Last Updated: November 24th, 2025
Banner Life Insurance is a top-rated term life insurance company currently owned by Legal & General America, with a pending sale to Meiji Yasuda expected to close in late 2025. The company holds an A+ (Superior) rating from A.M. Best and offers term policies from 10 to 40 years. Banner Life is known for competitive rates, flexible underwriting for people with health conditions, and ranks as the #2 term life insurance provider in the United States.
Looking for affordable term life insurance from a company you can trust? Banner Life Insurance has been protecting American families for decades. As part of one of the world’s largest insurance groups, Banner Life combines financial strength with competitive pricing.
This review covers everything you need to know about Banner Life. You’ll learn about their financial ratings, policy options, application process, and whether they’re the right fit for your needs.
About Banner Life Insurance
Banner Life Insurance Company operates under the Legal & General America brand. The company underwrites and issues life insurance policies throughout the United States through independent insurance agents and brokers.
The company has an interesting history. It started in 1949 as the Government Employees Life Insurance Company (GELICO). In 1981, Legal & General Group Plc acquired GELICO as a wholly owned subsidiary. The company became known as Banner Life in 1983.
Today, Banner Life and William Penn Life Insurance Company of New York operate together as Legal & General America. William Penn handles policies specifically for New York residents, while Banner Life serves the rest of the country.
Banner Life’s corporate headquarters is located in Frederick, Maryland.
Banner Life Ownership Update (2025)
In February 2025, Legal & General announced the sale of Banner Life and William Penn to Meiji Yasuda Life Insurance Company, one of Japan’s oldest and largest insurers. The deal is valued at $2.3 billion and is expected to close by late 2025 or early 2026.
What does this mean for policyholders? According to Legal & General America, existing policies remain unchanged. The management team stays in place, and there are no anticipated changes to products, platform, or customer service.
Banner Life has grown significantly under Legal & General’s ownership. Since launching its Horizon digital platform in 2019, the company moved from the 7th largest term life carrier to the 2nd largest in the U.S. In 2024 alone, Banner Life and William Penn issued more than $132 billion in new coverage.
The transition to Meiji Yasuda ownership brings additional financial backing. Meiji Yasuda has nearly 50 years of experience in the U.S. insurance market and owns other American insurers including StanCorp Financial Group.
Banner Life’s Parent Company: Legal & General
Legal & General Group was founded in 1836 in London. The company has grown into one of the largest insurance and investment management firms in the world.
Here’s what makes Legal & General a strong parent company:
- Global reach: Operations in the United States, Europe, and Asia
- Massive scale: Serves more than 10 million customers worldwide, including over 1.8 million in the United States
- Diverse offerings: Life insurance, investments, pensions, and retirement products
- Financial strength: Over $1.4 trillion in assets under management globally
Banner Life benefits from this global backing. The company has approximately $13.5 billion in assets (as of year-end 2024) and ranks as the #2 term life insurance provider in the United States.
Banner Life Insurance Ratings
Financial strength matters when choosing a life insurance company. You want to know your insurer will be around to pay claims decades from now. Banner Life has earned excellent marks from the major rating agencies.
| Rating Agency | Rating | Status |
|---|---|---|
| A.M. Best | A+ (Superior) | Under review* |
| S&P Global | AA- | Very Strong |
| Fitch | AA- | Very Strong* |
| COMDEX Score | 94 | Top 6% of insurers |
| BBB | A+ | Not accredited |
*A.M. Best and Fitch placed ratings “under review” in February 2025 due to the pending ownership change to Meiji Yasuda. This is standard procedure during acquisitions and doesn’t reflect concerns about Banner Life’s financial strength.
The COMDEX score deserves special attention. This composite score ranks insurers based on all their financial ratings. A score of 94 puts Banner Life in the top 6% of all rated insurance companies.
Banner Life Insurance Products
Banner Life keeps its product lineup simple. The company focuses on what it does best: term life insurance and universal life coverage.
OPTerm (10, 15, 20, 25, 30, 35, and 40 Year Terms)
OPTerm is Banner Life’s flagship product. These are level term policies, meaning your premium stays the same throughout the term you choose.
Key features of OPTerm:
- Term lengths: 10, 15, 20, 25, 30, 35, or 40 years
- Coverage amounts: $100,000 minimum to over $50,000,000 maximum
- Renewable: You can renew at the end of your term (at higher rates)
- Convertible: Convert to permanent coverage up to age 70
Banner Life is one of only a few companies offering a 40-year term policy. You can purchase this option up to age 45, which means your coverage could last until age 85.
Sample Monthly Rates (Male, Preferred Plus, 20-Year Term):
| Age | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
| 30 | $12 | $19 | $33 |
| 40 | $17 | $30 | $53 |
| 50 | $38 | $69 | $129 |
| 60 | $112 | $204 | $380 |
Rates are illustrative and subject to change. Your actual rate depends on health, lifestyle, and other factors.
Life Step UL (Universal Life)
Life Step UL is Banner Life’s universal life insurance option. This permanent coverage can be guaranteed to age 121 if you maintain required premium payments.
If you have an OPTerm policy and want to convert to permanent coverage, you’ll convert to Life Step UL. The minimum face amount for Life Step is $50,000.
You can also pay a single lump sum premium to guarantee coverage for life.
