Term Life Insurance

Banner Life Review

Our takeWhat's this?We've done our own independent evaluation of each life insurance company on the things that matter during the application process and after you’re a policyholder.

We’ve benchmarked each life insurance company against each other and rated them. However, please note that every life insurance company is fully endorsed by PolicyGenius. There’s no company on our site that we wouldn’t recommend or do business with ourselves. These ratings are informational. The most important factor in your decision is the cost of the policy and any additional features the insurer may offer that you need.

Banner life dark

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 & RatingsWhy this mattersTwo of the best ways to evaluate an insurance company are to look at its age and its fiscal health. Learn more about how we build our reviews.

Founded

1949

JD Power
J.D. Power and Associates is a global marketing information services firm that conducts surveys of customer satisfaction, product quality, and buyer behavior.

N/A

Policyholders
This is how many active US life insurance customers this company insures

1,700,000

A.M. Best
A.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

A+

BBB Rating
Better Business Bureau (BBB) is a non-profit that collects consumer feedback on businesses around the country.

A+


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.

Pricing For
Survivor/Family HistoryExcellent
Recent Weight LossGood
Heart AttackGood
DiabetesGood
Sleep ApneaExcellent
Former Tobacco UseGood
High Blood PressureGood
High CholesterolGood
  • 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.

How much insurance do you need?

I don't know how much I need

Unique features

  • Fast-track eligible. Qualifying applicants who pass a phone health interview may skip the medical exam. Available only for applicants in the top 3 underwriting classes, between ages 20-50. Policy amounts must be between $100,000 and $500,000 for ages 46-50, $750,000 for ages 40-45, and $1,000,000 for ages 20-40.
  • Very competitive underwriting for a range of health conditions, including favorable ratings for substandard health profiles
  • Fast track process for applicants with no significant medical history
When applying
How's the application process?

Pros

  • Fast-track process for issue-free medical history
  • Electronic application
  • Average number of application forms
  • Faster than average application approval (29 days)
  • Policy delivery by email

Cons

    After you're a policyholder
    How's the customer service?

    What you can do online

    • Updating beneficiaries
    • Changing address
    • Changing payment info

    What you can't do online

    • Policy cancellation requires notarized paper form

    Sample quotes

    Quote for:

    $500,000, 20­-year term life insurance policy for healthy, nonsmoking individuals, in California, monthly premiums

    MaleFemale
    CompanyPlanage 30age 40age 50age 30age 40age 50
    AIGSelect-a-Term$21.11$30.62$79.93$18.08$28.46$59.60
    AIGROP Select-a-Term$91.21$150.77$281.97$75.80$124.95$261.56
    Banner LifeOPTerm$21.44$32.38$94.07$18.19$26.60$58.62
    John HancockTerm$26.95$34.65$81.70$24.20$34.00$78.99
    Lincoln FinancialLifeElements$28.44$38.94$78.75$23.63$30.63$58.63
    Lincoln FinancialTermAccel$21.00$29.75$78.75$17.94$25.81$57.31
    Mutual of OmahaTerm Life Answers$21.66$33.47$85.53$23.41$28.66$64.09
    Pacific LifePacific PROMISE Term$20.84$29.59$77.09$19.18$26.68$61.67
    PrincipalTerm$22.75$31.94$79.63$20.04$27.56$59.24
    ProtectiveCustom Choice UL$20.37$28.91$76.82$17.93$25.25$55.75
    ProtectiveClassic Choice Term$20.21$28.38$75.68$17.63$25.94$55.47
    PrudentialTerm Essential$34.20$43.65$88.65$27.90$38.70$76.95
    PrudentialReturn of Premium Term$101.00$143.62$291.99$88.12$130.04$253.37
    SBLILevel Premium Term$21.32$40.05$96.06$24.48$34.71$65.87
    TransamericaTrendsetter Super$22.36$37.85$79.12$18.06$30.96$62.78
    TransamericaTrendsetter LB$24.95$38.27$92.89$20.65$34.84$73.11

    Details

    Minimum amount available

    $100,000

    Terms available

    10, 15, 20, 30

    Discount for paying annually versus monthly

    5%

    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.


    Riders

    • 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.

    Rules

    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


    Common features

    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:

    • Level premium - which means the cost of the policy (the premium you pay) is fixed for the entire term of the policy. It will not increase during the term of the policy.
    • Good value - term life policies are significantly less expensive for the same amount of death benefit coverage than permanent life policies.
    • Regulated - the cost of this term life policy, for a given coverage amount and term, will always be the same for you regardless of who you buy it from. That’s because the policy will be priced based on the underwriting table the insurer files with the state insurance regulator.
    • No-risk obligation for you - you, as the policyholder, can cancel your policy at any time if you decide you don’t want it anymore. The insurer, however, cannot cancel your policy as long as you pay the premiums on time.
    • No exclusions - except for suicide during the first two years of the policy (which is standard by law across life insurance policies).
    • Terminal illness benefit - you can access a portion of the policy’s death benefit while you’re still alive if you’ve been diagnosed with a terminal illness. You might see this referred to as an "accelerated death benefit."
    • Convertible - which means, if you choose to, you can convert the term life policy to a permanent life policy. The conversion will generally cost you more and is subject to certain conditions.

    The review on this page is only for this company's term life insurance products.

    How much insurance do you need?

    I don't know how much I need

    Other Term Life Insurance Companies

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