Banner Life Insurance is a well-known and trusted company in the insurance industry for life with a broad range of insurance policies that satisfy the requirements of families, individuals, and companies. With more than 70 years experience in the industry, Banner Life Insurance has established a reputation for providing low-cost as well as reliable insurance policies that are backed by solid financial strength. As an affiliate to Legal & General America, Banner Life offers life insurance policies that are customizable, offering insurance options that meet the needs of a variety of clients.
In this comprehensive guide, we’ll explore the life insurance options offered through Banner Life Insurance and their advantages, their financial stability as well as how the policies assist in protecting your family members and your assets.
About Banner Life Insurance
Banner Life Insurance Company was established in 1949 under the name of Government Employees Life Insurance Company (GELICO). The company changed its name to Banner Life Insurance in 1983, following the purchased by Legal and General Group plc and expanded its operations to its U.S. market. Presently, Banner Life Insurance is present in 50 states as well as The District of Columbia, providing an array of permanent and term life insurance products. The company’s financial strength as well as its dedication to offering low-cost and flexible life insurance solutions has earned the confidence of customers throughout the nation.
Banner Life Insurance Products
1. Term Life Insurance
Banner Life’s OpTerm is among the most sought-after policy types of term insurance that are designed to provide protection for a certain time frame (typically between 10 and 20 years, or even thirty years). It’s ideal for people who require affordable insurance for a specified time period for instance, in their working years as well as until children become financially secure.
Key Features of OPTerm:
-
Renewable The HTML0 code can be renewed until 95.
-
Convertible The option to change to a long-term policy without medical examination.
-
Cheap Premiums Start at 8 dollars per month, for a healthy person.
OPTerm Policy Overview
| Feature | Description |
|---|---|
| Term Lengths | 10 10, 20 30, or 40 years |
| Renewable | Yes, the option is available up to age 95. |
| Convertible | The option for converting to permanent coverage without medical exam |
| Premiums | Affordable premiums that start as just $8 per month. |
| Coverage Amounts | Amounts of coverage ranging from $100,000 up to millions of dollars |
2. Universal Life Insurance
If you’re looking for protection that lasts forever as well as the possibility of adjusting the amount of premiums as well as death benefit, Banner Life provides Universal Life Insurance. This kind of policy offers protection for life, and has additional benefits of accruing cash value over the course of.
LifeStep Universal Life Insurance
The product allows people to protect themselves for the rest of their lives, while also offering the flexibility of rates and the death benefit. It also offers death benefit and flexible premiums. LifeStep choice allows policy holders to pay their premiums over either 10 or 15 years and guarantee lifetime coverage with no ongoing payments.
Key Features of LifeStep:
-
Credit Value Accumulation Accumulates Cash Value over the course of time. It is able to be borrowed against.
-
Premium Flexibility Policyholders are able to modify premiums and death benefits when needed.
-
Prepaid Premium Options Pay the premiums for an exact period (10 to 15 years) and get lifelong coverage.
Universal Life Insurance Overview
| Feature | Description |
|---|---|
| Premium Flexibility | Change the amount of death benefits and premiums according to the need |
| Cash Value Accumulation | The cash value is accumulated and is available for use over the course of the policyholder’s life |
| Lifetime Coverage | The coverage continues throughout the life of the policy. |
| Prepaid Premium Option | Pay the premiums for a 10or 15-year time frame and remain protected for the rest of your life. |
3. Guaranteed Issue Life Insurance
For those who might have medical issues and require insurance coverage that does not require a medical exam, Banner Life provides the Guaranteed Issue Life Insurance. It provides coverage for life that provides peace of mind, without the need for medical evaluation.
-
There is no Medical Exam Health examinations or questions are required to be able to pass.
-
Garantied Acceptance Accepted by those aged between 50 and 80.
-
Lifetime coverage provides permanent protection with fixed monthly premiums.
Guaranteed Issue Life Insurance Overview
| Feature | Description |
|---|---|
| No Medical Exam | There is no medical exam needed to apply |
| Guaranteed Acceptance | For those between the ages of 50 and 80. |
| Lifetime Coverage | Permanent insurance with fixed premiums for the duration of your |
Financial Strength of Banner Life Insurance
Banner Life Insurance has been awarded high financial ratings at the hands of independent rating organizations. This demonstrates the ability of the company to meet its long-term obligations to policyholders. These ratings offer peace of mind to customers, as they know that the business will be financially sound and will be capable of paying claims in the future.
Financial Ratings:
-
A.M. Best: A+ (Superior)
-
Standard & Poor’s: AA- (Very Strong)
-
Fitch Ratings: AA- (Very Strong)
-
COMDEX Score: 94 out of 100
These ratings show the Banner Life Insurance’s financial stability, which gives assurance to those who trust the company for their long-term needs for insurance.
The Application Process for Banner Life Insurance
The procedure for the application process to apply for Banner Life Insurance is straightforward and easy. The type of policy chosen the application process could include:
-
Medical Exam In specific policies, a physical exam could be required.
-
There is no medical Exam Options for Guaranteed Life Insurance Issue there is no medical examination is required.
-
Online application: Banner Life offers the easy application online procedure which allows applicants applying for benefits at the convenience at home.
Customization Options for Banner Life Policies
Banner Life Insurance provides a variety of riders that permit policyholders to expand their protection and tailor the policy to meet their needs.
-
Accelerated Death Benefit Rider allows policyholders to take advantage of a part of their death benefits if diagnosed as having an illness that is terminal.
-
The Waiver for Premium Rider The policyholder is entitled to a waiver of premiums if the policyholder is totally disabled.
-
Child term Rider provides coverage for all children who are eligible younger than 18 years old.
These riders offer more flexibility, so you that Banner Life policies can be adjusted to the changing needs of the market.
Availability and Accessibility
Banner Life Insurance is available in 49 states and the District of Columbia, ensuring that everyone in all of the United States can access their life insurance options. The coverage is offered through independent brokers and agents or policyholders may apply directly on the Banner Life web-based platform. The company makes sure that the service is accessible to individuals as well as families who are looking to get coverage.
Conclusion
Banner Life Insurance provides a wide range of affordable and reliable life insurance policies that can be customized to meet the requirements of families, individuals as well as businesses. If you’re in search of an affordable term insurance policy or a an affordable universal life insurance policy, as well as guaranteed issue insurance, Banner Life gives you the security you require. With its excellent financial rating and flexible policy options and a simple process of applying, Banner Life Insurance is a reputable provider for long-term protection.