Banner Life Insurance Company
Term Life Insurance Overview
Banner Life Insurance Company from Legal & General America is mom-friendly—allowing most women to subtract pregnancy weight without higher pricing. Their eco-friendly, paperless process works great.
Banner Life Customer Service: (800) 638-8428
Table of Contents
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Banner Life Insurance Company Overview
Location
Frederick, MD
Established
1939
Value of In Force Life Insurance
$678 billion
Customers
1,150,000
Ranking in USA
Top 10 for term life in USA
Location
London, United Kingdom
Established
1949
Value of In Force Life Insurance
$678 billion
Customers
1,150,000
Ranking in USA
Top 10 for term life in USA
Ratings & Awards
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| A.M. Best | Better Business Bureau | J.D. Power | Moody’s | Standard & Poor’s |
|---|---|---|---|---|
| A+ | A+ | N/A | N/A | AA- |
Ratings as of March, 2018.
A.M. Best is an independent rating agency that ranks the financial strength of life insurance companies. Their best rating is an A++. Their worst is a D.
Better Business Bureau (BBB) is a non-profit that shares customer service feedback on businesses in the USA. BBB assigns ratings from A+ (highest) to F (lowest).
J.D. Power and Associates analyzes customers’ experiences with life insurance companies and ranks them on a scale from 1 to 1000.
Moody’s Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody’s rating scale ranges from Aaa to C with 1, 2, and 3 to indicate whether the ranking is on the higher or lower end of that category.
Standard and Poor’s (S&P) is the world’s leading provider of credit ratings and creditworthiness. S&P’s scale ranges from AAA to D with + or – to define standing within each category.
Banner Life Insurance Company from Legal & General America was awarded the EPA’s Energy Star Certification for using less energy and generating fewer greenhouse emissions than similar corporate buildings across the nation.
Their recycling program typically saves:
- 317,366 gallons of water
- 770 trees
- 136 cubic yards of landfill space
- 17,228 gallons of oil
- 181,352 kilowatts of energy
Comparison Quotes
Banner Life Insurance Company OPTerm®
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Sample monthly premium quotes for a $500,000, 20-year term policy for healthy, non-smoking individuals living in Minnesota. Pricing varies by gender. Women pay less for life insurance than men because they live longer on average.
Your life insurance pricing may be different and is determined by your individual risk factors and the state where you have your primary residence. Pricing as of September 2022.
See what you’d pay for life insurance
Quotacy’s Advice
To stand out in a competitive industry, most insurers focus on serving health or lifestyle niches.
Banner Life Insurance Company is excellent for:
- Accelerated Underwriting
- Family Health History (Cancer)
- Healthy Individuals
- Pregnancy (Third Trimester)
- Stay-at-Home Parents
We love that Banner Life Insurance Company is mom-friendly—allowing most women to subtract pregnancy weight without higher pricing. Their eco-friendly, paperless process works great. Banner Life Insurance Company’s accelerated underwriting uses a combination of underwriting expertise and technology to get you covered faster. For some applicants, it eliminates the need for lab testing and medical exams, making the process of getting insured less intrusive and simple.
Features & Benefits
What we like
- Offers a 35-year and 40-year term policy.
- Can be converted into permanent policy.
- Includes Accelerated Death Benefit Rider at no charge.*
- Option to skip phone interview.
- Some applicants may not need a medical exam—if they qualify for accelerated underwriting.
- Your medical exam can be done at home or work.
- You can review your medical exam results online.
- Policy delivered electronically.
- You can manage your policy online.
*State exclusions apply. Read the fine print below.
What could be better
- Does not offer an Accidental Death Benefit Rider.
- Credit card payments are not accepted after initial payment.
