When conducting financial planning, securing life insurance protection should almost always be included.
This is because the proceeds from a life insurance policy can be used for many things by loved ones and survivors.
These include paying off the insured’s debt, saving up for college expenses, or making sure ongoing living expenses can continue to be paid for – even in the event of the unexpected.
Before you commit to purchase life insurance coverage, though, there are several key factors you need to consider.
These include making sure you have the proper type and amount of coverage, along with ensuring the insurance company you obtain the plan through is secure, stable financially, and pays out claims in a timely manner.
One insurer that fits these criteria like a glove is Banner Life.
Banner Life Insurance Company – along with William Penn Life Insurance Company of New York – underwrites and issues life insurance coverage under the Legal and General America brand.
The company provides its coverage throughout the United States via independent insurance agents and brokers.
Legal and General Insurance began as the Government Employees Life Insurance Company (GELICO) in 1949.
Later, in 1981, GELICO was acquired by Legal and General Group Plc, as a wholly owned subsidiary.
From 1983 onward, the company was then referred to as Banner Life.
Today, the marketing entities of Banner Life Insurance Company and William Penn Life Insurance Company have been simplified as one entity. Legal and General was created to become part of a large global brand.
The company has its corporate headquarters in Frederick, Maryland.
Banner Life Overview
The parent company of Banner Life, Legal and General, which was initially founded back in 1836, is a strong and stable company. Today they are ranked as the seventh largest insurance company in the world.
In addition to the United States, Legal and General also have operations in Europe and Asia. The headquarters of Legal and General is in London.
Legal and General serves more than 10 million customers worldwide including 1.2 million in the United States. They have a large variety of offerings, including:
- Life Insurance
- Standard Insurance Policies
The company had more than $1.1 trillion in assets under management at the end of 2016.
The company had practically $4 billion in total assets as of December 31, 2016. And roughly $678 billion of life insurance coverage in force.
This insurer has also earned numerous awards and accolades over time. They obtained the 2016 “Life Assurance Provider of the Year” at the Financial Advisor Life and Pensions Awards.
Legal and General, and Banner Life, are known in the industry for keeping their insurance and annuity products affordable. And for providing high quality and efficient customer service.
These companies are also known for being at the forefront for offering favorable underwriting. As well as pricing for life insurance applicants who are sub-standard regarding their health.
Because of this, those who have certain adverse health issues, such as diabetes and atrial fibrillation, may still be able to qualify for quality coverage.
How Banner Life Stacks Up
Due to its strong financial position, Banner Life has received excellent marks from top financial rating agencies.
These accolades include the following:
- A+ (Superior) by A.M. Best
- AA- (Very Strong) by S&P
- AA- (Very Strong) by Fitch
Also, the company received a high score of 94 from COMDEX. This score is a composite of all the financial strength ratings a company has received.
Banner Life is not an accredited company through the Better Business Bureau (BBB). But the company has been given a grade of A+ by the BBB.
Throughout the past three years, Banner Life has resolved 8 customer complaints through the Better Business Bureau. Three of them have been shut down within the past 12 months.
However, only six complaints had to do with the company’s offerings and services. And the other remaining two complaints involved billing and collection problems.
Life Insurance Products
Banner Life/Legal and General offer a broad range of individual term life plans. With term life coverage, there is only a guaranteed death benefit payout. This means there will not be any surrender value or investment components.
Because of that, term life is often a budget-friendly way to obtain life insurance coverage.
There are several different term life coverage options available through Banner Life. This includes those with policy durations of 10, 15, 20, 25, and 30 years.
These plans offer a level death benefit throughout the term of the policy. Also, these policies are both renewable and convertible.
Life insurance coverage proceeds may range up to $5 million. This will depend on the age and the health condition of the insured when they originally applied for the policy.
In fact, even applicants who may not be in the best of health may be able to obtain term life coverage of up to $1 million.
Legal and General America is ranked as one of the top ten providers of term life in the United States. They issue more than $48 billion of new coverage in 2016 alone.
Legal and General, in conjunction with Banner Life, has also recently come to the forefront regarding life insurance without a medical exam.
This type of coverage does not require the applicant to complete any form of medical exam to qualify.
With Banner Life’s APPcelerate plan, a life insurance applicant may be eligible for coverage ranging from $100,000 and $500,000. And yes, this still means that no attending physician statement or physical examination is required.
Any applicants between 20 and 50 years old can apply. And oftentimes the main underwriting requirement is just to complete a phone interview.
Other Offerings Available
Banner Life/Legal and General also offer retirement annuities for those with retirement on their mind.
Because so many people are living longer lives today than ever before, getting low on retirement income has become a big concern for many families.
An annuity can help alleviate that worry, as these financial products can provide a guaranteed lifetime income that will last if an individual needs to take advantage of it.
During the annuity’s “accumulation” phase – which is the time before its conversion to an income stream – these funds inside of the annuity’s account can grow on a tax-deferred basis.
This means that no tax is due until the funds are withdrawn, and in turn, it can help the money in the annuity to compound exponentially.
In 2016 alone, Legal and General issued approximately $450 million in new annuity contracts to more than 6,700 annuitants.
How to Find the Best Quotes
If you have been seeking the best life insurance premium quotes from Banner Life, or from any reputable life insurer, this is how we can help.
If you’re ready for life insurance protection, take a minute and give us a call. Sure, you could call insurance companies yourself and spend hours and hours over the phone, or you could save time and let us do the work for you.
For those wanting to work with our agents, a couple of questions must be answered before we can offer our services to you.
We can do this for you very quickly and easily – all from your own computer – and without having to meet in person with a life insurance agent. All you need to do is fill out our quote form.
If you would rather talk to one of our agents over the phone, you can contact us at 800-712-8519.