Banner Life Insurance Review
Banner Life has very competitive underwriting for some substandard health profiles, making it a good option for those with medical issues.
Overview
Banner Life, an A+ rated company founded in 1949, has a fast track process for applicants with no significant medical history, which is a rare offering among life insurance companies. They also offer competitive underwriting for a range of health conditions, making it a good option for some with substandard health profiles.
Our take
Banner Life has very competitive underwriting for some substandard health profiles, making it a good option for those with medical issues. The length of time BannerLife's underwriting process takes is average, but once you have the policy, you can update most of your information online.
Financial Strength
Founded
1949
Policyholders
1,700,000
AM Best
A+
BBB Rating
A+
JD Power
N/A
Accolades
In 2014, Banner Life won "Best Life Insurance Provider" at the Personal Touch Awards.
Finding the best rates
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 health conditions
| Health Condition | Pricing |
|---|---|
| Survivor/Family History | Excellent |
| Recent Weight Loss | Good |
| Heart Attack | Good |
| Diabetes | Good |
| Sleep Apnea | Excellent |
| Former Tobacco Use | Good |
| High Blood Pressure | Good |
| High Cholesterol | 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.
Banner Life plan details
Unique Features
- Very competitive underwriting for a range of health conditions, including favorable ratings for substandard health profiles
When applying
How's the application process?
Pros
- Electronic application
- Average number of application forms
- 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
| Company | Plan | Male - Age 30 | Male - Age 40 | Male - Age 50 | Female - Age 30 | Female - Age 40 | Female - Age 50 |
|---|---|---|---|---|---|---|---|
| AIG | Select-a-Term | $21.11 | $30.62 | $79.93 | $18.08 | $28.46 | $59.60 |
| AIG | ROP Select-a-Term | $91.21 | $150.77 | $281.97 | $75.80 | $124.95 | $261.56 |
| Banner Life | OPTerm | $21.44 | $32.38 | $94.07 | $18.19 | $26.60 | $58.62 |
| John Hancock | Term | $26.95 | $34.65 | $81.70 | $24.20 | $34.00 | $78.99 |
| Lincoln Financial | LifeElements | $28.44 | $38.94 | $78.75 | $23.63 | $30.63 | $58.63 |
| Lincoln Financial | TermAccel | $21.00 | $29.75 | $78.75 | $17.94 | $25.81 | $57.31 |
| Mutual of Omaha | Term Life Answers | $21.66 | $33.47 | $85.53 | $23.41 | $28.66 | $64.09 |
| Pacific Life | Pacific PROMISE Term | $20.84 | $29.59 | $77.09 | $19.18 | $26.68 | $61.67 |
| Principal | Term | $22.75 | $31.94 | $79.63 | $20.04 | $27.56 | $59.24 |
| Protective | Custom Choice UL | $20.37 | $28.91 | $76.82 | $17.93 | $25.25 | $55.75 |
| Protective | Classic Choice Term | $20.21 | $28.38 | $75.68 | $17.63 | $25.94 | $55.47 |
| Prudential | Term Essential | $34.20 | $43.65 | $88.65 | $27.90 | $38.70 | $76.95 |
| 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 |
| Transamerica | Trendsetter Super | $22.36 | $37.85 | $79.12 | $18.06 | $30.96 | $62.78 |
| Transamerica | Trendsetter LB | $24.95 | $38.27 | $92.89 | $20.65 | $34.84 | $73.11 |
Details
Annual Payment Discount
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?
No
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
Is temporary coverage available?
Yes, up to $1,000,000.
Available Riders
Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.
Child Protection Rider
Provides life insurance coverage for all eligible children.
Disability Income Rider
If you become totally disabled as a result of a qualifying event, you will not have to pay premiums for a fixed period of time.
Accelerated Death Benefit Rider
Allows you to receive a portion of the death benefit if you are diagnosed with a qualifying terminal illness.
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.
22 West 19th St, Floor 8
New York, NY 10011
Monday-Thursday | 9am-11pm ET
Friday | 9am-8pm ET
Saturday | 9am-9pm ET
Sunday | 10am-9pm ET
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22 West 19th St, Floor 8
New York, NY 10011
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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