Pros: Price- Banner Life Insurance Company is typically one of lowest priced term life companies in America while still having an A+ (Superior) A.M. Best rating (2nd highest rating available). In addition to their low premiums and high financial rating, they have very favorable underwriting.
Cons: There aren’t too many negative aspects to this company especially when you look at the good. One perceived weakness is their brand recognition in America. They’re not a household name in insurance such as MetLife or AIG.
Bottom Line: Right now Banner is one of the best term life insurance companies in America in 2016. With favorable underwriting guidelines, an A+ Superior rating and some of the lowest term life rates bar none, Banner is typically a top choice.
Type: Public Limited Company
Subsidiary of: Legal & General
Founded: 1836- Legal & General
Underwritten by: Banner Life Insurance Company
Phone: (800) 838-8428
Address: 3275 Bennett Creek Avenue, Maryland, 21704
A.M Best Rating: A+ (Superior) 2nd highest of 16 possible ratings
Comdex Ranking: 94 out of 100
BBB Rating: A+
Insurance In-Force: $437 Billion
Competition: New York Life, Northwestern Mutual, Mass Mutual, MetLife, John Hancock, Principal, State Farm, Allstate, AIG, Ohio National Life, SBLI, Protective Life, Primerica, State Farm, USAA, Genworth Life, Pacific Life Insurance, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, Prudential.
Banner Life Term Life Insurance Rates 2016 vs the Competition?
Sample annual rates for a $250,000 20 year term policy for a 40 year old male at the standard (average) health class:
Mutual of Omaha: $420
Pacific Life: $437.50
New York Life: $485
John Hancock: $597.50
Buy it or keep looking?
As an independent agent who has access to the top companies in America, I can tell you from experience that Banner Life is one of those companies who is almost always at the top of the list. Not only are they the one of best priced term companies in America, they have an A+ Superior A.M. Best financial rating and liberal underwriting. You can keep looking if you receive a quote from Banner but you probably won’t find a much better deal as far as finding a company that meets thee three criteria of; excellent rate, rating and underwriting.
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