Available Riders
Riders let you customize your policy with additional benefits.
OPTerm Riders:
- Waiver of Premium: Waives your premiums if you become disabled
- Term Rider (10, 15, or 20 year): Add coverage for a spouse or other insured
- Children’s Term Rider: Cover your children (not available in NY or MD)
- Accelerated Death Benefit: Access a portion of your death benefit if diagnosed with a terminal illness (included automatically)
Life Step UL Riders:
- Accelerated Death Benefit: Included automatically
Pros and Cons of Banner Life Insurance
Every insurance company has strengths and limitations. Here’s an honest look at Banner Life.
Pros:
- Strong financial ratings: A+ from A.M. Best provides peace of mind
- Competitive pricing: Often among the lowest rates for healthy applicants
- 40-year term option: Rare in the industry, great for younger buyers
- Flexible underwriting: Known for working with applicants who have health conditions like diabetes or atrial fibrillation
- Digital application: Horizon Experience can approve coverage without a medical exam
- High coverage limits: Policies available up to $50 million+
- Conversion option: Convert term to permanent coverage up to age 70
Cons:
- Limited product selection: Only offers term and universal life (no whole life or indexed products)
- Not available in New York: NY residents must apply through William Penn
- Some riders restricted: Children’s term rider not available in Maryland or New York
- No direct sales: Must work with an independent agent or broker
Who Is Banner Life Best For?
Banner Life works well for several types of buyers.
Budget-conscious families: If you want maximum coverage at the lowest cost, Banner Life’s term rates are consistently competitive.
Younger buyers wanting long-term coverage: The 40-year term option lets you lock in low rates for decades. A 35-year-old could have coverage until age 75.
People with health conditions: Banner Life has a reputation for favorable underwriting. If you have diabetes, atrial fibrillation, or other conditions, you may qualify for better rates than with other carriers.
High-net-worth individuals: Coverage amounts exceeding $50 million make Banner Life suitable for estate planning and business needs.
People who prefer a simple process: The Horizon Experience platform can approve qualified applicants without a medical exam, using prescription history and other data instead.
How to Apply for Banner Life Insurance
Applying for Banner Life coverage is straightforward. Here’s what to expect.
Step 1: Get a quote. Use an online quoter or work with an independent agent to see your estimated rates.
Step 2: Complete the application. You’ll answer questions about your health, lifestyle, occupation, and coverage needs.
Step 3: Underwriting review. Banner Life will review your application. Their Horizon Experience platform uses technology like prescription databases and motor vehicle reports to assess your risk. Many applicants ages 20-60 can qualify for up to $2 million without a traditional medical exam.
Step 4: Lab Lift program. If you’ve had recent blood work or a doctor’s visit, Banner Life may accept those results instead of requiring new labs. This is called the Lab Lift exam substitution program.
Step 5: Approval and policy delivery. Once approved, you’ll receive your policy documents. Coverage can be in force within days rather than weeks.
Legal & General America ranks among the top term life insurance providers in the United States. They also offer no medical exam life insurance options for qualified applicants.
Frequently Asked Questions
Is Banner Life a good insurance company?
Yes. Banner Life holds an A+ (Superior) rating from A.M. Best and AA- ratings from S&P and Fitch. The company is backed by Legal & General, one of the largest insurance groups in the world. Their COMDEX score of 94 puts them in the top 6% of all rated insurers.
Is Banner Life the same as Legal & General?
Banner Life operates under the Legal & General America brand. Legal & General Group Plc, headquartered in London, owns Banner Life as a subsidiary. When you buy a policy from Banner Life, you’re getting coverage backed by Legal & General’s global financial strength.
Does Banner Life require a medical exam?
Not always. Banner Life’s Horizon Experience platform can approve many applicants without a medical exam. The company uses prescription history, motor vehicle records, and other data to assess risk. Applicants ages 20-60 may qualify for up to $2 million in coverage without an exam.
What is the difference between Banner Life and William Penn?
Both companies operate under Legal & General America. The difference is geographic. Banner Life serves customers in all states except New York. William Penn Life Insurance Company of New York specifically serves New York residents. The products and underwriting are similar.
Can I convert my Banner Life term policy to permanent insurance?
Yes. You can convert all or part of your OPTerm policy to Life Step UL (universal life) up until age 70. This lets you keep coverage without going through new medical underwriting.
Is Banner Life being sold?
Yes. In February 2025, Legal & General announced the sale of Banner Life to Meiji Yasuda Life Insurance Company of Japan for $2.3 billion. The deal is expected to close by late 2025 or early 2026. Existing policyholders won’t see changes to their coverage, premiums, or service. The Banner Life management team will remain in place.
Key Takeaways
- Banner Life is a financially strong insurer with A+ ratings from A.M. Best and backing from Legal & General, a global insurance giant.
- The company specializes in term life insurance with terms from 10 to 40 years.
- Banner Life offers competitive rates, especially for healthy applicants, and is known for flexible underwriting for people with health conditions.
- The Horizon Experience digital platform can approve many applicants without a medical exam.
- Banner Life is available in all states except New York (NY residents use William Penn).
- You can convert term coverage to permanent life insurance up to age 70.
- The company is being acquired by Meiji Yasuda, with the sale expected to close in late 2025. No changes to policies or service are anticipated.
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