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.
About Banner Life Insurance 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-)
Why Banner Life Is Popular for Term Insurance
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:
Competitive Pricing
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.
Broad Term Length Options
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.
High Coverage Amounts
- 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.
Digital Convenience: The Horizon Experience
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.
Application Options
- Digital AppAssist (Best): You receive a secure link to complete the interview on your time.
- Agent Assist: We guide you through each question, which typically takes 45 minutes.
- Banner Phone Interview: Least preferred; some applicants feel this drags out the process.
Accelerated Underwriting: Fast, No-Exam Life Insurance
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.
Who’s Eligible?
- 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
Key Stats:
- 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.
Lab Lift Program: Avoid Exams with Recent Bloodwork
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.
Requirements:
- Ages 20–60
- Coverage up to $2 million
- Must provide full lab results, including:
- CMP, lipid panel, liver enzymes, glucose, etc.
The “Credit Program”: One Class Better If You Just Missed
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.
Sample Credit Criteria:
- 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+)
Get More Program: Add Coverage After You’re Approved
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 Underwriting Strengths (Especially for High-Risk Cases)
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
Health Conditions Banner Often Covers Well:
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. |
Uninsurable Conditions with Banner Life
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.
Policy Options: Term & Universal Life Insurance
While Banner’s term life insurance is competitive, universal life is not, and is only available for conversion purposes.
OPTerm – Banner’s Term Life Product
- 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)
Life Step UL – Universal Life Insurance
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 |
Customer Service & Account Access
- 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.
Pros & Cons
Pros
- Highly competitive term rates
- Streamlined digital experience
- Fast approvals for healthy applicants
- Strong underwriting for common health risks
- Credit program and Get More offer
Cons
- S&P downgrade in 2025 (after acquisition)
- Universal life is only available by conversion
- Not available in New York (use William Penn instead)
FAQ
Yes. Banner Life consistently ranks among the top companies for term life insurance thanks to low rates, strong underwriting, and a digital-friendly process.
William Penn is Banner Life’s New York-based company. If you live in New York, William Penn will issue your policy, not Banner.
Not always. About 73% of applicants are approved without a paramed exam. Banner may waive the exam through Lab Lift if you’ve had recent labs.
Final Thoughts
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.