Banner Life Insurance Review 2020

Thang Truong
Thang Truong
Updated on:

Banner Life is the insurance division of Legal & General Group. Banner Life insures every state except New York—if you live in New York, you can go through William Penn, which is also a division of Legal & General. Legal & General is one of the world’s largest multinational financial services companies, not to mention one of the oldest: they originated in 1836. They are headquartered in London, with business in the United States, Europe, the Middle East and Asia. They manage over $1.5 trillion dollars in assets. 

Legal & General originated in 1836, but Banner Life didn’t enter the American insurance market until 1981. Since then, they’ve acquired over 1.3 million U.S. customers and are one of the top five insurance providers. 

Pros and Cons of Banner Life Insurance

– Online quotes for term policies
– Term polices up to 40 years; longer than most insurance companies
– Simple, straightforward policies
– Excellent customer service
– Basic policy offerings—nothing fancy or complex here
– You can get a quote, but you’ll still have to talk to an agent

>>MORE: The Best Life Insurance Companies (We Rank 40+ Life Insurance Companies)

Products Offered By Banner Life Insurance

Banner Life insurance offers term, Universal and Final expense insurance. Term life insurance is available in terms from 10 to 40 years. Your payment stays the same through the life of the term.

Universal Life insurance is also available from Banner Life. LifeStep UL offers flexible premiums. You can set up the policy so that you only pay for 10 or 15 years, yet you still get permanent life insurance that lasts for the rest of your life. You’ll also build cash value

>>MORE: Case Studies of Universal Life Insurance: When Is a Good Idea to Have Universal Life Insurance?

Final Expense life insurance is also known as guaranteed whole life insurance, or sometimes funeral insurance. The guaranteed issue part means that everyone who applies gets approved, which is great, although it makes this insurance expensive. You can get this insurance if you’re between 50 and 80, and you’ll have coverage for the rest of your life, but you’ll only pay up until age 95. Coverage is available from as little as $1,000 to $15,000. 

There are also riders available to add to policies:

In addition, Banner Life also offers annuities. 

>>MORE: Why Is Whole Life Insurance Not Worth It?

Financial Strength Rating of Banner Life Insurance

According to A.M. Best, Banner Life insurance gets an A+ rating (superior), and has a stable outlook. This is important, because life insurance companies need the financial strength to pay claims. 

Customer Satisfaction Rating of Banner Life Insurance

Banner Life insurance does not appear on our go-to source, J.D. Power’s U. S. Life Insurance Study, so we’ll consider other sources. The BBB gives Banner Life insurance an A+ rating, although it’s not accredited. That could mean either Banner Life doesn’t pay the BBB money to receive accreditation, or that Banner Life does not hold to the standards set forth by the BBB. 

There are only three complaints listed on the BBB’s website, and zero customer reviews. Typically, people leave reviews/complaints with the BBB when they’re unhappy, so the fact that Banner Life doesn’t have any reviews and very few complaints is probably a good sign. 

Consumer Complaints Rating of Banner Life Insurance

The NAIC evaluates every insurance company on an index, with 1.0 being the median average. Banner Life got a score of .05, which is much lower than the expected number of complaints. 

Digital Experience Rating of Banner Life Insurance

Banner Life does offer online quoting, although it’s important to realize that it’s an estimate, not a guarantee. After you fill out the form, an agent will call you and you may need a medical exam. After that, your information will be reviewed and they will either call you to let you know what your final health class is and what the premiums will be, or they can decline you.

For a 30-year old male with excellent health living in Connecticut and wanting a $500,000 policy, Banner Life gave us this quote for a 20-year term policy:

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As far as online features go, that’s pretty much it. There is no life insurance estimator or an online chat bot to help you if you have questions. Customer service is available, but only between 9:00 am and 7:00 pm EST, Monday through Friday. Banner Life policies are sold through insurance agents, and if you want a universal life policy, you will have to call an agent to set up a meeting. 

You can’t file a claim online, either, although to be fair, a lot of life insurance companies won’t let you file a claim online. They do have fast-track claims if the policy is less than $10,000, but you have to call to see if you qualify. If the policy is more than $10,000, you’ll need to mail in the original death certificate with the original signatures, and make sure cause of death is listed. 

Last Thoughts

If you’re in need of a simple life insurance policy without too many bells and whistles, Banner Life could be perfect for you. They have excellent customer service with very few complaints. You will still have to talk to an agent, though, even if all you want is term life insurance. If you don’t mind speaking to an agent and don’t care about their online services so much, it’s worth it to get a quote from them.

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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