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Banner Life Insurance Company
What is the cheapest and best life insurance company? Banner Life Insurance company, other wise known as Legal General America and William Penn of NY is part of the worldwide multinational financial service company. Their business consists of life insurance, general insurance, pensions and global investments.
This article will be our 2019 review. Let it be known, Banner life is one of our go to carriers and are among the top rates and products in the industry.
Your Family’s Future...
..certainly, it depends on what you’re looking for. Banner Life offers some of the most affordable term life insurance in the industry.
Additionally, they are very competitive in rates for guaranteed universal life insurance policies.
Further, life insurance for smokers would love Banner Life’s rates as they are the best in the industry. However, overall they are always in the mix when shopping for the best rates.
Above all, before deciding on a life insurance company, it’s recommended that you shop around. Each company is different, and the more you search, the better chance you’ll have of finding the ideal fit for you
Banner Life History ~ Financial Stability
Banner Life ~ one of Legal General America companies. In fact, was founded by 6 attorneys discussing life insurance in 1836 in a London coffee house.The company still has headquarters in London, operations in North America as well as Asia.This company is the 9th largest life insurance company in the world. They also have many subsidiaries within their worldwide Legal General Group.
Banner Life and Legal and General America is financially stable and strong. Over 1.3 million U.S. customers. The company has issued over $53 billion in new coverage in 2017 alone. With $703 billion of coverage in force, $5 billion in assets. As far as annuities, they have issued over $717 million in 2017 to over 21,000 annuitants.
Their financial strength has them still going strong. That is pretty impressive. Clearly, a company that is not going anywhere!
Facts/timeline of Banner Life’s Story:
- 1949: Government Employees Life Insurance Company (GELICO) ~ soon after became Banner Life Insurance Company
- 1963: Modern Life Insurance Company was founded. However the name was changed to William Penn Life Insurance Company of New York in 1975
- 1981: GELICO was a Wholly owned subsidiary by Legal & General Group Plc. And in 1983 that name was changed to Banner.
- 1989: William Penn was purchased as a Wholly owned subsidiary of Banner Life.
- 2011: The consolidation of a single brand, Legal and General America.
BANNER LIFE’S RATINGS AND REVIEWS
Banner Life Insurance Rating Am Best: A+
For more information on Legal General America Financials, click here.
WHAT MAKES BANNER LIFE AN EXCELLENT INSURANCE COMPANY
First off, Banner Life provides several payment options for their life insurance, as well as flexible terms. If you’d like to know how much life insurance is, price varies, of course, which is why shopping around a bit before deciding on an insurance company.
Banner Life also accepts people up to 70 years old. Which is much more age-lenient than general life insurance companies. Moreover, Banner Life’s universal policies are unusually customizable. Banner Life has permanent life plans, and term life plans of choice. Both term and permanent policies are guaranteed.
BANNER TERM LIFE INSURANCE VS WHOLE LIFE INSURANCE
Term life insurance like we have discussed is for a specific amount of time at a level premium. Once that term is exhausted, coverage ends. Whole life insurance is different. Also known as Permanent life insurance too. Whole life is for your entire life.
However, it is a bit more expensive than term life. At PinnacleQuote, we recommend whole life polices more for seniors. Including clients looking for final expense and burial insurance. Do not hesitate to call us regarding these two types of options. We will be more than happy to answer all your questions.
WILLIAM PENN LIFE INSURANCE COMPANY OF NEW YORK ~ WHAT YOU NEED TO KNOW!
If you are looking for life insurance coverage and you live in New York, Please Read!
Although Banner is licensed to do business in 49 states, the company does not do business in NY. However, they offer subsidiary companies (as we spoke about above) such as William Penn Life Insurance Company of New York. William Penn does business exclusively in NY. And still in 2018 Legal General America (Legal General Group, plc). William Penn Life Insurance Company of New York Valley Stream NY is were they are located.
Keep in mind life insurance is not “one size fits all.” Life insurance varies from person to person due to health and lifestyle. A life insurance product varies from state to state. Your seasoned independent agent is experienced and will help guide you.
