Banner Life has only a few life insurance options, including a term life policy with a wide range of term lengths, and a universal life policy.
Term life insurance
Term life insurance policies provide a death benefit for a set number of years. Unlike permanent life insurance, it has no cash value which makes it the most cost-effective option for most applicants.
OPTerm
Banner’s OPTerm is a straightforward term policy, but with one of the largest term length ranges compared to other life insurance carriers — your policy can stay in force anywhere from 10 to 40 years. This product involves full underwriting, which means there is no option to skip the medical exam.
Policy Feature | OPTerm |
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Eligible ages | 20 to 75 |
Term lengths | 10-, 15-, 20-, 25-, 30-, 35-, and 40-year terms |
Coverage minimum | $100,000 |
Coverage maximum | $1 million |
You pay a level premium, which means the cost of your premiums remains the same throughout the term. Rates are some of the most competitive for various health conditions when compared to other life insurance carriers on the market, too.
Plus, you can renew your policy or convert to a permanent policy without taking a medical exam.
Available riders
You can add riders for an additional cost to your policy to build more robust coverage beyond just a death benefit. Banner has the following available riders:
Accelerated death benefit rider. If you’re diagnosed with a terminal illness, you can withdraw up to 75 percent of your life insurance policy with a maximum of $500,000. This rider is automatically included in the policy.
Child protection rider. Provides death benefit protection of $5,000 or $10,000 for all children up until their 25th birthday. This rider is unavailable in New York.
Disability waiver of premium rider. If you become totally disabled, you can maintain your life insurance policy without paying the premiums after a six month waiting period. The rider expires after the age of 65.
Temporary coverage
Banner offers up to $1 million in temporary life insurance coverage — but only on policies of $1 million or less. Additionally, applicants who have had certain medical conditions in the past five years or are above the age of 70 won’t be eligible for temporary coverage.
Medical conditions that would make an applicant ineligible for temporary coverage include history of heart disease, stroke, cancer, alcohol or drug dependence, or diabetes within the past five years.
Policy conversion
If the policy is issued before you turn 66, it’s convertible to a whole life insurance policy up until the end of the policy term or when you turn 70, whichever comes first. If the policy is issued after age 66, it is only convertible during the first five years the policy is in force.
Rate reconsideration
If you become healthier and want the chance to lower your rates after your policy goes into effect, Banner will give you that option through rate reconsideration. Smokers will have to wait a year. Reconsideration is priced using the original issue age of the insured. However, the insured is responsible for the medical exam.
Permanent life insurance
Banner Life’s only permanent life insurance product is a universal life insurance policy called Life Step UL. OPTerm customers can convert to it. There is no whole life option available.