Term Life Insurance Quotes
About Banner Life Insurance Company
Banner Life Insurance Company and William Penn Life Insurance Company of New York are the companies that underwrite and issue life insurance policies under the Legal & General America brand. They are in the business of providing financial protection through life insurance for families living in America from coast to coast. William Penn and Legal & General America are financially strong, fiscally responsible, and committed to business practices that will make sure we will be here when you need us most.
NOTE: We are not Banner Life Insurance Company. To contact Banner for service, please call them at (800) 638-8428 or reach them through email at customerservice@bannerlife.com.
Legal & General
3275 Bennett Creek Ave.
Frederick, MD 21704
Who is Legal & General America?
Banner’s parent company, Legal & General Group, formed Legal & General America as a holding company in 1981 and bought Government Employees Life Insurance Company (GELICO) and its NY affiliate. The GELICO name changed to Banner in 1983. William Penn was purchased by Legal & General Group Plc as a wholly owned subsidiary of Banner Life Insurance Company in 1989. While Banner and William Penn remain the companies that underwrite and issue our policies, they go to market under a single name, Legal & General America.
Financial Ratings for Banner Life Insurance Company
In simple terms, an insurance policy is an insurance company’s promise to pay a covered claim in return for a premium from the insured. Knowing this, it’s important that insurance shoppers consider whether or not a company being considered can demonstrate the financial ability to pay a covered claim during the term of the policy, which could easily be decades.
Here are the 2018 financial strength ratings for Banner Life Insurance Company:
| Rating Company | 2018 Rating |
| A.M. Best | A+ (Superior) |
| Standard & Poor’s | AA- (Very Strong) |
| Fitch | AA- (Very Strong) |
| COMDEX Score | 94 out of 100 |
These ratings represent a very positive outlook for Banner Life Insurance Company and demonstrate that Banner can pay its policyholder’s claims and ongoing operating expenses.
Banner’s Life Insurance Products
Although, like many other life insurers competing for your premium dollars, Banner Life Insurance offers two primary types of life insurance products: Term insurance and Universal Life insurance. Banner’s products are sufficient to offer solid solutions for individuals and families who are seeking temporary or permanent life insurance.
Term Life Insurance
Typically purchased to replace a deceased breadwinner’s income, pay off a mortgage and other debt, and pay final expenses, term life insurance is considered the most popular kind of life insurance because of its affordability.
OPTerm Life Insurance
Banner’s most sought-after life insurance product is its OPTerm life insurance product. OPTerm is offered to applicants with a 10, 15, 20, 25, 30, and 40-year rate guarantee. The policy is renewable up to age 95, and the policy contains a conversion option that allows the policyholder to convert their temporary term life insurance to permanent life insurance without having to take a medical exam.
Banner Life’s OPTerm product is a great solution for applicants looking to cover the following:
- Replace income needed to pay monthly expenses for surviving family members
- Pay the mortgage balance on the family home
- Provide the funding for college tuition and other expenses
- Pay of personal debt of the policyholder
- Provide funding for a surviving spouse’s retirement needs
- Pay for final expenses like funeral and burial costs
Here are actual sample rates for Banner Life’s $500,000 20-year life insurance policy for a very healthy male and female non-smoker:
| Age of Applicant | Male Non-Smoker | Female Non-Smoker |
|---|---|---|
| 25 | $19.07 | $15.84 |
| 30 | $19.48 | $16.68 |
| 35 | $21.93 | $18.36 |
| 40 | $32.30 | $25.80 |
| 45 | $47.69 | $38.61 |
| 50 | $71.90 | $58.35 |
For accurate rates for your actual age, please click the “Get Quotes” button at the top or bottom of the page.
Universal Life Insurance
For individuals and families who prefer permanent life insurance and the ability to accumulate significant cash over a lifetime, universal life insurance is the most affordable solution.
Since the policyholder’s monthly premium is for more than the actual cost of life insurance, the premium not used for life insurance and fees is deposited in a cash value account where it earns interest each year that is determined by the insurer and specified in the policy contract.
The funds that accumulate in the cash value account can be accessed at any time by the policyholder and for any reason via policy loans or partial surrender.
Life Step Universal Life
When an individual wishes to have life insurance protection on a permanent basis and at the same time build an asset for his survivors, the Life Step Universal Life product fills that need.
The Life Step UL policy has a guaranteed level premium for the lifetime of the policyholder, which is also flexible for the policyholder to be able to respond to life events.
Applicants have the option of purchasing coverage amounts as low as $50,000, which makes for a very affordable purchase of permanent life insurance. The policy also contains a prepay option where the insured can pay off the policy in 10 or 15 years and then stop paying.
Optional Insurance Riders available from Banner Life Insurance
Over the years, as life insurance products have evolved to accommodate the needs of insurance shoppers, life insurance companies have developed various insurance riders that will allow an applicant to customize their insurance policy to broaden coverage and add additional living expenses. Here are three of the most popular riders, and Banner Life offers all three of them:
This rider provides for the insurer to advance the insured a portion of the death benefit if he or she is diagnosed with a covered illness. The terms and conditions of this rider are specified in the policy contract.
The child rider makes it possible for the insured to add all dependent children to the insurance policy for up to a $10,000 benefit. Children born or adopted subsequently will also be covered. Each covered child ages out of the coverage upon turning 25 years old.
The waiver of premium rider provides for the insurance company to waive premiums if an insured becomes totally disabled and cannot work. This rider expires when the insured reaches age 65.
For more information about Banner Life Insurance Company, or if you have other insurance questions, call the insurance professionals at LifeInsure.com at (866) 868-0099 during normal business hours or contact us through our website.