PEACE OF MIND WITH BANNER LIFE ~ INSURANCE PRODUCTS AVAILABLE
**You start with a 30- year base plan at a level premium. Add a 20- year rider to cover your home/mortgage payoff. Then a 10- year rider for education protection. Ask your independent agent! They are always happy to answer any and all questions! This is a great addition to your term policy. Something to consider when speaking to your agent!
BANNER LIFE INSURANCE RATES
Your rates will depend on a few factors:
- Family history
Here are some examples. We are comparing rates with men and women ranging from 40-60 years of age:
Males: $500,000 face amount at Preferred for 20 years
40 years old ~ $32.68/monthly
50 year old ~ $74.51/monthly
60 years old ~ $204.94/monthly
FEMALES: $500,000 face amount at Preferred for 20 years
40 years old ~ $25.25/monthly
50 years old ~ $57.58/monthly
60 years old ~ $150.93/monthly
As we can see above, rates for women are generally less expensive as women live longer than men. Life insurance companies base this on the mortality rate, men vs women. We also can see above as you age, your rates get more expensive. This is why we recommend you get life insurance TODAY. It won’t be any cheaper than it is RIGHT NOW!
PinnacleQuote's Simple Process
We are not in the business of selling. In fact, educating our clients and providing them with the best options is our PRIORITY!! Basing those options on the
specific profile of the client. So we tailor make you a
life insurance policy!
WHAT IS OpTERM LIFE
Banner Life offers OpTerm life policies. They are renewable and convertible. This is a term life insurance that will provide you a level death benefit.
OpTerm 10 example:
A term life insurance that will offer you a ten year period of level premiums. Your premium will increase each year from the 11th year and on.
Legal & General America will offer OpTerm 10,15, 20, 25 and also 30!
BANNER LIFE INSURANCE PRODUCTS
Banner life offers a few options for you and your family.
- Whole Life
- Universal Life
WHAT ARE SOME MORE REASONS TO CHOOSE BANNER LIFE
Life insurance policies can be pretty hard to get for those diagnosed with potentially fatal illnesses. Banner Life sets themselves apart by offering MediGuide with any of their insurance plans. They are the only insurance company to do this.
MediGuide, among other things, can help you get second opinions from doctors, and receive the best possible medical treatment. Above all, for all of the reasons mentioned so far, Banner Life is considered one of the best life insurance companies. To conclude, life insurance for cancer patients need to know that Banner is one of the best carrier post cancer treatment.
How to possibly buy term insurance online
Your head must be spinning by now! You have probably called more than one insurance agent to inquire about online life insurance, to get life insurance quotes, asking about the different types of life insurance.
Purchasing life insurance should not and is not complicated to do. In the long run any little work you put into buying online or with your local agent will be well worth it in the end. As a rule of thumb stay clear of your local auto/home insurance offering bundles. They are awesome for auto and home however, buying term life insurance from them or to buy life insurance in general will cost you more in the end.
You will mostly see ads for Haven Life Insurance, StateFarm or even AARP. Please give us a call and ask us. Our goal is not to sell you anything. Our goal is to give you the information you need. At that point, you decide what you want to.
WHAT DOES BANNER LIFE INSURANCE COMPANY OFFER THEIR CLIENTS
In general, Banner Life is well-known for their low term life insurance prices. On top of this, Banner Life has lenient underwriting, compared to other life insurance companies. Also, this means that people that may have difficulty getting, say, life insurance with diabetes, may still be able to qualify for Banner Life Insurance.
Furthermore, Banner Life offers essential coverage — death benefit protection, with no accumulating interest. Keep in mind that there are several types of insurance policies of choice. However, this is what allows them to provide reasonable policies and a right amount of death benefit without paying through the roof for premiums.
BANNER LIFE UNDERWRITING CLASSIFICATIONS
Every company will look at each person differently. No one person is the same. Your medical history plays a huge part of your insurability. As well as how much your premiums will be. If you are a smoker is another big factor especially on your premiums.
