Banner Life Insurance, along with the subsidiary William Penn Life Insurance Company of New York, join to form the Legal & General America companies. Banner was founded in 1949, and so presents a well-established and stable life insurance provider.
Banner is the only insurance carrier that offers guaranteed level term coverage for up to 40 years. Once the term lapses, Banner also offers conversion options to age 95. Their flexible payment plans also make their policies a popular option for those with a variable budget.
Banner Life Insurance Review
Banner saves its policyholders money through its “add one inch program,” which can boost the applicant’s rate class and lower their premium rate. It also offers lenient underwriting, taking on high-risk applicants such as those with diabetes and a smoking history.
Add one inch program
Renewable and convertible term life insurance to age 95
Banner offers term life policies of 10, 15, 20, 25, 30, and 40 years. One the term ends, Banner gives the option to convert the policy to Life Step, its universal life policy. Life Step provides lifetime guaranteed coverage with provisions for guaranteed cash values.
Banner stands out against other insurance carriers for its lenient underwriting terms. It offers Preferred Plus consideration for those treated with Hypertension, cigarette smokers 3 years out, and those with a family history of cancer. They also provide Standard Plus consideration for those with controlled Type II Diabetes, Severe Sleep Apnea, and other health conditions.
Banner's add one-inch program is a huge advantage to an individual who may be an of couple pounds overweight but in overall great health. This program can save insured $1,000 of dollars over the life of an insurance policy.
They have also introduced the 35 and 40-year term life policies which can cost much less the traditional GUL type of life policy.