Banner Life Insurance Company sells, underwrites, and issues life insurance policies under the Legal & General America brand which is Banner’s parent company.
Banner Life is a well-known insurance company for both term life insurance and universal life insurance. Having over 18 decades of practical experience, Banner Life delivers much more than affordable pricing. They are supported by a robust financial track record and are dedicated to providing individuals, families, and business owners with financial peace of mind.
Banner Life Insurance Company
3275 Bennett Creek Ave.
Frederick, Maryland 21704
Who is Legal & General of America?
Banner’s parent company, Legal & General Group, organized Legal & General America as a holding company in the early eighties and acquired the Government Employees Life Insurance Company (GELICO) and its New York affiliate.
The GELICO name changed to Banner Life Insurance Company in 1983 and then William Penn Life Insurance was purchased by Legal & General Group as a subsidiary of Banner Life Insurance Company. While Banner and William Penn remain the companies that underwrite and issue life insurance policies, they market their life products under the name, Legal & General America.
Banner Life’s Financial Ratings
In straight forward terms, a life insurance policy is simply an insurance company’s promise to pay in exchange for a premium. Realizing this, it’s essential that insurance shoppers think about whether or not the company they select demonstrates the financial capacity to pay a claim during the term of the policy which could require coverage for decades.
| Rating Company | Current Rating |
| A.M. Best | A+ (Superior) |
| Standard & Poor’s | AA- (Very Strong) |
| Fitch | AA- (Very Strong) |
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COMDEX Score |
94 |
Financial ratings can help consumers make an informed decision about whether the company being considered will be able to keep a financial promise for years to come.
Life Insurance products from Banner Life
Banner Life Insurance sells its insurance products throughout the United States and the District of Columbia. The life insurance products that are offered by William Penn only sold in the state of New York.
Banner Life is well-known for providing some of the lowest rates on term life insurance products. The company also grants extremely favorable underwriting. This means that although an applicant may present with various types of health issues, like diabetes, high blood pressure, or issues with their cholesterol, they could still qualify for Banner’s very affordable term life insurance.
Here are the actual 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 |
All rates are subject to insurance company underwriting. For accurate rates for your actual rates, please complete and submit the instant quote form on the right of the page.
Banner Life’s Universal Life Insurance
For prospective insurance buyers who favor a permanent life insurance policy as well as the potential to accumulate considerable cash over their entire life, universal life insurance is the most reasonably priced alternative.
Since the monthly premium is greater than the actual price of the insurance, the portion of the premium not used for life insurance costs is placed in a cash value fund and earns tax-deferred interest each year.
The money that builds up in the cash value fund can be accessed at any time and for any reason through policy loans or partial surrenders.
Banner’s Life Step Universal Life Insurance
When an applicant wants to get permanent life insurance protection and establish a resource for his surviving loved ones, the Life Step Universal Life product is a sound strategy to employ.
The Life Step UL policy maintains a guaranteed level periodic premium for the life of the insured but is also flexible enough so the insured can respond to life events.
Applicants have the choice of purchasing coverage as low as $50,000 which is typically a very reasonably priced purchase for permanent life insurance. The Life Step policy also includes a prepay option that allows the policyholder to pay off the policy in 10 or 15 years for paid-up life insurance coverage.
Optional Riders to Customize Your Coverage
Through the years, as life insurance products have improved to satisfy the needs of prospective buyers, life insurance companies have produced optional insurance riders that permit the applicant to personalize their insurance policy and expand the coverage.
Here are three of the most popular riders that consumers across the country are adding to their policies:| Optional Rider | Description |
| Accelerated Death Benefit |
This living benefit rider provides for the insurer to pay 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.
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| Child Term Rider |
The child rider provides 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 be covered as well. Each covered child ages out of the coverage upon turning 25-years old or getting married, whichever occurs first.
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| Waiver of Premium |
The waiver of premium rider provides for the insurer to waive all premiums while an insured is considered totally disabled and cannot work. This optional rider will expire when the insured reaches age 65.
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One more thing from Banner Life Insurance Company
If you are a Banner policyholder and diagnosed with a health problem that involves any type of cancer, heart problem, or other high-risk medical condition, Banner Life is the exclusive insurance company to offer a valuable service called MediGuide on all its life insurance products at no additional charge.
In a nutshell, if you are diagnosed with a life-threatening condition and want a second opinion from another qualified physician, Banner Life Insurance Company will assist you with finding the top 3 medical facilities to diagnose and manage your condition. After you and your physician have identified the optimal medical facility, MediGuide will obtain for you a second opinion from a leading medical facility in your area that has access to advanced medical technologies that your local physician may not have access to.
This is a valuable and complementary service for just purchasing a life insurance policy from Banner. If affordable pricing isn’t enough, this service should help you make a buying decision.