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Banner Life Insurance Review

Banner Life Insurance

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

Table of Contents

About Banner Life Insurance

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.

Banner Life offers life insurance policies 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 Insurance 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 over 1.4 million in the United States. They have a large variety of offerings, including:

  • Life Insurance
  • Investments
  • Pensions
  • Standard Insurance Policies

The company currently has more than $1.4 trillion in assets under management.

Banner Life has over $8 billion in invested assets and more than $780 billion of life insurance coverage in force.

This insurer has also earned numerous awards and accolades over time.  Here are some recent achievements:

  • Obtained the 2016 “Life Assurance Provider of the Year” at the Financial Advisor Life and Pensions Awards.
  • Ranked by Life Annuity Specialist among 20 insurers with fastest growth in 2021
  • 2021 Earns Great Place to Work certification for 6 straight year
  • Rated one of the best no exam life insurance provider by Forbes Advisor in 2022
  • Wins Progress Sitefinity 2022 Website of the Year Award

Legal and General, and Banner Life Insurance, 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 Insurance Stacks Up

Due to its strong financial position, Banner Life Insurance 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 95 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.

Banner Life ratings

Banner Life Insurance Products

OPTerm 10,15,20,25,30 and 40

Banner Life/Legal and General offer a simple portfolio of individual term life plans.

OPTerm policies are a renewable and convertible term policy that range in durations from 10-40 years.  Banner Life is one of the 2 companies with a 40 year term offering.  You can purchase a 40 year term policy up to age 45.  That means your coverage will last to age 85.

If you choose to convert all or a portion of your policy to permanent coverage, you have up until age 70 to do so.

The minimum face amount for OPTerm policies is $100,000 and maximum face amount can exceed $50,000,000.

Because of that, term life is often a budget-friendly way to obtain life insurance coverage.

Banner Life Insurance rates for male preferred plus
Age $250,000 $500,000 $1,000,000
30 $12 $19 $33
40 $17 $30 $53
50 $38 $69 $129
60 $112 $204 $380

Life Step UL

Life Step UL is a universal life insurance policy.  The coverage can be guaranteed to age 121,  If you choose to convert your OPTerm policy, you will convert to Life Step UL.

The minimum face amount is $50,000 for Life Step.  You may also pay a lump sum premium for this policy and guarantee coverage to age 121.

Additional Benefits / Riders


  • Waiver of Premium
  • Term Rider 10,15 and 20 year
  • Children’s term rider (except NY and MD)
  • Accelerated death benefit (automatically included)

Life Step UL:

  • Accelerated death benefit (automatically included)


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, can help the money in the annuity to compound exponentially.

Applying for Banner Life Insurance

Super simple and very quick.  You can use the quoter on this page to get an instant rate.

Banner Life, was recently rated by Forbes Advisors as being one of the best no med life insurance providers.

Banner Life has a new hassle-free digital platform called Horizon Experience.  Males and females ages 20-60 can qualify for up to $2 million of life insurance coverage with possibly no medical exam.  The need for an exam is determined by utilizing new technology such as prescription history database, motor vehicle reports and other third-party data.

Unique to Banner life is the lab lift exam substitution program.  Some applicants can use recent lab work and doctor visits to satisfy underwriting requirements.

Legal and General America is ranked as one of the top ten providers of term life in the United States.

Banner Life Horizon Experience

Getting Quotes for Banner Life

Quotes for Banner Life OPTerm and Life Step UL can be found using the quoter on this page.  Coverage can be applied for and inforce in just days instead of weeks with the new Horizon Experience.

Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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