Policy Details
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| OPTerm® | |
|---|---|
| Guaranteed level premiums? | Yes |
| Term lengths available: | 10, 15, 20, 25, 30, 35, 40* |
| Premiums returned at end of term? | No |
| Riders available: | Accelerated Death Benefit, Premium Waiver for Disability, Child Rider |
| Accumulates cash value? | No |
| Policy loans available? | No |
| Minimum issue age: | 20 |
| Maximum issue age: | 75 |
| Minimum face amount: | $100,000 |
| Missed payment grace period: | 31 days** |
*10-year term available for ages 20-75; 15-year term available for ages 20-75, 20-year term available for ages 20-70 (tobacco users 20-65); 25-year term available for ages 20-60 (tobacco users 20-55); 30-year term available for ages 20-55 (tobacco users 20-50); 35-year term available for ages 20-50 (tobacco users 20-45); 40-year term available for ages 20-45 (tobacco users 20-40).
**State of issue, payment mode, and draft date can all impact the grace period end date. Your policy will state specifics.
» Compare: Term life insurance quotes
Riders
Increase your policy’s benefits with riders
Accelerated Death Benefit Rider
*Included
This rider is automatically included in your policy at no charge. It gives you access to a portion of your policy’s death benefit, if you are diagnosed with a terminal illness resulting in 12 months or less to live.
Child Rider
*Available at additional cost
For as little as $55 per year, add a child rider that covers your children under the age 18 up to $10,000. Ask your Quotacy agent for details.
Premium Waiver for Disability
*Available at additional cost
Banner Life Insurance Company will waive premium payments during a period of total disability lasting six consecutive months or more. The waived payments don’t have to be paid back. This rider is not available on all policies and the cost varies by age.
Policy Service
Contact
- Customer Service: (800) 638-8428
- Fax: (301) 294-6960
Hours: Monday-Friday, 8:00 AM-6:00 PM Eastern
Payment Mailing Address
Banner Life Insurance Company
3275 Bennett Creek Avenue
Frederick, MD 21704
Manage your policy online
- Visit www.lgamerica.com/login.
- Click on “Account”.
- Click on “First-time user? Register for your account.”.
- Enter your policy number.
- Enter your birthdate.
- Enter the last 4 digits of your SSN.
- Click Continue to proceed through the enrollment questions.
Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company.
What you can do online
- Make payments.
- Update address.
- Access policy change forms.
The Fine Print
Guidelines & Exclusions
Accelerated Underwriting
- Their accelerated underwriting program is called APPcelerate.
- A phone interview is required.
- Underwriting will still include evaluation of medical records and motor vehicle records.
- Eligibility
- OPTerm 10
- Ages 20-50 applying for coverage up to $500,000
- OPTerm 15, 20, 25, 30
- Ages 20-40 applying for coverage up to $1,000,000
- Ages 41-45 applying for coverage up to $750,000
- Ages 46-50 applying for coverage up to $500,000
- Not available in Connecticut, Hawaii, or Alaska.
- OPTerm 10
- Being eligible does not guarantee acceptance into the accelerated underwriting program.
- If not accepted, you continue on to traditional underwriting in which a medical exam is required.
Term Conversion
- For issue ages 65 and younger, you may convert your policy at any time until age 70.
- For issue ages 66 and older, you can convert your policy at any time during the first five policy years.
Accelerated Death Benefit
- Not available in Connecticut.
- You may accelerate up to 75% of your death benefit—not to exceed $500,000.
- When death benefit payout is accelerated, processing fee of $250.
Child Rider
- Not available in New York.
- Coverage options are $5000 or $10,000.
- Newborn child covered after 14th day post-birth.
- Parent or child can convert the rider within 31 days of policy anniversary nearest the child’s 25th birthday or within 31 days of policy anniversary of parent’s 65th birthday—whichever is earlier.
Premium Waiver for Disability Rider
- Not available on policies if insured is table rated 5 or higher.
- Waiver coverage ends at age 65.
Disclosures and Product Information
Updated: September 2022
More term life insurance reviews
We recommend without hesitation every company reviewed on Quotacy. When you comparison shop, the death benefit amount that your loved ones would receive and the cost of the policy are the most important factors to consider. If you have any questions about the best life insurance companies for you, contact Quotacy. We'll gladly help you evaluate your life insurance options.