Name: Banner Life Insurance Company Review
Item: Banner Life
Rating: 5
Author: Policygenius

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 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.

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?

Carrier review 5 star ratings

Pros

Electronic application
Average number of application forms
Policy delivery by email

Cons

N/A

How's the customer service?

Carrier review 5 star ratings

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

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

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

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.

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.

Banner Life Insurance Review