Banner Life Insurance Company Review
Founded: 1836 (Legal & General)
A.M. Best Financial Rating 2023: A+ Superior
Comdex Score: 95 out of 100
BBB Rating 2023: A+
Subsidiary of: Legal & General
Address: 3275 Bennett Creek Avenue, Maryland, 21704
Phone: (800) 638-8428
6 Reasons why Banner Life Insurance Company is one of the best life insurance companies in America in 2023:
- The second largest provider of term life insurance in the US, issuing more than $57 billion in new coverage.
- Superior financial rating from A.M. Best (Superior is the top category).
- Often has the lowest term life insurance rates in the country for healthy people and people with certain health conditions such as type II diabetes, history of cancer, family history of cancer, quit smoking 3 years ago and other health conditions.
- Banner Life Insurance Company typically has the lowest “table rates” or “substandard rates” in the country. For those with major health issue can qualify for much better rates than many other highly rated life insurance companies.
- Banner Life Insurance Company offers a 35 and 40 year level term policy. One of only a few companies in America to offer this long of a fixed term length.
- Banner Life paid out over $1 billion in death claims in 2020 alone, 99.9% of all claims filed were paid.
Best Life Insurance Underwriting for:
Preferred Plus (Top health class) available for:
• Cigarette smokers who quit over 3 years ago (versus over 4 and 5 years most companies use)
• Applicants with treated high cholesterol medication
• Applicants with treated Hypertension (high blood pressure) medication
• Applicants with a combination of treated with blood pressure/ cholesterol medications
• Applicants with treated or untreated total cholesterol under 300
• Applicants who participate in recreational scuba diving up to 100 feet
• Applicants with a family history of cancer (Unless family history that suggest a hereditary cancer syndrome may be present.)
Preferred health class:
• Applicants with Asthma on two medications or less (well controlled)
• Applicants with Anxiety / Depression on one prescription medication (well controlled)
• Applicants with mild Sleep Apnea (Apnea Index (AI) <20 or Respiratory Disturbance Index (RDI) < 30 and lowest oxygen saturation above 85% with good compliance for one year and no residual symptoms.
Standard Plus health class:
• Applicants with controlled Type II Diabetes
• Applicants with Severe Sleep Apnea with documented good CPAP compliance for one year and no residual symptoms
• Applicants with personal history of cancer, subject to type, date of onset and last treatment of cancer
Banner Life Insurance Company can improve an underwriting decision by one class for qualified applicants in the Standard eligible or better categories for applicants that meet certain criteria.
Banner Life Insurance Height/Weight Chart 2023
Banner Life Insurance Height/Weight Chart for Table Rates 2023
Based on Standard Plus health class!
Banner Life Insurance Total Amount of Life Insurance Coverage Eligibility
Key Man (Key Person) Life Insurance Coverage Eligibility
Ages < 64:Up to 10 times the applicant’s annual income (salary and bonus)
Ages 65 – 70:Up to 5 times the applicant’s annual income (salary and bonus)
Ages > 71:Individual consideration when facts and financial data demonstrate a significant loss to the company
SBA loans and business loans
We will consider coverage provided the term of the new loan is at least 10 years. Generally consider up to 100% of the loan if structured as a collateral assignment (typically and SBA Loan) and up to 80% of the loan amount for uncollateralized loans. Loan coverage on a sole proprietor is essentially the same as personal insurance for the same purpose. Required information: purpose, amount, date and loan duration, the business should be the owner, a collateral assignment will be required.
Buy/sell, partnership, stock redemption coverage
Coverage is determined by the percentage of ownership held by the applicant multiplied by the market value of the company.
Banner Life Insurance Company Sample Price Quotes
Instant Banner Life Insurance Quotes 2023
Frequently Asked Questions
Yes! Banner Life Insurance Company is one of the best life insurance companies in America and one of the largest in the world. They have been in business since 1836, have an A+ (Superior) rating, often have some of the lowest rates in the country for healthy people as well as those with diabetes, table rated cases and many other underwriting niches. Also, Banner Life has never failed to pay a valid claim.
Yes! Banner Life Insurance Company often has the lowest rates in the country for term life insurance. Also, they typically have the best term life insurance rates for those with diabetes, past heart issues, stents, bypass, cancer history and table rated term life insurance (Banner uses standard plus vs. standard). Also, Banner Life offers a 35 and 40 year level term policy, in addition to 10, 15, 20, 25 and 30 year terms.
No. Banner offers term and universal life insurance. Their bread and butter is term life insurance and they are one of the best companies in the country for term insurance. Their universal life insurance rates are not very competitive compared to other top insures.