Published: September 21st, 2017 | Last updated: March 9th, 2018
When conducting financial planning, life insurance 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 or making sure that ongoing living expenses can continue – even in the event of the unexpected.
Before you commit to purchase life insurance coverage, though, there are several key factors to consider. These include making sure that you have the proper type and amount of coverage, as well as ensuring that the insurance company you obtain the plan through is secure and stable financially and pays out claims. One insurer that fits these criteria is Banner Life.
The History of Banner Life Insurance Company
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, or GELICO, in 1949. Later, in 1981, GELICO was acquired by Legal and General Group Plc, as a wholly owned subsidiary. Soon afterward, in 1983, the GELICO name was changed to Banner Life.
Today, the marketing entities of Banner Life Insurance Company and William Penn Life Insurance Company have been simplified as one – Legal and General – to become part of a large global brand. The company has its corporate headquarters in Frederick, Maryland.
Banner Life Insurance Review
The parent company of Banner Life, Legal and General – which was initially founded back in 1836, is a strong and stable company and is today ranked as the seventh largest insurance company in the world. In addition to the U.S., Legal and General also has 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 – with a wide array of products, including life insurance, investments, pensions, and general insurance plans. The company – as of year-end 2016 – had more than $1.1 trillion in assets under management.
The company had nearly $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, including the 2016 “Life Assurance Provider of the Year” at the Financial Advisor Life and Pensions Awards. Legal and General, and Banner Life Insurance Company, 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 in the forefront for offering favorable underwriting, as well as pricing, for life insurance applicants who are sub-standard regarding health. Because of this, those who have certain adverse health issues, such as diabetes and atrial fibrillation, may still be able to qualify for coverage.
Insurer Ratings and Better Business Bureau (BBB) Grade
Due to its strong financial position, Banner Life has received excellent ratings. These include an:
- A+ (Superior) from A.M. Best
- AA- (Very Strong) from S&P
- AA- (Very Strong) from Fitch
Also, the company also has a COMDEX score of 94. This score is a composite of all the financial strength ratings a company has received.
Also, while Banner Life Insurance Company is not an accredited company through the Better Business Bureau (BBB), 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 which have been shut down within the past 12 months).
Of these eight total customer complaints, six had to do with problems with the company’s products and services, and the other remaining two complaints had to do with billing and collection issues.
Life Insurance Products Offered by Banner Life
Banner Life Insurance Company/Legal and General offer a broad range of individual term life plans. With term life insurance, there is death benefit only protection, without any cash value or savings build up. Because of that, term life insurance can often be a very affordable way to obtain life insurance coverage.
There are several different term life insurance options available, including those with policy durations of 10 years, 15 years, 20 years, 25 years, 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, depending on the age and the health condition of the insured at the time of application. In fact, even for those who may not be in the best of health, it may be possible to obtain term life coverage of up to $1 million.
Legal and General America is ranked as a top ten provider of term life insurance in the United States, issuing more than $48 billion of new coverage in 2016 alone. Legal and General, through Banner Life Insurance Company, has also recently come to the forefront regarding no medical exam life insurance coverage. With these policies, as the name implies, it is not required that the life insurance policy applicant undergo a medical examination to qualify for coverage.
Using the company’s APPcelerate, an applicant for life insurance coverage may be able to be eligible for a policy that has coverage of between $100,000 and $500,000 with no attending physician statement or medical exam. These plans are open to applicants who are between the ages of 20 and 50, and in some cases, a telephone interview may be the only underwriting factor to go through.
Other Products and Services Available
Banner Life Insurance Company / Legal and General also offers retirement annuities. Because so many people are living longer lives today than ever before, running out of income in retirement has become a big concern. An annuity can help to alleviate that worry, as these financial products can provide a guaranteed lifetime income that will last if an individual needs it.
During the annuity’s “accumulation” phase – which is the time before its conversion to an income stream – the funds that are inside of the annuity’s account can grow on a tax-deferred basis. This means that no tax is due until the time of withdrawal, and in turn, it can help the money in the annuity to compound exponentially. In just 2016, Legal and General issued approximately $450 million in new annuity contracts to more than 6,700 annuitants.
How to Get the Best Life Insurance Policy Quotes from Banner Life Insurance Company
If you have been seeking the best life insurance premium quotes from Banner Life Insurance Company – or from any top life insurer, this is how we can help.
If you’re ready for life insurance protection, give us a call. Sure, you could call insurance companies yourself and spend days and days on the phone, or you can save you time and let us do the work.
If you decide to work with our agents, you will have to answer a couple of questions and then you’ll be able to
We can do this for you very quickly and easily – all from your computer – and without you having to meet in person with a life insurance agent. All you must do is just fill out our quote form.
If you would rather talk to one of our agents, you can contact us at 888-552-6159.