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.

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Overview

Banner Life, an A+ rated company founded in 1949, offers competitive underwriting for a range of health conditions, making it a good option for some with substandard health profiles.

Financial Strength

  • Founded: 1949
  • Policyholders: 1,700,000
  • A.M. Best: A+
  • BBB Rating: A+
  • J.D. Power: N/A

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 CONDITIONPRICING
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.

Compare Banner Life to other top carriers

Find head-to-head comparisons of Banner Life and other top-rated life insurance companies to help you make the right decision.

Banner Life Company Details

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 Banner Life's underwriting process takes is average, but once you have the policy, you can update most of your information online.

How's the application process?

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Pros

  • Electronic application
  • Average number of application forms
  • Policy delivery by email

Cons

  • N/A

How's the customer service?

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What you can do online

  • Updating beneficiaries
  • Changing address
  • Changing payment info

What you can’t do online

  • Policy cancellation requires notarized paper form

Banner Life Term Life Plan Details

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.

Cost comparison

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

COMPANYPLANMALE - AGE 30MALE - AGE 40MALE - AGE 50FEMALE - AGE 30FEMALE - AGE 40FEMALE - AGE 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

OPTerm

Unique features

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  • Very competitive underwriting for a range of health conditions, including favorable ratings for substandard health profiles

Details

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  • 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

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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 (up to the child's 25th birthday).
  • Disability Income Rider - If you become totally disabled as a result of a qualifying event, premiums are waived (after a 6 month waiting period). Rider ends at age 65.
  • Accelerated Death Benefit Rider - 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.