Banner Life Insurance Company Review

Banner Life Insurance Company Review

How do you advise people to choose the best life insurance provider for their needs amidst the variety of competing companies in existence? How would you yourself choose one, or how would you advise a friend or loved one to select a company?

For most people, a selection of insurance provider is made based off a trusted recommendation or from a visit to an impressive company website. Beyond great rates and comprehensive coverage, we’re looking for a connection — something that resonates. When it comes to insuring your life and the well-being of those loved ones left behind, it is reasonable to strive to find a company that makes you feel confident and comfortable in the policy you are receiving.

I found that confidence with Banner.

Banner Life Insurance Company Overview

Their impressive mission statement reads, Banner genuinely cares about their policyholders. The company “believes in the value of life insurance protection”.

Banner is well aware of how important their policies and coverage are to their customers. So let’s explore this life insurance company further.

Banner’s headquarters are located in Maryland.

Below, is their contact information.

Banner Life Insurance
3275 Bennett Creek Avenue
Frederick, Maryland 21704
Fax: 301-294-6960

Banner Life Insurance Financial Ratings

When choosing a life insurance company, it is important to obtain the right type, as well as the right dollar amount of life insurance coverage for your individual needs and circumstances. It is equally important to choose a provider that is financially sound as well as competitive in the market or top insurance carrier.

You want a company with a strong industry reputation and Banner can meet all of the expectations that come along with it.

The firm of A.M. Bestrenowned for their reports on the financial stability of insurance carriers, consistently gives Banner an A+ rating for financial strength.

A.M. Best is the oldest and most widely recognized of all ratings firms, and because of their exclusive insurance industry focus, A.M. Best ratings are held in very high esteem.

Banner consistently maintains an excellent (A+) rating with A.M. Best. The longevity and excellence of this rating says it all — Banner is a trusted and competent provider of insurance.

Company History of Banner Life Insurance

Banner Life Insurance Company, along with William Penn Life Insurance Company of New York, both operate under the parent company of Legal & General America. Banner provides “financial protection through life insurance for families living in America from coast to coast.”

All three companies are fiscally conservative and responsible, which makes them financially reliable. They have tried-and-true business practices that solid their position as leaders among their competitors.

As a life insurance company, Banner operates in forty nine states (except New York) and the District of Columbia. Banner does not operate in New York, because their sister company, William Penn, has covered that market successfully for over twenty five years.

Executives of the parent company oversee both Banner and William Penn. The parent company, Legal & General Group formed Legal & General America in 1981.

Shortly thereafter, they bought Government Employees Life Insurance Company (GELICO), a company formed in 1836, and changed its name to Banner in 1983. Six years later, the parent company purchased William Penn as a wholly owned subsidiary of Banner Life Insurance Company.

Banner Banner Life Insurance Products Offered

I think we can agree, purchasing life insurance can be a daunting task. However, the more information you can obtain, the easier the selection will be.

In order to differentiate Banner from the sea of competitors that all seem to be offering the same products and policies, let’s explore what sets Banner apart from other life insurance companies.

A key difference is that Banner offers flexible payment options that many other companies do not.

Another important benefit is that Banner offers policies for people up to age 95, far exceeding the industry standard of age 65 to 75. Their term life (basic life) policies each come with a level premium that is guaranteed for the duration of the term you choose.

Additionally, you can also reapply for another policy once your term is over—a perk that not all life insurance companies offer.

Banner also offers universal life policies which allow customers a great deal of customization to craft a specific policy that best suits their needs.

Some customers choose smaller premiums for a shorter term, while others want a permanent policy, and agree to pay a slightly higher premium. Regardless of the policy you choose, Banner will guarantee satisfaction with your decision.

The company’s short term policies are very flexible as they allow the customer to pay for a lifetime of insurance coverage over a short period of 10 to 15 years.

Lots of people buy life insurance term policies as each major life event occurs — marriage, birth of children, and other events.

