February, 26 2017

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Banner Life Insurance Company Review

Banner Life Insurance Company Review

Author
Users
  • Price
  • Underwriting
  • Financial Strength

Banner Life Insurance Company Review

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.   

 

About

Type: Public Limited Company

Subsidiary of: Legal & General

Founded: 1836- Legal & General

Underwritten by: Banner Life Insurance Company

Website: lgamerica.com

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:

Banner: $416.48

SBLI:$416.49

AIG: $416.50

Mutual of Omaha: $420

MetLife: $421.50

Pacific Life: $437.50

Genworth; $440

Protective: $446.21

Transamerica: $455

Voya: $462.50

New York Life: $485

Nationwide: $492.50

Primerica: $520

Prudential: $525

MassMutual: $555

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.

 

 

To receive a quote from Banner Life instantly and to compare their rates to competitors, click on the green button below.

 

 We want to hear about your experience with Banner Life Insurance. Voice your opinion.  Was it positive or negative?  Tell others if you would recommend them to your friends and family.  Please leave a comment and rating below right now.

Summary
Review Date
Reviewed Item
Banner Life Insurance Company
Author Rating
5

One Comment

  1. Banner Life is by far one of the best Term Life Insurance companies I have ever worked with, including when it comes time to claim processing. Customer Service is first class. Definitely the best of the breed.

    Discount all the negative reviews you might find on insurance.freeadvice.com as they are unfounded. I have sold Banner Insurance for over 15 years and they are financially extremely sound, were not bailed out like some of the top insurance companies that were “too big to fail” and have independent ratings not paid for by insurance companies.

    When a copy also sell insurance themselves and slams another company, it’s best to question the company doing the slamming versus the one being slammed.

    I highly recommend Banner Life. Check out the Comdex rating 96 out of 100 companies. That’s top of the tier. That’s exactly what you want to look for.

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