November, 23 2017

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Banner Life Insurance Company Review 2017

Banner Life Insurance Company Review 2017

Author
  • Price
  • Underwriting
  • Financial Rating

Banner Life Insurance Company Review 2017

Pros: Price-Banner Life Insurance Company will often have the best rates in the entire country on term life insurance. In fact, in February 2017, Banner lowered their rates again.  Rating– Banner has an A+ (Superior) financial rating from A.M. Best and a 94 out of 100 Comdex score.   Underwriting– Banner Life has great underwriting in many areas; especially for healthy people, diabetics, people with significant health issues including those with substandard or table rated health history. Company History– Banner is a subsidiary of Legal & General which has been in business since 1836 and is one of the oldest life insurance companies in the world.  Size– Banner Life issued $50 billion in new coverage in 2015 which ranked 5th in the United States, more than most other well-known companies.

Cons: There aren’t too many negatives about Banner Life.  They are not a household name such as MetLife or Prudential but they have the same A+ financial rating and often have lower rates.

Bottom Line: Banner Life Company is one of the best life insurance companies in America today in 2017.  They will often have the lowest rate in the entire country for term life insurance.  Banner Life is in unique in that they will have the lowest rates but they also have an A+ Superior financial rating. Combine that with their 180 year history and excellent underwriting and it’s easy to see why Banner is one of the best term life insurance companies in America in 2017.

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

Insurance In-Force: $658 Billion

Assets: $7.3 Billion

Customers- Over one million U.S. customers and ten million worldwide, 5th largest issuer of new life insurance in America

Competition: New York Life, Northwestern Mutual, Mass Mutual, MetLife, John Hancock, Principal, State Farm, Allstate, AIG, Mutual of Omaha, Ohio National Life, SBLI, Protective Life, Primerica, State Farm, USAA, Pacific Life Insurance, North American Co, Lincoln National Life,  AAA, Transamerica, Prudential.

 

Banner Life Insurance Term Life Insurance Rates 2017 vs. The Competition

Below are the annual sample rates for a 51 year old male, 6’0’’ 200 lbs seeking $250k 20 year term policy.

Banner Life- $578.81 year (Lowest rate in the country)

Protective Life-$578.82 year

AIG- $581.50 year

Midland National- $582.50 year

North American- $582.50 year

Principal- $583.99 year

Mutual of Omaha- $585.00 year

Prudential- $585 year

Pacific Life- $597.50 year

AAA- $605.00 year

Cincinnati Life- $607.50 year

MassMutual- $672.50 year

Nationwide- $725 year

Primerica- $732.50 year

John Hancock- $760.75 year

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 favorable 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.

 

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