At later stages in life, customers want simplicity of management and Banner offers excellent options to consolidate all of these individual policies under one larger banner. No pun intended, it does make sense to consolidate under one larger term life policy.

Often, customers who choose Banner are able to reduce their premiums AND get significantly more coverage by doing so.

Most life insurance companies do have a niche, and for Banner, their niche is two-fold.

First, they offer incredibly low-priced term policies. Secondly, the company has very competitive rates when it comes to covering men on term life policies.

Banner is also the only company to offer their MediGuide service free to all policyholders. This service aides policyholders who are diagnosed with illnesses while under a Banner policy.

Often, patients want a second opinion, and MediGuide was put into place to find find medical centers and doctors that specialize in that particular illness and can best assist you. This service is not highly profitable for Banner, and was put into place for the purpose of benefitting and serving their customers.

Furthermore, the company does offer policies for tobacco users.

Banner also has great underwriting.

That’s a very important consideration when choosing a policy.

In fact, the company’s underwriting is very aggressive.

First, Banner covers high-risk health conditions like diabetes, heart disease, high cholesterol and other medical issues that competing insurance providers won’t cover.

Second, Banner will move the application to the highest rating class possible, given your health condition and that is yet another service that serves the customer, not the wallets of Banner’s high raking leaders.

Great underwriting benefits those customers who have certain health conditions that make it more difficult to obtain an affordable policy or a policy at all.

Based on the impressiveness of the underwriting skills at Banner, you can still qualify for term life insurance policies.

The company offers term life for periods of 5, 10, 15, 20, 25 and 30 years. Banner also guarantees level premiums during your initial term period, but you may experience slight increases each year after.

Banner Life consistently ranks among the top five companies for high-risk health policies. Even with the high-risk options, Banner remains extremely competitive regarding policy pricing within the industry.

Independent agents sell Banner life policies, and they strive to be fair and ethical in all transactions. It’s name is not as well recognized as some of the larger companies, but Banner is definitely a quality selection for dependable, honest, and affordable insurance policies.

Banner Customer Service

Banner’s application process is electronic, and most applications are approved online within minutes. You can complete it by phone, and they’ll email the policy for your e-signature. Most policies are active within 48 hours.

This fast paced and efficient application process is credited to their impressive automated underwriting system.

Underwriters look at three main pieces of information: (1) a prescription medication check, (2) a motor vehicle report, and (3) a review of medical information.

Individuals with no history of select medications and a good driving record for the past five years receive fast approval.

If you re unable to qualify using this automated process, you can work with one of Banner’s underwriters to complete the review and approval process.

If declined, it may be due to failure to disclose important information in any of the three categories under question during the application process.

No higher Better Business Bureau (BBB) rating exists than A+, and that is the rating Banner has consistently received

They maintain an incredible 100 percent customer rating. BBB doesn’t endorse a company or its products, but they hold the company to a commitment to resolve consumer complaints.

The BBB scale runs from A+ and F, but what does this scale mean? What exactly is a company graded on?

Here are the BBB criteria.

  • Trust: Establish and maintain a positive track record in the marketplace. 
  • Honesty: Adhere to established standards of advertising and selling. Honestly represent products and services, including clear and adequate disclosures of all material terms. 
  • Transparency: Openly identify the nature, location, and ownership of the business, and clearly disclose all policies, guarantees and procedures that bear on a customer’s decision to buy. 
  • Honor Promises: Abide by all written agreements and verbal representations. 
  • Responsiveness: Address marketplace disputes quickly, professionally, and in good faith. 
  • Safeguard Privacy: Protect any data collected against mishandling and fraud, collect personal information only as needed, and respect the preferences of customers regarding the use of their information. 
  • Integrity: Approach all business dealings, marketplace transactions and commitments with integrity.

There are few downsides to choosing Banner as your life insurance provider.

Banner has remained an established, trusted, and financially strong company for more than one hundred years. People worldwide rely on this company for their life insurance needs, maybe you will too.