Term Life Insurance
BannerLife has a fast-track process for applicants with an issue-free medical history, but for everyone else, the application process is much slower than average. Once you have the policy, you can update most of your information online. BannerLife also has very competitive underwriting for some substandard health profiles, making it a good option for those with medical issues.
Basics & Ratings
JD PowerJ.D. Power and Associates is a global marketing information services firm that conducts surveys of customer satisfaction, product quality, and buyer behavior.
PolicyholdersThis is how many active US life insurance customers this company insures
A.M. BestA.M. Best is an independent rating agency that evaluates the financial strength of insurance companies. Ratings as of May 2016, on a scale from A++ to D
BBB RatingBetter Business Bureau (BBB) is a non-profit that collects consumer feedback on businesses around the country.
Is Banner Life a good match for your health?
Each insurer approaches health conditions differently. One insurer might ignore a heart attack from a few years ago, whereas a different insurer might rate you as a higher risk for the same thing. Here are the details of how Banner Life treats a variety of common health conditions from an underwriting perspective.
|Recent Weight Loss||Good|
|Former Tobacco Use||Good|
|High Blood Pressure||Good|
- Excellent - Above average; company provides excellent coverage for clients with this condition.
- Good - Spot on; company doesn’t look at this condition unfavorably in underwriting.
- Fair - Could use some work; clients with this condition may be issued a lower health rating, and subsequently higher rates than other insurers.
$500,000, 20-year term life insurance policy for healthy, nonsmoking individuals, in California, monthly premiums
|Company||Plan||age 30||age 40||age 50||age 30||age 40||age 50|
|MetLife||Guaranteed Level Term||$22.41||$33.21||$81.81||$19.26||$27.36||$61.11|
|Mutual of Omaha||Term Life Answers||$21.66||$33.47||$85.53||$23.41||$28.66||$64.09|
|Pacific Life||Pacific PRIME Term||$20.84||$29.59||$77.09||$19.18||$26.68||$61.67|
|Protective||Custom Choice UL||$20.37||$28.91||$76.82||$17.93||$25.25||$55.75|
|Prudential||Return of Premium Term||$101.00||$143.62||$291.99||$88.12||$130.04||$253.37|
|SBLI||Level Premium Term||$21.32||$40.05||$96.06||$24.48||$34.71||$65.87|
Minimum amount available
10, 15, 20, 30
Discount for paying annually versus monthly
Payment methods available
Check; Auto bank draft (for monthly payments only); Credit card only for first payment (and not available in all states)
Is coverage available without a medical exam?
Yes, for qualifying applicants, up to $500,000
Is temporary coverage during underwriting available?
Yes, up to $1,000,000.
- Waiver of premium: premiums are waived if you become totally disabled (after a 6 month waiting period). Rider ends at age 65.
- Children's rider: provides life insurance coverage for all eligible children (up to the child's 25th birthday).
- Accelerated death benefit (included at no extra cost): you can accelerate up to 75% of the death benefit (up to a max of $500,000) if you've been diagnosed with a qualifying terminal illness.
What is the rule for accelerating the death benefit?
You can accelerate up to 75% of the death benefit (up to a max of $500,000) if you've been diagnosed with a qualifying terminal illness.
What is the rule for converting the policy?
If issued before age 66, the policy is convertible until the earlier of the end of the term period or up to age 70. If issued at age 66 or later, policies are convertible during the first 5 policy years
This policy, like all term life policies offered on our site, provides life coverage for a specific period of time (the term). The key features of this policy are standard across all the term policies we offer:
The review on this page is only for this company's term life insurance products.
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