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Legal & General America
3275 Bennett Creek Avenue
Frederick, Maryland 21704


Compare Banner against other top carriers

Banner Life Insurance Reviews

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
  • Underwriting
  • Service
  • Products
  • Pricing


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
  • Standard Plus rates for Substandard classes
  • 35 and 40 year term life policy


  • $60 annual fee
  • Requires medical exam

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.

Product Type Product Name
Term Life OP Term
Final Expense
Universal Life Life Step UL
Product Name Term Length Issue Age
OP Term 10 Year Term  20 years to 75 years
OP Term 15 Year Term  20 years to 75 years
OP Term 20 Year Term  20 years to 70 years
Rate Classes Offered
Preferred Plus
Standard Plus
Preferred Tobacco
Standard Tobacco
Waiver Of Premium Rider
Child Rider
Accidental Death Benefit Rider
Accelerated Benefit Rider
Carrier Name A.M. Best Standard & Poor's Comdex
Banner A+ AA- 94

Banner Underwriting Features

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.