Underwriters look at these factors:
BANNER LIFE TERMS AND RATING CLASSES
Their term life insurance offers plans for 5, 10, 15, 20, 25, and 30 years in length at a level premium. Also, Banner Life values customer service and prides itself on providing cheap life insurance. With this in mind, take a look at an example of Banner Life’s underwriting below:
BANNER LIFE INSURANCE COMPANY APPLICATION
Life just got simpler! Life Insurance application questions can be done in the privacy of your own home, with a PinnacleQuote agent holding your hand throughout the entire process. Danny Ray is the Owner/Agent of PinnacleQuote. He will ask you a series of health and lifestyle questions. The application will be filled out with you online via phone and takes about 5 minutes. He will then shop you to multiple carriers at once, including Banner Life
The fantastic thing is as of today Banner has the lowest term life insurance rates on the market! They recently had a rate increase. So they are competitive when you get into table rated situations depending on your health status.
IN WHAT WAYS COULD BANNER LIFE BE IMPROVED
**Below, we’ll list a few things that could let you down about Banner Life:
As you can see, most of Banner Life’s negative qualities are a direct result of having cheaper prices. At the end of the day, which life insurance you choose depends on your circumstance, preference, and the rate you get offered.**
BANNER LIFE INSURANCE CUSTOMER SERVICE
Banner Life and William Penn, although a part of Legal & General America they have different customer service phone numbers and security careers contact.
Have a question about your policy?
Banner Customer Service
- Call: 800-638-8428
- Fax: 301-294-6960
- Hours: 8:00-5:00 ET, Monday-Friday
William Penn Customer Service
- Call: 800-346-4773
- Fax: 516-229-3081
- Hours: 8:30-4:45 ET, Monday-Friday
If you are looking for Banner Life Insurance contact information:
Banner Life Insurance, 3275 Bennett Creek Ave., Frederick, MD 21704-7608. Banner Life insurance phone number: (301) 279-4800.
BANNER LIFE INSURANCE BBB
Many clients have asked us through the years, how about banner life insurance company complaints? Although Banner Life is not a Better Business Bureau (BBB) accredited, the BBB has rated them A+! And to date, there are 3 noted customer complaints that have been closed. In fact, zero complaints within the last 12 months!
We know your time is valuable. Sometimes it can be a bit frustrating dealing with automated phone lines. If you ever have any questions, do not hesitate to call us at PinnacleQuote: (855) 380-3300. This is our direct line. There will be times, we are helping other clients. Leave us a message, and we will call you right back!
Best Price, Best Carrier, GUARANTEED
DANNY RAY OWNER/INDEPENDENT AGENT ~ HARD FACTS OF REALITY!
Listen, I am not here to SELL you life insurance. I want you to understand the importance of WHY you need life insurance. Just look at your children and your family. That should be Why enough. But all too often, my clients still put it off.
Whether you are a single person or married with children. Each one of us NEEDS it. Here is the why…
In the event that you die ~ your paycheck dies with you. That leaves your family not only devastated, but also financially crippled. Let me explain:
When you are single ~ even though you may not have little ones tugging at your leg all day or when you get home from work. You still have a family. Your mom and dad are most likely in their golden years.
When you die ~ they will be burdened with your debt. Having life insurance ensures that your final expenses and burial is taken care of along with your debt. Besides “GO FUND ME” is NOT life insurance!
When you have a family ~ your wife/husband and children depend on you financially. When you die, your paycheck dies with you. How will your family survive financially. And for how long?
I get it, no one likes to think about death. I do not blame you. We also do not want to envision us in a bad car accident or being diagnosed with a terminal illness. But we can not control it. Think about it this way. For Example, not that long ago, Hurricane Michael devastated the Florida Panhandle. Over 17 lives have been lost. Houses destroyed. Families destroyed. ANYTHING CAN HAPPEN IN A HEARTBEAT!
Keep in mind, whether you want to buy a term plan, or whole policy, We Guarantee you the BEST CARRIER AND BEST PRICE! We look forward to helping you achieve your life insurance goals!
PinnacleQuote's Simple Process
We are not in the business of selling. We are actually against that. We like to educate our clients and provide them with the best options. We based those options on the
specific profile of the client. So we tailor make you a
life insurance policy