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Banner Life

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

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We're experienced

We've been in the life insurance industry since 1990, and have helped our customers protect their families with over $37 billion in coverage. That's a lot of happy customers.

Banner Life Insurance Company Overview


Frederick, MD



Value of In Force Life Insurance

$678 billion



Ranking in USA

Top 10 for term life in USA


London, United Kingdom



Value of In Force Life Insurance

$678 billion



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.

energy star logo gray 2

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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Company Male Female
Age 30 Age 40 Age 50 Age 60 Age 70 Age 30 Age 40 Age 50 Age 60 Age 70

Banner Life

$18.96 $29.75 $69.89 $200.70 $790.24 $16.00 $24.05 $54.83 $141.35 $697.33

Cincinnati Life

$23.32 $33.00 $81.40 $245.52 N/A $19.80 $28.60 $65.12 $183.92 N/A


$18.99 $28.72 $69.93 $203.22 $851.76 $16.03 $24.08 $54.92 $141.38 $701.00


$23.95 $32.50 $76.10 $230.85 N/A $20.95 $29.95 $60.75 $162.05 N/A

Haven Life

$19.05 $28.42 $151.01 $545.83 N/A $15.16 $24.11 $106.19 $468.41 N/A

John Hancock

$27.71 $32.11 $74.56 $208.06 N/A $25.06 $28.31 $64.51 $170.11 N/A

Lincoln Financial

$27.94 $39.03 $77.35 $203.11 $799.59 $23.50 $30.70 $58.43 $143.90 $705.59

Pacific Life

$19.10 $28.87 $70.33 $200.75 N/A $16.12 $24.18 $54.89 $142.21 N/A


$19.77 $29.39 $72.04 $203.13 N/A $16.76 $24.82 $56.09 $143.91 N/A


$19.08 $28.45 $70.30 $200.73 $790.32 $16.11 $24.16 $54.86 $142.18 $697.36


$34.56 $43.75 $89.25 $273.88 N/A $28.00 $40.25 $77.88 $187.69 N/A

Securian Financial

$22.42 $31.18 $87.12 $235.40 N/A $18.48 $26.84 $62.04 $153.12 N/A


$19.87 $31.30 $83.33 $274.74 N/A $17.05 $24.62 $60.41 $165.73 N/A


$19.09 $28.46 $70.31 $200.74 N/A $16.11 $24.17 $54.86 $142.20 N/A

United of Omaha

$23.87 $37.20 $92.67 $273.70 N/A $20.43 $31.61 $69.02 $189.42 N/A

US Life

$20.70 $32.75 $76.55 $230.45 $924.25 $17.47 $27.68 $67.43 $161.32 $699.89

William Penn

$19.11 $31.99 $73.02 $224.87 N/A $16.15 $24.45 $58.87 $142.18 N/A

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

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

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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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


Increase your policy’s benefits with riders

Accelerated Death Benefit Rider


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


  • 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

  1. Visit www.lgamerica.com/login.
  2. Click on “Account”.
  3. Click on “First-time user? Register for your account.”.
  4. Enter your policy number.
  5. Enter your birthdate.
  6. Enter the last 4 digits of your SSN.
  7. 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.
  • 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
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. OPTerm policy form # ICC18-OPTC and state variations. The Banner OPTerm life insurance premiums quoted here are based on the information provided for this quote. The quote is based on the assumption of excellent health and does not take into consideration occupational risks or other avocations. Approval and actual premiums will be based upon the entire underwriting process, including but not limited to, information provided on the application, exam results and specific underwriting requirements and criteria. OPTerm 10, 15, 20, 25, 30, 35 and 40 are term life insurance policies. OPTerm 10 issue ages are 20-75 all classes. OPTerm 15 issue ages are 20-75 all classes. OPTerm 20 issue ages are 20-70 for nontobacco classes and 20-65 for tobacco classes. OPTerm 25 issue ages are 20-60 for non-tobacco classes and 20-55 for tobacco classes. OPTerm 30 issue ages are 20-55 for non-tobacco classes and 20-50 for tobacco classes. In New York, the following issue ages apply: OPTerm 10 issue ages 20-75 non-tobacco classes; 20-75 tobacco classes. OPTerm 15 issue ages 20-71 non-tobacco classes; 20-71 tobacco classes. OPTerm 20 issue ages 20-65 for nontobacco classes, 20-64 for tobacco classes. OPTerm 25 issue ages are 20-58 for non-tobacco classes and 20-55 for tobacco classes. OPTerm 30 issue ages 20-51 for non-tobacco classes; 20-50 for tobacco classes. OPTerm 35 issue ages 20-50 for non-tobacco classes; 20-45 for tobacco classes. OPTerm 40 issue ages 20-45 for non-tobacco classes; 20-40 for tobacco classes. Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$499,999, $500,000-$999,999, $1,000,000 and above. Premiums quoted include a $60 annual policy fee. Initial premiums remain level for 10, 15, 20, 25, 35 and 40 years respectively. After the initial level term period, premiums increase annually to age 95. OPTerm 10, 15, 20, 25, 30, 35 and 40 can be issued in preferred plus nontobacco, preferred non-tobacco, standard plus non-tobacco, standard non-tobacco, preferred tobacco, and standard tobacco rates. Substandard policies can be issued through table 12 subject to underwriting discretion. Policies can be returned without obligation within 30 days of receipt. OPTerm 10, 15, 20, 25 and 30 rates as of 10.08.18. OPTerm 35 and 40 rates as of 11.27.18. OPTerm 35 and 40 are not available in New York. Additional Insurance Riders, form # ICC11 AIR and state variations, can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term Riders issue ages vary from base plan. A Waiver of Premium Benefit Rider is available, policy form # ICC09 WPTR and state variations. An Accelerated Death Benefit Rider, policy form # ICC10 ADB and state variations, is included with all policies. Children’s Life Insurance Rider, form # ICC16-CLIR and state variations, can provide life insurance coverage on eligible children. Children’s Life Insurance Rider is not available in New York and is not available on base plans with Term Riders or in conjunction with A-List Term. Children’s Life Insurance Rider premiums are guaranteed to stay level. Coverage expires at the earlier of the insured child’s 25th birthday, the base policy insured’s 65th birthday or base policy termination.

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.