
  • No more than 4 moving violations in past 3 years.
  • No heart disease death of more than one parent.
  • Build – must meet build chart requirements.
  • Tobacco/Nicotine Use – None in past 12 months.  
  • One cigar per month with negative labs.

You’ll receive the underwriting criteria from us when we quote your rates.

Lab Lift by Banner Life

Banner recently introduced the Lab Lift Exam Substitution Program.

If you’ve completed a physical with labs in the past 18 months, you may be able to skip the paramed exam.

Eligibility:

  • Ages 20-60
  • Up to $2,000,000 of coverage
  • Available if you’ve had a comprehensive physical with blood work in the past 18 months.
  • EKG requirements are waived for ages 51-60 for $1 – $2 million in coverage.
  • All underwriting rate classes available including high-risk cases.

Lab Lift Lab Requirements

Your lab work must be within the past 18 months and include the following

  • Comprehensive Metabolic Panel (CMP)
    • Glucose
    • Calcium
    • Electrolytes – sodium, potassium, carbon dioxide, chloride
    • Albumin
    • Total protein
    • Liver Enzymes – ALP, ALT, AST, Bilirubin
    • BUN
  • Complete Lipid Panel
    • Total cholesterol
    • Triglyceride
    • HDL cholesterol
    • LDL cholesterol

If you don’t qualify for Lab Lift, a paramed exam will be ordered by underwriting.

Crediting Programs

Underwriting guidelines are strict for the best rate classes.

Most companies do not make exceptions if you just barely miss the best rate, but Banner Life does!

If you missed getting a better rate due to blood pressure, build, cholesterol ratio, family history, Banner has a program for you.

There are 7 credit criteria available to help you.

  1. No tobacco use in the past 10 years.
  2. Cholesterol ratio of 4.5 or better.
  3. NT Pro BnP under 100 (age 60 or older).
  4. Normal cardiac test within the past 2 years.
  5. Both parents surviving to at least age 75.
  6. Lifestyle – One of the following must be met
    • Regular annual checkups
    • Participate in wellness/exercise program
    • Routine age based exams – mammogram, pap smear, colonoscopy, prostate exam, etc.
  7. Liver function test GGT less than 30.

Meet 3 of the 7 to qualify for a better offer.

High-Risk Life Insurance with Banner

Banner underwrites many high risk health conditions such as:

  • 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

What makes Banner competitive is their use of a “standard plus” rate when underwriting health issues.

Most other companies use the more expensive “standard” rate to underwrite.

Does Banner Provide Good Customer Service?

You may reach customer service at 800-638-8428

Online access to your life insurance policy is found below

Existing policy owners can register for online access to your policy.

Here’s what you need to do:

  1. Go to Banner’s parent company website – LGAmerica
  2. At the top right, click on “Account”
  3. Scroll to the bottom of the page and click on:
    • “First-time user? Register for your account.”
  4. Follow the prompts to register – You’ll need your:
    • Policy Number
    • Date of Birth
    • Social Security Number
  5. Once registered, you’ll be able to view policy data and request information and changes online.

Banner Life Headquarters is located at:

3275 Bennett Creek Avenue – Frederick, Maryland 21704

Conclusion

Banner Life is a great company to consider for your term life insurance needs.

With great life insurance rates, an easy to use digital application process, and competitive underwriting,

Banner Life is worth consideration.

Please request your no pressure, no obligation quote today!

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Banner Product Disclosures

Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states and in DC. William Penn products are available exclusively in New York; Banner does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group.

1 – OPTerm policy form # ICC18-OPTC and state variations. In New York, OPTerm policy form # OPTN-NY.

2 – Policy form # ICC12 UL13 and state variations. Life Step UL is a flexible premium universal life insurance plan. This product offers a coverage guarantee to maturity at age 121 if the appropriate premium according to policy terms is paid on time. The policy will not lapse if the coverage guarantee requirement is met. A policy loan however, that exceeds the cash surrender value will result in a lapse of coverage. Signed illustrations are required for Life Step UL.

Policy form # UL13S-NY. Life Step UL is a flexible premium universal life insurance plan. This product offers a coverage guarantee to maturity at age 121 if the appropriate premium according to policy terms is paid on time. The policy will not lapse if the coverage guarantee requirement is met. A policy loan however, that exceeds the cash surrender value will result in a lapse of coverage. Signed illustrations are required for Life Step UL.

3 – Banner A-List Term policy form # ICC12OPT and state variations; William Penn A-List Term policy form OPT-NY.

Two-year contestability and suicide provisions apply. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.